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Income Tax

CA.Anuj kumar sharma (Service in Public Ltd. Co.) (99 Points)

22 February 2008

Dear ALL,

I just wanna know wheather SBI Infrastructure fund I Growth is covered under sec 80C or not.

Kindly reply at the earlist.

Thanks

Anuj

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4 Replies

CA. Gurdeep Singh Chawla (C A) (7080 Points)
Replied 22 February 2008

If it is ELSS then exempt u/s 80C.

pushpendra (Director- FinMAT Consultants) (1703 Points)
Replied 22 February 2008

This is not eligible u/s 80C

(Guest)

what is meant by income

(Guest)

1.Income Tax is levied on net not on gross. Except salaried class all are allowed to deduct their all expenses incidental to their earning as per their wish, Salaried class was allowed to deduct their expenses since 1922 to 2004 but after disallowance of standerd deduction salaried people are bound to pay on gross. Exemption limit is same for all but salaried on gross others are on Net, what a decision of law expert Finance Minister ! 2.Business income is taxed after deducting all Govt. Taxes except wealth tax,I.Tax, FBT paid by them (which are recovered by them from their customers)out of gross receipts, While others are not allowed to deduct all taxes paid to the Govt.Service tax paid must also be allowed to be deducted out of gross receipts in case of other assessees. 3.Supreme court and high court Justice and members of parliament are provided bunglow at posh areas having substantial value but not added to their income but in others the value of house is added. Sincerely yours Dr. Rajiv. K. Gupta (Reader) Deptt. Of Commerce & Bus. Adm. Govt. Post Graduate College, Noida 9868106027(m) 0120-2500372