With respect to ITR1 filing, request a Clarity on section 14(i) & 14(ii). In which case would one claim any amount under these clauses?
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Clarity on section 14(i) & 14(ii)
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One is based on fixed amount exemption
the other is based on the amount of expense actually incurred
the other is based on the amount of expense actually incurred
I am a salaried employee. I had initially filed ITR1 and there no refunds or anything to claim vis-a-vis my Form 16. My tax paid is in the range of 5L. However, a CA who is known to me, suggested a clause under 10(14)(i) &(ii) can help me get a refund of around 2L. He is claiming that these clauses allow for considering tax exemption owing to the cost inflation index. How is this possible?
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