[30min.’ Live Discussion with Experts] on Tax Planning & IT Declaration; 3:30PM to 4:00PM, 29th April 2022

Yes, declaration can be made under Section 80EEB in respect of interest payable on loan taken by an individual from any financial institution for the purpose of purchase of an electric vehicle.

6 Likes

Sir,

Employers are collecting offline Form 12BB. Can declaration form be physical also or it must be online?

4 Likes

Sir we would like to know,

While switching jobs, should the IT declaration be submitted once again? what is the right way to do it?

6 Likes

It would depend on the process adopted by employer. Form 12BB can also be submitted in offline mode.

7 Likes

Yes, it is advisable to submit the IT declaration before the new employer at the time of switching the job.

8 Likes

2 posts were split to a new topic: Should Form 12BB need to be submitted during declaration and end of the year again?

Shubham sir,

How do I claim tax benefit for a house purchased on loan after submitting IT declarations?

7 Likes

The Loss under head House Property in respect of interest paid on housing loan or deduction in respect of repayment of principal amount can be claimed at the time of filing of tax return.

7 Likes

Dear sir,

Any advice will be so helpful

What ways I can save more than Rs 1.5 Lakh in taxes through deductions?

6 Likes

Hi Sir,

Can a company or a firm take the benefit of Section 80C?

5 Likes

Some of the following deductions can be claimed in excess of deduction of INR 1,50,000 under Section 80C:
a) Medical insurance premium under Section 80D
b) Interest paid on a home loan can be claimed as a deduction under section 24 up to Rs 2 lakhs.
c) Additional deduction of Rs 50,000 can be claimed by investing in NPS under 80CCD (1B)
d) Any charity to notified institutions or funds can be claimed as a deduction under section 80G
e) Interest paid on education loan is allowed as deduction under section 80E

6 Likes

The provisions of Section 80C apply only to individuals or a Hindu Undivided Family (HUF). Hence, a company or a firm cannot take the benefit of Section 80C.

5 Likes

Sir,

I could not declare my investments on time. What should I do?

5 Likes

Dear sir,

If employee joins mid-year, how does declaration happen for them?

4 Likes

In case the declarations are not made on time then you can report the details of actual investments once the portal is opened for same. Alternatively, you can claim the deductions at the time of filing of tax return and claim tax refund in the tax return.

4 Likes

Individuals who join a new company or a new organisation in the middle of the year are required to submit Form 12B. The form basically discloses the information regarding the individual’s previous income.

4 Likes

Sir,

Last year I covered section 80c with PF and by investing 1.33L in ELSS. My PF will double by end of this year, so does that mean I can invest lesser amount in ELSS to cover 150000?

3 Likes

Yes, you can invest lesser amount in ELSS in current year to cover the limit of INR 1,50,000.

3 Likes

Sir,

if we have to submit IT declaration everything for whole financial year at the start itself and lets say I changed my house and paying more rent now or invested in new fixed deposit what do I do?

3 Likes

Dear sir,

If individual forgot to declare IT Declaration for Financial year in April month, and the portals is closed now. so is it possible to declare this next month? if not allowed by HR/admin what is the solution?

2 Likes