15 July 2013
Deduction u/s 80C is available for Term Deposit 5 Years (Specified Tax Saving FD). If the Deposit was not eligible you can file revised return.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
15 July 2013
But what happened if time expires for revised return then what consequences assessee have to face
15 July 2013
assessee need to pay the different tax with interest for the same and also chance if department comes to know the mistake raise the demand notice
15 July 2013
There is more chances that your return will be accepted. So wait for notice from the department. If any demand notice issued you will have to pay the Tax Amount resulting from disallowance of deduction u/s 80C along with interest. So simply wait, more chances are that you will escape with this error.