He is earning income on Training Sanskrit & Vedas of amount Rs. 700000/- per anum and he is spending of amount Rs. 150000/- as training expences I request you to suggest me that what are the other allowances can be claimed in IT Returns for the financial year 2011-2012 for filing nill returns
25 July 2012
Deduction under Chapter VI-A is allowed on paid basis. meaning thereby, payment should have been paid during F.y. 2011-12 towards Investment for claiming deduction. Also, maximum amount one claim as deduction is rs. 120000 as follows-
Rs. 100000 under section 80C which may include NSC, 5 year FD, PPF,LIC,Housing Loan Repayment etc. Rs. 20000 under section 80CCF for Bonds of IDBI etc.
If i assume that u have deposited the above amount during F.y. 2011-12 your taxable income is 550,000 - 120,000 =430000. So you can not file NIl return. But ur tax will be Zero.
CAclubindia
