Section 80tta
This query is : Resolved
06 February 2014
Good morning Sir....
I have a query plz solve it.
in my return of income my total income income from other sources is.4616
Break up details are
Int from savings a/c 10496
int from bonds(nsc) 9940
int from parties 41367
(less).
int paid 53373
bank charges 1567
filing fee 2247
Net amount.......4616
but in notice u/s143(1)
the have given only 4616 credit u/s 80TTA
Plz clarify this....
thanking you sor
I have a query plz solve it.
in my return of income my total income income from other sources is.4616
Break up details are
Int from savings a/c 10496
int from bonds(nsc) 9940
int from parties 41367
(less).
int paid 53373
bank charges 1567
filing fee 2247
Net amount.......4616
but in notice u/s143(1)
the have given only 4616 credit u/s 80TTA
Plz clarify this....
thanking you sor
06 February 2014
that is because deduction cannot exceed the taxable income...here your taxable income from other sources is only Rs 4616. So how will deduction exceed this amount?
06 February 2014
ok..
but he have other taxable income under the head salary is 75000
and under pgbp 296608..
but he have other taxable income under the head salary is 75000
and under pgbp 296608..
06 February 2014
but 80TTA doesn't apply to those incomes right?
See what has happened here. other than saving a/c interest, you earned Rs 51307. Against this you claimed expense of Rs 57187 thus earning a loss of Rs 5880 which you set off against the saving interest. So you already. reduced your taxable income by that extent. What you are looking for is double deduction.
See what has happened here. other than saving a/c interest, you earned Rs 51307. Against this you claimed expense of Rs 57187 thus earning a loss of Rs 5880 which you set off against the saving interest. So you already. reduced your taxable income by that extent. What you are looking for is double deduction.
06 February 2014
SEE...
10496 IS DEDUCTION U/S 80TTA BUT WE CAN CLAIM UPTO 10000 ONLY.
WHILE I AM CALCULATING iNCOME FROM OTHER SOURCES I DIDNOT CONSIDER 80TTA. I HAVE CONSIDERED IT AS INCOME.
SO I WAN THE DEDUCTION 80TTA RS 10000.
PLZ CHECK AND GIVE ME THE CLARIFICATION, I AM NOT TAKEN DOUBLE DEDUCTION.
THANKING YOU..,
10496 IS DEDUCTION U/S 80TTA BUT WE CAN CLAIM UPTO 10000 ONLY.
WHILE I AM CALCULATING iNCOME FROM OTHER SOURCES I DIDNOT CONSIDER 80TTA. I HAVE CONSIDERED IT AS INCOME.
SO I WAN THE DEDUCTION 80TTA RS 10000.
PLZ CHECK AND GIVE ME THE CLARIFICATION, I AM NOT TAKEN DOUBLE DEDUCTION.
THANKING YOU..,
06 February 2014
see the rule is simple...amount of deduction cannot exceed the amount of relevant taxable income. here your taxable income is Rs 4616. so deduction cannot exceed it. ..plain and simple..
For all practical purposes you have already claimed deduction by way of Rs 5880 adjustment against the interest income
For all practical purposes you have already claimed deduction by way of Rs 5880 adjustment against the interest income
Message likes :
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06 February 2014
let me just take my earlier view back....kindly file for a rectification request...and claim 80TTA.
06 February 2014
previously u told that "we cant claim double deduction". now u r telling file rectification. i am confusing...?
We can claim or not?
Thank you for ur responce.
We can claim or not?
Thank you for ur responce.
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