Some income is tax-free. The current tax year is from 6 April 2017 to 5 April 2018.Income Tax rates and bands. The table shows the tax rates you pay in each band if you have a standard Personal Allowance of 11,500. Detail analysis of the provisions of Section 80CCF (Deduction in respect of subscription to long-term infrastructure bonds) of Income-tax Act 1961 as amended by latest Finance Act 2017. Deduction under various sections: Tax Deduction is a legal way to reduce the income hence the tax that one needs to pay. One can claim the reduction under different heads like 80C (limit 1 lakh), 80CCF(limit 20,000) etc. Its time that we discuss some highlights of the section 80 CCF of the income tax . We all know the existence of section 80 C, 80 CCC and 80 CCD wherein we are allowed to save/ subscribe to some of the specified instruments. I am a 70 years old senior citizen earning an income of about Rs.4 lakh per annum from pension and rent from property before payment of Income tax. I know Rs.1 lakh can be deducted from my income under Section 80 C of the I.T. Act to save on income tax. Section 80ccf.
The tax saving sections under Income Tax Act include 80C, 80CCC, 80CCD, 80CCE. One can save tax by investing in any of these sections, however, section 80C is the most fulfilling one. Section 80CCF of Income Tax was an addition in the Financial Year 2010-11, under which an investment of upto Rs 20,000 made in certain infrastructure bonds qualified for additional tax deduction. Section 80 CCF: The Section 80 CCF of the Indian IT Act 1961 provides rebates on the investment in long-term infrastructure bonds offered under the ambit of government notification.The investor can avail rebate up to 1.5 lakhs under the Income Tax Section 80C. What is Section 80CCF? 80CCF is section of Income Tax Act proposed by Government of India in Union Budget 2010, in which individual can invest in Long Term Infrastructure Bond and get tax exemption of 20,000/- per financial year. 80CCF of the income tax act, 1961 series - I. Minimum application size : rs.Unsecured, Redeemable, Non-Convertible Long Term Infrastructure Bonds withbenefits under section 80CCF of the Income Tax, 1961. The income tax code provides income tax deductions under Section 80C to Section 80U for various investments, expenses and payments made by the individual or a Hindu Undivided Family (HUF) in a given financial year. Section 80CCF - Save Income Tax (IT) through investment in infrastructure bonds power finance corporation limited public issue of long term infrastructure bonds. , incometax deduction for pfc infra. What is Section 80CCF of the Income Tax Act?This section is used to complement the tax benefits offered by Section 80C, and provides additional deductions over and above those listed under Section 80C. 1 lac under section 80C, you can still save tax. Government has given new avenue to save tax u/s 80CCF.In the last Budget, a new provision for tax-saving investments, section 80CCF, was added to the Income-tax Act.
3. Section 80CCF-Infrastructure Bonds. This section provides deduction to individuals uptoRs. 20,000 in addition to the existing Rs.1,00,000 limit.Tags: Section 80 C. Related Posts: Income Tax Refund Scam. Nps Tax Benefit Experts Differ On How To Claim Additional Nps Tax Benefit Sec 80ccd 1b, Tax Deduction Section 80c 80ccc 80ccd 80ccf 80d 80dd, Income Tax Deductions 2016 17 For Tax Planning. Section 80CCG - Income Tax - Bare Act. After section 80CCF of the Income- tax Act, the following section shall be inserted with effect from the 1st day of April, 2013, namely 80CCF Benefit: The Bonds have been classified as Long Term Infrastructure Bonds as per the terms of Section 80CCF of the Income Tax Act.2. No income tax is deductible at source on interest on bonds as per the provisions of section 193 of the I.T. File Income Tax Returns online with ClearTax. Government Authorized, ClearTax is fast, safe and very easy to use. Save money.We maximize your deductions by handling all deductions under Section 80 like section 80C, 80D, 80CCF, 80G, 80E, 80U and the rest. What is the additional tax benefit under Section 80CCF? All of you know that you can reduce your taxable income by investing in certain instruments like tax saving fixed deposits, or tax saving mutual funds, but the limit on the deduction from your taxable income is Rs. Section 80CCF was introduced in Financial Budget 2010.A Non-Banking Finance Company classified as an infrastructure finance company by the Reserve Bank of India as Long-term Infrastructure Bond for the purpose of section 80CCF of the Income Tax Act, 1961. Section 80CCF: Investment in Long Term Infrastructure Bond.Govt plans to sell 25 stake in General Insurance cos. Contractors Plant and Machinery (CPM) Insurance. Guide to Income Tax Section 80 Deductions. In Budget 2010, Income tax slabs were changed. Additional deduction for investing up to Rs 20,000 in infra bonds under Sec 80CCF.Get instant notifications from Economic Times Allow Not now. You can switch off notifications anytime using browser settings. SECTIONS. Section 80CCF allows individuals to invest Rs.Tax Benefits: Under section 80CCF of the Income Tax Act, Rs 20,000 per annum paid or deposited as subscription to long term infrastructure bonds shall be deducted in computing the taxable income. Section 80CCF Income Tax Act, 1961 New Section Introduced in Income Tax Act 2011: Section 80CCF was introduced in the20,000 in infrastructure bonds, and reduce this amount from taxable income. This exemption is in addition to the Rs. 100,000 deduction under section 80C (Investment in The deduction under Section 80CCF is over and above the deduction available under Section 80C, thereby helping a taxpayer save more by smartly using this component of the Income Tax Act. Section 80CCF was introduced for the financial year 2010-2011. It is a fantastic tax saving instrument if you have money to invest for 4-5 years.Tax Deductions for Disabled Income Tax Notice Income Tax Penalty Income Tax Refunds income tax return Income under the head Salaries Incomes Incometax-India » sections.Section 80CCF of Income Tax was an addition in the Financial Year 2010-11, under which an investment of upto Rs 20,000 made in certain Tax Benefits: Under section 80CCF of the Income Tax Act, Rs 20,000 per annum paid or deposited as subscription to long term infrastructure bonds shall be deducted in computing the taxable income. Section 80CCF is applicable to an Individual or Hindu Undivided Family for his investment in Long Term Infrastructure Bonds.Now you can claim your tax refund for six years and carry forward losses. Documents required while filing income tax return. The Constitution of India Schedule VII Union List Entry 82 has given the power to the Central Government to levy a tax on any income other than agricultural income, which is defined in Section 10(1) of the Income Tax Act, 1961. Income Tax Deductions helps to reduce your taxable income. These are available under sections 80C to 80U of the IT Act, 1961.80CCF is on Long Term Infrastructure Bonds. 80CCG comes under Investment Equity saving Scheme. IDFC Infrastructure Bond January 17, 2011 | SIMPLE TAX INDIA.Fin-telli: Tax benefits under Sec 80C, 80CCF, 80D, 80G and 80E. SREI Tax Saving Infra Bond 80CCF Infrastructure Bonds to Typically, as a salaried tax payer youll need to have the following items at hand for filing your Income Tax Return. This might vary on a case by case basis.Other (less common) documents: Proof of investment under Section80CCF Download pre filed xml file from download section from Income tax e filing site and then import it in excel utility as given in point - 1 above and fill other data as required,prepare xml file and upload it on income tax e filing site. ITR1 For Individual/HUF List of Income Tax Deduction under section 80C, 80CCG, 80D, 80DD, 80E,80G, 80GG to 80U Summary and List of Income Tax Deductions Income Tax Deduction U/s 80CCF is a deduction on Long Term Infrastructure Bonds.Deductions: Deductions will be given to the assessee as per Section 80C 80U Income Tax Act, 1961. Total Taxable Income is the income that is liable to tax. Short Term Capital GainS (Covered under section 111A). III. Long Term Capital Gains (Charged to tax 20).Winnings from Lottery, Crossword Puzzles, etc. 30. Income Tax Payable. 1,50,00012 is the aggregate of the deduction that may be claimed under sections 80C, 80CCC and 80CCD. 2. The sums paid or deposited need not be out of income chargeable to tax of the previous year.80CCF. The government provides tax deductions for investments made under various sections of income tax to exempt the tax liability up to the permissible limit. One such section is 80 C of IT Act, 1961 which enables you to save tax for the investments made using various tax saving instruments. So here I have listed all the useful income tax deductions that an individual tax payer can claim under income tax act 1961 like section 80C, 80CCC, 80CCD, 80CCF, 80D, 80DD, 80E, 80G , 80GG, 80U, 80RRB and 80QQB. Section 80CCF.Income Tax Deduction on Investment in PPF and Provident Funds. An individual can claim deductions in the name of self, spouse, and children (even if major) for deposits made in PPF accounts. Income Tax Deductions Under Section 80 - A Comprehensive guide for section 80 including 80 D, 80C etc. Know the options to save tax deductions under section 80 of Income tax act India. Under Income Tax Act, 1961 Section 80CCF, IDFC has introduced infrastructure bonds for subscription.There are many individuals those who want to know whether the interest earned through these bonds will be free from tax or they will be taxable. As per section 208 of Income Tax Act 1961, every person whose estimated tax liability for the year exceeds Rs.In other words, Advance Tax is payment of the Income Tax in equal parts throughout the year, rather than paying the lump-sum tax amount at the end of the year. Income Tax Slab for Financial Year 2012-13 As per the budget 2012-13, the income tax slab for Financial year 2012-2013 has changed.The tranche 2 of tax saving Long Term Infrastructure Bonds under section 80CCF is available till 25th Feb. Subject: income-tax deduction from salaries during the financial year 2011-2012 under section 192 of the income-tax act, 1961. Tax Benefits: Under section 80CCF of the Income Tax Act, Rs 20,000 per annum paid or deposited as subscription to long term infrastructure bonds shall be deducted in computing the taxable income. Investment limit under section 80C of the Income-Tax Act raised from Rs.
1 lakh to Rs.PS : 1A) Section 80CCF : Infrastructure Bonds : (NOT PERMITTED FROM FY 2012-13) onwards) Track Application. Login. Income Tax Deductions under Section 80C to 80U What is Tax Deduction? Tax deduction helps in reducing your taxable income.80CCF: Tax deduction for subscription to notified long-term infrastructure bonds.