Hi All, I have a few tax queries (Non Trading) and looking for some answers
For Retired Senior Citizen (My father)
In bank statement of interest; For FDs it is showing “Accural” and they have deducted tax on that amount but it was never given to him (it does not show in passbook). is this OKAY?
Can I claim HRA under some section, I believe there is some allowance (60K ?)
For SALARIED INDIVIDUAL (Me)
For example I am eligible for 100Rs in HRA (considering 3 conditions, this is the least). Due to ignorance, I submitted a less amount to by employer, say Rs.80 i.e. In my FORM 16 Rs80 is showing as HRA.
Can I change in ITR1 to Rs100 (the amount I am eligible to ?)
Looping @Quicko ; Will really appreciate if you guys can help me out.
In bank statement of interest; For FDs it is showing “Accural” and they have deducted tax on that amount but it was never given to him (it does not show in passbook). is this OKAY?
Yes, it will be on Accrual basis - you need to include that income and file the return.
Can I claim HRA under some section, I believe there is some allowance (60K ?)
HRA can be claimed under section 10(13A) against Salary Income and the employer should provide you that allowance.
Allowance will be calculated as follows
AA] Actual HRA received
BB] Actual rent paid minus 10% of basic salary and dearness allowance.
CC] 50% of basic salary & dearness allowance; if you are living in metro cities otherwise 40%
(metro cities are Delhi, Mumbai, Chennai and Kolkata)
If that HRA component is not provided by the employer; and if you are a self employed - you can claim deduction under 80GG.
Deduction will be least of the following:
AA] 5000 per month
BB] 25% of total income(excluding capital gains and those incomes chargeable at special rates)
CC] Actual Rent paid minus 10% of total income
Further, you need to file form 10BA to claim this deduction.
As per the Income Tax Act, the taxpayer needs to report all the income which accrues or arises for that financial year. They can also claim the tax credit for TDS deducted on that income.
Yes, you can claim the rent as a deductions u/s 80GG of the income tax act up to INR 60,000.
For SALARIED INDIVIDUAL
Yes, you can claim the actual exempt HRA while filing ITR provided you have supporting documents like rent receipts, rent agreement etc.
It would be helpful if you can comment on another query,
Lets suppose my interest income is 20K and under section 80TTA I get a rebate for 10K. When I enter these values in ITR, it does not get reflected.
Any idea, why system behaves like this?
It would be helpful if you can comment on another query,
While filling for ITR, I paid some Etax but later realized that I have paid an extra amount and would like to ask for return. Is it possible?
Paid Etax is not yet reflecting in the ITR, I am assuming that this might not be in real time and gets processed later. Would you have any idea on this?
A] You can either a file revise return including the details excess tax paid challan and claim refund.
B] All the taxes paid will be considered at the time of return processing and refund will be issued accordingly. (Cross check in 26AS whether the excess paid challan is reflecting or not)