Your Income Tax Queries: Which ITR Form should I file to claim TDS Deducted from NRO Account?

Popular

RBI asks HDFC Bank to stop digital launches and credit card...

The Reserve Bank of India (RBI) has asked the country's largest private sector lender, HDFC bank to stop all launches of its digital business...

Assam’s Dibrugarh University Teacher Arrested For Sharing Porn Video: Police

During interrogation, the accused confessed to the crime. (Representational)Dibrugarh: An assistant professor in Assam's Dibrugarh University was arrested today for allegedly uploading pornographic content...

Process to avail full refund on Lockdown Air Tickets

The Supreme Court approved the Directorate General of Civil Aviation's (DGCA) proposal on air tickets refund and credit shell on flights booked prior and...

Why was CDS Gen. Bipin Rawat’s attending China-owned MG Motor event;...

US Ambassador Kenneth Juster greets CDS Gen Bipin Rawat with elbow bump | Watch ...

Explained: How new H-1B visa regime will impact Indians, Indian firms

In yet another policy stance change on H-1B visa within six months, the US administration on October 6 said it was announcing an “interim...

In the absence of facts, we shall not be able to guide you as to the inclusion of the amount of refund in the pre-filled form.

By Chirag Nangia

I am a seafarer. I had completed my Non-Resident External account days during FY2019-20. I received my salary in my NRE account.

Which ITR form should I file to claim TDS deducted from NRO account?

—Vagesh Chhabra

Non-residents, not having income from business or profession, may declare India-sourced income in ITR-2.

Any excess of TDS over the final tax liability shall be refunded by the income tax department after processing the return.




I am a regular ITR filer. In 2018-19, I sold a flat for Rs 72 lakh. The buyer deducted TDS of Rs 72,000 and it is reflecting in my ITR. As the property was sold for loss after indexation, the IT department refunded this amount.

AY2020-21 prefilled ITR2 form shows the IT return inclusive of this TDS amount. My total income will increase because of the refund. Is this correct? Or can I show this amount as carry forward loss?

—Ramadoss Sekar Chandrasekaran




In the absence of facts, we shall not be able to guide you as to the inclusion of the amount of refund in the pre-filled form. However, note that the pre-filled ITRs have been provided by the I-T Department to make filing easier for taxpayers.

The same may not be error-free. One must match all particulars of income, exemptions, etc. with the actual information and make corrections, if any, before submission of ITR form.

Seek the services of a tax practitioner to ensure that correct particulars are submitted to the department.




How can I get tax benefits on education loans for my son’s higher education abroad?

—A K Pandey

As per Section 80E, anyone taking loan from any financial institution or approved charitable institution for pursuing higher education, whether in India or abroad, can claim deduction equivalent to the entire amount of interest paid on the borrowed sum for a consecutive period of eight years, beginning from the assessment year in which the individual has started paying the interest on loan or until the assessment year in which the interest is paid by the individual in full, whichever is earlier.




The loan can be taken for the education of self, spouse, children or the student for whom the individual is the legal guardian.

The writer is director, Nangia Andersen India. Send your queries to [email protected]




Source link

Latest News

NCLT enables R-Infra lenders to get ₹3,515 crore

The National Company Law Tribunal (NCLT) has upheld the petition of Doha Bank seeking priority payment for the financial creditors of Reliance Infratel which...

Sugar production up 20%, mills plead for increase in minimum selling price

It will help us clear payment arrears to cane farmers, they tell govt. Sugar mills are lobbying for the government to hike the minimum selling...

Gold Price Today: Yellow Metal Drops Below Rs 45,000 Mark, Silver Falls

<!-- -->Gold Rates Today: Domestic spot gold closed at Rs 45,217 per 10 grams todayGold Price in India: Domestic gold futures registered a negative session on...

Steel Exports To Remain Low Amid Rising Domestic Demand: Rating Agency

<!-- -->The country'scrude steel output in January was at 10 million tonnesSteel exports from the country are likely to remain low over the balance of...