Section 80CCF of Income Tax Act for AY 2023-24

Section 80CCF of Income Tax Act 1961 amended by Finance Act and IT Rules 1962. Deduction for subscription to long-term infrastructure bonds.

Amended and updated notes on section 80CCF of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to deduction in respect of subscription to long-term infrastructure bonds.

Chapter VIA (Sections 80A to 80U) of the Income Tax Act 1961 deals with the provisions related to deductions to be made in computing total income. Section 80CCF of IT Act 1961-2023 provides for deduction in respect of subscription to long-term infrastructure bonds.

Recently, we have discussed in detail section 80CCE (limit on deductions under sections 80C, 80CCC and 80CCD) of IT Act 1961. Today, we learn the provisions of section 80CCF of Income-tax Act 1961. The amended provision of section 80CCF is effective for financial year 2022-23 relevant to the assessment year 2023-24.

In this article, you will learn detail of the provisions of section 80CCF of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962, regulations, notifications, circulars, orders and Press Release by CBDT, Income Tax Department and the Ministry of Law and Justice, Government of India.

Section 80CCF: Deduction in respect of subscription to long-term infrastructure bonds

In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted, the whole of the amount, to the extent such amount does not exceed twenty thousand rupees, paid or deposited, during the previous year relevant to the assessment year beginning on the 1st day of April, 2011 or to the assessment year beginning on the 1st day of April, 2012, as subscription to long-term infrastructure bonds as may, for the purposes of this section, be notified by the Central Government.


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