Explained: Exemptions And Deductions For Salaried Employees

Do you have queries related to direct income tax?

Anil Rego, CEO, Right Horizons (external link), answers your personal income tax queries.

Shishir Aima: Dear Sir, I have purchases shares of Paytm (one 97 communications) in February 2022. Can I claim it under the income tax exemption under section 80 (c) or any other relevant section? Please guide.

Anil Rego: No, the investment towards share doesn’t qualify for any tax deductions. You cannot claim the same in any section. However, if you sell it at a loss, you can set of this loss from capital gains.

Amit: Can you provide best salary structure for person drawing CTC above Rs 15 lakh per annum, with best options in exemption, deductions, and rebates?

Anil Rego:

Exemptions that you can also claim:

All these exemptions will have limits which is uniform or based on your salary

Kalyan Kumar Banerji: A very old friend of mine lost his wife in January this year. The deceased had interest income and some income tax has been deducted. Some refund of tax is expected. I generally help them to file their ITR. My questions are:

1. Can the husband file ITR and sign as representative?

Anil Rego: In case of a deceased person, the return on any income needs to be filed by legal heir. In this case, if husband is the legal heir, then he needs to file the ITR.

The legal heir will have to register himself as representative assessee on the income-tax portal available under ‘Authorised Partners’ tab. For this you need the login details of the deceased person.

So, the legal heir will have to create a request and follow the steps provided on the portal, upload required documents and submit the request. Post verification, they either accept or reject the request. The legal heir will be allowed to file return post acceptance. The filing will be in the similar way applicable for any individual with interest income

2. The name of deceased has been deleted from the joint bank accounts. Can the refund be credited to an account of the husband? The
account number will remain as it was in the last ITR.

Anil Rego: Once the above-mentioned process is completed, while filing the return, the bank account number that he wishes can be incorporated for the refund and then the refund will be credited to the account of the legal heir.

You can find more of Mr Rego’s answers here.

Note: The questions and answers in this advisory are published to help the individual asking the question as well the large number of readers who read the same.

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