• SELECT CATAGORY

>INCOME TAX

>

Is it possible to submit income tax returns without having Form 16?
One will have complete independence to submit tax returns in case of having the income within bounds even after considering the provident funds and life insurance returns. It is enough to submit the current salary certificates or Form 16 at the time of submitting tax returns. But if the income is exceeding permissible limit of taxation, the organization is responsible for returning tax for the exceeded income of their employees to government. Thus the Form 16 which proves the return of tax should be attached while submitting tax returns.
From whose income does the deduction of tax should be claimed either of mother or father for the interest paid In case of applying for educational loans of children?
As per the latest Section 80 of tax return of India any one either of mother or father can claim the deduction of income tax for the interest paid for educational loans of children.
Can the interest paid for home loan be claimed for tax deduction during the period of construction of the home?
The interest paid for home loan cannot be claimed for tax deduction during the construction of the home. But the house rent paid during the construction of the home can be claimed from the income for tax deduction. Otherwise it can be claimed in equal terms after the completion of the house construction for five years for tax deduction.
Is it necessary to pay tax for the rents gained for a house in India if the owner is staying abroad?
It is ones responsibility to pay tax for the income gained in India even though staying in abroad. Thus tax must be paid for the rent gained by the house if it exceeds the permissible limit. The tax returns should be submitted in personnel but how ever thx deduction can be claimed for the income gained on house.
Is it necessary to pay tax for the income gained on a house along with the tax for income gained through business?
It is better to add the income gained on the house with the total income gained through other source for paying income tax. But tax deduction can be claimed for the interest paid for the house in case of claiming any home loans. Indian government also gives a tax deduction of 30% for the income gained on house rents. Thus the income gained on house should be added and respective documentation should be submitted while submitting tax returns.
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: