Deduction
This query is : Resolved
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?
from this FY 2012-2013.Is the infrastructure bond allowed as deduction under (sec 80ccf) calculation of tax on salaries?
Murtaza I Bhagat
(Expert)
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
new scheme will be introduce shortly for other than 80C limit of Rs. 1 Lacs... so Wait
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
(Expert)
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.
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.
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
(Expert)
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- EPF ECR NEW FILE SEP 17TH 2026
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- Under marginal scheme
- Oct 2025 Invoices
- Non filing of I T Returns
- TAX AUDIT ON PROFESSIONAL INCOME
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
