We have a client who is providing the web service as a Sole Proprietor. His income from said business has exceed Rs 6 lakhs. Can he take the benefit of Sec 80C (i.e personnel LIC etc.). Please confirm.
Thanx in advance.
Naveen Chand Khulve (CA) (1521 Points)
17 February 2010We have a client who is providing the web service as a Sole Proprietor. His income from said business has exceed Rs 6 lakhs. Can he take the benefit of Sec 80C (i.e personnel LIC etc.). Please confirm.
Thanx in advance.
Amir
(Learner)
(4016 Points)
Replied 17 February 2010
Dear naveen,
Income tax return are to filled assessee wise..Therefore in case of an Individual if GTI exceeds maximum exemption limit then he can take the benefit of Sec 80 C..
In present case, LIC premium will be allowed to the extent of Rs. 1Lakh....
Pradeep Sharma
(student)
(114 Points)
Replied 17 February 2010
i agree with mr ,Amir
he is right ,If the GTI of any assessee is more than basic exemption limit & he is filling the return,he can asked for the Deduction u/s 80C to the max of the RS.1 Lac
Ameet
(L)
(1678 Points)
Replied 18 February 2010
He can claim as deduction under section 80C upto 1lac, since he is earning the income as sole proprietor.
Mukesh
(Partner)
(30 Points)
Replied 18 February 2010
We have a client, providing services of data entry for Govt. dept.He is maintaining accounts on accrual basis & Govt maintains accounts on cash basis. He booked service in the year in which service provided. The govt dept deduct TDS on job work at the time of payment which may be next year in which the services actually provided & accordingly govt dept. issue TDS certificates in the year of payment.
OUR CLIENT WANT TO CLAIM THE TDS IN THE YEAR OF RECEIPT OF PAYMENT OR RECEIPT OF TDS CERTIFICATE.IS IT POSSIBLE........
Pls reply on urgent basis
Regards,
CA Mukesh Somani
Pankaj kumar
(Article Assitant)
(24 Points)
Replied 18 February 2010
what is the realation between bakers and pensioners if pension is received by bank.
Zaid Razvi
(Article Assistant)
(61 Points)
Replied 18 February 2010
yes he can claim exemption
but to make ur point more clear let me say u that deductions U/s 80
is allowed as deductions irrespective of source of income to all Indv & HUF
except winning from horse race
GURU PRANESH
(FCA(FUTURE CA))
(459 Points)
Replied 18 February 2010
UR client can claim deduction under section 80C upto 1lac,
since he is an individual assessee.
Pankaj kumar
(Article Assitant)
(24 Points)
Replied 19 February 2010
can a pensioner apply for the relief of section 89(1)? which person he has apply for the relief of section 89(1)?
Pankaj kumar
(Article Assitant)
(24 Points)
Replied 19 February 2010
can a pensioner apply for the relief of section 89(1)? which person he has apply for the relief of section 89(1)?