Lapse of Deduction

Tax Glossary Definition

Lapse of Deduction

Refers to the forfeiture of a tax deduction when the taxpayer fails to meet the required conditions or when the eligible contribution surpasses the statutory limit.

Example: Under Section 80C, the deduction becomes unavailable if the investment rules are breached or if total contributions exceed ₹1.5 lakh in a financial year.

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