cpc

s 80tta exemption,it return problem


One employee had declared approx Rs 9000 as SB interest and claimed exemption U/S 80 TTA.IT department asked for error rectification,revised return submission as they had stated that discrepancy had been noted in form 16 and IT return submitted regarding taxable income, where IT department claims that this SB interest in question is added to the employee's taxable income as per form 16 ,while the IT return submitted by the employee stated taxable income without adding this amount.But,on checking both the form 16 and IT return ,it appears that the said SB interest was quoted u/s 80 TTA in both the papers.So,where is the problem?How to solve? Please advise.
 
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Advocate

Are you the employer or the employee?

 
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I do not understand the rationale of IT Dept comparing Form 16A. Employer may not report deductions under Form 16A; an individual is NOT bound to report all investments and "other Income" to employer. ITR Form provides for deductions under Various Sections. It appears a delaying tacticts to sanction Refunds or to harass assesses unnecessarily. In olden era we were submitting documents manually; Now we have to submiot electronically !!!! With regard to 8o TTA, Banks give SB Interest Quaterly; How to give copies of annual statements if one has 4 SB A.cs?

Read more at: http://www.lawyersclubindia.com/forum/details.asp?mod_id=152901&offset=1

 
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Proprietor

SIR

DONT WORRY AS SUCH THE SAID PROBLEM I SUPPOSE PERTAINS TO THE ASSESSMENT YEAR 2017-18 WHEREAS KINDLY SUBMIT YOUR REPLY UNDER THE DROP DOWN BOX E-ASSESSMENT & PROCEEDINGS AND THE SAME ISSUE WILL BE RESOLVED.

 

 
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Interest on saving account is Taxable and such Interest should be added to Total Income of Assessee however assessee can claim Deduction under sec 80TTA.
 
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