In the ITR forms, in Chapter VIA, there are two columns.
Taxpayers have to enter their amounts in repective sections in the left column, and auto computed column is on the right hand side which populates the ceiling in that section.
I have questions, what values should we enter.
Eg
1) In Form 16, total Sec 80C payments is of Rs 3 lakh, but employer considered max of Rs 1.5 lakhs.
In Schedule VIA left column should we enter Rs 3 lakh or enter just Rs 1.5 lakhs. What will happen if taxpayer enters Rs 1.5 lakhs in left column? Will the CPC or Income tax department consider this as a violation?
2) Suppose in reality, our savings account interest total of all our savings accounts comes Rs 15000. However only Rs 10000 is allowed u/s 80TTA.
Should taxpayer enter Rs 15000 in left column? What happens if taxpayer enters Rs 10000 in left column? Can CPC and Income Tax department object to this? Taxpayer has considered Rs 15000 in total income from OS.
3) Payment made toward Annuity Pension Fund u/s Sec 80CCC is Rs 1,60,000 and appears on Form 16.
Should tax payer enter Rs 150000 in left column? Or should we enter full payment made and let the ITR do the max limit calculation?
CAclubindia
