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Form 12BB vs. Section 80C

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Akhilesh Pandya

12 Points Posted on 23 June 2020

AY 2020-21

I have declared 1.21 lac as deduction under 80C in form 12BB (Taken by my employer)

Now I have investment of 150000 ₹ under 80C.(after March and before 30th June 2020)

How-much Deduction I can claim in return?

thank you

Replies (4)

Quick Summary

This discussion clarifies how to claim your full Section 80C tax deduction. Even if your employer has already processed a deduction via Form 12BB, you can still claim the full ₹1.5 lakh in your Income Tax Return (ITR). This includes investments made between March and June 2020, which can be accounted for in your return for FY 2019-20.

Bhavin Shah

Chartered Accountant

821 Points Posted on 29 June 2020

Any investment made after March 2020 but before July 31, 2020 can be claimed as deduction in FY 2018-19 at the option of the assessee.... These details will have to be filed in the ITR