If you wish to receive emails/sms from Kolhapur Branch, please write your contact details to kopbr.icai@gmail.com

Saturday, July 24, 2010

Notified Long-term Infrastructure Bonds for sec 80CCF of IT Act

CBDT has notified New infrastructure Bonds u/s 80CCF.An Individual or HUF can invest in these new infrastructure Bonds upto Rs 20000/- in a Financial years.
Main features of this new section and new notification is given below
  1. New section can be availed by individual or HUF only.
  2. 20000/- rs can be invested in a Financial year to avail deduction under section 80CCF
  3. 20000/- Limit is in addition to 100000/- Limit of setion 80C,80CCC,80CCD
  4. Tenure of the Bonds will be 10 Years.
  5. However Lock in period is 5 years ,after 5 years investor can withdraw money from the bonds
  6. After lock in period ,Investor can take loan against these Bonds  
  7. Issuer of the Bonds is LIC,IFCI,IDFC and other NBFC classified as infrastructure company.
  8. Permanent account Number is must to apply these bonds.
  9. Yield of the bond – The yield of the bond shall not exceed the yield on government securities of corresponding residual maturity, as reported by the Fixed Income Money Market and Derivatives Association of India (FIMMDA), as on the last working day of the month immediately preceding the month of the issue of the bond. 

No comments:

Post a Comment