Tax Deduction for Senior Citizens Saving Scheme

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  1. RAMARAJU

    RAMARAJU New Member

    The maximum amount that can be invested in SCSS is Rs.15 Lakhs. Can I open a new SCSS account every year by investing Rs.1.5 lakhs every year in the same bank for the next 10 years so that I can avail tax exemption under 80C every year for the next 10 years ? This means that I will have 10 SCSS accounts in the same Bank. Will this be allowed?
     
    Jagannathan R likes this.
  2. sai tejesh(ca.final)

    sai tejesh(ca.final) Active Member

    Yes each and every financial year you can claim this investment as deduction u/s 80c.
     
    Last edited: May 16, 2015
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