Few of my friends (salaried) want to file Income Tax return now for the previous years.
Questions
1 Is there any penalty for filing IT returns now
2 what are the procedure now to file returns (most of them are salaried no other source)
3 One of my friend wants apply for Home loan and the bank manager is asking for IT returns for past 3 years. he has never filed IT returns. what would be the procedure for him
4 if the home loan is taken on joint owner basis (husband-wife) can the deduction for principal repayment be claimed up to 2lakhs u/s 80c (as reduced by PF amt)
1. For FY 2010-11 and before: IT returns can be filed with Rs 5000 (per return) as penalty in addition to any Tax and Interest Dues
2. One may file paper return or efiling. Pls visit https://incometaxindiaefiling.gov.in/ and create an account using your PAN details. Consult a TRP or CA for detailed process who may advise based on the actual facts.
3. Form 16 (issued by the employer) representing the TDS deducted by the Employer may also do fine with banks for immediate needs
4. Joint owners, who are also co-borrowers for the Home loan (payment from a Jointly held Account), are eligible for tax rebate in the proportion of their share in the loan. Maximum tax deduction amount is Rs 1.5 lacs per person, so it may work out up to a total deduction of Rs. 3 lacs. So consider the income and repayment capacity of each spouse while deciding the share of the loan. To keep it simple from Tax-men perspective, Husband-Wife should enter into a simple agreement with the on Rs 100/- stamp paper. This agreement will contain the share of the ownership along with that of the home loan availed by the couple. Remember that you shall need two copies of the Borrower Tax certificate from the BANK so that each of you can submit copies the certificates to avail benefit.
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