A person has utilised 80 C limit when he paid Stamp Duty to Development Authority also utilised 80D (Rs 30000) - Sr. Citizen .
Now after TDS , the taxable income is 12 Lac (little higher).
Now this retd person enters 30% slab.
My ques is, can we utilise other heads to bring down his taxable income below 10lacs into 20% slab.
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Using other Heads to reduce taxable income
Replies (1)
First of all you have to clarify head of income to which 12lacs related. Beside this only capital gains u/s 112 & 111A at lower tax rates are exclude from GTI. In other heads like Income from House property will get 30% standard deduction. In salary income also there is some allowances which is deductible from income. In other sources also there is some deductions is available. Agriculture income is fully exempt. So, if your income is crossing slab rate of 20% and taxable @ 30%, you have to check source and then bifurcation of income can be done. If source is not identifiable then 44AD can be used.
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