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Income tax itr urgent

jyoti (ACCOUNTANT) (201 Points)

22 February 2012

Dear All,

i was filled an ITR-1 for F.Y. 2010-11 in the month of jan for Rs. 173327/- which is a taxable income. But any how i uploaded the return without making any provision of tax u/s 80C...

however assessee is not having enough investment to reuce the tax.... shall i reduce the income? and make revised return for the same......

please advice.... urgently....

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Hemant Kumar (Accounts Manager MBA (Fin) CMA*) (6450 Points)
Replied 22 February 2012

Originally posted by : jyoti
	Dear All, i was filled an ITR-1 for F.Y. 2010-11 in the month of jan for Rs. 173327/- which is a taxable income. But any how i uploaded the return without making any provision of tax u/s 80C... however assessee is not having enough investment to reuce the tax.... shall i reduce the income? and make revised return for the same...... please advice.... urgently....

You can revised the ITR 1 but already you have mentioned that, which is in yellow strip, however assessee is not having enough investment... then how should you showing more deductions in this return under this section. There is some other tax savings options. You can take benefit of it and revised the return to saving the tax.

Saurabh Maheshwari (B.com,ACA) (5923 Points)
Replied 22 February 2012

Yes you can reduce income by claiming deduction u/s 80C if invest is goig to reduce some tax liabilility otherwise need not to revise .

jyoti (ACCOUNTANT) (201 Points)
Replied 22 February 2012

actually i have considered 180000 instead of 160000 and filled nil tax return...... now i can not change the income........ but can show investments under chapter VI-A.... right na