IT retruns filling for this financial year (2011-2012)

vignesh 946
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Hi

Extremely sorry for taking up this activity at the last juncture.

I have filed my returns . But my father s seem to be bit complex. So please guide me in doing that.

My father got voluntary retirement from Indian Railways.. I need help in filing his returns. He met with one accident two years ago.. so I need to take care of the filling returns.

The basic problem is employer has not given the Form 16. He is getting his pension monthly through the pension account.He got retired on May 2011.

  1. Other than employer will i be able to get my Form 16 somewhere in the website.?

  2. I have calculated his annual salary on seeing the pension account(every month paid). and I have taken into account the following things

    1. Savings account interest

    2. FD interest

    3. PO MIS

    4.RD interest

My father did not have any Long term capital gain for this financial year.No TDS has been deducted from the Railways side.

The above items need to enter under the Income from other sources. pls tell me if I am wrong.

  1. These are the amounts under different heads given by the employer in the final settlement.These figures I dont know which are taxable.

Payments

GIS - 36,494

LEAVE SALARY - 87,531

COMMUTATION - 4,30,687 (This is paid in Lump sum and deducting in every month salary)

D.C.R.G - 4,58,150 (grautity, he has worked for almost above 25 yrs )

passed amount- 10,12,150

DEDUCTIONS some other deductions ---- RELHS 20,570 HBA -Int 1,57,063 (This is first house . so I can claim in section 80 C)
total recoveries 1,85,127

Nett payment( passed amunt- deductions) 8,37,735 PF payment 6,93,323 (This is also non taxable) Net amount 15,21,058

In this calculation My main doubts

  1. what are all the heads taxable ? and what not?
  2. We had constructed one house using the house loan so while retirement they have deducted the remaining interest and given back the house documents. so is this eligible for 80C deduction?..

You have helped me in many instances . I am very grateful to you. Please help me in this case also.

Thanks and regards Vignesh B

railway-employee retirement-payout medical-insurance form-16 home-loan income-tax
1 Answers
  1. As employer may have not deducted any TDS, they would not generate Form-16. There is as such no need for Form-16 for return filing.
  2. His taxable income would include pension, bank account interest (savings+fixed deposit+recurring deposits) and post office interest.
  3. Pension would go into income from salaries, other income as mentioned above would go into income from other sources.
  4. Payments on retirement from Govt job like GIS, Leave encashment, commutation, Gratuity and PF payments etc would be non-taxable.

  5. I am not really sure about RELHS, but deduction for this should be available u/s 80D as its also a payment for medical insurance.

  6. He can avail deduction u/s 24 for home loan interest payment, if construction of house is completed in FY 2011-12.

Pankaj Batra5212

conclusions derived from the above reply. Correct me if I am wrong

  1. the non taxable incomes mentioned by you I need to enter under the "head of Income from other sources" --exempt income..
  2. We have received dividends from our shares.I think dividends are tax free. should i need to declare tat under the income from other sources ---Dividend earned?
  3. PO MIS 3000 we are getting monthly. In tat 1000 is put into the RD. My doubt here is should I need to pay tax on the MIS 3000 and also for the interest of the Rd 1000 per month?
  4. It is a self occupied house ,and the loan we got from the Indian railways. So announcing the voluntary retirment they deducted that from the final settlement and given back the rest. deduction upto 1.5 lakhs interest is allowed for self occupied house.?
vignesh•

Please guide me..Once again sorry for taking up this activity

vignesh•
  1. There is no need to mention non-taxable components. If you want to show these file using ITR-2 and fill EI sheet.
  2. Amount entered under Income from other sources is fully taxable. bank account interest (savings+fixed deposit+recurring deposits) and post office interest would go under this.
  3. Dividends would also go under exempted income sheet as in point 1 (EI Sheet of ITR-2).
  4. Yearly interest from both MIS and RD account would be taxable. Rs 3000 per month would be taxable as MIS interest. Plus whatever is interest from RD would also be taxable.
  5. Deduction upto 1.5 lakh can be taken for home loan interest in this case.
Pankaj Batra•
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