I am an Income Tax payer and paid I-tax during last financial year to the tune of Rs.25966.00 .I was an employee also till Dec,2012 and used to get Form 16 filled up and issued by Employer which certified my payment to LIC for son and wife ,Mediclaim premium for family, college fees for son etc. in Form 16 which I submitted on-line and accepted.
I am no longer employed but continue to pay LIC premiums for son and wife, Mediclaim premium for family and Varistha Mediclaim for self. I have fixed deposits in Bank through I earn an amount of Rs. 2,72,000.00 which is my only source of earning. I don’t receive Pension.
PSU Bank where my Fixed Deposits are concentrated are deducting I-Tax @ 10% of Interest earned and for last three quarters they have deducted Rs.20,800.00 as TDS and will be deducting another Rs.6,927.00 in the final quarter.
I am filing my I-Tax return on-line to CPC,Bengaluru and this year I prefer to do the same myself.
My queries are as follows:
• I have Form16A from the Bank from where TDS have been deposited but not Form16. How do I get certification for LIC premium payment and Medi-claim Premium payment for family
• For claim of refund am I to fill up any other Form and if yes, please specify.
• How quickly can I get the refund?
I AM A.SENIOR CITIZEN.
From India, Kolkata
1I am no longer employed but continue to pay LIC premiums for son and wife, Mediclaim premium for family and Varistha Mediclaim for self. I have fixed deposits in Bank through I earn an amount of Rs. 2,72,000.00 which is my only source of earning. I don’t receive Pension.
PSU Bank where my Fixed Deposits are concentrated are deducting I-Tax @ 10% of Interest earned and for last three quarters they have deducted Rs.20,800.00 as TDS and will be deducting another Rs.6,927.00 in the final quarter.
I am filing my I-Tax return on-line to CPC,Bengaluru and this year I prefer to do the same myself.
My queries are as follows:
• I have Form16A from the Bank from where TDS have been deposited but not Form16. How do I get certification for LIC premium payment and Medi-claim Premium payment for family
• For claim of refund am I to fill up any other Form and if yes, please specify.
• How quickly can I get the refund?
I AM A.SENIOR CITIZEN.
From India, Kolkata
You must be having the insurance receipts. You can file return based on the documents you have. Keep the originals with you and the copies need not be sent to IT office. The same procedure you can follow when you were employed. Refund is effected within 2-3 months normally.
Pon
From India, Lucknow
Pon
From India, Lucknow
Hello Sir,
I am employee of the Limited Company and my employer asking to submit the all documents for Income Tax. My employer is giving 15000 as medical exemption and asking to submit the Medical Bills and House Rent Receipts as well. Can I submit Medical Declaration form and Rent Declaration form Insted of Medical Bills and Rent Receipts. Any one please suggest me ( If I Can then please send me the Medical Declaration format and Rent Declaration format to
). Please help me
Syed
From India, Hyderabad
I am employee of the Limited Company and my employer asking to submit the all documents for Income Tax. My employer is giving 15000 as medical exemption and asking to submit the Medical Bills and House Rent Receipts as well. Can I submit Medical Declaration form and Rent Declaration form Insted of Medical Bills and Rent Receipts. Any one please suggest me ( If I Can then please send me the Medical Declaration format and Rent Declaration format to
Syed
From India, Hyderabad
Dear Mr Sudhirde,
You can check up online on income tax site whether your form 26AS has been up loaded. Once the TDS deducted by banks are deposited it gets reflected in your a/c as form 26AS. This is a must for refund of TDS. You can file your return online after form 26 is uploaded.
As senior citizen you have different slabs for tax.
Mediclaim policy you can claim up to 20000 as senior citizen, if your parents are included in mediclaim you can get rebate of upto another 20000.(section 80D). If you have a preventive medical check up plan you can claim up to Rs 5000 within the above 20000 limit.
You are likely to get the refund of entire TDS collected by bank.
You can register on online itax site now also & from April keep checking up whether form 26 is uploaded for upto March 2014. Once up loaded you can file your return.
From India, Thane
You can check up online on income tax site whether your form 26AS has been up loaded. Once the TDS deducted by banks are deposited it gets reflected in your a/c as form 26AS. This is a must for refund of TDS. You can file your return online after form 26 is uploaded.
As senior citizen you have different slabs for tax.
Mediclaim policy you can claim up to 20000 as senior citizen, if your parents are included in mediclaim you can get rebate of upto another 20000.(section 80D). If you have a preventive medical check up plan you can claim up to Rs 5000 within the above 20000 limit.
You are likely to get the refund of entire TDS collected by bank.
You can register on online itax site now also & from April keep checking up whether form 26 is uploaded for upto March 2014. Once up loaded you can file your return.
From India, Thane
Dear Mr Sudhirde,
You don't need to produce any receipts with return, it will be required only if there is a query later.However an employer can demand proofs for allowing you rebates, not applicable in your case.
Please refer Feb 23 issue of "The WeeK" for further clarity.
From India, Thane
You don't need to produce any receipts with return, it will be required only if there is a query later.However an employer can demand proofs for allowing you rebates, not applicable in your case.
Please refer Feb 23 issue of "The WeeK" for further clarity.
From India, Thane
Dear Mr Syed Hussain,
Upto 15000 of medical reimbusements are tax rebatable provided you produce bills for medical expenses like chemists bill/ drs bill. Emlpoyer will pay you if this is a part of your package as medical expenses, but tax rebate will be allowed only on production of bills. You need to produce rent receipts.
From India, Thane
Upto 15000 of medical reimbusements are tax rebatable provided you produce bills for medical expenses like chemists bill/ drs bill. Emlpoyer will pay you if this is a part of your package as medical expenses, but tax rebate will be allowed only on production of bills. You need to produce rent receipts.
From India, Thane
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Income Tax Return preparation of Employees For FY 2010-2011.xls