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Clarification from the Acknowledgement form

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prisat
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Posts: 412
Joined: Sat May 08, 2010 8:16 am
Location: Earth

Clarification from the Acknowledgement form

Post by prisat » Tue Jun 08, 2010 7:40 pm

I planning to submit my acknowledgement slip that IT (Income Tax) Deparment gives me. I believe this time there is no process of giving a seal against two copies of our same saral form so that one is for IT Dept and another one is for our reference. But this time, it is only the Acknowledgment form.

Somebody correct me, if iam wrong !!!!

I have a Clarification from the Acknowledgement form that we receive after filing returns.

It has a column Gross Total Income.

The value for this comes from the Form 16 (which is issued by the employer).

The value specified in the Gross Total income is nothing but the value form the Form 16

In form 16, they deduct the HRA (House rent allowance) if we have submitted the monthly receipts of rent that we receive from the house owner and that value is specied against this field.

To be clear, if you have a annual Gross Salary of INR 600000 (Six Lakh rupees) and if you have submitted Rs. 9000 as rent per month, then for 12 months in the Financial Year, 9000 * 12 = Rs.108000 (1 lakh 8 thousand rupees)

600000 - 108000 = Rs. 492000 (Rupees 4 lakh ninety two thousand only)

This figure is indicated as the value for Gross Total Income.

I have to give the same figures in the IT Saral / Acknowledgement forms.


Incase if i submit this acknowledgement form, then Now - Will the person understand the difference between Gross Salary and Gross Total Income becos when they take the gross total income, iam failing in the earnings sections.

Will this be an issue ??????
AND
Will the person have knowledge on what figure that (Gross Total Income) is ???

My belief is that Gross Salary is only taken into account and not the Gross Total Income (because Gross Total Income is after deductions) and the person who is assessing my application is well aware of this.

PLEASE ADVISE....
IF I HAVE CONFUSED TOO MUCH :D PLEASE DONOT HESITATE TO ASK ME THE DETAIL. I HAVE TRIED TO BREIF IT AS MUCH AS POSSIBLE. 8)


thanks in advance

prisat
Member of Standing
Posts: 412
Joined: Sat May 08, 2010 8:16 am
Location: Earth

Post by prisat » Thu Jun 10, 2010 9:33 pm

Any replies and expert advises would be highly appreciated !!!!

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