Finance Minister has announced in the Budget 2011 that deduction of Rs. 20,000 u/s 80CCF in addition to the limit of Rs. 1 lac u/s 80C is extended for one more year. Deduction u/s 80CCF for investment in specified long term infrastructure bond will continue to be available for financial year 2011-12 also. This amendment will take effect from 1st April 2011 and applicable for assessment year 2012-13.

The benefit of saving tax through Infrastructure Bonds is available for Individuals and Hindu undivided families for making investment in the relevant financial year. Investment upto a maximum of Rs.20,000 would be deductible from the total taxable income of the assessee.

Bonds issued by Industrial Finance Corporation of India, Life Insurance Corporation of India, Infrastructure Development Finance Company and other RBI classified infrastructure finance companies are eligible for deduction u/s 80CCF.

We at Taxmantra.com aim to free you from all tax worries so that you can concentrate fully on your core expertise and optimise your career potential. We at www.taxmantra.com provide full year support solving all your tax issues, in addition to filing of your return of income with excellent tax planning.

Get in touch with us to file tax return online today and stay hassle free!