vijay singla (learner) (340 Points)
18 March 2010dear friends. pls give ur advice on this issue
if a person file return of income but does not disclose fully his saving under section 80c as his income is very small but cross the minimum exemption limit. he disclose only that much of saving which reduce his tax liabilty to nil. my query is that if he recevies arrear in current year for previous years whether he can disclose now whole of the saving u/s 80c (which were not disclosed earlier)to claim relief u/s 89(1)
CA Shiv
(Business Controller)
(2987 Points)
Replied 18 March 2010
if the arrears is received in a year or two and original return was filed in time limit than you can file revised return and can claim the deduction easily.....
vijay singla
(learner)
(340 Points)
Replied 18 March 2010
shivang if arrear pertain to py 2005-06,2006-07, i hav discussed this with our members personally bt they have different opinion some say we can do without revising the return
CA Shiv
(Business Controller)
(2987 Points)
Replied 18 March 2010
Sorry, than the time period for the A.Y 2005-06 and 2006-07 is completed. Even assessments are over for the said A.Y. Now it cannot be claimed. Also 80 deduction is normally allowed when investment is done on acutal payment in the current year.... So for the past its diffucult. And also there are no chances to open the file for assessment.
So as per my view it cannot be done...
vijay singla
(learner)
(340 Points)
Replied 18 March 2010
| Originally posted by : CA Shivang | ||
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Sorry, than the time period for the A.Y 2005-06 and 2006-07 is completed. Even assessments are over for the said A.Y. Now it cannot be claimed. Also 80 deduction is normally allowed when investment is done on acutal payment in the current year.... So for the past its diffucult. And also there are no chances to open the file for assessment. So as per my view it cannot be done... |
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sorry idid not get ur view in abov underlined opinoin
CA Shiv
(Business Controller)
(2987 Points)
Replied 18 March 2010
I mean deduction is allowed in the year of investment ( payment..) So for the last years its difficult to get in current year. Can you tell me whether the deduction for the current year exceeds 1 lac or not? ANyhow it should not exceed 1 lac...
vijay singla
(learner)
(340 Points)
Replied 18 March 2010
| Originally posted by : CA Shivang | ||
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I mean deduction is allowed in the year of investment ( payment..) So for the last years its difficult to get in current year. Can you tell me whether the deduction for the current year exceeds 1 lac or not? ANyhow it should not exceed 1 lac... |
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i think u hav not understood my query. the person has already saved suppose Rs 100000 in the year 2005-06 but he disclosed in the itr of 2005-06 rs 50000 . my question is now he can show rs 100000 in the year 205-6 while calculatuiong relief u/s 89(1)
CA Shiv
(Business Controller)
(2987 Points)
Replied 18 March 2010
I understood your query regarding the same. As per normal things it cannot be done as for calculation of relief you have to show the taxable income as per the return filed.
But as a suggestion and to take a minor risk , i can say that you consider the full amount. ( Means can claim the deduction)
As per the law its not allowed.
But you can take this risk as:
in 2005-06 there was no taxable income. ANd also you should have proof of the saving for 2005-06.
For small tax payers IT deppt dont see that closely. SO its ok. You can claim deduction.
CAclubindia
