I want to file an income tax return for the first time. What documents are required? Can I file my IT return for A.Y. 2025-26 this year?
Nowadays, you are neither required nor allowed to attach any documents to the return of income. However, I would advise you to verify the TDS credit in your account as reflected in form No. 26AS and AIS (Annual Information Statement) so as to ensure that you get the credit for the tax deducted from your income, be it salary or interest. Please verify the details from AIS and ensure to include all the incomes like interest on the savings bank account, interest on fixed deposits and all the income in respect of investments. You can file your income tax return for the assessment year 2026-2027, but you cannot file the ITR for A.Y. 2025-2026. However, if you have any tax liability, you can file an updated ITR to come clean and avoid any unpleasant situation in future.
I am a Doctor and staying in the accommodation provided by the hospital in Delhi. I have booked an under-construction property in my native place. I would like to apply for a home loan for that. Can I claim a tax benefit for a home loan while simultaneously staying in the university flat?
Whether you can claim the tax benefits in respect of a home loan would depend on the tax regime you opt for. If you opt for the new tax regime, you cannot claim a deduction under section 80C for repayment of home loan as well as for interest in respect of house property treated as self-occupied. However, if the house property is let out, you can claim the deduction to the extent of the taxable rent .
If you opt for the old tax regime, you will be able to claim a deduction in respect of repayment of home loan under section 80C up to Rs. 1.50 lakh along with other eligible items. If your house property is self-occupied, you can claim a deduction for interest up to Rs. 2 lakhs. If the house property is let out, you can claim the deduction for full interest paid, but the loss under the house property can only be set off against other income to the extent of Rs. 2 lakhs during the same year, and the loss not so set off would be carried forward for set off against house property income during the next eight years. It is in spite of the fact that you are staying in accommodation provided by your hospital.
Please note that you will be able to claim the above benefits only from the year in which you get possession of the property on completion of the construction.
I am a self-employed person. My taxable income is around Rs. 3 lakhs after deductions and exemptions. Please let me know whether I am required to file my Income Tax Return (ITR).
As per the existing provisions, where your total income from all the sources before giving effect to the deductions under Chapter VIA exceeds the exemption limit, you have to file your ITR even though your taxable income may be below the tax exemption limit. In your case, your taxable income is higher than the exemption limit, so you will have to file your return of income.
