Investment in ELSS to avail tax benefit

Hi,

Im a salaried employee in a BPO with CTC of 875000 per annum. 
Until August 8th 2016, I had no previous investment declaration(ever since being employed from last 10 years) apart from home rent 11K/Month(Landlord PAN provided).
My tax deduction per month is almost 10K which is insane. 
On August 9th 2016, I purchased two ELSS (3000 each) as SIP for 6000 per month next 4 years.

Now that I missed the deadline to file ITR, what are the ways that I get tax benefit since I have started tax saving ELSS investment from Aug 2016.
Asked 2 months ago in Income Tax from New Delhi, Delhi
Dear Sir,

SIPs which you have purchased in August 2016 will be eligible for exemption in FY 2016-17 and due date for filing of return for FY 2016-17 is 31 July 2017. So nothing has been missed.

Further, if you have not filed your return for FY 2015-16, we can help you in doing that.

We can also help you in structuring your salary so that you get maximum tax benefits.

Please feel free to call/ revert in case of any doubts.

Thanks and Regards
Abhishek Dugar
CA CS B.Com
caabhishekdugar@gmail.com

Abhishek Dugar
CA, Mumbai
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Hiii

you can claim ELSS investment benefit in AY 2017-18 means year ended on March 2017, this investment have no impact on your last year ITR i.e. AY 2016-17.
you can file your ITR of AY 2016-17 , this itr called Belated Return and if any taxable on the time of filling ITR you have to pay interest on tax amount.
thus file your as soon as possible.
Lalit Bansal
CA, New Delhi
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Hi,
you can claim benefit of ElSS for the Financial Year 2016-17, it means you need to give the proof of ELSS invetsment to the company so that they can calculate TDS deduction accordingly for FY 2016-17.

you can  file ITR for FY 2015-16 upto March 2017. 

just for your reference Financial year for 2015-16  for the the purpose of Income Tax return filing starts from 1st April of 2015 to 31st March 2016. 
Vishakha Agarwal
CA, Bangalore
208 Answers
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Public Provident Fund (PPF): Among all the assured returns small saving schemes, Public Provident Fund (PPF) is one of the best. interest is tax-free (Compounded Yearly) and the normal maturity period is 15 years. Minimum amount of contribution is Rs 500 and maximum is Rs 1,50,000. A point worth noting is that interest rate is assured but not fixed. 

Life Insurance Premiums: Any amount that you pay towards life insurance premium for yourself, your spouse or your children can also be included in Section 80C deduction. Please note that life insurance premium paid by you for your parents (father / mother / both) or your in-laws is not eligible for deduction under section 80C. If you are paying premium for more than one insurance policy, all the premiums can be included. It is not necessary to have the insurance policy from Life Insurance Corporation (LIC) – even insurance bought from private players can be considered here.

Home Loan Principal Repayment: The Equated Monthly Installment (EMI) that you pay every month to repay your home loan consists of two components – Principal and Interest.The principal component of the EMI qualifies for deduction under Sec 80C. Even the interest component can save you significant income tax – but that would be under Section 24 of the Income Tax Act .

Stamp Duty and Registration Charges for a home: The amount you pay as stamp duty when you buy a house, and the amount you pay for the registration of the documents of the house can be claimed as deduction under section 80C in the year of purchase of the house. 

Sukanya Samriddhi Account : Sukanya Samriddhi Account meaning Girl Child Prosperity Scheme is a special deposit scheme launched by Prime Minister Narendra Modi on 22 January 2015 for girl child. The scheme of Sukanya Samriddhi Account came into effect via notification of Ministry of Finance. 

National Savings Certificate (NSC) (VIII Issue): 

NSC is a time-tested tax saving instrument with a maturity period of  Five and Ten Years. Presently, the interest is paid @ 8.50% p.a. on 5 year NSC and 8.80 % Per Annum on 10 year NSC.  Interest is Compounded Half Yearly. While the minimum investment amount is Rs 100, there is no maximum amount. Premature withdrawals are permitted only in specific circumstances such as death of the holder. Investments in NSC are eligible for a deduction of upto Rs 150,000 p.a. under Section 80C. Furthermore, the accrued interest which is deemed to be reinvested qualifies for deduction under Section 80C. However, the interest income is chargeable to tax in the year in which it accrues.

Infrastructure Bonds: These are also popularly called Infra Bonds. These are issued by infrastructure companies, and not the government. The amount that you invest in these bonds can also be included in Sec 80C deductions.

5-Yr bank fixed deposits (FDs): Tax-saving fixed deposits (FDs) of scheduled banks with tenure of 5 years are also entitled for section 80C deduction. interest is taxable

5-Yr post office time deposit (POTD) scheme: POTDs are similar to bank fixed deposits. Although available for varying time duration like one year, two year, three year and five year, only 5-Yr post-office time deposit (POTD) –qualifies for tax saving under section 80C. Interest is compounded quarterly but paid annually. The Interest is entirely taxable. 

Tuition Fees: Deduction for tuition fees u/s. 80C of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF. for maximum of Two children. Deduction under this section is available on payment basis. Maximum amount can claim Rs 150000/-

you can also claim Medical insurance upto 25000/- under section 80D over and above Rs 150000 u/s 80C.
Vishakha Agarwal
CA, Bangalore
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Hope the same is answered as I was out of country for work. If you need further answers pl mail on modani005@gmail.com
Shyam Sunder Modani
CA, Hyderabad
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Hello Sir,

As per the information provided by you, it appears that you could not invest the funds before 31st March and hence could not claim Tax Benefit.

In such a case No Deduction can be claimed.

Please correct me If I am wrong.

Trust this clarifies your query. 

Feel free to call / get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP.
Rohit R Sharma
CA, Mumbai
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