Question

Mr. Rajesh, a resident individual, chooses to pay income tax under the Old Tax Regime for the current financial year. During the year, he made the following investments and payments: • Contribution to Public Provident Fund (PP

Q: Answer-Mr. Rajesh, a resident individual, chooses to pay income tax under the Old Tax Regime for the curren...

Under Section 123 read with Schedule XV, the total aggregate deduction allowable for eligible investmentsexpenditures such as PPF, Tuition Fees, and ELSS is capped at an overall upper ceiling of 1,50,000. Even though Mr. Rajeshs total qualifying payments amount to 1,70,000 1,00,000 40,000 30,000, his deduction is restricted to the statutory maximum limit of 1,50,000.

F : ₹1,00,000 • Children's Tuition Fee Payment: ₹40,000 • Equity Linked Saving Scheme (ELS
S : ₹30,000 What is the maximum deduction Mr. Rajesh can claim under Section 123 read with Schedule XV for the financial year?