Very urgent !!! i need your valuable opinion ,, plssssssss

Originally posted by : PALASH RAKSHIT(CA,CWA)
	Respected members,                                Thanks for ur reply, my duty is to protect my clients at any cost through tax planning. one thing i must say that, for f.y 2011-2012 & 2012-2013 , in one case where assessee's income consists of commission & salary & return filed through online by showing only commission income & susequently i got that refund of TDS deducted from commission . That's why i m asking over here .. Thanks & need ur valuable reply ..

with due respect.......... Fraud is Fraud, if anyone's luck save then hero otherwise zero..........

Respected Members,,

With due respect i beg to inform to all of you, that, as far as ur valuable reply is concern, i am really grateful to ALL OF you, i really respect ur opinion & definitely i will go for the option to pay Self assessment tax ( after consideration of all expenses against his commission income & Chapter VIA, along with exact net salary income ) as much  as possible...

Thanks..

What you are trying is crazy.

Due to the current e-scenario, the client's details will be available on the IT website and the salary income as well as LIC Commission will be shown in the 26AS.

Claim deductions under Chapter VI-A, upto the limits possible or the payments made by the client, whichever is less.

Whatever is the tax liability, advice your client to pay them. Preferably have a your advice documented. If you do what your client wants, it will amount to tax evasion which calls for penal provisions.

I will never advice you for tax evasion Mr. Palash. But as a matter of tax planning, you can claim deductions u/s-80C to 80U, deduction u/s-57(iii) if commission income shown u/h "Income from Other Sources" or applicable deductions u/s-30 to 37 (if books of accounts are maintained) or adhoc deduction (if books of accounts are not mintained & commission<Rs.60,000/-) in case commission income shown u/h "Income from business or profession". Besides, if your client bought residential property, which if self occupied, interest on borrowed capital u/s-24(b) can be claimed upto Rs.1.5 lakhs which can be set-off from salary income too. Even your client can take additional deduction for interest on borrowed capital u/s-80EE upto maximum Rs.1 lakh (if really can) for getting house loan sanctioned during F.Y. 2013-14 w.e.f AY 2014-15. So u can work it out in these ways to minimize your's client tax liability to the maximum possible extent.

Respected Members,

                              Thanks for your reply, now i decided to pay self assessment tax upto rs 6000/=( approx with interest u/s 234A ) AFTER CONSIDERATION OF ALL ALLOWABLE EXPENDITURE & CHAPTER VIA ( u/s 80C, 80D, 80TTA ) AGAINST HIS COMMISSION INOCME .

Thanks...