Updated By: One Roof Consultant

Last year I couldn't submit my tax saving documents. While filing income tax can I show those? Answer •  Deductions for tax saving documents can be claimed in the financial year in which actual payment is made.  •  In case assessee could not disclose...

Updated By: MANISH TERVANKAR

What are the other benefits of ELSS fund?  An ELSS fund should definitely figure in the tax saving list of every tax payer. Tax saving is not only about investing for saving taxes but it should also have the potential for wealth creation in the long run. Among all th...

Updated By: CA Nikesh Sheth

Is the sum paid or deposited during the financial year for claiming deduction under section 80C required to be paid out of the income offered to tax for the same financial year?,I have made a tax saving investment from the past year's income. In which year the deduction for the same can be claime...

Updated By: CA Nikesh Sheth

What contributions, subscriptions, sums paid or deposits during the previous year are eligible for deductions under section 80C?,What are the eligible investments for claiming deductions under section 80C?,Can I only claim LIC payment as deduction under Section 80C?, What are the various tax savi...

Updated By: CA Nikesh Sheth

​Can unclaimed deductions be carried forward for future years?,I have made tax saving investments but forgot to claim the same while filing the tax return. Can I claim the same in the next year? Answer: Excess deduction or unclaimed deductions, i.e., deduction exceeding gross tota...

Updated By: CA Nikesh Sheth

Can total deductions exceed the Income?,My total tax saving investment is more than Gross Total Income. Can I claim the deduction of all tax savings I made?, Can total deductions exceeds the Gross Total Income (GTI)?​ Answer: ​​Deductions provided under Chapter VIA of the Inc...

Updated By: CA Nikesh Sheth

What is deduction under Chapter VI-A?,What are the benefits of making tax saving investments? Answer: ​Deductions mentioned in Chapter VI-Are reduced from the income chargeable to tax, i.e., taxable income and thus reducing the tax liability of the assessee. 

Updated By: CA Nikesh Sheth

What is the difference between Gross Total Income and Total Income?,What is Gross Total Income (GTI)? , How to report Income in ITR?​ Answer: An assessee can earn taxable income which can be classified under the following heads:--      Income from Salary

Updated By: CA Nikesh Sheth

What is the difference between Gross Taxable Total Income and Taxable Total Income? ,What is Gross Total Income (GTI)? Answer: An assessee can earn taxable income which can be classified under the following heads:- Income from SalaryHouse propertyProfi...