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INCOME-TAX DEDUCTION

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....NCOME-TAX DEDUCTION <br>News and Press Release<br>Dated:- 29-12-2007<br><BR>INCOME-TAX DEDUCTION Section 80C of the Income-tax Act provides for a deduction of up to Rs. One lakh to an individual or a....

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.... 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 sma....

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....ll 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 Depos....

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....it 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 (relevant....

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.... 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 furth....

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....er 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 ....

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....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.<BR> News - Press releas....

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....e - PIB....