Priyank (engineer) 14 May 2012

Some doubts on income tax return itr

Dear Sir,

In Last Financial year i.e.2011-2012 , I changed company , now both the companies decline to issue me form 16, they said you are not in taxable income. I got approx. 1.5 Lakh from both of them.

Now, presently I have to take home loan and for this they want form 16/ ITR ?

What can i do?

can i submit ITR without form 16?

In ITR Form, where is House rent exemption? (It comes in which section)

If i file ITR without form 16 then I have to write Employer name & TAN in form or not?

What is the last date of filling ITR?

How much penalty took on paying income tax for AY 2012-13?

Can I also fill nil ITR for AY 2011-12 now(May 2012)? , if yes how much penalty took on late filing? if some tax have to payable for AY 2011-12 then what is the late penalty?

I paid some tax onlne 2 days back but it is not showing in form 26AS. how many days Form 26AS took to be updated online?

Very much thankfulif anyone answers..

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2 Replies

REEMA KHADE (ACCOUNTANT) 16 May 2012

DEAR PRIYANKA,

YOUR 26AS WILL UPDATE WITHIN MAXIUM 20DAYS FROM THE DATE OF PAYMENT.BUT YOU HAVE PAID IT ELECTRONICAL THEN SURE THAT U HAVE THE PAID RECEIPT. IT WILL HELP YOU. & YOUR INCOME IS THE BELOW THE TAX LIMIT . THEN WHICH TAXES YOU HAVE PAID.

REEMA KHADE (ACCOUNTANT) 16 May 2012

FOR ISSUING THE FORM16 THE TAXABLE LIMIT OF EXEMPTION IS NOT BASIC CRITERIA FOR ISSUING FORM16. COMPANY HAS TO ISSUE FORM16 INSPITE OF YOUR SALARY IS BELOW TAXABLE LIMIT FURTHER THE HAS DEDUCTED THE TDS THEN IT HAS TO ISSUE THE FORM 16 TO YOU.& YOU ARE ENTITLED TO GET HOUSE RENT ALLOWANCE EXEMPTION AS PER SEC 10(13) OF THE IT ACT