Deduction

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shamsheer (Querist)
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25 April 2012 Dear sir,
from this FY 2012-2013.Is the infrastructure bond allowed as deduction under (sec 80ccf) calculation of tax on salaries?

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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25 April 2012 no infrastructure bond deduction 80CCF is not available as deduction in F.Y. 2012-2013

new scheme will be introduce shortly for other than 80C limit of Rs. 1 Lacs... so Wait

shamsheer

shamsheer (Querist)
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25 April 2012 sir, actually last FY 2011-2012. one employee invested in infra bonds. and i taken deduction under sec 80ccf. same employee again shown this year also that amount can i take this year as deduction or not. my question is actually he started to invest in infra bond LSAT year. that same investment is continuing this year is allowable as deduction or not plz help me

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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25 April 2012 Deduction under sec 80CCF was available only for two F.Y,F.Y. 2010-2011 & 2011-2012 Now when H.F.M has taken back that eligibility for F.Y. 2012-2013

So, Please stop him/her to invest in I.B if he is investing for tax saving under 80CCF

for tax saving,new scheme will be available as below
Rajiv Gandhi Equity Savings scheme: It will provide income tax deduction of 50% for those who invest upto Rs.50,000 directly into equities and whose annual income is less than Rs.10 lakh, subject to a three -year lock in.

CA Dileep Surya Kumar

CA Dileep Surya Kumar (Expert)
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25 April 2012 The benefit of section 80CCF .i.e investment in infra bonds not yet notified, one can not take deduction for the A.y.2013-14 even same investment is continued.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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25 April 2012 now while calculating tax for F.Y. 2012-2013 please don't consider 80CCF investment as deduction. you have to deducted after subtract amount of 80CCF and then deduct TDS on it. but first do inform to your all employee to not invest in 80CCF for tax saving

shamsheer

shamsheer (Querist)
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25 April 2012 thank you sir

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