Is deduction u/s 80 c available ? fy 2012-13

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 March 2014 Dear Expert,

I have Query On U/S 44AD,,

My Gross Turnover/Receipt is 2010750.00
& As per Sec. Profit (8%) is 160860 but i am claim Profit Of rs 210250.00 ,, & I am Already Invested In LIC Of Rs 15000.00

So Rs 15000.00 Available Deduction U/S 80 C from My Net Profit is 210500.00 or

I have to Pay Tax on 210250.00 ?

Please Help Me Because I am Going for Filling Return?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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03 March 2014 Yes, Rs.15000 deduction available to you u/s 80C thus your total taxable income is Rs.2,10,500 less Rs.15000 = 195500 is below basic tax exemption limit, so you need not to pay any tax.

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