Mr X deposits ₹65,000 in a 5-year term deposit with the Post Office to avail deduction under Section 80C. Assuming Mr X does not opt for the concessional regime u/s 115BAC, what is correct?
Show Hint
- Mr X is guilty of tax evasion/tax avoidance.
- Mr X is not guilty of either tax evasion/tax avoidance.
- No tax deduction can be availed under Section 80C.
- It is unlawful to treat a deposit as personal expenditure.
The Correct Option is B
Solution and Explanation
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- Mr. X deposits ₹65,000 in the term deposit of 5 years with the Post Office to avail tax deduction under Section 80C. Assuming Mr. X does not opt for concessional tax regime u/s 115BAC of the Income Tax Act, 1961. On the basis of the above problem, select the correct option.
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