Tax Corner -- Discuss Queries on Taxes

Discussion in 'Money Matters' started by Shobanag, Jan 23, 2008.

  1. SriVidya75

    SriVidya75 Platinum IL'ite

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    Re: Income Tax- queries

    As far as I know, Principal amount that you are paying for home loan wont be calculated for IT deductions. However the interest that you are paying on the loan is eligible for tax deduction.

    Best thing to do is approach the HR/Finance team in your office, ask them to what extent are you eligible for such amount. It depends on your Annual pay and how much are you paying for Income TAxes. Based on that they would provide a breakup as to how much can be claimed under home loan payment.

    Also another thing here is..if you are renting another home, you also have to confirm this..i.e rental amount claiming and home loan interest claiming.
     
  2. ssoujanya

    ssoujanya New IL'ite

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    Hello Ladies,
    The thread is very informative, I received a form 1099G for 2009 tax returns with an amt of around $300, I have no clue of what I need to do with that... Will this impact my 2010 tax returns? should I mention it some where? Experts please advice me, so that I can file my taxes accordingly. Also, I read one post from Punitha that in MA I can include energy bill and telephone bills, does that mean that I can include my electric bills and cellphone and vonage phone bills of all the 12 months of last year.
    Appreciate all for your response.
    Thanks,
    Soujanya
     
  3. SriVidya75

    SriVidya75 Platinum IL'ite

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    Soujanya

    If you are on H1B (or your husband is on H1B) and if you are at clients location, they will include internet and cell phone bills and the yearly amount paid towards rent, car mileage that was spent towards work puproses.

    Are you planning to file taxes on your own?? if not, better contact HR block they will guide you with what to do with the 1099G form. they also offer free advice so you can call them up and enquire about info
     
  4. ssoujanya

    ssoujanya New IL'ite

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    Thanks very much for the reply Srividya, yes I am on H1B and I work at client location, so can I include internet, mobile bills, car mileage expenses and rent? so far I did my taxes by myself as I never faced any problem. As you advised I will contact HR block.
    Thanks very much again,
    Soujanya
     
  5. SriVidya75

    SriVidya75 Platinum IL'ite

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    Try this finalysis.net.

    They are pretty good at filing taxes without any audits. and they are Indian based so they know lot more about NRI investments and expenses.
     
  6. jasmineflower

    jasmineflower New IL'ite

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    Re: Tax Day - April 15!! Tips and suggestions

    Hi shobo,
    This is the first time i am going to file the tax return. In my office they deducted particular amount in every payroll. I should submit my medical bills only or my husband's bill also. I am very much confused about income tax. How the tax return amount will be calculated. Should i submit medical bills only or any other bills. Please advise on this.
     
  7. SriVidya75

    SriVidya75 Platinum IL'ite

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    Re: Tax Day - April 15!! Tips and suggestions

    Is your husband claiming you as dependant on his tax returns? if yes, then you cannot include his expenses in your IT returns. If he has not included you in his IT returns, then you can include only your medical bills and not his.

    Basically you cannot claim for medical bills at 2 diff. places for the same person. thats the point.

    Yes You can claim some of the medical expenses and I dnot know aobut Indian IT laws so better consult your tax consultant who ever is filing taxes on your behalf.

    Its a good idea to gather all the medical bills, health insurance claims, amount paid to health insurance, anyother expenses on dependants such as kids, any savings certificates, interest earned on FDs or other savings or investments etc, home loan EMI or rent paid to your current land lord. This would make the work of the tax consultant easier.
     
  8. sheesta

    sheesta Bronze IL'ite

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    Hi
    Can you please answer my queries related to tax returns,

    We never included any bills on tax return. Apart from charity receipts what can we include?
    1) We are paying car loan monthly installments but my husband says its on 0% apr we cannot include it. Is it so?

    2) As mentioned in this thread, can we include rent receipts paid to landlord?
    3) Medical bills? what if we are mostly covered under insurance. we pay monthy insurance.
    4) What are mass energy bills? can we include energy bills too?
    My husband says there is no column so we cant mention these. We are going through financial crisis, so needed info on these.

    Sorry for being so naive. I always find this thread useful. hope to get some info on this
    Thanks a ton
     
  9. sunita1211

    sunita1211 Silver IL'ite

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    Hi there,

    I want to share that we all love to escape from paying taxes so try and make the best use of our money by purchasing property or by taking some goods for us, but still the money and tax on it is not saved at all. The Tax Saving Scheme by SBI is a reall beneficiary one and I have been investing in it for a long timeHi there,
     
    Last edited: Dec 24, 2013

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