Tax Saving

This query is : Resolved

Manoj Gupta (Querist)
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21 October 2010 Dear Sir, if a person earns Rs. 60000 per month... (720000 p.a.)and he wants to save more tax i mean to say that he want to show his income of Rs. 2 or 3 lac in income tax return,,,,,he earns this income by way of salary only and he is not entitled any business and he is private company's employee....then is it possible to show above said income in ITR ??????? and his total deduction in 80C is Rs. 120000 only and TDS deducted on his income is Rs. 75000..

CA Punit

CA Punit (Expert)
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21 October 2010 once TDS is deducted by the employer & e-TDS return filed... it comes to the record of govt how much payment has been made to the PAN holder.

Further along with the income tax return form 16 will have to be attached which will show true income

hence its proper to show the full & correct income and not abate in the return

taxindiaconnect

taxindiaconnect (Expert)
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21 October 2010 It is possible to show the income lesser then what form 16 states. Firm 16 is a certificate of tax deducted not of your income. In Your income tax return you can claim HRA which may not have considered by your employer. You can also claim house property loss, if any, which you may not have disclosed to your employers, you may claim 80G deduction which your employer is not authorised to consider while computing your tax liability. However, Punit has a point that once you file a return of income showing lesser tax payable, you case is liable to be scrutinized before AO gives your refund you claim in your ITR.

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