Income tax return
This query is : Resolved
04 January 2017
While filling a return of a Muslim Individual, if by mistake one has taken LIC deduction though Muslim law prohibits LIC insurance, what should he do as he has to take loan from Bank?
04 January 2017
Income tax law does not prohibit..
Section 80C is not granted based on CASTE/RELIGION.
So I dont think there should be any problem in bank loan......
(By the way, taking loan is also not permitted by that RELIGION..is it?)
Section 80C is not granted based on CASTE/RELIGION.
So I dont think there should be any problem in bank loan......
(By the way, taking loan is also not permitted by that RELIGION..is it?)
04 January 2017
The question is not clear
a) Do you want to withdraw 80C? As Amol pointed out there is no need under Income Tax Law. If for purposes of maintaining religious propriety you can file revised return.
b) Again, i believe that Islam prohibits taking loan on interest.
a) Do you want to withdraw 80C? As Amol pointed out there is no need under Income Tax Law. If for purposes of maintaining religious propriety you can file revised return.
b) Again, i believe that Islam prohibits taking loan on interest.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Under construction property in ITR
- Building tax payment deduction in rental Income
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- F & O PROFIT REPORTING FOR AY 2026-27
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
