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Exception for scss deposit

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Ari Narayanan K

22 Points Posted on 01 August 2020

if I am investing every year Rs
.1.50 lakh in scss scheme. shall I claim every year exception under sec 80c. please guide

Replies (3)

Quick Summary

This discussion clarifies whether investments in the Senior Citizen Savings Scheme (SCSS) qualify for tax exemption under Section 80C. The answer is yes, individuals can claim an exemption of up to Rs. 1.50 lakh per financial year for their SCSS deposits. This means if you invest the maximum amount annually, you can claim the full deduction.

Sagar Patel

Tax and Business Consultant

11616 Points Posted on 02 August 2020

Yes, Investments in SCSS qualify for income tax exemption under Section 80C deduction up to Rs. 1,50,000 per financial year. So, if you are investing every year Rs. 1.50 lakh in SCSS scheme than you can claim every year exception under sec 80C up to 1.5 lakhs.