If I invest u/S 80C, in different plans, more than deduction limit of 150000 whether I have to declare entire amount of such investments in the ITR.
For e.g. if I invest both in PPF 150000 & SCSS (out of Renewal of existing FDs shifted to SCSS) Rs.500000.00, for claiming deduction of tax benefit u/S 80C whether I have declare total invest of 650000/- in the ITR.
1 Answers
Hi,
It is not mandatory to declare the investment amount, but advisable to declare it.
Even if you declare the entire amount Rs 6.5 lakh, investment up to Rs 1.5 lakh (max) only will be considered as tax deduction in ITR.
Interest on SCSS is fully taxable. In case the interest amount earned is more than Rs. 50,000 for a fiscal, Tax Deducted at Source (TDS) is applicable to the interest earned.
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