This is the time of the year when every organisation wants you to provide the Income Tax proof for the purpose of annual tax calculations. As part of the routine investment declaration exercise in the earlier part of this year, you may have mentioned in our Investment declarations that you would be investing a sum of Rs20000 in Infrastructure bonds.
But, alas, the Union Budget of 2012 passed by the Parliament does not provide for extension of tax breaks to Infrastructure bonds under section 80 CCF of Income Tax Act. The income tax extension for investing in tax free bonds to the extent of Rs20000 is not available for the current Financial Year 2012-13. That is the reason, you have no infrastructure bonds issued so far this year. Therefore, please take this into account and don't wait for infrastructure bonds to be issued by companies.
The bottomline is there are going to NO infrastructure bonds this year for you to invest and claim tax deduction u/s 80CCF.
The next logical question is, are there investment options to claim the tax benefit. Yes, there are plenty. I will cover that in the next couple of weeks.
Happy Weekend to you!!
But, alas, the Union Budget of 2012 passed by the Parliament does not provide for extension of tax breaks to Infrastructure bonds under section 80 CCF of Income Tax Act. The income tax extension for investing in tax free bonds to the extent of Rs20000 is not available for the current Financial Year 2012-13. That is the reason, you have no infrastructure bonds issued so far this year. Therefore, please take this into account and don't wait for infrastructure bonds to be issued by companies.
The bottomline is there are going to NO infrastructure bonds this year for you to invest and claim tax deduction u/s 80CCF.
The next logical question is, are there investment options to claim the tax benefit. Yes, there are plenty. I will cover that in the next couple of weeks.
Happy Weekend to you!!
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