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the taxable income comes to Rs 543000 after all deduction i.e 80c and other. sir weather this 543000 can be invested in tax free bond as a whole? or i have to pay tax on this 543000. this is not business income it has salary n pension incom only
Replies (11)
First you have to pay tax liability over the net taxable income........ then you can invest the way you like......
Tax saving bonds are for tax-free interest income....... but initial investment is not covered under any exemption
that means I have to pay the income tax on 543000 and then I can invest this in a tax free bond.?
Correct.......
but sir i have to pay the tax on this amount then there will be no benefit if i invest this amonut in tax free bond because i already paid the tax.
That's correct......
The bonds are suitable for high bracket tax payers, as the interest income received from the investment is tax-free.....
ok thank you for your help and time sir.
My Pleasure......
Anothe question, Sir in the drop down option menu of ITR 1 do i have to select " after due" if i have to file ITR 1 for FY 2016-17 today? that is i want to file ITR 1 of FY 2016-17 on 30/03/2018.
Yes, 'after due date" u/s. 139(4)......... i.e. belated return
thanks for your reply..
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