Reply to Notice u/s 245, Intimations u/s 143(1), Rectification Applications u/s 154

Welcome to TAXSENSE SOLUTIONS - File Returns at https://incometaxindiaefiling.gov.in/

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You use the correct form especially if you have exempt income like House Rent Allowance, Conveyance Allowance or any other exempt income of more than 5000.(for AY 2015-16 ie FY 2014-15)


Also declare Savings Bank Interest which is now Tax Free u/s 80TTA

Sunday, July 11, 2010

Invest in Bonds of IFCI, IDFC, LIC & NBFC's & get deduction upto Rs.120000 U/S 80 C (Sec 80CCF)

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 Rs.20000 will be eligible for deduction from the total income of the assessee. The deduction will be in addition to the deduction of Rs.100000 allowed under sections 80C 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.
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