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CS Ashish Jain (Querist)

31 July 2010 For the F.Y.2008-09 my gross salary was Rs.1,80,000 my employer deducted Rs.2,500 towards the professional tax and Rs.24,000 was eligible as a deduction as per the provisions of the I.T. Act. So my net salary was Rs.153500.

now my question is while preparing the ITR-1 what amount is to be shown in the column income chargeable under the head salary, the net salary of Rs.1,53,500 or the total salary of Rs.1,80,000(in such case at which place in the ITR-1 i can claim the deduction of P.T. and HRA)

CA Sanat Pyne

CA Sanat Pyne (Expert)

31 July 2010 153500/-

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

31 July 2010 Show Rs. (180000-2500)
=Rs.177500/- as Income from salary.
Rs24000/- will be shown in TDS sheet.

Aditya Maheshwari

Aditya Maheshwari (Expert)

31 July 2010 I think 24000 is allowance exempt u/s 10 and not TDS.

So income only Rs. 153,500/- show allowance exempt in salary sheet Rs. 24,000/-.

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CS Ashish Jain

CS Ashish Jain (Querist)

31 July 2010 Sir Rs.24,000/- was not TDS, it was the amount of HRA. As my taxable income was below the exemption limit so my employer not deducted the TDS.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

31 July 2010 Sorry. I misunderstood the fact.
It will be Rs.153,500/- as suggested by Pyne Ji & Aditya Ji.
Thanks for correcting.