Need Suggestions to opt for Tax Refund or not

Tax planning 582 views 3 replies

pavan

Engineer

38 Points Joined January 2012

Hi,

It is time to submit all investment Proof for caluculating Tax liablity in our company.I have property registration end of April 2012 and as, Registration /Stamp duty comes under Sec 80c, i could n't submit the proof not later than end of April.

So, to get tax exemption under 80c, shall go for any other investment or shall i opt for Tax Refund once House Registration/stamp duty proofs available.

Most of my collegues suggest not to go for Tax refund.can you please suggest which is Better.

-pavan.

Replies (3)

U S Sharma

glidor@gmail.com

21068 Points Joined January 2010

april 2012 will be computed in next year, let the registration take place 1st.

you can not claim the expenses of next year, in present year incometax

pavan

Engineer

38 Points Joined January 2012

Thanks Sharma.

May i know what is last date to get tax exemption in present yera Income Tax..?

And can i try to prepone to one month..i.e March 2012. is it possible to apply for Tax refund..?

U S Sharma

glidor@gmail.com

21068 Points Joined January 2010

sec 80C allows the exemption on actual payment basis, so if your payment for registration is done within 31st march 2012 ( registration done) then only you would get benefit of the same, otherwise the actual date of registration would be taken in respective financial year for exemption purpose.

overall ceiling of 80C is 1 Lacs in current year, which is consolidated for LIC premium, NSC, Tution fees for children etc.