<b>Readers' Corner:</b> Taxation

Kuldip Kumar is a partner and leader personal tax, PwC India, answers your question

I did not claim some of the income tax deductions in the last two years. Can I claim them this year?
 
Income tax return is filed on a year-by-year basis. Hence, any deductions for any particular year are generally required to be claimed against income of that particular year. Income tax deductions are based on payments made, investments done, or expenditures incurred and hence are required to be claimed in that relevant year. Therefore, you will not be able to claim the income tax deductions which you missed during the past two years while filing this year’s return.