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Mihir Tanna |1030 Answers |Ask -Follow

Tax Expert - Answered on Jul 21, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Asked by Anonymous - Jul 21, 2023Hindi

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Ssy=80000, lic 50000, nps (tier-1, medatory) = 90000. Can i claim 150000 in 80C and 50000 in 80ccd1b

Ans: Deduction u/s 80CCD(1B) is available for contributions made by individual taxpayers towards the NPS over and above the benefit of Rs. 1.50 lakh deduction.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Hi, i have been laif off from company and i got compensation mention as seperation, can i show under section 10(10c) to get tax benefit? ( my age:41 year). 2. Can i get benefit of both section 10(10c) and section 89?

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I understand your concern about the tax implications of your separation compensation.

Under Section 10(10C) of the Income Tax Act, any amount received by an employee on voluntary retirement or separation is exempt from tax, subject to a maximum limit of Rs. 5,00,000. So, yes, you can show your compensation under this section to get a tax benefit.

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I have a Total Gross Income of 7,69,882? After claiming standard deduction (50k) & professional tax (2.4k) .... Along with 80C (1.5 Lakhs), 80CCD(2B) 50k .... Taxable Income comes to 5,16,882. I am filing ITR for FY 23-24 so no option to invest or something. So what are my options to make it below 5 lakh. After some research I found somethings that are applicable to me but not sure whether i can claim them. Any suggestions would be helpful: 1.> 80D we can claim preventive health checkup upto 5000 that is done in cash. Also I have a health insurance of 1999 so that makes it 6999. But for 5000 can i claim without any receipt? For 1999 I got receipt. Or if not 7000 can i claim a total of 5000(1999 + 3000) though for 300p also i don't have receipt. 2.> Food coupon/ allowance can be claimed under 10(14) (i) upto 26,400. But my employer deducts the food contribution from salary shown in payslip. So can I claim this ? Total amount is 10000 3.>. Also we can claim Internet Allowance under 10(14) (ii) but my employer gives internet allowance named as Other Allowance in payslip. So can I claim that . Its total 6000. Also I donot have bills of broadband. Please suggest if I can claim any of the 3 mentioned or anything other than theses that i can claim

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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