• Notification Date: 27-10-2021
  • Notification No: 10/2021-22

Revised Income Tax Return- If you have failed showing investment upto Rs 1.5 lakh in SCSS, SSY, NSC, Do this now

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 tax 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.

For tax benefit, total investment in all such schemes should not be more than Rs 1.5 lakh per 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 not give you any tax benefit for such investment.

What if someone forgets to show Section 80C investment while filing ITR?

You can revise the ITR in case you have failed to show Section 80C investment in ITR.

You cannot claim deduction under Section 80C in the next year for the investment made in the current financial year. As per the Income Tax rules, you need to show the investment in the year in which you have made it. So in case, you missed showing it in ITR for Financial Year 2020-21, you cannot claim the deduction in FY 2021-22. However, you can exercise the option of revising the ITR now.

Under Section 139 (5), the Income Tax rules allow taxpayers to make changes/corrections in the original ITR. The section allows furnishing a revised return if the taxpayer notices any omission or wrong statement in the original ITR.

The filing of revised ITR is allowed upto three months before the end of the relevant assessment year, or before the completion of the assessment, whichever is earlier.

However, due to the Covid-19 pandemic, the last date for filing the revised ITR of Financial Year 2020-21 has been extended till 31st March 2022.

The last date of filing the original ITR for FY 2020-21 is December 31st 2021.