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income tax declaration

186 views 6 replies

priyanka naik

35 Points Joined January 2019

I had invested time deposit in post office last year can I submit that document this year. I had invested for 5 year what amount should I mention in IT declaration

Replies (6)

PUSHP KUMAR SAHU

CA FINAL ASPIRANT

3115 Points Joined September 2018

AS PER METHOD OF ACCOUNTING FOLLOWED BY YOU...CASH OR ACCRUAL....

priyanka naik

35 Points Joined January 2019

if I had invested 1,00,000 last year than what amount should l declare in IT submission

PUSHP KUMAR SAHU

CA FINAL ASPIRANT

3115 Points Joined September 2018

INTEREST AMOUNT ACCRUED ON SUCH INVESTMENT THIS YEAR....UNDER THE HEAD INCOME FROM OTHER SOURCES..

priyanka naik

35 Points Joined January 2019

you mean I should show only interest gain this year and documents should be submitted of 1,00,000

PUSHP KUMAR SAHU

CA FINAL ASPIRANT

3115 Points Joined September 2018

IN YOUR IT RETURN YOU HAVE TO SHOW ONLY YOUR INCOME THAT IS INTEREST EARNED NOT YOUR PRINCIPLE INVESTING AMOUNT..

Ms. priyanka, I think you are querying about quantum of deduction eligible for deduction under 80c. if it's your query then according to me, total time deposit amount divided by number of years is eligible for deduction under 80c. in your case, 20000 will be eligible for deduction under 80c