Income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2011 During the F.Y. 2010-11 Someone hv income from interest is Rs.700000/- & some div. income or bank Interest. They hv not paid any advance tax some near about Rs.20000/- TDS they have. How can i reduce their tax liability or any expenditure which can written off against such Income, no any cah balance in hand. Pl. help me out for such calculation.

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
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06 August 2011 If the person had taken any loan to earn such interest then deduction on interest paid on such loan can be allowed.

Otherwise deductions u/s 80C, 80CCF can be allowed if you have invested any sum in the investments mentioned therein..

You may also try to get receipts u/s 80g of donation.