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Is Investment Possible at this time?

Deeprak (Software Engineer) (25 Points)

30 July 2010

Hi,

Can anyone tell me if investment is possible at this stage.

I have 2 form 16 from 2 companies in the last financial year. After combining, its calculated to pay some amount towards income tax to the government.

Is it possible to adjust this amount at this time or in future, and then submit the returns with late submission charges???

Please help me at the earliest.

Thanks

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4 Replies

Manoj BG (Tax Professional and in Service) (1795 Points)
Replied 30 July 2010

NOT POSSIBLE. U HAVE TO MAKE INVESTMENT ONLY BEFORE CLOSE OF ACCOUNTING YEAR. INVESTMENT MADE AFTER YEAR CLOSURE WOULD BE AVIALABLE FOR DEDUCTION UNDER SEC 80C PROVIDED INVESTMENT IS WITHIN ANY OF THE MODES SPECIFIED UNDER 80C.

REGARDS,

MANOJ

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Harpreet (* * * * * *) (1670 Points)
Replied 30 July 2010

Agreed with Mr. Manoj

Deeprak (Software Engineer) (25 Points)
Replied 30 July 2010

Thanks for your quick help.

As per your reply, If I take a life insurance policy at this time, can i show it along with my return this time? what is the procedure for that?

Thanks

Deeprak

Originally posted by : Manoj B. Gavali
	NOT POSSIBLE. U HAVE TO MAKE INVESTMENT ONLY BEFORE CLOSE OF ACCOUNTING YEAR. INVESTMENT MADE AFTER YEAR CLOSURE WOULD BE AVIALABLE FOR DEDUCTION UNDER SEC 80C PROVIDED INVESTMENT IS WITHIN ANY OF THE MODES SPECIFIED UNDER 80C. REGARDS, MANOJ

Manoj BG (Tax Professional and in Service) (1795 Points)
Replied 30 July 2010

IF U TAKE INSURANCE POLICY DURING 2010-2011, THEN DEDUCTION WOULD BE AVAILABLE FOR FY 2010-2011 FOR THE AMOUNT PAID ON INSURANCE PREMIUM DURING 2010-2011.

REGARDS,

MANOJ