80c : deduction

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TARIQUE RIZVI (Querist)
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19 July 2018 PPF RS. 1,20,000 + LIC PREMIUM RS 37,796 = TOTAL RS 1,57,796 OUT OF THIS RS 1,50,000 IS ALLOWED BUT WHILE CLAIMING RS 1,57,796 IN ITR-2 THE ALLOWED DEDUCTION IS JUST RS 1,26,501 INSTEAD OF RS 1,50,000. PLEASE SOLVE MY QUERY. AND OBLIGE.

CA Ankit R Momaya

CA Ankit R Momaya (Expert)
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19 July 2018 The deduction is also dependent on the Nature of Income. Please confirm that the deduction is allowable against such incomes

TARIQUE RIZVI

TARIQUE RIZVI (Querist)
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19 July 2018 Sources of income are as follows:
Salary + SB Intt + FD Intt + LIC Commission
as which all we are claiming u/s 80-C : PPF RS 1,20,000 + LIC PREMIUM RS 37,796
TOTAL RS 1,57, 796 out of which Rs 1,50,000 should be allowed but is getting allowed 1,26,504
What is the reason behind that ? Please guide me and oblige.

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