Saturday, February 3, 2018

Budget BOMB clarification

An hidden Bomb in the Tax Proposals... - If the return of income is not filed within the due dates, the entire Chapter VI deductions will not be allowed.... including 80 C, 80 D,etc....

YOU WOULD HAVE CERTAINLY RECD SUCH A MESSAGE OM YOUR WHATSAPP GROUP

LET ME CLARIFY

"Chapter VI-A Deductions to be made in Computing Total Income" has 5 parts comprising as under:

"A-General"
Section Section 80A to 80B

"B-Deductions in respect of Certain Payment"
Section 80C to 80GGC

*"C-Deductions in respect of Certain incomes"*
Section 80H to 80TT

"CA-Deductions in respect of other incomes"
Section 80TTA and now added 80TTB

"D-Other Deductions"
Section 80U to 80VV

So *only 80H to 80T* deductions will not be allowed if return is not filed in time. Rest of the deductions will continue to be allowed even if return not filed in time.

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