Archive · 11 Sep 2026
Tax Guidance Covers Revised Returns, Home Loans, Advance Tax
The article answers three questions about income tax.
If bond dividends were missed in a return, they should generally be included in a revised return for the correct financial year.
Any extra tax and required interest should be paid before submitting it.
Home-loan principal payments made before getting possession cannot be claimed later as a tax deduction.
However, eligible interest paid before possession can be claimed in five equal yearly parts after possession.
Interest deductions depend on whether the old or new tax regime is used.
People with taxable interest income may need to pay advance tax.
They generally need to do this when their remaining yearly tax is more than Rs 10,000.
At least 45% of the estimated advance tax should be paid by September 15 to avoid interest, unless a qualifying resident senior citizen is exempt.
Dividend or interest income is taxable in the financial year it is declared, distributed, or paid, whichever comes first.
A taxpayer who omitted bond dividends from an already filed FY 2025-26 return may submit a revised return and pay any additional tax and applicable interest.
Principal-repayment benefits cannot be claimed retrospectively when a home loan was prepaid before property possession.
Pre-construction interest may be claimed in five equal annual instalments from the financial year possession is received, subject to statutory limits.
Advance tax is generally required when net estimated tax liability exceeds Rs 10,000, with at least 45% due by September 15 to avoid interest.
- Who
- The guidance applies to taxpayers with omitted bond dividends, prepaid home loans, or interest income from deposits; it was provided by the managing partner of AKM Global.
- What
- The article explains revised income-tax returns, home-loan deductions, and advance-tax requirements.
- When
- The dividend guidance concerns FY 2025-26; advance-tax guidance specifies September 15 as the deadline for paying at least 45%.
- Where
- The questions and answers were published by Financial Express.
- Why
- To clarify how taxpayers should report omitted income, claim eligible home-loan interest, and meet advance-tax obligations.
- Dividend tax timing
- Tax applies in the financial year when dividend or interest is declared, distributed, or paid, whichever is earlier.
- Revised return
- An omitted bond dividend may be reported through a revised return for FY 2025-26.
- Additional liability
- Any differential tax and applicable statutory interest should be paid before filing the revised return.
- Principal repayment
- Principal repayments made before property possession cannot be claimed retrospectively.
- Pre-construction interest
- Eligible accumulated interest can be claimed in five equal annual instalments beginning in the financial year possession is received.
- Advance-tax threshold
- Advance tax is generally required when tax liability after tax deducted at source exceeds Rs 10,000.
- September instalment
- At least 45% of estimated advance tax should be paid by September 15 to avoid interest.