A query about receipt of past salary in arrears.
2 years ago
Madam/ Sir,
I’m a salaried individual and I have a query about receipt of past salary in arrears. In the month of June 2021 (FY 2021-2022) I have received an amount of around 75,000 Rs/- past salary pertaining to the FY 2020-2021 in arrears. Now from that amount I would like to invest 50,000 into my NPS account as an additional investment. My query is can I claim that investment for deduction under Section 80CCD(1B) for the FY 2020-2021 (AY 2021-2022)?
As I have received my past salary in arrears in the current FY, can I invest part of that amount now and claim for deduction as if I’ve received & invested the same amount in the FY 2020-2021?
Thanks in anticipation.
You have to approach chartered accountant to get appropriate financial advise. The advocates are not experts to advise on the financial matters and related investments in a particular financial year etc.
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At the outset and on plain reading of the provision u/s 80CCD(1B), it may be permitted to invest the arear amount for the FY 2020-21 and claim the deduction. However, please clarify the same with a CA.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
You may be able to do it and claim deduction under Section 80CCD(1B), however it is advisable that you consult with an practicing chartered accountant, he would be in a better position to answer tax related query.
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