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?
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Carriage Road Act, 2007 read with Carriage by Road Rules, 2011
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- Sec 44ada applicable only or both
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Taxability of Partnership firm for FY 2025-26
- RATE AND HSN CODE
- Portuguese Civil Code IT Return
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
