| I started submitting my income tax returns through a practitioner. Every year the practitioner gives me a photocopy of the original return form as proof of filing my tax return. Can I file my tax return myself? |
Debobrato Rajbongshi, Calcutta |
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| Any individual can submit the filled-in tax return form with supporting documents at the office of the ward or circle of the income tax department he/she falls under. The ward or the circle number is written on the return form. One has to file tax returns in duplicate. The filled-in return form in original and supporting investment documents are kept with the income tax department and a photocopy of the original form with an acknowledgment stamp is returned to the assessee. |
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| Loan to buy shares |
| I had taken a loan of Rs 15 lakh in 2006-07 to buy shares and paid Rs 1 lakh as interest on the loan. I had paid the security transaction tax on the purchase and the shares are in my name. May I deduct the amount of interest paid on loan from my income while computing my taxable income or add this to purchase cost of those shares? |
B. Shyam, Calcutta |
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| You won’t get any tax benefit on the interest paid on the loan taken to buy shares. |
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| Tax deduction at source |
| I’m a senior citizen and a pensioner. I get Rs 1 lakh per annum as pension and Rs 20,000 as interest from deposits. I don’t need to pay income tax. I have no other income. Recently, a bank has deducted income tax while crediting interest to my savings bank account even after I submitted Form 15H. Can the bank deduct tax at source despite submitting Form 15H? How can I claim refund of the deducted tax? |
Anil Sen, Howrah |
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| Banks are required to deduct tax at source the moment they credit interest to the deposit-holders’ account. However, by submitting Form 15H a senior citizen depositor can claim non-deduction of tax at source. But the account holder should submit Form 15H before the bank pays interest to his/her account. If you haven’t submitted Form 15H at the beginning of the financial year, the bank has to deduct tax. However, you can claim refund of the tax deducted by submitting the TDS certificate, which you can get from the bank, to the income tax office. |
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| If you have any queries about investing or taxes or a high-cost purchase you are planning, mail to: btgraph@abpmail.com, or write to: Business Telegraph, 6 Prafulla Sarkar Street, Calcutta 700 001. |
