Tax matters
One of my friend pensioner received say 20 lakhs as arrears of rent from 2009 to 2015 March through court order&judgement,after deduction of 10% tax. during Oct 2014..because of this his tax liability shooted upto 30%tax but the rental due paid is for 7 years....
Can he has to pay 30% tax with surcharge? or reopen the tax returns for 7 years and calculate and file returns ? Or any other solution?
What are the implications of form 26AS?
He had invested 1lakh 2 years before and 1 lakh for 2014 in 5 year tax saving FD! which is now reflected in 26A.
The interest provisioned\earned\shown in 26A for tax saving FDs....... is it taxable under added to income?....where to find U,P,F, in 26A?
What is the implications of form 26A?
Can anybody guide in these ? more
Can he has to pay 30% tax with surcharge? or reopen the tax returns for 7 years and calculate and file returns ? Or any other solution?
What are the implications of form 26AS?
He had invested 1lakh 2 years before and 1 lakh for 2014 in 5 year tax saving FD! which is now reflected in 26A.
The interest provisioned\earned\shown in 26A for tax saving FDs....... is it taxable under added to income?....where to find U,P,F, in 26A?
What is the implications of form 26A?
Can anybody guide in these ? more
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D.Guptaji,thanks a lot for your excellent Guidance's and my friend needs your mobile\ mail I'd. He says he and his wife are IT assessees separately with two pan nos....and filing nil IT returns and both are senior citizens. Now in the above case can they Join together and file the IT return and can they eligible for 3+3....6 lakhs basic exemptions? Since the property letout has two portions one in husbands name and another in wife's name...and wife taken loan housing loan from govt bank and loan interest comes to 2 lakhs whom as loss in her 3 year IT assessments......now since rental arrears have been received through court order can they combine and file a joint IT assessment and claim6 lakhs basic exemption? Is their any provision in IT? All their bank a\cs shown as proof are all joint only and any interest earned are also joint only!so can they shift from individual IT filing to joint IT filing? Advantages and disadvantages?and his wife senior citizen ,house maker,with little rental income and they are both together.can you please guide? more
Aug 16
Thanks Dinesh Guptaji, your guidance is very much useful,unfortunately my friends tax consultant modeled him that 3 lakhs standadard deduction not available if the income is 20 lakhs...I think he went to a wrong person at Chennai... more
Aug 09
Any Arrears of Rent, which has not been taxed u/s 23, received shall be taxable in the yera of receipt after allowing a deduction of 30% of such amount towards repair and collection charges. TDS deducted @ 10% on arrears has to be claimed by you in your ITR. Interest earned on tax saving FD is taxable as Income from Other Sources. Basic Exemption of Rs. 3 Lakh is deductible while calculating taxable income of a Senior Citizen. more
Aug 09
Is standard deduction for senior citizens 3 lakhs allowed or not in the above case...can anybody guide? more
Aug 08
