I AM FILLING RETURN OF INCOME, MY INCOME IS RS. 110000/- FOR THE FINANCIAL YEAR 2007-08. I HAVE ALSO A LIFE INSURANCE PREMIUM RECEIPT FOR RS. 50000/- OF THE FINANCIAL YEAR 2007-08. MY QUESTION IS WHETHER I SHOULD I MENTION MY THIS INVESMENT IN RETURN OF INCOME. BECAUSE I AM MALE PERSON AND DOESN'T NEED TO GET DECUCTION IN SECTION 80-C BECAUSE THE THRESHOLD LIMIT IS RS. 1,10,000 /- IN A YEAR. AND KINDLY LET ME KNOW IF I DON'T SHOW MY THIS INVESTMENT WHAT KING OF PROBLEM I CAN FACE IN INCOME TAX WHEN ASSESMENT WILL BE MADE.
4 Replies
CA CS VINAYAK PATIL
(CHARTERED ACCOUNTANT)
(921 Points)
Replied 21 March 2009
i think u must file income tax return and also show the deduction of LIC.
Mayank kharbanda
(Risk Advisory Services)
(409 Points)
Replied 21 March 2009
shoe da deduction.......likhne mein kya jata hai yaar........
CA SUDIPTA SINHA
(Commerce Coaching- Accounts Cost FM)
(735 Points)
Replied 05 May 2009
if the gross total income(GTI) does not exceed the minimum limit of exemption there is no need to file any return. but if u file the return the deduction should be shown, since u r filing the return full disclosure should be given.
PiyushAgrawal
(Chartered acooutant in practice)
(575 Points)
Replied 05 May 2009
| Originally posted by :Mayank kharbanda | ||
| " | shoe da deduction.......likhne mein kya jata hai yaar........ |
" |
ya show it, there is no problem...
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