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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Exploring the highest and lowest income tax rates across G20 countries and discovering how different nations tax their citizens, with India's highest rate at 30%.
Index funds make investing easy by tracking a market index, helping your money grow steadily. They offer lower fees and built-in diversification, providing a simple way to build long-term wealth.
Honestly, on the conservative side, one should have at least 12 months worth of living expenses as emergency savings and you cannot just create this once and forget about it.…
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