DEDUCTIONS ON INVESTMENT IN SPECIFIC BONDS
This query is : Resolved
06 January 2011
is there any recent amendment regarding enhencement of deduction regarding any specefic bonds ?
07 January 2011
Pl refer section 80CCF. Maximum permitted deduction is Rs.20,000/- per annum.
07 January 2011
sir thanks for the reply , but i will be thankful if u send me the link from where i can update my detailed knowledge regarding section 80CCF.
07 January 2011
Section 80CCF was introduced in Financial Budget 2010. The bonds covered under this section were informed to be specified later. Central government has now issued a press release indicating the list of bonds eligible for 80CCF exemption.
The Central Government has specified bonds to be issued by
Industrial Finance Corporation of India;
Life Insurance Corporation of India;
Infrastructure Development Finance Company Limited; and
A Non-Banking Finance Company classified as an infrastructure finance company by the Reserve Bank of India; as “Long-term Infrastructure Bond” for the purpose of section 80CCF of the Income Tax Act, 1961.
Investment in these bonds up to Rupees Twenty Thousand will be eligible for deduction from the Total income of the assessee.
The tenure of the Bonds shall be a minimum of ten years with a lock-in period of five years for an investor. It will be mandatory for the subscriber to furnish permanent account number to the issuer for investment in the bonds.
you can update ur knowledge by visiting http://www.onemint.com/2010/12/09/section-80ccf-infrastructure-bonds-faq/.
Hope u like it
The Central Government has specified bonds to be issued by
Industrial Finance Corporation of India;
Life Insurance Corporation of India;
Infrastructure Development Finance Company Limited; and
A Non-Banking Finance Company classified as an infrastructure finance company by the Reserve Bank of India; as “Long-term Infrastructure Bond” for the purpose of section 80CCF of the Income Tax Act, 1961.
Investment in these bonds up to Rupees Twenty Thousand will be eligible for deduction from the Total income of the assessee.
The tenure of the Bonds shall be a minimum of ten years with a lock-in period of five years for an investor. It will be mandatory for the subscriber to furnish permanent account number to the issuer for investment in the bonds.
you can update ur knowledge by visiting http://www.onemint.com/2010/12/09/section-80ccf-infrastructure-bonds-faq/.
Hope u like it
07 January 2011
Thanks vinu vasudevan SIR,
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
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Payment of bonus act - notice pay recovery
- MIS MATCH OF INVOICE NUMBER
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
