Sir ,
1) what I mean is that the minimum total income of 2.5 lakhs above which we have to pay income tax cannot be reduced by deductions of 80 C for exemption to audit ?
2) if once the IT return is processed & we have got our refund than is there any chance that we get notice by IT department for various reasons in future ?
Please reply as much you know .
Thank you Bhai.
Bhai, you need not be so haste in your action, that you send a pm to get a reply, in an hour. We are helping here each other, but we do not have any obligation to help. We too have life beside TJ. Sorry, not good on your part.
I will suggest you to go through various taxation threads of TJ and posts of last 8-9 months atleast (and particularly posts by CANikhil) and it seems you do not have even basic knowledge about taxation system. You should know at least the difference between total income and total taxable income. Tax is charged on total taxable income (after availing all sorts of deductions) if above 2.5 L for an individual, who is below 60 years of age.
1. No you can not reduce by deductions, in this case. (as per the posts of taxation threads)
2. Do not know much about it, but IMO IT deptt. can reopen an assessed case within certain years, perhaps 7 or 8 years. Thats why it is mandatory to safe keep books of accounts and other information for such years.
BTW, for your general questions (and to gain knowledge about taxation), bhai, there is something called GOOGLE, take its help