Author Topic: 20 FAQ FOR FILING INCOME TAX RETURN BY SALARIED PERSONS  (Read 1960 times)

PRITAM DASS

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20 FAQ FOR FILING INCOME TAX RETURN BY SALARIED PERSONS
« on: July 02, 2016, 10:19:17 PM »
20 FAQ FOR FILING INCOME TAX RETURN BY SALARIED PERSONS




Ques-1: My Income is more than exemption limit and due tax has been deducted by employer. Further ,I have saving bank interest ,of Rs 9000 which is exempted u/s 80C. So no need to file Income Tax return.Is it correct ?

Ans:Please note that ,if your employer has deducted your full Income tax due from you and you have no other income ,in that case also filing of Income Tax return is mandatory.

The persons who are required to file Income tax return are given here under.

Who is required to file Income Tax return
Every Company :(Whether earn profit or loss)
Every Firm :(whether earn profit or loss)
Individual /HUF/AOP/BOI or artificial Judicial person :If Total Income plus Deduction under chapter VIA(Section 80C to 80U) and exemption under section 10,10B,10BA is more than maximum amount which is not chargeable under Income Tax Act.
Other :If income more than maximum amount which is not chargeable under Income Tax Act.



PRITAM DASS

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Re: 20 FAQ FOR FILING INCOME TAX RETURN BY SALARIED PERSONS
« Reply #1 on: July 02, 2016, 10:19:33 PM »
Maximum amount which is not chargeable under the Income Tax act or Exemption Limit for various person are as under

For very senior citizen (age 80 or more)                :Rs 500000
For resident Senior citizen  (age 60-80)                  :Rs 300000
For others (age less than 60)                                   :Rs 250000
Example : Suppose An Individual (age less than 60 years) having Taxable salary Income of Rs 3,70,000 and claim a deduction of Rs 1,50.000 under Section 80C (Chapter IV) and net Taxable income of 2,20,000 is required to file Income tax return as his income before deduction of chapter VI(80C in this case) is more than  maximum amount which is not chargeable under Income Tax Act i e Rs 2,50,000 for Ay 2016-17.

So if your income before deduction is less than Rs 250000/- for assessment year 2016-17 and your age is less than 60 then no need to file income tax return(subject to other condition applicable for foreign income and bank accounts) .

Further Income from saving bank Interest is eligible for deduction under 80TTA not u/s 80C subject to maximum limit of Rs 10000.

Interest on FD and RD is not eligible for deduction under section 80TTA

Further Bank Fixed deposit Interest /Recurring deposit Interest/saving plus account interest(auto FDR account) is not covered under section 80TTA.

 

PRITAM DASS

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Re: 20 FAQ FOR FILING INCOME TAX RETURN BY SALARIED PERSONS
« Reply #2 on: July 02, 2016, 10:19:45 PM »
Ques-2 :Which amount is to be filled in ITR-1(SAHAJ) in salary Income with reference to Form 16 ?

Presently,Form 16 have two Parts ,PART-A and Part-B

Form 16-PART-A: shown tax deduction details and amount of salary paid /credited.The amount shown under salary head in PART-A is to be filled in TDS schedule-1 of the Income Tax return not and please note that it may be different from Taxable salary amount.

Form 16-PART-B :In form 16-PART-B salary word is used with gross salary , add perquisites , less allowance etc etc . But in income tax return form, we have to fill amount shown with the description " Income Chargeable under the head salary " .In standard Form 16 ,this is given at sr number 6. (as shown in the Picture below)



But these days employers are using non standard forms also,. To dealt with non standard form just look out figure after all the addition and deduction from the salary in form 16 .Figure related to salary which comes last.


 

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Re: 20 FAQ FOR FILING INCOME TAX RETURN BY SALARIED PERSONS
« Reply #3 on: July 02, 2016, 10:20:00 PM »
Ques-3:I have received salary from two employers and both have deducted the tax as per salary paid by them ,what next I should do?


Please note that Income Tax is to be calculated on your total income after adding Income from both the employers .So you have to recalculate income tax and have to deposit balance tax (if any)

First: Add your income chargeable under the head salary(as explained above chargeable income under head salaries)  from both the employers and Fill in the ITR-1 sr Number -1.(income from salary/pension).

Second :You have to provide TDS details from both the employers at Sch-TDS-1 ( TDS sheet/Tab) also if not already populated by Income tax department.

Further you may use ITR-1 in this case also,However only if you  have income only from Salary/pension /interest /House property from one house.


 

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Re: 20 FAQ FOR FILING INCOME TAX RETURN BY SALARIED PERSONS
« Reply #4 on: July 02, 2016, 10:20:17 PM »
Ques-4 :I have retired from my company in Fy 2015-16 and have both income from salary as well as Income from pension,which ITR form should I use ? and where the income of salary/Pension is to be filled .

As per Income Tax Act /rules ,salary includes Pension also,so both are covered under head 'income under the head salaries"

In fact ,if you are getting salary and pension from same department then they have issued combined form 16 .If yes then please refer point 2 which column of form 16 is to be taken in ITR form.

If combined form 16 has not been issued then Add Income taxable under salary and income taxable under pension and put total figures in Sr number B-1 in ITR-1.


 

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Re: 20 FAQ FOR FILING INCOME TAX RETURN BY SALARIED PERSONS
« Reply #5 on: July 02, 2016, 10:20:33 PM »
Ques-5 : I am salaried person but my Employer has not allowed HRA benefit while calculating the tax due to non submission of proof by me ,whether I can claim HRA exemption while filing the return .

This the most asked FAQ that my employer has not given me deduction of HRA .

The answer Yes.You can claim deduction /exemption if your employer has not allowed the deduction of house rent allowance.To claim these you have to take calculate the taxable amount of salary after deduction of HRA exemption amount.The instruction in this regard also given in guidelines issued by income tax department.


1. Take Income chargeable under the head salaries  as per form 16 :Rs XXXXX
2: Less : Exemption of HRA as per your calculation( calculate here):Rs XXXXX
3 Net taxable salary : (1-2) =XXXX

Figure calculated as per sr number 3 should be filled at Sr number B-1 of ITR-1.

However Please note that in TDS schedule ,income as per form 16 PART-A is to be shown as it is and should not be reduced by HRA exemption amount calculated  above .

So in such case salary shown in ITR-1 column B-1 should not be equal to  salary shown TDS schedule of ITR-1.

 

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Re: 20 FAQ FOR FILING INCOME TAX RETURN BY SALARIED PERSONS
« Reply #6 on: July 02, 2016, 10:20:48 PM »
Ques-6 :My Employer have, not consider Saving proofs under section 80C, 80D  and not allowed other deductions which otherwise allowed ,whether this can be claimed Now ?

Nothing to worry, you can show actual saving under section 80C or 80D deduction for medical/Health insurance even then it has not been considered by employer in form 16.

Similarly if you are eligible for other deduction then you can claim it while filing the income tax return form.

 

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Re: 20 FAQ FOR FILING INCOME TAX RETURN BY SALARIED PERSONS
« Reply #7 on: July 02, 2016, 10:20:58 PM »
Ques-7 : My Bank has deducted Tax @ 10 % , But I am under 20/30% slab , Do I have to pay Balance tax

Yes ,first you have to fill the Interest under Income from Other sources column and have to calculate tax after that.

Further ,you have to pay balance tax if any through challan 280

 

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Re: 20 FAQ FOR FILING INCOME TAX RETURN BY SALARIED PERSONS
« Reply #8 on: July 02, 2016, 10:21:17 PM »
Ques-8 : What is My ward number circle number ?

For E filing of return this field is not mandatory ,so keep it Blank .Fields with red color descriptions are mandatory only. However if you want to check then visit this link , fill pan number and Know your pan name , ward circle /area code etc will be shown.

 

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Re: 20 FAQ FOR FILING INCOME TAX RETURN BY SALARIED PERSONS
« Reply #9 on: July 02, 2016, 10:21:31 PM »
Ques-9: What is IFSC code ?From where I can check this ?

IFSC code is a 11 digit alphanumeric code of your bank branch , you will get it from First page of Your passbook as well as as from cheque book .If not found then you may confirm from your bank branch or Google search is also a option


 

 

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