Salary return: slight modification from form 16
This query is : Resolved
26 July 2012
Hello,
Assessee say named 'Sachin' worked at Axis Bank for 6 months and then for ING Vyasya for 3-4 months in AY 12-13. TDS was deducted from Axis Bank to the extent of Rs.2500 and no TDS deducted from ING Vyasya. The assessees total net income(after deducting deductions) from both banks is Rs.235000 whereas the exemption limit for AY 12-13 for male individuals is Rs.180000. So he should have paid Rs.5500(plus cess) as tax. But he has only paid Rs.2500.
Is there scope for tax planning in this case? Sachin actually lives on rent and he or his family members don't have a house of their own. So can he claim Rs.24000 under Sec 80GG given that it is not shown in either of his Form 16s?
Assessee say named 'Sachin' worked at Axis Bank for 6 months and then for ING Vyasya for 3-4 months in AY 12-13. TDS was deducted from Axis Bank to the extent of Rs.2500 and no TDS deducted from ING Vyasya. The assessees total net income(after deducting deductions) from both banks is Rs.235000 whereas the exemption limit for AY 12-13 for male individuals is Rs.180000. So he should have paid Rs.5500(plus cess) as tax. But he has only paid Rs.2500.
Is there scope for tax planning in this case? Sachin actually lives on rent and he or his family members don't have a house of their own. So can he claim Rs.24000 under Sec 80GG given that it is not shown in either of his Form 16s?
Amol S Joglekar
(Expert)
26 July 2012
Why 80GG, he can claim HRA exemption if he is getting HRA. And same can be claimed in ITR even if not shown in any of the form 16
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