Regarding intimation u/s 143(1) from income tax

ITR Filing 2500 views 17 replies

check in your computation sheet for an income of 20565 or similer, which is STCG nature or sxome allowance which is is taxed over the limit of allownace permitted.

now the calculation comes as 

GTI- 557865

adj* 20565

Net GTI- 537280

=============================================================

Now 80G allowed as50% of  (10% cappiing over 537280) =26864

confirm the calculation by checking the computation plz 

Hi Sharma,

Thanks for the reply.

The only component in my computation sheet with 20565 is with 80C. Does this need to deducted from gross taxable income before taking 10%.

Regards,

Srikanth

maybe such income is deemed or accured income, such as NSC interest etc. i .e which is not the part of your earned taxable income. 

 

or the department view is that GTI minus 80C( or other claims except 80G) = eligible amount for 80G computation capping, this looks more possible. 

 


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