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of <h1>New Section 80CCF Introduced: Claim Extra 20,000 Deduction on Long-Term Infrastructure Bonds from April 2011.</h1> Clause 24 of the Finance Bill, 2010 proposes the insertion of section 80CCF into the Income-tax Act, effective from April 1, 2011. This section allows individuals and Hindu undivided families to claim an additional deduction of up to twenty thousand rupees for subscriptions to long-term infrastructure bonds, as notified by the Central Government. This deduction is in addition to the existing one lakh rupees limit for tax savings under the Act. The amendment applies to the assessment year 2011-2012.
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