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Deductions under section 80ccf the maximum amount of deduction that can be availed by an individual under this section is inr 20 000 per annum.
Section 80ccf. Section 80ccf of the it act contains provisions for certain tax deductions in a bid to attract investors and utilise funds efficiently. Section 80c of income tax is one of the tax saving sections of the income tax act that allows tax deductions upto inr 1 50 000 on investments. Article is republished with amendments considering the feedback received from our readers tags.
The present article explains the provisions of section 80ccf. Section 80ccf of the income tax act is a subsection of section 80c that provides the taxpayer with a deduction on the amount invested in specific government approved infrastructure bonds. 20 000 per year on total taxable income.
Assessment of income tax in india is administered by the income tax act of 1961 that came into effect from 1st april 1962. Which infrastructure bonds are eligible for deductions under section 80ccf. Section 80ccc of the income tax act 1961 allows tax deduction upto rs 100 000.
Section 80ccf offers tax saving benefits for taxpayers who invest in government approved infrastructure bonds. To claim tax deduction u s 80ccc an individual tax payer can invest in an annuity plan of the life insurance corporation of india or any other insurer for receiving pension i e under a recognized pension fund plan. This section can be used by both the individuals as well as the undivided families and this income tax section 80ccf gives the provision of tax deduction on subscribing long term infrastructure bonds which have been declared by the government where an individual can make a maximum deduction of up to 20 000 under this 80ccf.
Deduction under section 80ccf of the income tax act is available on investing amount in to long term infrastructure bonds. Section 80ccf is a subsection under section 80c. The current maximum deduction an individual is entitled to stands at rs 20 000 per year for investments in infrastructure and other tax saving bonds.
Section 80c contains a long list of deduction available to the assessee under income tax. This section enables the taxpayer to avail a deduction of upto rs. Section 80ccf is applicable to an individual or hindu undivided family for his investment in long term infrastructure bonds.
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