I have the following query:
1. If a person has a proprietorship firm and a pan card on the firms name, then will he have to file two ITR one on firms name and second on his personal name
as he has to file only one return on the proprietorship firm.
2. For a professional or for a proprietorship firm what is the exempt amount for Life Insurance, Home Loan and Vehicle Loan.
Waiting for your support.
Thanks & regards,
Miss Akansha.

From India, Mumbai
If he has got two separate PAN cards (one for the firm and one for the individual), 2 returns are to be filed.
Tax exemption limits for the individuals.
1. Life insurance premium - Upto 1 lac under sec 80C
2.For individuals, Home loan - Interest upto 1.5 Lacs tax free + principal upto 1 Lac under sec 80C

From India, Lucknow
Thank you for your reply:
Please let me make more clearer for myself. For eg. A person named Divya Mehra has a proprietorship firmed name Professional Consultancy. She has got pan card both on her name Divya Mehra and on her firms name Professional Consultancy. There is No other source of income and all the income that she earns is through her firm.
Please let me know which of the following is correct:
1. She will have to file two ITR's, one on her personal name (Divya Mehra) and second on her firms name (Professional Consultancy.)
2. She will have to file only one ITR i.e on her firms name - Professional Consultancy ( no legal distinction between the owner and the business. )
Now If point number 1 is correct than she will have to file NIL ITR on her personal name (No other source of income) and pay tax on her firms ITR.
Looking ahead for your support.
Miss Akansha.

From India, Mumbai
Even if it is NIL ITR, a person holding PAN shall file return. — — — — — — — — — - Pon
From India, Lucknow
Miss Akansha .... it is not required to have have two PAN .As in case of propreitorship firm the firm and the propreitor is one and the same.The firm doesn't have any other separate entity. And also as er he provisions of income tax act , there is no provision of bearing more thn one PAN in case of propreitorship firm.If you want to file a return for income tax you would have to file it in the name of you not on ur firm's name.
From India, Delhi
Can any one suggest me about the income Tax benifit one can claim (2014-15 )for the house loan availed in tthe year 2012.A xls calculator would be ver helpful for me.
For Example:
Valu of the flat purchased in 2012 is 60lkh. Total loan taken 12 lkh at the rate of 10.25%. What would the Tax benifit under 80C & 80 E section in the year 2013-14 & 2014-15.

From India, Mumbai

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