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80CCF Infra bonds saving abolished w.e.f. FY 2012-

Posted @ July 13, 2012, 3:46 am under (Payroll Outsourcing & Taxation)

Deduction under 80 CCF Discontinued from Assesment Year 2013 -14

Section 80 CCF reads as follows:- “ In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted, the whole of the amount, to the extent such amount does not exceed twenty thousand rupees, paid or deposited, during the previous year relevant to the assessment year beginning on the 1st day of April, 2011 [or to the assessment year beginning on the 1st day of April, 2012], as subscription to long-term infrastructure bonds as may, for the purposes of this section, be notified by the Central Government.]”

The section has not been amended this year to provide for deduction with respect to Previous year commencing on 1st day April 2012 i.e. AY 2013-14.


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