Ask Mint | Revised ITR can be filed for refunds

Ask Mint | Revised ITR can be filed for refunds
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First Published: Wed, Feb 10 2010. 10 25 PM IST

Updated: Wed, Feb 10 2010. 10 25 PM IST
I gave all the proofs of tax-saving investments to my agent along with my income-tax return (ITR) form. But somehow he did not submit the rent receipts due to which Rs10,000 extra was deducted as tax. How can I get this amount refunded?
—Madhur Srinivasan
As per my understanding, the income-tax department does not accept any documents along with the ITR form. So the question of your agent forgetting to submit rent receipts does not arise. However, one is supposed to preserve these documents just in case he is selected for assessment.
Presuming that your ITR was filed within the due date and the deduction in respect of rent was not claimed in the original return, a revised return can be filed now. This will result in refund of tax.
What is amount of deduction available for assessment year 2009-10 in respect of premium paid for a health insurance policy if it is held in joint names of self, who is the proposer of the policy, and parents, who are not financially dependant?
—Nitin Joshi
In respect of premium paid for health insurance for assessment year 2009-10, the Income-tax Act allows for two separate deductions of Rs15,000 each in respect of premium paid for family members (self, spouse and children) and in respect of premium paid for parents. The claim can be made even if the parent is not financially dependant on the person paying the premium.
Is tax deduction allowed on investments made in the name of spouse or children in National Savings Certificate (NSC), Public Provident Fund (PPF), tax-saving fixed deposits (FDs) or tax-saving mutual funds (MFs)?
—Surya
The deduction in respect of contribution to PPF can only be claimed in respect of contribution made to PPF accounts of self, spouse and children. Deduction in respect of NSC, tax-saving FDs and tax-saving MFs cannot be claimed in respect of spouse and children.
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First Published: Wed, Feb 10 2010. 10 25 PM IST
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