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Query Details

Asked by Pankaj on :Jul. 03, 2018

I have not filed income tax return till thi…

I have not filed income tax return till this the date as I have not any income before. This y…

I have not filed income tax return till this the date as I have not any income before. This year I have a total income of Rs 400000. Can I claim my personal expenditure from this income?

0

Jeeba Jul. 03, 2018

No, you can not claim your personal expenditure while calculating tax liability.

Any amount expended to realise income are eligible to deduct from such income. There are various expenses that are eligible for the deduction provided under the act and only such expenditure are allowed to deduct from the income.

Further, income tax is levied on the income that your earn. How much you have saved does not matter for calculating tax liability.

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