Hi Friends, one of my client aged 80 F has income from Interest (Interest on enhanced compensation) taxable U/H other sources. How can I reduce her tax liability after deduction of 50% under section 57.
Thanks in Advance
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Income u/h other sources
Replies (3)
ur assessee is already having exemption of Rs.5,00,000/- as she is in super senior citizen catagory...
Check what all the savings to him....based on that prepare the return....
if his income is still exceeding the taxabiity ... if his age is 60 but below 80 then basic exemption is 250000/- and if it above 80 his basic exemption is 500000/-.
if his income is more than the basic exemption limit... ask him to increase his savings....
/forum/deductions-under-chapter-via-of-income-tax-act-231661.asp#.UNAoWuRtiFA
Well...!! the above post of vaibhav woudld surely help u a lot so have a look at it....
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