Income Tax : Let me begin by describing the meaning of a Mutual Fund. It is a financial product that pools money of different individuals and i...
Income Tax : Section 80C replaced the existing Section 88 with more or less the same investment mix available in Section 88. The new section 8...
Income Tax : The Income Tax Act provides that on determination of the gross total income of an assessee after considering income from all the h...
Income Tax : DEDUCTION IN RESPECT OF LIFE INSURANCE PREMIA, DEFERRED ANNUITY, CONTRIBUTIONS TO PROVIDENT FUND, SUBSCRIPTION TO CERTAIN EQUITY S...
Income Tax : The deduction of Rs. 20000 under Section 80CCF for investment in infrastructure bonds was extended to A.Y. 2012-13 in last year bu...
Income Tax : Interest amount for the purpose of TDS be increased from Rs. 10,000/- to Rs. 25,000/- on fixed term deposits with banks, tax exemp...
Income Tax : The Indian economy is on a robust growth trajectory and the best way to be a part of Indias growth story is to invest in its lifel...
Income Tax : IFCI is in the process of raising more than Rs 100 crore from tax saving infrastructure bonds to fund infra projects. According to...
Income Tax : Infrastructure Development Finance Company (IDFC) today demanded that the Government raise the income tax-saving cap of Rs 20,000 ...
Income Tax : The state-owned Indian Infrastructure Finance Company Limited (IIFCL), is offering an unique feature for investors in its current ...
Income Tax : Notification No. 77/2010-Income Tax In exercise of the powers conferred by section 80CCF of the Income Tax Act, 1961 (43 of 1961),...
Income Tax : Notification No. 48/2010-Income Tax In exercise of the powers conferred by section 80CCF of the Income-tax Act, 1961 (43 of 1961),...
Let me begin by describing the meaning of a Mutual Fund. It is a financial product that pools money of different individuals and invests on their behalf into various assets such as equity, debt or gold as per the objective of the scheme. Based upon the investor’s financial goals and risk appetite, there are several funds to choose from.
Section 80C replaced the existing Section 88 with more or less the same investment mix available in Section 88. The new section 80C has become effective w.e.f. 1st April, 2006. Even the section 80CCC on pension scheme contributions was merged with the above 80C. However, this new section has allowed a major change in the method of providing the tax benefit. Section 80C of the Income Tax Act allows certain investments and expenditure to be tax-exempt.
The Income Tax Act provides that on determination of the gross total income of an assessee after considering income from all the heads, certain deductions therefrom may be allowed. These deductions detailed in chapter VIA of the Income Tax Act must be distinguished from the exemptions provides in Section 10 of the Act. While the former are to be reduced from the gross total income, the latter do not form part of the income at all.
DEDUCTION IN RESPECT OF LIFE INSURANCE PREMIA, DEFERRED ANNUITY, CONTRIBUTIONS TO PROVIDENT FUND, SUBSCRIPTION TO CERTAIN EQUITY SHARES OR DEBENTURES, ETC. [SEC. 80C, APPLICABLE FROM THE ASSESSMENT YEAR 2006-07] – SECTION 80C 1. Under section 80C, deduction would be available from gross total income. 2. Only an individual or a Hindu undivided family can claim deduction under section 80C. Eligible Amount -Any sums paid or deposited in the previous year by the assessee — 1. As Life Insurance premium to effect or keep in force insurance on life of (a) self, spouse and any child in case of individual and (b) any member, in case of HUF. Insurance premium should not exceed 20% of the actual capital sum assured.
Interest amount for the purpose of TDS be increased from Rs. 10,000/- to Rs. 25,000/- on fixed term deposits with banks, tax exemption of Rs. 20,000/- under section 80CCF for investing in Infrastructure Tax Free Bonds be reintroduced, bringing more transparency in gold and real estate transactions at par with equity transactions, to bring housing sector within the definition of infrastructure and encouraging long term funds for investment in housing sector among others.
The deduction of Rs. 20000 under Section 80CCF for investment in infrastructure bonds was extended to A.Y. 2012-13 in last year budget to promote investment in infrastructure sector for its growth and development. But this time Mr. FM was silent on its continuance or otherwise. The lack of clarity on its scraping is a major concern. Views and expectations of Industry are mixed one, some expecting its continuance and some anticipating its scrapping. In my considered view the deduction shall likely be available next year also even though there is no announcement in the Budget in this regard. This view is further supported from the fact that Government has allowed Rs. 60000 Crore to be raised via tax-free infrastructure bonds this year.
Deduction under section 80CCF of the Income Tax Act is available on investing amount in to ‘long term infrastructure bonds’. The present article explains the provisions of section 80CCF. Person eligible for deduction under section 80CCF Deduction under section 80CCF is available to the following categories of persons – An individual; and A Hindu Undivided Family (HUF). […]
Mr. Suneet Maheshwari, CEO of L&T Infrastructure Finance Company Limited which opened Tranche 2 of its tax saving infra bonds, expects huge infrastructure investments in India over the next 5 years . While highlighting the strong future prospects of infrastructure sector in India, he said that Infrastructure bonds are a boon to the economy and the tax payers.
issue of Long Term Infrastructure Bonds by Srei Infrastructure Finance Limited – Issue of first tranche of infrastructure bonds (Bonds) by the Company under Section 80CCF of the Income Tax Act, 1961. Resident individuals and HUFs eligible for deduction of up to Rs 20,000 in computation of taxable income for the current financial year. CARE AA Credit Rating by CARE indicating high degree of safety with regards to timely servicing of financial obligations. The Bonds Issue opened on December 31, 2011 and closes on January 31, 2012 The Bonds are proposed to be listed on BSE Limited
PTC India Financial Services Ltd. (PFS) has launched infrastructure bonds in the name as PFS Long Term Infrastructure Bond – Series 2, under section 80CCF of face value of Rs. 5000/- each to remain open till February 29, 2012 for subscription.
