04 March 2014
I want to ask something about income tax refund.My frnd is working in easy day store as a store manager and his tax is deducted from his account Rs.11000.He want to take refund by showing his expenses of home loan Instalment and investments.Now what to do....?
1. Show income under the head salary. 2. Show interest on home loan under the head Income from House property. There will be loss under this head which will be set off from salary income. 3. Show principal amount of housing loan under Section 80C deduction. Other investments will also be shown under this head.
Compute the total income and tax thereon. Reduce the TDS from the tax liability. The difference will be refundable.
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