Tax in arrears
This query is : Resolved
02 January 2011
hello friends,,
my client has received arrears in salary in FY 2010-11 pertaining to FY 2007-08 TILL FY 2009-2010. My client had invested Rs 150000/- in FY 2007-08..while the qualifying limit was Rs 1,00,ooo/.
My query is whether excess investment of Rs 50,000/- can be adjusted in the future years.
Can we claim any relief under I T Act, 1961. ????
Pl reply..
thnks in anticipation....
regds
my client has received arrears in salary in FY 2010-11 pertaining to FY 2007-08 TILL FY 2009-2010. My client had invested Rs 150000/- in FY 2007-08..while the qualifying limit was Rs 1,00,ooo/.
My query is whether excess investment of Rs 50,000/- can be adjusted in the future years.
Can we claim any relief under I T Act, 1961. ????
Pl reply..
thnks in anticipation....
regds
03 January 2011
No excess amount of investment cannot be adjusted.
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03 January 2011
Dear Sangita,
You must be knowing that the 80C deduction is restricted to a certain amount(i.e., 100,000/-) in all cases. I mean, even if you have invested more than one lac in eligible investment options, your deduction will be restricted to one lac only. And this deduction benefit is given on year to year basis. There is no concept of carry forward for excess investments in Income Tat Act'1961.
Hence, those excess investment of Rs. 50,000 cannot be claimed further in any future years.
I hope your doubt is clear...
You must be knowing that the 80C deduction is restricted to a certain amount(i.e., 100,000/-) in all cases. I mean, even if you have invested more than one lac in eligible investment options, your deduction will be restricted to one lac only. And this deduction benefit is given on year to year basis. There is no concept of carry forward for excess investments in Income Tat Act'1961.
Hence, those excess investment of Rs. 50,000 cannot be claimed further in any future years.
I hope your doubt is clear...
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