It returns
This query is : Resolved
25 July 2012
Dear Sir,
Senior Citizen of age 82 years above
He is earning income on Training Sanskrit & Vedas of amount Rs. 700000/- per anum and he is spending of amount Rs. 150000/- as training expences
I request you to suggest me that what are the other allowances can be claimed in IT Returns for the financial year 2011-2012 for filing nill returns
Senior Citizen of age 82 years above
He is earning income on Training Sanskrit & Vedas of amount Rs. 700000/- per anum and he is spending of amount Rs. 150000/- as training expences
I request you to suggest me that what are the other allowances can be claimed in IT Returns for the financial year 2011-2012 for filing nill returns
25 July 2012
Deduction under Chapter VI-A is allowed on paid basis. meaning thereby, payment should have been paid during F.y. 2011-12 towards Investment for claiming deduction. Also, maximum amount one claim as deduction is rs. 120000 as follows-
Rs. 100000 under section 80C which may include NSC, 5 year FD, PPF,LIC,Housing Loan Repayment etc.
Rs. 20000 under section 80CCF for Bonds of IDBI etc.
If i assume that u have deposited the above amount during F.y. 2011-12 your taxable income is 550,000 - 120,000 =430000. So you can not file NIl return. But ur tax will be Zero.
Rs. 100000 under section 80C which may include NSC, 5 year FD, PPF,LIC,Housing Loan Repayment etc.
Rs. 20000 under section 80CCF for Bonds of IDBI etc.
If i assume that u have deposited the above amount during F.y. 2011-12 your taxable income is 550,000 - 120,000 =430000. So you can not file NIl return. But ur tax will be Zero.
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
- Scrutiny and reopening of past returns
- Under construction property in ITR
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Upload Level ValidationITR3Category of Defect B/D
- Booth for sales promotion
- Not able to file ITR
- Building tax payment deduction in rental Income
- VALUATION OF PRIVATE LIMITED COMPANY SHARES
- LIABILITY ADJUSTMENT
- Capital Gains on sale of residential flat
- Accounting with Claude
- 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
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
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
