Is deduction u/s 80 c available ? fy 2012-13
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 March 2014
Dear Expert,
I have Query On U/S 44AD,,
My Gross Turnover/Receipt is 2010750.00
& As per Sec. Profit (8%) is 160860 but i am claim Profit Of rs 210250.00 ,, & I am Already Invested In LIC Of Rs 15000.00
So Rs 15000.00 Available Deduction U/S 80 C from My Net Profit is 210500.00 or
I have to Pay Tax on 210250.00 ?
Please Help Me Because I am Going for Filling Return?
I have Query On U/S 44AD,,
My Gross Turnover/Receipt is 2010750.00
& As per Sec. Profit (8%) is 160860 but i am claim Profit Of rs 210250.00 ,, & I am Already Invested In LIC Of Rs 15000.00
So Rs 15000.00 Available Deduction U/S 80 C from My Net Profit is 210500.00 or
I have to Pay Tax on 210250.00 ?
Please Help Me Because I am Going for Filling Return?
Dintakurthi Tirumala
(Expert)
03 March 2014
Yes, Rs.15000 deduction available to you u/s 80C thus your total taxable income is Rs.2,10,500 less Rs.15000 = 195500 is below basic tax exemption limit, so you need not to pay any tax.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
03 March 2014
file return but no tax is payable in this case....
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