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    Jul 13, 2010

    CBDT Notification about long term infrastructure bonds for exemption of section 80CCF

    Central board of direct taxes has issued a notification about long term infrastructure bonds for getting the exemption of 20000 rupees extra in section 80CCF of income tax act. Full notification is as under.

    No.402/92/2006-MC (34 of 2010)
    Government of India / Ministry of Finance
    Department of Revenue
    Central Board of Direct Taxes
    ***
    PRESS RELEASE
    New Delhi dated 9th July 2010
    Long-term Infrastructure Bonds

    The Central Government have specified bonds to be issued by (i)
    Industrial Finance Corporation of India; (ii) Life Insurance Corporation
    of India; (iii) Infrastructure Development Finance Company Limited; and
    (iv) 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. Investment in these bonds up to rupees twenty thousand will
    be eligible for deduction from the total income of the assessee. The
    deduction will be in addition to the deduction of rupees one lakh allowed
    under sections 80C, 80CCC and 80CCD of the Act.

    The tenure of the Bonds shall be a minimum of ten years with a
    lock-in period of five years for an investor. It will be mandatory for the
    subscriber to furnish permanent account number to the issuer for
    investment in the bonds.
    [Notification No.48/2010 dated 9th July 2010; F.No.149/84/2010-SO(TPL)]

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