Comments
I am a salaried person. For the assessment year 2012-13, I paid self-assessment tax for the interest I earned in an FD. In the tax payment challan (challan 282), I selected the interest tax category (major head 24). Now, I have got a tax-demand for the exact amount I paid as tax. The form 26AS shows my tax payment. I tried to file rectification request, giving the challan details, but still got a tax credit mismatch notification. What is the way out for countering this demand?
-Thiyagu
Challan 282 is to be used for payment of security transaction tax, hotel receipts tax, estate duty, interest tax (major head 24), wealth tax, expenditure tax/other direct taxes and gift tax. However, for paying income tax on the interest on a fixed deposit, challan 280 should have been used (income tax other than companies-major head 21). Assuming that the taxes were paid online, a request for correction of the same can be made to your Assessing Officer, who is authorised under the departmental OLTAS application to make such correction in challan data in bonafide cases so as to enable credit of the taxes paid. On the basis of your application, the Assessing Officer can do the verification and you will be able to get the credit.
I opened a PPF account in the name of my minor child and put ₹1 lakh in it every year. Can I take deduction for such contribution?
-Mahesh
As per the Public Provident Fund (PPF) Act, any individual can open a PPF account on his own behalf or on behalf of a minor of whom he is the guardian. As per Section 80C of the Income-Tax Act, contribution to PPF account up to ₹1 lakh is allowed as deduction, provided the contribution is made in the name of self/spouse or children. Therefore, you will be eligible to claim the deduction. Please note that in case the aggregate contribution made to your PPF account or to the PPF account of your spouse or children collectively exceeds ₹1 lakh, the deduction under Section 80C will be limited to ₹1 lakh.
(The writer is a practising chartered accountant. Send your queries to >taxtalk@thehindu.co.in)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.