saivarma (articles assistant) (127 Points)
29 December 2010my father is bsnl employee having a income of 300000 per anum , he is paying a income tav 22000 for year directlu by bsnl Accounting staff.
And every month 2000 is deducting in my fathers salary.. I am CA pursing Student , i know we can claim deduction under 80 c and loans for house and some orthers. But how should i claim tis amount . pls send the reply
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 29 December 2010
Invest funds in specified instruments under sec 80C / pay insurence u/s 80D and submit the records to office of your dad to claim exemption from total taxable income, they will mention it in form 16 and calculate accordingly.
saivarma
(articles assistant)
(127 Points)
Replied 29 December 2010
Sir
What the Form 16 is for tds i think. Sir When should i submit documents.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 29 December 2010
| Originally posted by : saivarma | ||
 |
Sir What the Form 16 is for tds i think. Sir When should i submit documents. |
 |
form 16 is salary certificate cum tax calculation , u have to submit the documets as soon as possible, as the TDS deduction is going on, and once deducted it cant be refunded, once you submit the documents, they will re-calculate the tax eligibility and will reflect the deductions from forthcoming month.
excess payments towards TDS will get refunded by ITO, provided u have to submit return and claim refund.
saivarma
(articles assistant)
(127 Points)
Replied 29 December 2010
THANK U SIR , VERY VALUBLE ANSWERS GIVEN
CAclubindia
