Dear Experts,
I was employed at a firm for part of last FY. I have salary income of 2.5L and received superannuation of 1L when quitting. TDS was deducted on both. Now while filing returns, should give taxable income as 3.5L (including pre-tax superannuation amt)?
Also, I have 80C deductions (LIC premium). Will that benefit apply to overall tax or only salary tax? Can I claim refund on superannuation TDS also?
Please help me.
Best regards, Vikas.
Yogesh Bhandari
(CA FINAL Student)
(429 Points)
Replied 04 June 2013
80C deduction will be apply for total income and hence, will give benefit on overall tax.
You can claim refund on any TDS, if there exists refund
| Originally posted by : Yogesh Bhandari | ||
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80C deduction will be apply for total income and hence, will give benefit on overall tax. You can claim refund on any TDS, if there exists refund |
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Thanks for quick reply Mr.Bhandari.
So I shall go ahead with below calculation then:
Total Income = Salary + Superannuation Fund = 2.5L + 1L = 3.5L
Total Tax Deducted = Deducted from both salary and SA = 3.5k + 9k = 12.5k
And 80C deductions will be applied on top of this... which means that if I have enough 80C investment then I can claim refund of full 12.5k then?
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