Income tax return individuals [Resolved]

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Querist : Anonymous

Querist : Anonymous (Querist)

24 November 2011 sir i want to know abt procedure of income tax return and deductions which we can avail

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

24 November 2011 Please consult your nearest auditor or income tax practitioner because their is lot of incomes views and the deductions available for case to case. However in short is as follows
1) All incomes earned by you is liable to tax
2) All expenses met by you to earn such income is allowable as deduction if the income is offering business income or other income (however some expenditure not allowable as deduction)
3) For salary income no expenditure allowable as deduction
4) For House property income 30% of the annual rent received after the municipal taxes paid in the case of let out property and interest on housing loan interest would be deduct in the case of let out property or self occupied(maximum of Rs.150000)
5) For long term capital gain indexation benefit is available
6) From the gross total income Chapter VIA deductions will be allowable.
I explained in short and generally (maximum cases) having incomes. For more and clear details please approach your auditor. He will be explain you clear based on your case and your income.
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