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I have a ppf account and depositing rs. 1 laks every year. my wife is unemployed. can she also open ppf account and deposit 1 lakh each year. the money will be given / gifted by me to her. kindly reply soon.
Need guidance in filing Income Tax,I started working from August,2011 in an start up company,my gross salary is 1,80,000.Although I don't have to pay tax because I just completed 8 months till now.I want to file nil returns which will be useful for my future move to another company. Can you guide me what are the documents should I take from my employer.I don't have pay slips because as i told its a start up company. Please let me know how i can file the returns and the last date for filing.
1. My wife had delivered some training for a organisation and she was paid after deduction of tax . But when I check the Form 2AS , there is no reflection of tax deposited to the IT. What can be done in this case? The organisation is also not issuing me the Form 16 A for the purpose of Filing the returns.
2. She was working a Pune based firm and the company deducted TDS from her salary every month but has not yet deposited the amount with IT.
What can be done with both the cases? How can I claim fill the IT returns ? Can any action be taken against the organisations?
I have two houses(both with my wife as 50% co-owner) with loans for both houses from HDFC(my wife is 50% co-borrower in both the loans).
These are the details -
House 1(We are staying in this house) Loan amount : Rs 73,87,918 Annual interest paid in loan: Rs 787,830
House 2(given on rent) Loan amount: Rs 35,32,000 Annual interest paid in loan : Rs 358,966 Annual rental income: Rs 187,000
My wife is also working and is taxed in the 30% slab.
I want to prepay 20 lakh loan this month. Which of the two loans should I prepay for best tax saving. From what I have read from articles on the net, there is no limit on interest deduction(even from Salary) on second house.
Is there any overall limit on the interest loss offset against salary income(first and second house combined).
I have a ppf account and depositing rs. 1 laks every year. my wife is
ReplyDeleteunemployed. can she also open ppf account and deposit 1 lakh each
year. the money will be given / gifted by me to her. kindly reply
soon.
sam
Sam,
DeleteYou can gift Rs 1,00,000 to your wife.
As per Income tax clubbing provision, any Interest earned by spouse is clubbed in income of gift giver.
But in this case since Interest from PPF is not taxable. So the income earned will not be clubbed in your hands.
Need guidance in filing Income Tax,I started working from August,2011 in an start up company,my gross salary is 1,80,000.Although I don't have to pay tax because I just completed 8 months till now.I want to file nil returns which will be useful for my future move to another company.
ReplyDeleteCan you guide me what are the documents should I take from my employer.I don't have pay slips because as i told its a start up company. Please let me know how i can file the returns and the last date for filing.
Company will be issuing Form 16 if company deducts income tax.
DeleteIn your case your total income is less than taxable limit. Do ask for salary certificate from your employer.
For year 2011-12, last date is 31.07.2012. You can file your income tax return after 31.03.2012.
You can send your form 16 to info@incometaxreturnindia.in and we will help you file income tax return.
Please visit www.incometaxreturnindia.in for more details
Company will be issuing Form 16 if company deducts income tax.
ReplyDeleteIn your case your total income is less than taxable limit. Do ask for salary certificate from your employer.
For year 2011-12, last date is 31.07.2012. You can file your income tax return after 31.03.2012.
You can send your form 16 to info@incometaxreturnindia.in and we will help you file income tax return.
Please visit www.incometaxreturnindia.in for more details
Dear Sir,
ReplyDelete1. My wife had delivered some training for a organisation and she was paid after deduction of tax . But when I check the Form 2AS , there is no reflection of tax deposited to the IT.
What can be done in this case? The organisation is also not issuing me the Form 16 A for the purpose of Filing the returns.
2. She was working a Pune based firm and the company deducted TDS from her salary every month but has not yet deposited the amount with IT.
What can be done with both the cases? How can I claim fill the IT returns ? Can any action be taken against the organisations?
Sir,
ReplyDeletePlease chase the organisation to get form 16A.
In case they are not issuing form 16 A, it means that they have not deposited TDS with government.
Ask them to give cheque of amount they have deducted as TDS.
I have two houses(both with my wife as 50% co-owner) with loans for both houses from HDFC(my wife is 50% co-borrower in both the loans).
ReplyDeleteThese are the details -
House 1(We are staying in this house)
Loan amount : Rs 73,87,918
Annual interest paid in loan: Rs 787,830
House 2(given on rent)
Loan amount: Rs 35,32,000
Annual interest paid in loan : Rs 358,966
Annual rental income: Rs 187,000
My wife is also working and is taxed in the 30% slab.
I want to prepay 20 lakh loan this month. Which of the two loans should I prepay for best tax saving. From what I have read from articles on the net, there is no limit on interest deduction(even from Salary) on second house.
Is there any overall limit on the interest loss offset against salary income(first and second house combined).
You are right, there is no limit on interest deduction if property is let out.
ReplyDeleteVisit here for more detaits : http://www.incometaxreturnindia.in/tax_on_house_property.htm
There is no limit on interest loss offset agaisnt salary, if it satisfy the condition as per above.
What are the best ways to save tax? Please can you list them (where I am in 30% slab)
ReplyDelete