Calculation of Income Tax (FY:2008-09)

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This query is : Resolved

M H Laskar (Querist)

22 July 2009 Dear Sir,
One my new client who is a State Govt. employee taken loans from his close relatives & loans from Banks & LICI during last financial year i.e. 2008-09 for construction of new house at Guwahati. He has some other income like maturity on NSC & maturity of a Tax Saving A/c of ICICI Bank. He has paid Loan Intt. & principal amount but ther is no reflection about loans & other income in his Form No. 16 issued by his employer. Now, I am a little bit confused how to show the loans & which ITR is applicable for him. Kindly, suggest in brief on urgent basis plz.
Thankx & Regards,
M.H. Laskar
Guwahati

Randeep Singh

Randeep Singh (Expert)

22 July 2009 Now only way is to disclose all these things ( interest & principal repayment) in return & claim refund.
ITR-2 is applicable in this case.

M H Laskar

M H Laskar (Querist)

23 July 2009 Sir,
Thank you for your kind & quick response.
As per Form No.16 of my client, neither payable nor refundable case. Whatever liability of Income Tax was deducted from Last last month's Salary.
Now if I include other income & Intt. Paid he may come to either payable or refundfable. Thats all. Plz suggest.
Thankx & Regards.

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