Deductions u/s 80C :Investment Need Not Be Out of Taxable Income.

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Whether the income tax deductions u/s 80C  available if the investment is not out of taxable income of that year for which deductions are being claimed. This confusion is created because previously the Income Tax Act provided the same deduction as rebate u/s 88 (now deleted) and there it was a condition that the investment for the purpose of rebate u/s 88 has to be out of taxable income.

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