12 December 2011

Tax Saving Deduction u/s. 80CCF on Income Tax

For Financial Year 2010-11 & 2011-12 i.e. Assessment Year 2011-12 & 2012-13, a tax payer can claim deduction or Rs.20,000/- by investment in Infrastructure Bonds.
  • Deduction u/s.80CCF - is allowed in addition of Deduction of Rs.1,00,000/- available u/s.80C.
  • The deduction is available to assessees being Individual and Hindu Undivided Family (HUF) and not other assessees like Firms, Companies, Turst, etc.
  • During any financial year, Maximum Deduction allowed u/s. 80CCF is Rs.20,000/- only.
  • Investment is to be made in only Infrastructure Bonds notified by Central Government.
At present such Infrastructure Bonds are issued by :
  • L & T Infra Tax Saving Bonds 2011B Series open up to 24th December, 2011 with 9% Interest with Rating-(ICRA)AA+” from ICRA and “CARE AA+ from CARE
  • IDFC LONG TERM INFRASTRUCTURE BONDS open upto 16th December, 2011
    Rating- (ICRA)AAA” from ICRA and “Fitch AAA(Ind) from Fitch