28 February 2009
one of my friend invested in 3 partnership firms, on that investment he get interest and as well as profit share. he is assessy under huf. shell he get deduction u/s 80 gg is in respect of rent paid . And what is the tax rate on taxable income slab rate like 110000 - nil 110000 - 150000 - 10% 150000 - 300000 - 20% 300000 - above - 30% (or ) directly flat rate 30%. my friend's auditor calculated tax directly 30% on taxable income. and also not deducted u/s 80gg dedyctuibs is in respect of rent paid
28 February 2009
Deduction is under Sec.80GG is in respect of Rent Paid. For A.Y 2008-09 slab rates are as follows: Upto 110000/-:nil 110000-150000:10% 150000-250000:20% 250001 and above:30% U claim the deduction and recalculate the tax liability and accordingly file a revised return.
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