Financial Daily from THE HINDU group of publications
Sunday, Jul 10, 2005
Financial Daily from THE HINDU group of publications Sunday, Jul 10, 2005 |
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Investment World
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Income Tax Columns - Tax Talk Finance Bill on Section 80C T. Banusekar
IN ANSWERING one of the queries in this column ( May 15, Business Line) you had stated that the deduction u/s.80C will be available only if the payment or investment is made out of income chargeable to tax. The Finance Minister has clarified that the exemption will be available even if the payment is not out of income chargeable to tax. Kindly clarify. T. N. Menon Reply
You are right in stating that the deduction under Section 80C will be available even if the payments and investments are not out of income chargeable to tax. The Finance Bill proposed that the deduction would be available only if the payment or investment is made out of income chargeable to tax. However, the Finance Act, which received the assent of the President on May 13, has deleted the said condition. The columnist is grateful for pointing out the discrepancy and thanks the reader for the same.
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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