Regarding 80C school fees.
Date Showing on Receipt = 30/03/2016.
but cheque cleared from bank = 03/04/2016.
so that person did not claim deduction in year 2015-16 because he thought that deduction of school fees is allowed only on Payment basis. (i.e. cheque cleared after 31/03/2016)
so now in 2016-17 what he can do?
I have tried first by myself to find a convincing answer but nothing conclusive is found.
so hoping for solution.. thanks in advance
Deduction is available on payment basis.
So the date of actual payment is subject to take the deduction benefit.
In this case the person may proceed to take the deduction for the FY 2016-17...
CAclubindia
