80c deduction
This query is : Resolved
18 February 2014
My Query is, if under section 80C of Income Tax Act, Rs.3 lacs investment is there in a financial year, allowable deduction is Rs.1 lac only or is it possible to claim a refund?
My Query is, if under section 80C of Income Tax Act, Rs.3 lacs investment is there in a financial year, allowable deduction is Rs.1 lac only or is it possible to claim a refund?
18 February 2014
no refund is possible on this account except to the extent your tax liability is reduced on account of deduction for Rs 1 lakhs. The remaining 2 lakhs cannot be claimed as deduction or carried forward.
18 February 2014
Thank you Mr. Nikhil Kaushik.
Thank you Mr. Nikhil Kaushik.
18 February 2014
you are welcome Kausalya Ji.
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