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80c exemption

S JEEVARETHINAM (Sr Manager Finance and Taxation) (137 Points)

03 April 2014

Dear Professional.

Greetings. Request you to guide on 80C Investment made after FY before filing of Income Tax for Individual.

Personal has left from the organisation and has not invested before 31 March 2014 for 80C-80U Exemption. Can he avail tax exemption of 80c before filing of income tax on 31 July 2014. Please suggest to get tax benefit if any other alternative.

Thanking you in Advance

Jeeva

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2 Replies

Deepak Gupta (CA Student) (15922 Points)
Replied 03 April 2014

Sec. 80C exemption cannot be availed if investment is made after 31st March.
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sub-sec (1) of sec. 80C says that,
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“In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted, in accordance with and subject to the provisions of this section, the whole of the amount paid or deposited in the previous year, being the aggregate of the sums referred to in sub-section (2), as does not exceed one lakh rupees.”
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And as per sec. 3, previous year means the financial year immediately preceding the assessment year.