9911796707
TMI BlogINCOME-TAX DEDUCTIONX X X X Extracts X X X X X X X X Extracts X X X X ..... INCOME-TAX DEDUCTION X X X X Extracts X X X X X X X X Extracts X X X X ..... a Hindu undivided family (HUF) for:- (i) making investments in certain savings instruments; or (ii) incurring expenditure on tuition fee and repayment of housing loan. With a view to encourage sm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all savings, the Government has taken a policy decision to include the investments made in the following two deposit instruments within the ambit of Section 80C:- (i) Five Year Post Office Time Depo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sit Account; and (ii) Senior Citizens Savings Scheme. Therefore, the investment by an individual or a Hindu undivided family (HUF) in these two instruments during the previous year 2007-08 (relevan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t to assessment year 2008-09), and subsequent years, shall be eligible for deduction under section 80C of the Income-tax Act, subject to the overall ceiling of Rs. One lakh in that section. It is furt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... her clarified that investments made on or after 1.4.2007 (i.e. from the beginning of the financial year 2007-08) shall be eligible for this deduction. Drawing and Disbursing Officers (DDOs) may take ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such investments into consideration while determining the TDS liability of an employee for the previous year 2007-08 (relevant to assessment year 2008-09) and subsequent years. X X X X Extracts X X X X X X X X Extracts X X X X ..... se - PIB ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
