With respect to ITR1 filing, request a Clarity on section 14(i) & 14(ii). In which case would one claim any amount under these clauses?
thanks
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3 Replies
veerendar singh
(tax consultant)
(3301 Points)
Replied 03 August 2022
One is based on fixed amount exemption
the other is based on the amount of expense actually incurred
the other is based on the amount of expense actually incurred
Bishal Gupta
(Engineer)
(6 Points)
Replied 03 August 2022
I am a salaried employee. I had initially filed ITR1 and there no refunds or anything to claim vis-a-vis my Form 16. My tax paid is in the range of 5L. However, a CA who is known to me, suggested a clause under 10(14)(i) &(ii) can help me get a refund of around 2L. He is claiming that these clauses allow for considering tax exemption owing to the cost inflation index. How is this possible?
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