Tds form16

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 April 2012 Dear Sir

I am doing a La mclean group of organisation at present.i have small doubh in TDS form16.that is what are the deduction in under section 80cc.just i want know the what are the deduction used.just clarification.

please do the needfull

CA Prashant Gupta

CA Prashant Gupta (Expert)
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21 April 2012 80cc. 1[ Deduction in respect of investment in certain new shares 2
(1) Where an assessee, being-
(a) an individual, or
(b) a Hindu undivided family, 3[ ]
(C) 4[ Omitted by the Finance Act, 1994 , w. e. f. 1- 4- 1978 .] has acquired in the previous year (being a previous year relevant to the assessment year, commencing on the 1st day of April, 1979 , or any subsequent assessment year), out of his income chargeable to tax, equity shares forming part of any eligible issue of capital, 5[ or units of any Mutual Fund specified under clause (23D) of 6[ section 10 or units issued under any scheme of the Unit Trust of India established under section 3 of the Unit Trust of India Act, 1963 (52 of 1963 ), if the amount of subscription to any units, issued by the Mutual Fund or, as the case may be, the Unit Trust of India under such scheme, is subscribed] only to eligible issue of capital,] he shall, in accordance with and subject to the provisions of this section, be allowed a deduction in the computation of his total income of an amount equal to fifty per cent of the cost of such shares to him. Explanation.- Where in any previous year the assessee has acquired any shares referred to in this sub- section and has, within a period of six months from the end of that previous year, paid the whole or a part of the amount, if any, remaining unpaid on such shares, the amount so paid shall be deemed to have been paid by the assessee towards the cost of such shares in that previous year.
(2) Where the aggregate cost to the assessee of the shares referred to in sub- section (1) which are acquired by him in the previous year exceeds 7[ twenty] thousand rupees, the deduction under that sub- section shall be allowed only with reference to such of those shares (being shares the aggregate cost whereof to the assessee does not exceed 8[ twenty] thousand rupees) as are specified by him in this behalf.