Revised FAQs on Income Tax Returns--Taxmann Article-II

Q 29. I omitted to submit rent receipt and investment proof to my employer because of which relief for HRA and certain other deductions weren't given to me, the tax deducted from my salary income is much higher than my actual tax liability. How to claim refund of such excess tax?

Even if the benefit of HRA under Section 10(13A) and deduction under Chapter VI-A are not considered by the employer in Form 16, yet they can be claimed in the income-tax return. Accordingly, the excess tax

deducted by employer can be claimed as refund.

Q 30. Can I claim deduction under section 80C of interest on housing loan?

Repayment of principal portion of residential housing loan will be allowed as deduction under section 80C within the overall limit of Rs. 1,00,000. However, such deduction is available if housing loan is borrowed by assessee from:

(a)		Central Government or any State Governments
(b)		Banks, including a co-operative banks
(c)		LIC
(d)		National Housing Bank
(e)		Domestic Public company providing long-term finance for construction or purchase of houses in India
(f)		Assessee's employer being an authority or a board or a corporation or any other body established or constituted under Central or State Act
(g)		Assessee's employer being a public company or a public sector company or a university or a university established by law or a college affiliated to such university or a local authority or a co-operative society.

However, interest on housing loan is deductible under section 24(b) while computing income chargeable to tax under the head "Income from house property".

Q 31. How to claim benefit of tax deducted in advance on income which is taxable in subsequent years.

The portion of TDS credit, pertaining to income taxable in the subsequent year, can be claimed through same TDS certificate.