80ccf
This query is : Resolved
09 April 2012
Dear Experts,
What is the status of 80CCF (Infra Bonds) in the proposed budget i.e., for A.Y. 2013-14??
Please explain.
What is the status of 80CCF (Infra Bonds) in the proposed budget i.e., for A.Y. 2013-14??
Please explain.
10 April 2012
There is more bad news for taxpayers disappointed by the budget. Not only has the finance minister kept the tax-saving limit under Section 80C unchanged, but the deduction under Section 80CCF for infrastructure bonds has been removed. This will reduce the total tax saving from the current Rs 1.2 lakh to Rs 1 lakh and push up the payable tax for individuals.
10 April 2012
yes, its very bad news for taxpayer who are same 2 years back where only 1 lacs was 80C limit,
in F.Y. 2012-13 FM said about Rajiv Gandhi Saving Scheme for tax saving addtion to 80C which gives 50% eligible deduction of payment
lets hope it will help tax payer for more tax saving
in F.Y. 2012-13 FM said about Rajiv Gandhi Saving Scheme for tax saving addtion to 80C which gives 50% eligible deduction of payment
lets hope it will help tax payer for more tax saving
10 April 2012
Investments made in infrastructure will no longer be allowed as deduction from the Total income u/s 80CCF i.e. over and the above the deduction u/s 80C, the additional deduction of Rs. 20,000 is discontinued from next fiscal.
Though there was no direct reference to this by the Hon’ble finance minister in the budget speech. However, the discontinuance of the section lies in the section itself as well budget speech for previous speech, extracts of which you can find below:-
Budget speech 2010 – “To promote savings as well as to ensure their utilisation for the thrust area of infrastructure, I propose to allow a deduction of an additional amount of Rs.20,000 for investment in long-term infrastructure bonds as notified by the Central Government. This would be over and above the existing limit of Rs.1 lakh on tax savings. I am sure that these reliefs will put more money in the hands of individual taxpayers for both consumption as well as saving.”
Budget speech 2011 – “In order to promote savings and raise funds for infrastructure, an additional deduction of 20,000 for investment in long-term infrastructure bonds was notified by the Central Government in 2010-11. I propose to extend this window for one more year.”
Section 80 CCF reads as follows :- “ In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted, the whole of the amount, to the extent such amount does not exceed twenty thousand rupees, paid or deposited, during the previous year relevant to the assessment year beginning on the 1st day of April, 2011 18a[or to the assessment year beginning on the 1st day of April, 2012], as subscription to long-term infrastructure bonds as may, for the purposes of this section, be notified18b by the Central Government.]”
The section has not been amended this year to provide for deduction with respect to previous year commencing on 1st day April 2012 i.e. AY 2013-14.
Thank you,
CA. Tapas Ruparelia
ACA, CS, B. Com
Though there was no direct reference to this by the Hon’ble finance minister in the budget speech. However, the discontinuance of the section lies in the section itself as well budget speech for previous speech, extracts of which you can find below:-
Budget speech 2010 – “To promote savings as well as to ensure their utilisation for the thrust area of infrastructure, I propose to allow a deduction of an additional amount of Rs.20,000 for investment in long-term infrastructure bonds as notified by the Central Government. This would be over and above the existing limit of Rs.1 lakh on tax savings. I am sure that these reliefs will put more money in the hands of individual taxpayers for both consumption as well as saving.”
Budget speech 2011 – “In order to promote savings and raise funds for infrastructure, an additional deduction of 20,000 for investment in long-term infrastructure bonds was notified by the Central Government in 2010-11. I propose to extend this window for one more year.”
Section 80 CCF reads as follows :- “ In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted, the whole of the amount, to the extent such amount does not exceed twenty thousand rupees, paid or deposited, during the previous year relevant to the assessment year beginning on the 1st day of April, 2011 18a[or to the assessment year beginning on the 1st day of April, 2012], as subscription to long-term infrastructure bonds as may, for the purposes of this section, be notified18b by the Central Government.]”
The section has not been amended this year to provide for deduction with respect to previous year commencing on 1st day April 2012 i.e. AY 2013-14.
Thank you,
CA. Tapas Ruparelia
ACA, CS, B. Com
10 April 2012
It is discontinued from this year onwards (AY 2013-2014).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- SEC 54 OF IT ACT
- Form 26QB for TDS on property
- RCM - commercial rent paid to URP under GST
- Gst Sales of FY 2023-24
- TDS NUMBER SURRENDER
- TDS applicability on Service through ECO
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
- Regarding einvoice taken on nil rated sales
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
