Limit for taxable deductions
This query is : Resolved
14 February 2024
Dear Sir
Please clarify whether the following taxable income calculation is correct or not,as the total deductions are more than the taxable income
Gross income-1819876
Standard deduction-50000
Chapter vi deductions-601206
Hra exemption-120762
24 b-200000
-----------------------------
Total deductions 971968
Taxable income-847908
Please clarify whether the following taxable income calculation is correct or not,as the total deductions are more than the taxable income
Gross income-1819876
Standard deduction-50000
Chapter vi deductions-601206
Hra exemption-120762
24 b-200000
-----------------------------
Total deductions 971968
Taxable income-847908
14 February 2024
Chapter vi deduction limited to 1,50,000 .
14 February 2024
Thank you sir.
Sir,chapter vi deductions as in 80 c to 80u .
Sir,chapter vi deductions as in 80 c to 80u .
14 February 2024
Welcome.
80c limit 1,50,000.
80TTA Interest Income Deductions Rs. 10,000
80TTB Interest Income Deductions for Senior Citizens Rs. 50,000
80U Deductions for Individuals with Disabilities Rs. 75,000
80c limit 1,50,000.
80TTA Interest Income Deductions Rs. 10,000
80TTB Interest Income Deductions for Senior Citizens Rs. 50,000
80U Deductions for Individuals with Disabilities Rs. 75,000
14 February 2024
Sir
I meant that the amount of Rs 601206 pertains to chapter vi a deductions ie
80e-300000
80c-150000
80ddb-76206
80 d-75000 (self and senior citizen dependents)
Whether this amount can be claimed as deduction or only Rs 150000 can be claimed.
I meant that the amount of Rs 601206 pertains to chapter vi a deductions ie
80e-300000
80c-150000
80ddb-76206
80 d-75000 (self and senior citizen dependents)
Whether this amount can be claimed as deduction or only Rs 150000 can be claimed.
14 February 2024
Yes, the above deduction allowed
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Refund SB005 Error
- Notice u/s.148- Asstt.Year 2015-2016
- Invoice Numbers WROGLY ENTERED
- TDS on purchase of value vouchers for employees ?
- PAYMENT TO OPEN AI AND ENVATO ELEMENT
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
