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Elss exemption for fy 12-13

lexbery (d) (227 Points)

26 December 2012

is elss investment of 1 lac under sec 80c applicable for deduction for the fy 12-13,ay 13-14??plz calrify.

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Deepak Gupta (CA Student) (15922 Points)
Replied 26 December 2012

Originally posted by : lexbery
	is elss investment of 1 lac under sec 80c applicable for deduction for the fy 12-13,ay 13-14??plz calrify.

Deduction is available.
.
For your satisfaction you can refer CIRCULAR NO. 8/2012 [F.NO. 275/192/2012-IT(B)], DATED 5-10-2012, where it is mentioned that for purpose of TDS Calculation on Salary for FY 2012-13, the above mentioned deduction is available.

"The investments made after 1-4-2006 in plans formulated in accordance with Equity Linked Saving Scheme, 1992 or Equity Linked Saving Scheme, 1998 shall also qualify for deduction under section 80C".

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manoj (student) (5205 Points)
Replied 26 December 2012

Any subscripttion made to any units of any Mutual Fund, of section 10(23D), or from the Administrator or the specified company referred to in Unit Trust of India (Transfer of Undertaking & Repeal) Act, 2002 under any plan formulated in accordance with any scheme as the Central Government, may, by notification in the Official Gazette, specify in this behalf;

[The Central Government has since notified the Equity Linked Saving Scheme, 2005 for this purpose vide Notification S.O. No. 1563(E), dated 3-11-2005]

The investments made after 1-4-2006 in plans formulated in accordance with Equity Linked Saving Scheme, 1992 or Equity Linked Saving Scheme, 1998 shall also qualify for deduction under section 80C.