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HOME | MONEY | TAX | Q & A |
April 10, 2000
Banking |
"What should I do to receive my refund?"The Rediff Money Channel presents everything you wanted to know about tax issues, but didn't know whom to ask. I took a house loan of Rs 6,40,000 in four equal installments in December 1998 and thereafter in March, June and September 1999 from the Army Group Insurance Fund (AGIF) at a 14.5 per cent rate of interest. — Indrabalan
In the absence of information, it is presumed that the flat acquired by you is being used by you for your own residence. On this presumption, the answers that you seek are as under:
I has been to US on H1-B visa for 31days. There I received a substantial part of my salary as housing rent allowance. I want to know whether its taxable in India . If yes, then how will the tax calculation be done on it. —Shilpi Jain Most companies give a housing allowance or subsistence allowance to Indians who go abroad for employment purposes. Presently, such allowances are not subject to tax in India provided the entire amount is genuinely spent by the employee for the purpose for which it has been given to him/her. In the event that any portion is saved and brought back to India, then such amount (which is brought back to India) would be taxed in India as part of Salary. I was working in Mumbai from 1998-1999. I applied for PAN in June 1999. In July 1999, I came to US on H1 visa. My company is paying my regular salary in India also. I understand that I need to file my Income tax returns this year too. — Sushant Tyagi The problem faced by you is a very common one which thousands of Indians are facing today. The Income-tax Department is just not equipped to deal with the deluge of applications received by it for allotment of Permanent Account Numbers.
Block C-13 I am quite confident that if you try to contact them on phone, you will not receive a satisfactory response. There is no web site from which you can apply again. I understand that the limit of Rs 75,000 for claiming interest as a deduction is applicable only in case of a self-occupied property. Is it correct that the entire amount paid as interest on housing loan ca be deducted u/s 24 in the case of a let-out property. Can any loss under the head house property be set-off against income from salaries and loss can be carried forward to the next year? — Srikanth What you have understood about the deductibility of interest on a housing loan is correct. I had filed my tax return for 1997 in 1998 and I have not yet received my refund. After that I am in the US. What should I do to receive my tax refund? — Sanil Gajendra Normally how long does it take for the Income Tax Department to process Income Tax refunds for the financial year? Who should one contact in case it is well over the stipulated period?
— Swaranjit Singh
The time taken to issue refunds depends on the which officer is passing the order. Some of the officers are quite efficient and are known to issue refunds even within a month of the filing of the Return of Income. As against this, in some cases, refunds are not received for several years. In case more than 12 months have passed since you have lodged a claim for refund, you should write a letter to the Officer in whose charge you have filed the Return reminding him to issue the refund. In the letter, you should give details of the date on which you filed the Return and give reference of the Acknowledgement Number of your Return. Request the Officer to issue the refund alongwith Interest under section 244A @ 1 per cent per month from April 1, 1997 (in case of Return filed in 1997) and April 1, 1998 (in case of Return filed in 1998) upto the date of granting the refund. For prompt action, you can endorse a copy of the letter to the officer's superior (if you are assessed with an Income Tax Officer or an Assistant Commissioner of Income Tax then send a copy to the Deputy (or Joint) Commissioner of that ITO or Asst. Commissioner.
I'm a salaried employee. So my IT from salary is deducted and paid to the IT dept from my office itself. In addition to this I'm having other sources of income like capital gains. Where should I make the IT payment due for these and in which form do I file the returns?
— Shiva
You have two options:
I am a salaried person in a private organisation. Please compute tax payble in the following case of monthly salary of Rs 18,300:
— Sudhir Trikha As regards the medical benefits, please note that reimbursement of medical expenses actually incurred by you would not be treated as a taxable perquisite in your hands subject to a maximum of Rs 15,000 per annum. The Income-tax Department has been taking a stand that a fixed monthly allowance paid towards medical expenses is not the same as reimbursement of medical expenses. And so, it has been taxing such a fixed allowance as part of taxable salary. In short, medical benefits are tax free in your hands only if they form a reimbursement of actual expenses (which should be supported by medical bills). Presuming that the medical allowance and the transport allowance are fully exempt in your hands, and presuming that you are located in either of the 4 metros of our country, your taxable salary would be as under:
Send in your questions to perfin@rediff.co.in
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