shashank (Others) (25 Points)
28 August 2015Hello Experts,
Can you please help me with this simple question of mine.
1)I have two form 16's from two employers for FY 2014-2015. I would like to know what all components needs to be added from two form 16's and updated in ITR 1 form.
2)Also I have a housing loan on which I am paying a interest of 2L /year. Can I update that as negative in B2 column?
3) I forgot to file the Interest paid on housing loan for the past 2 years I believe, Is there a way to get a refund now.
Thanks in Advance :)
Udgam Koomar
(Tax Technologist)
(1949 Points)
Replied 28 August 2015
Lasy year you can rectify not revise if done online. Add taxable salary of both and use it, yes you can put -ve income in B2.
Vikas Gupta
(Tax Executive)
(530 Points)
Replied 28 August 2015
1) In ITR-1 sheet 'Income' Under the head 'Income from salary' Add salary income(after deducting exempted allowances u/s 10) from both Form 16. and in sheet 'TDS' under Form 16 details, fill TDS deducted details i.e. TAN of employers, Name of employers, Income From salary and TDS deducted from employers details from both employers in separate rows.
2) Yes, you may fill negative income for your interest paid amt. on house loan under income from house property head.
3) You may file your revised return u/s 139(5) for F. Y. 2013-14 (A. Y. 2014-15) only within 31st March, 2016.
Kiran. S
(CTO)
(745 Points)
Replied 28 August 2015
Last 2 years Return if already filed and assesment done -you can give an application. to file revised return to the AO of your ward. Attach a copy of certificate of Housing loan received from Housing finance co. Explain in person that you forgot to take the interest. if this years interest is 2L then the previous years int will be naturally more and principal less. You will get refund to the extent of taxes paid [TDS +adv tax+ self assesment tax]. AO of your ward will forward the request it to CIT.
If refund is in few hundreds you shoud not take the trouble of filing revised return.
shashank
(Others)
(25 Points)
Replied 28 August 2015
Hello All,
Thanks for your suggestions. I noticed that the Income from House property was already deducted in both the FY's from the Annual salary and then the gross salary was calculated. So I think this is already taken care from my employer and I shouldnt fill it explicitly while filing returns.
Please let me know if my understanding is correct.
Sorry to bother you with basic questions.
Vikas Gupta
(Tax Executive)
(530 Points)
Replied 28 August 2015
No, Mr. Shashank. You need to declare your house loan explicitly, if any while filing your return.
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