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Some FAQs answered for

hassle free filing of income-tax

returns

Prepared by IndianTaxUpdates.com

The last date for filing returns is not far away and there are still some questions in the

mind. Below are answers to some frequently asked questions that can help you file

your tax returns.

I have earned interest from a savings bank. Am I supposed to report it in the

income-tax returns?

Interest earned from savings bank account is taxable and is required to be reported in

your income-tax returns under the head, 'income from other sources'. You can contact

your bank and check the amount of interest they have paid to you in the financial year.

I have not claimed LTA exemption from my employer. Can I still make claim in

my return?

It is always advisable to claim your LTA exemption from the employer. However, if

you have not claimed it, you can claim it in the tax returns. As no hard copies are

required to be filed with the tax returns, you should keep the proof of travel and

expense incurred in your files for future use.

Will I be eligible to claim HRA benefit in my returns if I have forgotten to submit

the rent receipts to my employer earlier?

Exemption for HRA can be claimed at the time of filing the returns if the same is not

claimed earlier. As in case of LTA, it is advisable that the proof of actually incurring

the expenditure on payment of rent should be retained in your file for future reference.

This could be in the form of rent receipts, copy of lease deed, etc.

Am I exempt from filing tax returns as per the recent tax department's

notifications?

An individual whose taxable income does not exceed Rs.5,00,000 and consists of only

income from salary and interest up to Rs.10,000 from a savings bank account are not

required to file tax returns, subject to certain additional conditions.

What are the additional conditions?

The additional conditions that an individual is required to satisfy are:

They should have reported the PAN to their employer. Interest income should be

stated to the employer and TDS discharged. Form 16 should be issued by the

employer. Salary should be received from one employer only. There is no claim of

refund.

Prepared by IndianTaxUpdates.com

If my CTC is Rs.8,00,000, am I still exempt from filing tax returns?

The notification issued by the CBDT provides that the total income threshold is

Rs.5,00,000. The total income is computed after taking tax deductions. Thus, if your

CTC is Rs.8,00,000 and there is in an HRA exemption of Rs.1,80,000, LTA

exemption of Rs.30,000 and 80C deduction of Rs.1,00,000, then the total income will

be computed after reducing the above amounts.

In the current example, the total income will be Rs.4,90,000 and you need not file tax

returns.

Total income will be computed after providing all exemptions in the Act and

deductions under Chapter VI-A.

I have taken loan for purchase of a house. What tax breaks are available on the

interest payment?

Any person who has taken a loan for purchase or construction of a house property

shall be entitled to a maximum deduction of Rs.1,50,000 for interest paid if the house

is self-occupied. This result in a loss from house property and such loss can be set off

against other incomes. In case of a let-out property, the entire amount of interest paid

is allowed as deduction with no upper limit.

Can I carry forward my capital losses and business losses even if I file the

returns after the due date?

Taxpayers who have suffered losses from business and profession or capital gains can

carry forward and set off such losses from incomes earned in subsequent years only if

they have filed the returns within the due date.

I have paid taken an education loan for higher studies. Can I get some tax breaks

on interest paid?

Interest paid on a loan taken for pursuing higher education is eligible for deduction for

eight successive years, beginning with the year in which payment of interest is first

made. There is no limit for the amount up to which the deduction is available. The

deduction can be availed even if the loan is taken for higher education of a specified

relative.

Prepared by IndianTaxUpdates.com

What is Form 26AS?

Form 26AS is a consolidated tax statement, which provides the details of tax

deposited in your name. It summarizes the TDS, advance tax, self-assessment tax, etc.

It is advisable to check your taxes paid in this statement before filing your tax returns.

Do I have an option to file tax returns online after July 31?

The rules for offline and online filing remain same even after July 31. You can file tax

return after July 31 either online or offline.

What if I file my income-tax returns after the due date? Will it be considered

valid?

Your returns will be considered valid even they are filed after July 31. However, you

will not be able to revise your return. Secondly, business losses or capital losses

cannot be carried forward and set off from future years. Additionally, non-filing of tax

returns may attract interest liability and also a penalty of Rs.5,000.