Frequently asked questions

Q.

What types of incomes are classified under the head "Other Sources'?

A.

Some of the income classified under other sources are:
1. Any contribution to a fund for welfare of employees received by the employer.
2. Income received by way of interest on securities.
3. Income from letting out or hiring of plant, machinery or furniture.
4. Money received under a Keyman Insurance Policy including bonus.
5. Commission or brokerage
6. Tution fee
7. Dividend Incomme
8. Winnings from lotteries, crossword puzzles, races including horse races, card game and other game of any sort, gambling or betting of any form is classified as income from other sources.
9. Gifts received by an individual or HUF (which are chargeable to tax) are also taxed under this head.

Q.

What are the types of deduction allowed in income tax?

A.

Some of the types of deductions are:
1. 80C : Deduction Lic premium paid, tution fee of children, PPF etc. Maximum deduction allowed is Rs 150000.
2. 80TTA: Deduction form income of saving bank interest upto Rs 10000
3 80D : Deduction for medicliam premium paid (through banking modes) upto Rs 25000 for person below 60 years of age and Rs 50000 for person above 60 years of age (Max deduction under this section is RS 100000)
4. 80E: Deduction for interest on loan taken for pursuing higher education of self or family members or a relative.
5. 80G: Deduction for eligible Donations upto either 100% or 50% like donation in Prime Minister Nation Relief fund etc.

Q.

What is Form 26AS?

A.

Form 26AS is a statement that shows the details of tax credit in a tax-payer’s account as per the IT Department’s records. The tax credit will include all the different taxes like TDS, Self-Assessment tax, Advance tax etc.

Q.

Can I file a revised return to correct mistakes made in the original return?

A.

It is possible to file a revised return if the original return has been filed before the due date and the Department has not completed the assessment. However, a revision is not possible for a return filed after the due date.


Q.

What is the due Date for filing an Income Tax Return for individuals?

A.

The due date for filing your Income Tax Return for the financial year 2017-2018 is 31st July, 2018.
However belated return for F.Y. 2017-2018 can be filed upto 31st March 2019.

Q.

What are the deductions allowed from income from house property?

A.

The deductions allowed from income from house property are:
1. Standard Deduction – Standard Deduction is 30% of the Net Annual Value calculated above. This 30% deduction is allowed irrespective of your actual expenditure on the property is higher or lower.
2. Deduction of municipal taxes paid on such property. They will be allowed on actual payment basis.
3. Deduction of Interest on Home Loan for the property – In case you take a home loan for purchase, construction, repair, renewal or reconstruction of your house property – the interest is allowed as a deduction from the Net Annual Value. (Max interest allowed is Rs 2 Lakhs)

1,769.00

ITR Filing – House Property & Other Sources Income like Interest, Tution fee etc.

ITR-2 is filed for Individuals or HUF having income from renting of any house, flat, or any commercial property.Also having Income from sources like interest on FD's, saving bank interest, dividend, tution fees etc. Income from any business or profession is not included in this return. Choosing Taxgoal allows you to have a "Personal CA" who is assigned to address your tax related queries and help you maximise your tax savings.


What type of incomes are classified as other source income?
  • Dividends are always taxed under income from other sources. However, dividends from domestic company are normally exempt from tax, as the company declaring dividend pays dividend distribution tax.
  • Interest on Fixed deposits, saving bank interest, tution fee.
  • Winnings from lotteries, crossword puzzles, races including horse races, card game and other game of any sort, gambling or betting of any form is classified as income from other sources.
  • Interest received on compensation or on enhanced compensation is taxed under the head “Income from other sources”.
  • Gifts received by an individual or HUF (which are chargeable to tax) are also taxed under this head.
  • Assistance on income tax queries like issues relating to deduction, tax saving, classificaton of income etc
  • Filing of Income Tax return
  • Assist in payment of challan for discharging tax liability
  • Review of Computation of tax and file return once approved by you
  • Any individual, HUF having income from sources like interest, dividend, tution fee, commission, brokerage
  • Not applicable for any income form income from Business & Profession
  • Details such as PAN card no, AADHAAR CARD
  • Bank details such as Account no., IFSC code
  • Bank Account statement
  • Proofs of Investments such as LIC premium paid, fees of children etc
  • Details of any Advance Tax deposited
  • Detail of TDS deducted on such income
  • Detail of income from sources like interest on fixed deposit, commission/brokerage earned, tution fee.
  • Any other detail as required
Plan Charges1499
Goods & Services Tax (GST)270
Total Cost1769


* Estimate Time for Service Completion
3-4 Days

Q.

What types of incomes are classified under the head "Other Sources'?

A.

Some of the income classified under other sources are:
1. Any contribution to a fund for welfare of employees received by the employer.
2. Income received by way of interest on securities.
3. Income from letting out or hiring of plant, machinery or furniture.
4. Money received under a Keyman Insurance Policy including bonus.
5. Commission or brokerage
6. Tution fee
7. Dividend Incomme
8. Winnings from lotteries, crossword puzzles, races including horse races, card game and other game of any sort, gambling or betting of any form is classified as income from other sources.
9. Gifts received by an individual or HUF (which are chargeable to tax) are also taxed under this head.

Q.

What are the types of deduction allowed in income tax?

A.

Some of the types of deductions are:
1. 80C : Deduction Lic premium paid, tution fee of children, PPF etc. Maximum deduction allowed is Rs 150000.
2. 80TTA: Deduction form income of saving bank interest upto Rs 10000
3 80D : Deduction for medicliam premium paid (through banking modes) upto Rs 25000 for person below 60 years of age and Rs 50000 for person above 60 years of age (Max deduction under this section is RS 100000)
4. 80E: Deduction for interest on loan taken for pursuing higher education of self or family members or a relative.
5. 80G: Deduction for eligible Donations upto either 100% or 50% like donation in Prime Minister Nation Relief fund etc.

Q.

What is Form 26AS?

A.

Form 26AS is a statement that shows the details of tax credit in a tax-payer’s account as per the IT Department’s records. The tax credit will include all the different taxes like TDS, Self-Assessment tax, Advance tax etc.

Q.

Can I file a revised return to correct mistakes made in the original return?

A.

It is possible to file a revised return if the original return has been filed before the due date and the Department has not completed the assessment. However, a revision is not possible for a return filed after the due date.


Q.

What is the due Date for filing an Income Tax Return for individuals?

A.

The due date for filing your Income Tax Return for the financial year 2017-2018 is 31st July, 2018.
However belated return for F.Y. 2017-2018 can be filed upto 31st March 2019.

Q.

What are the deductions allowed from income from house property?

A.

The deductions allowed from income from house property are:
1. Standard Deduction – Standard Deduction is 30% of the Net Annual Value calculated above. This 30% deduction is allowed irrespective of your actual expenditure on the property is higher or lower.
2. Deduction of municipal taxes paid on such property. They will be allowed on actual payment basis.
3. Deduction of Interest on Home Loan for the property – In case you take a home loan for purchase, construction, repair, renewal or reconstruction of your house property – the interest is allowed as a deduction from the Net Annual Value. (Max interest allowed is Rs 2 Lakhs)

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