I have two Form 16s and my deductions are coming to more than 100000. How do I file my IT return?

Question

My ex-employer as well as my current employer have deducted tax at source. From my gross salary my ex-employer has deducted Rs 10000 under chapter VI A. My current employer has deducted 100000 as per norm. So my total deduction from gross salary is coming to 110,000. What do i do?

Answer 1

As per rejuvenated section 80CCE of the Income-tax Act, 1961 the aggregate amount of deductions under sections 80C, 80CCC and 80CCD shall not, in any case, exceed one lakh rupees. However, I don't see any problem in showing deduction as more than Rs.1,00,000 because generally the assesse avails benefits of following deductions under chapter VIA:

80D Deduction in respect of medical insurance premia - Rs.10,000
80E Deduction in respect of repayment of loan taken for higher education - Any amount of interest paid
80G Deduction in respect of donations to certain funds, charitable institutions, etc. (qualifying amount depends upon the fund invested in)

If you have invested only upto Rs.1,00,000 then invest remaining amount of Rs.10,000 to avail deduction in any of the sections specified above.

Regards,
PulkitGoyal
ThinkSynergy

(Visit ThinkSynergy.co.in in case of more queries or send an eMail to [e-mail])

Answer 2

eventhough you have 2 form 16 ,for this year...deduction under section 80c 80ccc and 80ccd (cumulatively) should not exceed Rs.100000. So, you can deduct only Rs.100000.

But you said deduction under section VI-A.....but not the sections.
so, give the details under which sections that 110000 is deducted. That help more, to give u better suggetion

Answer 3

wahtever your employer has deducted is not material but what you show in your personal IT Return. It should not exceed Rs. 100000/- in a particular AY.
However if your employer had already filed your return then file a revised return before IT dept discovers it and get you in their grip.
Act fast before its too late.
Contact me at [e-mail]

Answer 4

Mr. Pulkit Goyal's answer is the most relevant one. Follow that!!


Deepak Bholusaria
Chartered Accountant