Regarding income

168 views
User Avatar

accountant
564 Points Posted on 06 February 2020
respected members
in f.y.2019-20
net profit 650000
deduction 150000 (tax saver fd 80c)
so deduction allowed or not
0 Reply Share Follow
On 06 February 2020 at 11:28 Report
Replies (3)
Quick Summary
This discussion clarifies whether a deduction for Tax Saver FD under Section 80C is permissible for the financial year 2019-20. It confirms that such deductions are allowed, potentially reducing taxable income to £500,000 or less, resulting in zero tax liability. Importantly, even if no tax is due, filing an income tax return remains mandatory for that financial year.

User Avatar

banglore
1496 Points Posted on 06 February 2020
Deduction allowed and net tax would be zero as net income is 500000 or less than that
Reply
On 06 February 2020 at 11:32
User Avatar

GST Practitioner & Accounts
15150 Points Posted on 06 February 2020

Even  though  Tax  is  Nil  ,he  has to file  Income  Tax  return  for  F.Y  2019-20

Reply
On 06 February 2020 at 14:03
User Avatar

banglore
1496 Points Posted on 07 February 2020
Yes Income Tax Return has to be filed.
Reply
On 07 February 2020 at 19:42

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. PCIT-1 Thane Email address
  2. CA Fees deduction for non audit case allowed?
  3. 5th Letter PAN Mismatch with Surname issues still
  4. Criteria to hire an article
  5. Guidence requested for a Finance Professional with
  6. Expert Opinion Required – Form 140 Gross Amo
  7. WRONG TAX DEMAND - formal responses , rectificatio
  8. Foreign remittance
  9. Affordable Residential Flats in Gurgaon
  10. Manufacturing

More recent discussions | Post

Related Topics :

Loading