Tax planning

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 July 2012 I have total Income of Rs.249,599/-( Male) which comprises of Salary Income of RS.130,000/- and the balance is Interest Income.I have Deduction u/s 80C of Rs.58,482/- so Net Taxable Income Comes to Rs.191,117/-No TDS have been deducted.My questions are

1) I want to lower the tax liablity so can i take deduction of conveyance i.e,Rs.800 pm in my salary Income and if yes than what proof i required in case scrutiny comes up.

2) Since the firm is my relatives firm so they can modify the form 16 accordingly ,so do they have to mention that conveyance allowance in form16 or in salary slip or anywhere.

3) Which ITR i need to file?

4)Also In ITR do i need to mention Salary Before Deduction of Conveyance or after Deduction of Conveyance i.e, Gross Or Net Salary.And If Gross Salary than where i need to show the conveyance

5)If any other way to reduce my tax liablity than plz help me out.

thanks in advance....

Amol S Joglekar

Amol S Joglekar (Expert)

26 July 2012 ans1: conveyance can be claimed if you have received the conveyance allowance from the employer. Ans2: yes, form 16 should specify the conveyance allowance. Ans3: Choice is yours ITR1 or2 ans4: Net salary (Salary excluding all allowances exempt)Ans5 increase 80C