A has not invested in PPF for the following years :
2005-06 2006-07 2007-08 2008-09
Now, A paid Rs.2000/- (minimum Rs.500/- per year) along with PPF default fee of Rs.200/- (Rs.50/- per default year).
A also has paid Rs.1000/- for the current FY 2009-10.
Query :
Whether A can consider full amount Rs.3000/- (as Rs.2000/- is related to previous 4 years) of PPF investment under Section 80C for the Income Tax Return to be filed for the current AY 2010-11.
I shall wait for the experts response on the query.
22 March 2010
late fee will not be considered in 80 C, he can claim 2000/- only.
Nazir
Guest
Guest
(Querist)
22 March 2010
Thanks Nazir.
From your reply, I conclude that Rs.2000/- (previous 4 years payment made during this current FY) plus Rs.1000/- pertaining to the current FY can be claimed under Section 80C.
If I am not mistaken, I may mention that my query has been only related to the PPF Investment amounts (and not relating the PPF default fee).
Thank you so much Nazir.
May I ask you for any supporting substantiating the statement, if possible ?
CAclubindia
