Mutual fund investment
This query is : Resolved
JITENDRA JANGIR
(Querist)
13 June 2014
sir ,
one client invest in mutual fund 18000/-per month. how to disclose in income tax return file and if any exemption guide me..
one client invest in mutual fund 18000/-per month. how to disclose in income tax return file and if any exemption guide me..
Nikhil Kaushik
(Expert)
13 June 2014
upto 1 lac, the deduction can be claimed under 80C. nothing else is deductible. depending on what return is filed, in ITR4 the same can be shown as investments in the balancesheet
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JITENDRA JANGIR
(Querist)
13 June 2014
what minimum income show in ITR -4
Nikhil Kaushik
(Expert)
13 June 2014
business income.........
JITENDRA JANGIR
(Querist)
13 June 2014
sir i want ask what minimum business income show in income tax return for saving tax...
his business income approx 210000.
his business income approx 210000.
Nikhil Kaushik
(Expert)
13 June 2014
i am sorry. I didn't understand. are not you supposed to disclose full income in your tax returns??
Rupesh Jain
(Expert)
13 June 2014
pls check your mutul fund that its qulify for deduction u.s 80C or not. if it is not qualify then you have to pay tax on your income if tax is due and no deduction u/s 80.
Nikhil Kaushik
(Expert)
13 June 2014
Rupesh bhai, deduction is under 80c, not 80!
Rupesh Jain
(Expert)
13 June 2014
Nikhil ji
pls read my reply again
pls read my reply again
Nikhil Kaushik
(Expert)
13 June 2014
yes rupesh ji...please read again you second last comment "no deduction under section 80"
13 June 2014
there is nothing called min business income u have taxable income and allowable deduction under 80C.
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