Additional Deduction of Rs 20,000 on long-term Infrastructure Bonds
Finance Minister Pranab Mukherjee in his budget speech on Friday said the government would allow a deduction of up to 20,000 rupees for investments in long-term infrastructure bonds. Additional deduction of Rs 20,000 allowed on long-term infrastructure bonds for income tax payers; will be above Rs 1 lakh on saving instruments allowed already.
Section 80C allows a deduction for specific investment, contribution, deposits or payments made by the taxpayer during the tax year.
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