[msdivy]

Originally Posted by callvvijay

is selected as 'Yes', it is mandatory to give a 11-digit account number. Here is where I'm struck at. I feel it will be better to go for a direct deposit than to rely on factors like postal delay etc.

My account number is 10 digits & I added a 0 in the front. BTW, I not hopeful that I will get a refund

[bejoy]

Originally Posted by callvvijay

Thank you, Sommos!



I am referring to account number only and not the IFSC code.

If the option:

"Select Yes is you want your refund by direct deposit into your bank account/Select No if you want refund by cheque"

is selected as 'Yes', it is mandatory to give a 11-digit account number. Here is where I'm struck at. I feel it will be better to go for a direct deposit than to rely on factors like postal delay etc.

I too faced the same issue with my Citi account. It has only 10 digits. Called Citi and asked if i can prefix a '0' - got the answer as 'No'. So I had no option but to give my alternate SBI a/c no.

[callvvijay]

Originally Posted by msdivy

My account number is 10 digits & I added a 0 in the front. BTW, I not hopeful that I will get a refund

We (me/wife/dad) have always been getting refunds without any issues. I feel the IT department has revamped their structure a lot and it is lot more easier these days.

You can very well be assured that you will get your refund - provided you give all your details correctly. Even if not, the online system says why your ITR-V has been rejected.

Originally Posted by bejoy

I too faced the same issue with my Citi account. It has only 10 digits. Called Citi and asked if i can prefix a '0' - got the answer as 'No'. So I had no option but to give my alternate SBI a/c no.

Let me tell you my miserable experience with Citi. Called them up yesterday and upfront asked if I can prefix '0'. Now this smarty customer-care guy asks

CC: Surely I will help you. But for verification, can you tell me your DOB please?
Me: xxxxxx
CC: Your email id?
Me: xxxxxx
CC: Last 2 transactions?
Me: xxxxxx
CC: Thanks for your details. However sir, I am sorry to inform you that we will not be able to give any tax-related information to you. You can call up IT department helpline to check this out.
Me: Thank you.

I called up Indian Bank where I have another account and checked the same and I was told that I can prefix 0s (two in this case) and so did I.

Thanks!

[bblost]

My wife and I have a home loan on the house we live in.

I pay 100% of the EMI's and claim tax benefits.

My wife owns another flat in her own name. This flat does not have any loan on it.

Does it make more sense to live in that(fully owned) flat while l claim tax benefits with the unlimited interest write off?
Is it legal?

What if both the flats are occupied by us and/or parents?
i.e. there is no rental income on either of them.

Please advice.

[S_U_N]

Originally Posted by null

I am not an expert. But, I think the ITR1 form (assuming you are filing ITR1) when filled up & you press compute tax, will give the breakup against the various sections of 234 at the bottom of 1st tab. Hope this helps to verify.

Can an individual file ITR 1 if?
1. She has income from NSC maturity, Employee PF, Company FD, Bank FD, Savings Interest and bonds

2. Receives benefits under section 10 (exemption?) like HRA/ medical, LTA all of which amount to about Rs. 1 lac.

[+rex]

Originally Posted by bejoy

I too faced the same issue with my Citi account. It has only 10 digits. Called Citi and asked if i can prefix a '0' - got the answer as 'No'. So I had no option but to give my alternate SBI a/c no.

I contacted Citibank with this query and was told that adding a 0 to the beginning of the acount number would classify it as a Current account as against a Savings account. The workaround that I have found is to add hyphens in your account number. Look at the statement from Citibank and you'll see that your account number is hyphenated. Eg. '6-xx5xxxx-09'
I was able to file my tax returns by using including the hyphens in my account number.

Note: Pls do substitute the 'x' with the actual numerals in your account number.

[NetfreakBombay]

Originally Posted by S_U_N

Can an individual file ITR 1

From what I ahve been told, almost no one can use ITR1.

Reason is 800 Per month conveyance allowance under u/s 10. Most of the salaried individuals would have this allwance and hance not ellibile for ITR-1. Max limit for u/s 10 allowance in ITR 1 is 5000 per year.

[S_U_N]

^So, this is similar to the Rs. 25 lac home loan benefit that Chidambaram came up with this year. You can hardly get anything in that price.

[bblost]

If you have one home loan you get to claim tax benefits on a part of the interest and the principal.

What if you or your spouse own another fully paid house and stay there. Then can you claim tax benefits on the entire interest component of your one home loan?

[dar3dev|l]

^^ yes you can. However, i think since you do not stay at that house anymore, you would need to declare the rental income which of course will be taxable.

[S_U_N]

Is anyone declaring exempt income such as PPF interest?

BTW: Last date is now 5 August for filing returns.

[Su-47]

Originally Posted by bblost

If you have one home loan you get to claim tax benefits on a part of the interest and the principal.

What if you or your spouse own another fully paid house and stay there. Then can you claim tax benefits on the entire interest component of your one home loan?

For you to claim the complete interest component, the house on which you have loan has to be rented out.

AFAIK, the lame logic behind this goes like this:
- If you rent out a house, it is like an additional income
- The interest that you pay is an expense incurred in the process of earning this income
- Therefore, this interest is fully exempt.

Disclaimer: I ain't no CA, but this is what a CA told me..

[sheetumanu]

Originally Posted by NetfreakBombay

From what I ahve been told, almost no one can use ITR1.

Reason is 800 Per month conveyance allowance under u/s 10. Most of the salaried individuals would have this allwance and hance not ellibile for ITR-1. Max limit for u/s 10 allowance in ITR 1 is 5000 per year.

There is confusion going around on this but I confirmed from the tax experts and as of date if you are salaried ITR-1 is the form to be filled even when you receive Rs 800 pm conveyance allowance.

[motorpsycho]

Hello All,

I switched company in December and have 2 form 16's . how do I calculate the HRA exemption in this case.

Also my previous company had something called Special allowance , is this component exempt from tax.

Thanks in advance.

[Rajeev1]

Originally Posted by S_U_N

Can an individual file ITR 1 if?
1. She has income from NSC maturity, Employee PF, Company FD, Bank FD, Savings Interest and bonds

2. Receives benefits under section 10 (exemption?) like HRA/ medical, LTA all of which amount to about Rs. 1 lac.

Yes - she can file ITR1