deduction u/s 80gg

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Venugopala Rao Sapireddy (Querist)
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28 February 2009 one of my friend invested in 3 partnership firms, on that investment he get interest and as well as profit share. he is assessy under huf. shell he get deduction u/s 80 gg is in respect of rent paid . And what is the tax rate on taxable income slab rate like
110000 - nil
110000 - 150000 - 10%
150000 - 300000 - 20%
300000 - above - 30%
(or )
directly flat rate 30%.
my friend's auditor calculated tax directly 30% on taxable income. and also not deducted u/s 80gg dedyctuibs is in respect of rent paid

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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28 February 2009 Deduction is under Sec.80GG is in respect of Rent Paid.
For A.Y 2008-09 slab rates are as follows:
Upto 110000/-:nil
110000-150000:10%
150000-250000:20%
250001 and above:30%
U claim the deduction and recalculate the tax liability and accordingly file a revised return.

Venugopala Rao Sapireddy

Venugopala Rao Sapireddy (Querist)
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02 March 2009

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