Financial Daily from THE HINDU group of publications
Sunday, May 29, 2005
Financial Daily from THE HINDU group of publications Sunday, May 29, 2005 |
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Investment World
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Income Tax Columns - Tax Talk Beyond five lakh T. Banusekar
ARE any tax benefits available on savings if the income exceeds Rs 5 lakh? Jerome George Reply The deduction under Section 80C will be available in respect of certain modes of savings and in respect of certain payments even if the income exceeds Rs 5 lakh. This provision will be applicable for the assessment year 2006-07 (previous year 2005-06). You may also note that the deduction under Section 80C will not be available for the assessment year 2005-06 (previous year 2004-05). Up to that year in respect of savings and certain payments, rebate was available under Section 88. Such rebate would not have been available for the assessment year 2005-06 if the gross total income had exceeded Rs 5 lakh.
Mail your queries to taxtalk@thehindu.co.in or by post to `Tax Talk', Business Line, Kasturi Buildings, 859, Anna Salai, Chennai-600002.
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