Income tax return
This query is : Resolved
SUMATI KHANDELWAL
(Querist)
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?
Amol S Joglekar
(Expert)
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Accounting treatment of AMC alongwith the purchase of Laptop
- Capital Gail Exemption Certificate
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- MSME disclosure and disallowance
- EPF ECR NEW RULES Sep 17th 2026
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
