how much Investment can we made in a financial year. my income is Rs. 5 lacs in a financial year. i can avail benefit of 1 Lac under 80C. Rest income is 4 lacs & can i invest in 1 or 2 lacs in bank FDs or post office etc to reduce the tax?
I am not very sure about this. please suggest me
thanks
You can invest any amount in FD but max ded u/s 80C will be ,100,000/- only & FD should be of 5 yrs
Thanks to all.
Please let me explain about my income & profession:
I am individual and having proprietorship business and also getting salary from part time job
As per balance sheet, my total net profit is 5.5 lacs in this financial year in which 2 lacs is department slab & 1 lac is under 80C (NSC & tution fees etc.). now my taxable income is Rs. 2.5 Lacs. If i invest 1 or 1.5 lacs in bank fixed deposit or post office (non tax saving) then can i reduce income tax on this investment. I have balance in bank accounts & cash in hand.
Thanks...
if u have already invested in 80C , then now u can't invest further under this section.I mean even if you invest, you 'll not get the deduction
ACCORDING TO ME,
you can also invest in RGESS.
SOURCE:https://www.bseindia.com/rgess/rgessbenefits.htm
https://businesstoday.intoday.in/story/rgess-investment-options-tax-savings/1/191666.html
It means if i invest i will not get deduction but i can reduce the tax liability by investing in non tax saving deposits for 2-3 years...
CAclubindia
