Income tax refund

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This query is : Resolved

Manuj Kamboj (Querist)

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....?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)

04 March 2014 File an income tax return.

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.

Manuj Kamboj

Manuj Kamboj (Querist)

04 March 2014 thanx Mr.Siddhartha ..

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)

05 March 2014 You are welcome. You should use the thanks button to convey your thanks.

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