It's that time of the year again. Time to get ready with your investments and taxes.
Were you prudent with your investments last year? Did they help you save tax? Or did you end up paying more than you could afford?
What investment mistakes did you make last year? Are there ways to rectify them? What investment options should you go for this year?
What should you do to bring your tax liability to the minimum level?
In an hour-long chat on Thursday, direct tax expert Vikas M Gandhi offered some valuable tips. Here is the transcript:.
Vikas Gandhi says, Good evening friends and welcome back to the tax chat session.
madhav asked, Hi Vikas, I have paid an amount of money as TDS (deducted monthly) for the financial year 2008-2009. I have made an investment amount, which is more than the tax to be paid by me according to my salary. All these details of TDS, investment have been mentioned in the Form 16. Do I need to separately fill up some other form for refund of the amount deducted as TDS from my salary or filling the return with the Form 16 details is enough to get the refund?
Vikas Gandhi answers, at 2009-06-11 15:33:04Form No.16 received from employer is not your Income tax return. Although all the income and deductions are shown in Form-16 and proper tax has been deducted, you have to file a separate Income Tax Return. If you are eligible for refund, you will be granted the refund only if you file the return.
Dayasagar asked, Dear Gandhi ji, Namaste. My wife used to submit returns till she has retired on 31.8.2007 but she has not submitted her return for the year 2008-09 as her income from pension is not taxable. Even the interest from the retirement benefits is also not coming to taxable income. But some one suggested to submit the same immediately. Will there be any penalty to be paid in case we submit the same by end of this month? Shall we submit returns for 2009-10? Kindly reply. Thanks and regards/Daya Sagar
Vikas Gandhi answers, An individual is required to file income tax return if his income exceeds the basic exemption limit. As mentioned in your query, even after including interest income, the total income does not exceed basic exemption limit and hence your wife is not required to file any return.
subby asked, how many times IT declaration can be given in a company? I heard Govt of India allows 3-4 times IT declaration in a year, is it true
Vikas Gandhi answers, By IT Declaration, if you mean Investment Declaration, there is no limit for submitting the same. if you have made changes to the investment declared earlier, you are free to submit a fresh declaration to your employer.
Anup asked, Hi Vikas , I have taken a housing loan and the house is about 15 kms from my office so i took a rented house near my office. can i get tax exempt on hra as well as interest on loan. My parents stay at at my house which i bought.
Vikas Gandhi answers, The distance between your house and work place is not so far that you cannot commute on day to day basis. Hence in my view you cannot claim both the benefits. You have to chose one and let go another.
Kans asked, what is the maximum permissible limit of charity from tax perspective? Is it technically possible to give the entire tax money as charity to deserving organizations?
Vikas Gandhi answers, One can give maximum of 10% of his total income as charity. Any amount given above this amount does not get eligible for deduction.
Amit asked, HI Vikas, Which is better ...Five year tax saving FD or NSC?
Vikas Gandhi answers, Given an option to chose between FD and NSC, I would advise investing in NSC.
pc asked, when is the last day for filing income tax returens?
Vikas Gandhi answers, For the persons not having to get books of account audited, the last date of filing income tax return in 31st
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of July.