the Qs
the Qs
Last year I had invested in a 5 year post office time deposit and showed it for tax deduction. Here is my doubt. Can I claim the same this year too until 5 years of completion?
So tax is computed based on all your incomes received in the previous year. Similarly, any tax saving investments or tax saving expenses is also considered only if done for that particular year. Meaning, let’s say you invested 50,000 rupees in your post office time deposit account in FY 2023-2024 you can use that tax deduction under section 80C only for that year only. For the next year, in order to claim additional deduction, you will have to invest again. And this applies to all types of tax saving investments and expenses.
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the Qs
Last year I had invested in a 5 year post office time deposit and showed it for tax deduction. Here is my doubt. Can I claim the same this year too until 5 years of completion?
So tax is computed based on all your incomes received in the previous year. Similarly, any tax saving investments or tax saving expenses is also considered only if done for that particular year. Meaning, let’s say you invested 50,000 rupees in your post office time deposit account in FY 2023-2024 you can use that tax deduction under section 80C only for that year only. For the next year, in order to claim additional deduction, you will have to invest again. And this applies to all types of tax saving investments and expenses.
Wait..would you like to get more like this?
Join 12,000+ readers who receive our insights decoding Personal Finance twice a week, so you can make the most out of your money.
No Spam. Only Finance
No Spam. Only Finance
Recent Posts
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This isn’t a normal masterclass. You will get a comprehensive hands-on experience of various “Tax Strategies” with our proven case-study based approach.
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