08 March 2012
As per section 80L of 1961act, individuals are entitled to receive tax deductions on their interest or dividend incomes and the maximum amount of such deduction is provided for, as Rs. 15,000. Some of the prominent investments that are entitled to receive tax deductions comprise:
Investment in under monthly income scheme of the post office Investment in Debentures or Bonds of an institution/ authority/ public sector company/ cooperative society or other such organization notified by central government. Investment in with banking institutions Investment in under other schemes which are notified by central government like national saving schemes, time deposit schemes, recurring deposit schemes. Investment in units of UTI and Mutual Funds (under Section 10(23D) of the Income Tax Act) Investment in co-operative societies Investment in under National Deposit Schemes as notified by Central Government
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