80c : deduction
This query is : Open
TARIQUE RIZVI
(Querist)
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
(Expert)
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
(Querist)
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.
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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