Deduction under section 80C
It has already declared that the special deduction of Rs. 20,000/- (Twenty thousand only) can also be availed w.e.f. 01.04.2010 through investment in some specified bonds. Now bonds have been decided and published in the Gazette of Inida by the Central Board of Direct Taxes under Notification No. 48/2010/F.NO. 149/84/2010-SO (TPL). Some details regarding bonds are given as under :-
1) Name of Bond:- Name of the Bond will be "Long-term Infrastructure Bond.
2) Who can Issue these Bonds:-
- Industrial Finance Corporation of India
- Life Insurance Corporation of India.
- Infrastructure Development Finance Company Limited.
- A Non-Banking Finance Company classified as as Infrastructure Finance Company by the REserve Bank of India.
3) Time Limit for Issuance of Bonds
These bonds will be issued minimum for the period of ten years with lock in period for five years.
4) Pan Number is mandatory for the subscriber
It means there are lot of limitations on these bonds. Before taking action, everyone should read below Notification carefully.