How to show proof for payable tax

please fix a telephonic consultations for above quarry

The heading of query indicates that you need to know how to show proof for payable tax but in your query you wanted to know if there is any way to save the money.

The scope for saving depends upon your heads of income. If you are carrying on business or profession, you can claim reasonable expenses. If the business or profession comes under presumptive taxation, you need to offer either 8% of your gross turnover in the case of retail business or 50% of your gross receipts in the case of profession.

Apart from the above, you can claim deductions towards Life Insurance premia, children education and other eligible expenses/ investments upto Rs 1.5 L u/s 80C. You can also contribute to National Pension Fund and save tax on another Rs 50K. However, such investments/payments should have taken place on or before 31/03/2017 for the assessment year 2017-18.

You may discuss your tax issues with a CA before filing return.

Hello Sir,

It is difficult to guide you how can you save up taxes unless we know your transactions.

You have even crossed the due date to make any tax saving investments.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP

Hi,

In order to answer this question, we need understand your nature and source of income in detail. Also, we need to understand what all things you have claimed in the return.

Please feel free to call/ revert in case of any doubts

Thanks and Regards

Abhishek Dugar

CA CS B.Com

Hi,

How much tax you can save, will depend on what is your source of income. Also, check whether you are claiming credit of taxes deducted (TDS) by your employer / banks, etc.

Regards,

Keerthiga Padmanabhan

M.Com., CA, LLB