29 April 2023
It is not mandatory to claim this deduction, it can be beneficial for taxpayers as it helps to reduce their taxable income and hence, their tax liability. Taxpayers may choose to claim this deduction based on their individual financial situation and investment needs. However, it is important to note that if a taxpayer wishes to claim the deduction under section 80C, they must make the eligible investments or expenses within the specified time frame as mentioned in the Income Tax Act.
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