shaktiman (Online) (48 Points)
01 May 2011What are the rules for tax saving for the financial year 2011 - 2012 ? I could not find them anywhere on the internet.
- Is the 80C (PPF/TAX saver FD) still valid and what is the current year limit
- What is the current limit on Infrastructure Bonds ?
Raman K Agarwal
(Director)
(22 Points)
Replied 01 May 2011
Since the Union Budget for FY 2011-12 has not been passed by the parliament to become the Act.
Hence you are not finding the 80C rules for FY 2011-12 on Internet.
But in Budget proposals there are no change vis-a-vis FY 2010-11 with regrads to 80C rules.
CA.SKR
(CA; CS-Final (One Group); DISA (ICAI); Insolvency Professional)
(442 Points)
Replied 01 May 2011
| Originally posted by : Raman K Agarwal | ||
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Since the Union Budget for FY 2011-12 has not been passed by the parliament to become the Act. Hence you are not finding the 80C rules for FY 2011-12 on Internet. But in Budget proposals there are no change vis-a-vis FY 2010-11 with regrads to 80C rules. |
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Dear Mr. Agarwal,
This is just for your information that Union Budget for FY 2011-12 has already been passed by both Houses of Parliament and thereafter has also received assent of President of India on 8th April 2011. Now it has become Finance Act, 2011.
Thanks
Praneet Kumar Bajpaie
(CA Final, CS)
(23 Points)
Replied 15 January 2012
| Originally posted by : prashant | ||
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What are the rules for tax saving for the financial year 2011 - 2012 ? I could not find them anywhere on the internet. - Is the 80C (PPF/TAX saver FD) still valid and what is the current year limit - What is the current limit on Infrastructure Bonds ? |
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1) The Current year limit stands at Rs.100000 for Section 80C.
2) The limit for Section 80 CCF (Infrastructure Bonds) is Rs.20000 which is over and above the limit for Section 80C but you need to make sure that the bonds have a minimum maturity of 5 years.
CAclubindia
