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It return of year 2013-14, 2014-15, 2015-16

22 November 2016

hello everyone,

I was a post graduate MD doctor in a private institute. The institute gave me 7300/ month for the year 2013-14 and 2014-15. and 27000/month for yr 2015-16. All these are considerd as stipend as a pert of our education in a hospital.

There are several questions regarding this:

1. Can I file ITR of all these finantial yrs now????? ( As I want to make my file strong by showing IT reurns to department which will help me fore further granting of personal loan))

2. If yes, will there be any penalty?? How much?

3. I had education loan worth 10,00,000. Is there any way of saving tax by the principle of these loan??

Thanking you.

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8 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (194753 Points)
Replied 23 November 2016

1. ITR for Financial year 2014-15 can only be filed now. For earlier years if you have any refunds due, you can file upto 6 previous years, otherwise not.

2. Generally penalty not levied, but interest over tax due till payment date shall be levied.

4. Interest paid over Education loan can be deducted from taxable income u/s 80E

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Swapnil Patel (5 Points)
Replied 23 November 2016

thank you sir for information.

But my income is through stipend and its non-taxable. Still can i file ITR??

(Guest)

Under Section 10(16) of the Income-tax Act, any scholarship granted to a person to meet the cost of education is exempt from tax. The term ‘scholarship’ has been interpreted liberally to also include within its scope and ambit, amounts of fellowships, stipends, grants for travel and incidental expenses, etc. awarded for acquiring education.However, an amount paid to the assessee in the for services as an intern in a medical hospital, where service as an intern is necessary for a person who joins a medical school, cannot be regarded as a scholarship so as to qualify for exemption under this clause”.

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