Proprietor
107 Points
Posted on 22 February 2014
Thanks to all.
Please let me explain about my income & profession:
I am individual and having proprietorship business and also getting salary from part time job
As per balance sheet, my total net profit is 5.5 lacs in this financial year in which 2 lacs is department slab & 1 lac is under 80C (NSC & tution fees etc.). now my taxable income is Rs. 2.5 Lacs. If i invest 1 or 1.5 lacs in bank fixed deposit or post office (non tax saving) then can i reduce income tax on this investment. I have balance in bank accounts & cash in hand.
Thanks...