DEAR SIR
AN ASSESSEE TAKE INFRASTRUCTURE BONDS U/S 80CCF ON HIS MINOR DAUGHTER ASSESSEE IS QUALIFY TO GENT EXPEMTION U/S 80CCF PLEASE CLARIFY
4 Replies
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 14 February 2011
Permanent Account Number (PAN) to be furnished:- It shall be mandatory for the subscribers to furnish their PAN to the issuer;
not possible if taken in name of minor
MRINAL KANTI BOSE
(STUDENT)
(33 Points)
Replied 31 July 2011
80-CCF Infrastructure Bonds 2011:
The central government has classified the bonds on invest to them; the investors can get the tax benefit of Section 80CCF. These bonds have the tenure of 10 years. Investor who invests in these bonds can’t withdraw the funds for 5 years; it means 5 years is a lock period after which investor can withdraw some amount if they wish to. After 5 years which is a lock period, investor also can take loan against these bonds. These bonds are as under :-
1. LIC Infrastructure bonds. 5. IIFCL Infrastructure bonds.
2. PFC Infrastructure bonds. 6. PTC FINANCIAL SERVICES.
3. IDFC Infrastructure bonds. 7. REC Infrastructure bonds.
4. L & T Infrastructure bonds. 8. IFCI Infrastructure bonds.
Infrastructure bonds are offered by infrastructure finance companies, with prior approval of Govt. Of India. To promote the infrastructure growth, govt. have offered investors tax benefit max upto Rs.20,000/.
Investor in 30% tax bracket saves a tax of Rs.6000+Service tax + Ed sess = Rs.6,600/- .
If we consider an average rate of 8.30% per annum, calculation is as shown in the following table.
|
Capital Invested Rs.(A) |
Tax Bracket |
Tax Saved(ST + Cess)(B) |
Effective amount invested(A-B) |
Maturity value Rs. |
Effective Interest rate Compounded pa |
|
20,000 |
30% |
6,600 |
13,400 |
29,800 |
17.00% |
|
20,000 |
20% |
4,400 |
15,600 |
29,800 |
13.80% |
|
20,000 |
10% |
2,200 |
17,800 |
29,800 |
10.80% |
Though interest earned is taxable, all the debt products whether bank deposits, company deposits, debt funds get the same tax treatment and income is taxable in each case.
TAX SOLUTION,CONTRACT FOR ACCOUNT,AUDIT,I.T.RETURN,TDS,VAT,CST, P.TAX, SERVICE TAX,EXCISE DUTY,DSC,ROC & PASSPORT ALSO KINDLY CONTACT WITH US.
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Sakitram
(NA)
(189 Points)
Replied 07 August 2011
What are the Infrasture Bonds are open for purchase currently or near in the future?
Where can we find such news to check daily?
Thanks
Sandeep Surana
(Practicing Chartered Accountant)
(156 Points)
Replied 08 August 2011
No, Exemption Not Grant
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