25 April 2012
sir, actually last FY 2011-2012. one employee invested in infra bonds. and i taken deduction under sec 80ccf. same employee again shown this year also that amount can i take this year as deduction or not. my question is actually he started to invest in infra bond LSAT year. that same investment is continuing this year is allowable as deduction or not plz help me
25 April 2012
Deduction under sec 80CCF was available only for two F.Y,F.Y. 2010-2011 & 2011-2012 Now when H.F.M has taken back that eligibility for F.Y. 2012-2013
So, Please stop him/her to invest in I.B if he is investing for tax saving under 80CCF
for tax saving,new scheme will be available as below Rajiv Gandhi Equity Savings scheme: It will provide income tax deduction of 50% for those who invest upto Rs.50,000 directly into equities and whose annual income is less than Rs.10 lakh, subject to a three -year lock in.
25 April 2012
The benefit of section 80CCF .i.e investment in infra bonds not yet notified, one can not take deduction for the A.y.2013-14 even same investment is continued.
25 April 2012
now while calculating tax for F.Y. 2012-2013 please don't consider 80CCF investment as deduction. you have to deducted after subtract amount of 80CCF and then deduct TDS on it. but first do inform to your all employee to not invest in 80CCF for tax saving
CAclubindia
