Query related to tax deduction and expences

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FARUK KAISHAR (Querist)
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26 July 2013 Dear Sir,
MY FRIEND IS A COMMISSION AGENT WHOSE TOTAL INCOME FROM COMMISSION IS RS 378920/- DURING FY 2012-13 IN WHICH DEDUCTOR HAS DEDUCTED RS 37892/- IN THE FORM OF TDS.NOW HE HAS BOUGHT A LIC POLICY OF PREMIUM AMOUNT RS 5600/-YEARLY ONLY. HE WANTS TO REFUND ALL OF HIS MONEY WHICH HAS BEEN DEDUCTED.NOW HE WANTS TO KNOW THAT WHAT AMOUNT HE SHOULD SHOWN IN THE FORM OF EXPENCES AND U/S 80C SO AS TO REFUND HIS TOTAL DEDUCTED TDS.PLS CLARIFY IN SIMPLE WAY.
THANK YOU

Rupesh Jain

Rupesh Jain (Expert)
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26 July 2013 at present exemption limit is Rs. 200000/- two lacs only above this you have to pay tax 10% up to 5 lacs

FARUK KAISHAR

FARUK KAISHAR (Querist)
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26 July 2013 but, sir to save tax and get deducted amount how much expences can be shown

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