I am a 31 year old salaried person. Anticipating that I would have to pay income tax, I made a lump sum investment in an ELSS fund on the 28th March 2016. But now I got to know that my calculation was wrong and I am not in the tax bracket. So, can I claim this investment for tax refund, for this financial year while filing this year's IT return?
No. Investments made under 80C investments are given a tax deduction (tax break). Under this section, you can invest a maximum of ₹1.5 lakh. However, if you make investments more than the said limit of ₹1.5 lakh, then you do not get any tax deduction on the amount over and above the limit. Nor can you claim a refund. Tax refund is applicable only if you have paid excess tax to the Income Tax department for the financial year.