Celebrate Freedom with 10% OFF on CAclubindia Pro Membership. Subscribe Now!

Section 80C deduction

278 views

Save Share

bhushan dronkar

48 Points Posted on 20 August 2020

As the IT dept. extended the date of investment till 31 july 2020 for AY 2020-21.

My query is that-
can i avail partly exemption in both the AYs ie. 2020-21 and 2021-22
if the investment done in july 2020?

for example- if i invested 150000 in PPF on 1 july 2020.
and avail exemption of Rs 30000 in AY 20-21 and Rs 120000 in AY 21-22.
Can that be done?

Replies (5)

Quick Summary

This discussion clarifies how investments made by the extended deadline of July 31st, 2020, for Section 80C deductions can be allocated across Assessment Years (AYs). Specifically, it addresses whether an investment made in July 2020 can be split, for example, Rs 30,000 in AY 2020-21 and Rs 120,000 in AY 2021-22. The consensus is that this is possible for investments made after March 31st, 2020, with a specific disclosure requirement for the portion carried forward to the next AY. Information on where to make this disclosure within the Income Tax Return (ITR) form is also provided.

Roshni

Studwnt

1141 Points Posted on 21 August 2020

Yes you can

Himanshu

Student CA Final

114 Points Posted on 21 August 2020

Yes, for the investments made after 31.03.20 but for AY 2020-21 there is a separate requirement of disclosure by which I.T department extend benefit of rest of investment in next AY.