ITR
80C investments declared to both employers
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Facts
The 80C limit is ₹1,50,000 for the whole year in the old regime, regardless of employers. Declarations to employers only affect TDS.
Provisions and law
- Sec 80C, Income-tax Act 1961 (now Sec 123)Deduction up to ₹1,50,000 a year for specified savings, together with 80CCC and 80CCD(1).
- Sec 143(1), Income-tax Act 1961 (now Sec 270(1))CPC processes the return and can add income or disallow double claims seen from Form 16s.
Analysis
If both Form 16s show ₹1,50,000, claim ₹1,50,000 once in the ITR, based on actual payments. Include EPF from both employers, PPF, ELSS, LIC and the like. Claiming ₹3,00,000 will be cut by CPC and lead to a demand.
Conclusion
- List actual 80C payments for the year.
- Include EPF deducted by both employers.
- Cap the total at ₹1,50,000.
- Claim it once under the old regime.
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