A basic query about tax calculations.
For a salaried person, estimated income was Rs 10 lakh. So in the first 3 months, he got Rs 2.5 lakh and paid around Rs 60 thousand as tax as salaried deductions. But he took a break and received no more salary.
Later he made an investment of Rs 1 lakh in insurance and bonds. Also he has medical claims, rents etc over the non-salary tenure also
So does he qualify for complete refund of all the tax paid? 2.5 lakhs minus 1 lakh (or more) makes him under NO TAX slab.
Is my interpretation correct?
CAclubindia
