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Revised Income Tax Return: Failed showing investment upto Rs 1.5 lakh in SCSS, SSY, NSC? Do this now
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Investments made in schemes like Senior Citizen Savings Schemes (SCSS), National Savings Certificate (NSC), Sukanya Samriddhi Yojana (SSY), Public Provident Fund (PPF) etc. are eligible for deduction under Section 80C of the Income Tax Act, 1961. You can claim a deduction of up to Rs 1.5 lakh by investing this amount in such schemes eligible for deduction under this section.
For tax benefit, total investment in all such schemes should not be more than Rs 1.5 lakh a financial year. While filing the Income Tax Return, it is important to show investments in eligible schemes under Section 80C. Failing to do this would mean no tax benefit for such investment in the financial year.
What if someone forgets to show Section 80C investment while
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