Mutual fund investment

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JITENDRA JANGIR (Querist)
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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..

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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

JITENDRA JANGIR (Querist)
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13 June 2014 what minimum income show in ITR -4

Nikhil Kaushik

Nikhil Kaushik (Expert)
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13 June 2014 business income.........

JITENDRA JANGIR

JITENDRA JANGIR (Querist)
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13 June 2014 sir i want ask what minimum business income show in income tax return for saving tax...
his business income approx 210000.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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13 June 2014 i am sorry. I didn't understand. are not you supposed to disclose full income in your tax returns??

Rupesh Jain

Rupesh Jain (Expert)
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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

Nikhil Kaushik (Expert)
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13 June 2014 Rupesh bhai, deduction is under 80c, not 80!

Rupesh Jain

Rupesh Jain (Expert)
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13 June 2014 Nikhil ji

pls read my reply again

Nikhil Kaushik

Nikhil Kaushik (Expert)
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13 June 2014 yes rupesh ji...please read again you second last comment "no deduction under section 80"