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Wrongly declared 80c amount

Varun (Other) (49 Points)

02 September 2014

I filled ITR through efiling facility, and submitted the same

But i wrongly entered the amount in 80C section.

I have invested around 2Lacs under this section, but i wrote only 1Lac. Do i need to re-file with correct declarations.

I saw an option available to re-file again online, but wanted to make sure, so i really need to do the same.

If Yes, then what should i make sure before i re-file.

Thanks

Varun

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17 Replies

@VaibhavJ (Believe!! Live your dreams!) (33511 Points)
Replied 02 September 2014

What is max deduction allowed u/s 80C?

So now you know that you are not required to revise ITR.

Thanks.

1 Like

Varun (Other) (49 Points)
Replied 02 September 2014

Yes, but i thought that we need to declare the amount that we invested, the excemption of one lac will be automatically take care off.

The ITRV should reflect the investment and amount being considered for deduction.

@VaibhavJ (Believe!! Live your dreams!) (33511 Points)
Replied 02 September 2014

There is no harm in declaring less amount as long as your tax liability remains same, however you can revise your ITR if you have filed it in due time, but i suggest to refrain from doing so.

Thanks!!

ARUL PRADEEP (ARTICLE ASSISSTANT) (175 Points)
Replied 02 September 2014

Deduction Limit is 100000/- only........

Then why Problem.?

CA Sanket Gujar (Professional) (74 Points)
Replied 02 September 2014

it does not matter

CA Saloni (Manager-Accounts & GST Consultant) (5124 Points)
Replied 02 September 2014

You don't need to revise the return, amount of Rs 1,00,000/- is ok.........

chetna bharuka (article student) (78 Points)
Replied 02 September 2014

u need not revise return as maximum deduction u/s 80c allowed is rs. 100000.

Kaushal J. Rachchh (ca) (21 Points)
Replied 02 September 2014

U need not to revise the return as max deduction available u/s 80c is Rs. 1 lac. It doesnt make any diff in ur tax liability if u revise the return.

KRISHNA (STUDENT) (51 Points)
Replied 02 September 2014

Sir, where the impact will be reflected if investment u/s 80 c shown as one lakh even it is more than one lakh in ITRIts?

Mitesh (STUDENT) (22 Points)
Replied 03 September 2014

U need not file revised return

ca pawangupta (dehradun) (63 Points)
Replied 03 September 2014

Not need revised return

CA Harish Singh (CA) (401 Points)
Replied 03 September 2014

If we claimed lic amount in excess of original lic amount invested. For example, I invested only 30000 but claimed 100000, then ???

CA Shankar Mallick (Proprietor) (240 Points)
Replied 03 September 2014

hi....

deduction u/s 80c is available only upto Rs. 1.00 lac for the A.Y. 14-15. Since u have invested Rs.2.00 lacs and shown Rs.1.00 lac in the IT return, therefore, it is correct to claim the amount of deduction. However, if u have shown Rs. 2.00 lacs instead of Rs.1.00 lac then also u are eligible to take the benefit of 1.00 lac deduction u/s 80c.

pls write for further clarification................!