Hi Experts, wishing you all a very Happy New Year. I was wondering credit card EMIs for any product purchase / service purchase eligible for 80C or any other format of tax deductible benefits?
5 Replies
Kapadia Pravin
(17264 Points)
Replied 10 January 2021
List of items eligible are in 80C.
it doesn't matter how you pay that is by Credit card or EMI or regularly by cheque.
it doesn't matter how you pay that is by Credit card or EMI or regularly by cheque.
K Srinivas, CMA CS
(Founder Artha Consulting Services)
(5186 Points)
Replied 10 January 2021
No. not eligible
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 10 January 2021
No it is not eligible for deduction under section 80C
Satendra
(CA)
(22 Points)
Replied 12 January 2021
It depends on the nature of payment, rather it is paid by cheque, cash or card EMIs.
Example, If you have paid Insurance premium, Tution Fee etc through your Credit Card EMI, then it will be eligible.
Example, If you have paid Insurance premium, Tution Fee etc through your Credit Card EMI, then it will be eligible.
Kapadia Pravin
(17264 Points)
Replied 12 January 2021
Credi card EMI is just the mode of payment and has nothing to do with 80C. 80C contains list of items eligible.
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