1- Can a return be filed after due date?
Ans- Yes, a return of income can be filed even after the due date. At any time before end of the relevant assessment year or before completation of assessment, whichever is earlier. Such return would be called belated return and the assesse will be liable to pay penalty as well as interest.
2- Can a return be revised?
Ans- Yes, a return can be revised if the original return contains an omission or wrong statement.
3-What is Slab Rate for F.Y. 2016-2017?
|Between 2,50,001 – 5,00,000||10% of income in excess of 2,50,000|
|Between 5,00,001 – 10,00,000||25,000 + 20% of income in excess of 5,00,000|
|Above 10,00,000||1,25,000 + 30% of income in excess of 10,00,000|
4–Who should file income tax return?
Ans- Every person whose total income (income before deducting allowances and deduction under chapter VI-A) is more than exempted income would be required to file income tax return.
5- When should a return be filed?
Ans- Return of income should be filed by salaried employee (no business income/ professional income) on or before 31st July of the relevant assessment year for A.Y.2017-18(F.Y. 2016-17). Due date of filing is 31st July 2017.If due date is govt holiday, the return can be filed on the immediately succeeding working day (Circular no. 639, Dated 13/11/1992)
6– How to calculate tax liability If an Assessee has been employed in two or more organizations during the financial year?
Ans- You need to club income earned during one financial year from all organizations then deduct all exempted allowances & deductions under chaper VI-A to arrive at taxable income.
7– Can Assesee make income tax payment online?
Ans- Yes, payment of tax can be made using internet banking facility.
8– If a house property is on joint name then what is the ceiling of Interest for each co owner?
Ans- 200,000 each co owner.
9– Can the benefit of HRA be considered at the time of return filling if it has not been considered by employer in form-16?
Ans- Yes, The benefit of HRA can be claimed at the time of return filling.
10– Is it compulsory to obtain possession certificate to avail the benefit of interest on housing loan?
Ans- Yes, benefit of interest on housing loan can be availed if possession certificate is obtained from the builder.
11– How can an individual calculate tax on his income?
Ans- After adding Income from all source (salary, House property, business/ Profession,capital gain and other source) and subtracting deduction, apply the slab to calculate the taxable liability.
12– What is self-assessment tax and how can it be paid?
Ans- it is the difference of tax paid and tax payable during a financial year. It can be paid by selecting code 300 while filling Challan 280 through on line or offline mode.
13– Which Challan can be used to pay income tax?
Ans- Challan 280 can be used to pay the amount of income tax.
14- What is advance tax and how it is calculated?
15– What should I do if tax credit is not reflecting in 26 AS but reflecting in form -16?
Ans- You should contact to your employer to get is rectified. This generally occurs due to processing error in TDS statement.
16- Is it compulsory to file return after the payment of Tax?
Ans- Yes, An Assessee is required to file income tax return after paying tax.
17– Can I get TDS certificate from my employer where no TDS has been deducted on salary income by the employer?
Ans- Employer is not required to issue TDS certificate where no TDS is deducted. But a salary certificate can be issued by the employer
18- How to calculate tax on arrears?
19- A retired person works in a private company and earns salary income along with pension, would this pension be added in total income for calculating tax liability?
Ans- Yes, Total income would be salary income plus pension income.