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ITR Filing Deadline Ends In 3 Days: Several Bank Home Loan Customers Unable To Get Interest Certificate

All home loan borrowers are required to submit home loan certificates to avail tax deductions to claim tax benefits on the home loan principal and home loan interest repayment under sections 80C and 24 of the Income-tax Act, 1961, respectively

ITR Filing Deadline Ends In 3 Days: Several Bank Home Loan Customers Unable To Get Interest Certificate

New Delhi: With just 3 days remaining for the ITR Filing deadline to get over, several Bank customers shared on social media that they are unable to avail loan interest certificates.

Home loan borrowers who are looking to download their loan interest certificates have constantly been facing error on the bank’s iMobilepay app. Visit to bank branches are also of no avail as computer generated loan interest certificates in the branches are also not available.

Some users took to twitter to share their story.

 

All home loan borrowers are required to submit home loan certificates to avail tax deductions to claim tax benefits on the home loan principal and home loan interest repayment under sections 80C and 24 of the Income-tax Act, 1961, respectively

In order to avail of tax benefits on home loan principal and interest repayments under sections 80C and 24 of the Income-tax Act, 1961, all home loan borrowers are mandated to furnish home loan certificates. These certificates serve as essential documentation for taxpayers seeking to claim tax deductions related to their home loan.

Under section 80C, borrowers can claim deductions on the principal amount repaid towards their home loan. This provision allows taxpayers to reduce their taxable income by the amount of principal repayment, thereby providing potential savings on their overall tax liability.

Now in the wake of the unavailability of home loan interest certificates and the ITR filing deadline approaching near, several customers are faced with a potential loss in claiming tax rebate.

The last date for filing tax returns for income earned in the 2022-23 fiscal is July 31 for salaried taxpayers and those assessees who do not need to get their accounts audited.

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