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Section 80C deduction

bhushan dronkar (48 Points)

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?

 5 Replies

Roshni (Studwnt) (1141 Points)
Replied 21 August 2020

Yes you can
1 Like

Himanshu (Student CA Final ) (114 Points)
Replied 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.
1 Like

bhushan dronkar (48 Points)
Replied 21 August 2020

Thanks both of you....can you tell me where to disclose it in the itr. Is there any specific form notified for it?

Himanshu (Student CA Final ) (114 Points)
Replied 21 August 2020

A separate schedule is given in the ITR Form.

G Sharath Kumar (53 Points)
Replied 24 August 2020

ITR1 80 DI

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