IFCI INFRASTRUCTURE BONDS U/S 80CCF CLOSING DATE IS 31.08.10

Posted: 18 Aug 2010 05:36 AM PDT

The finance minister announced a new income tax section — 80CCF — which entitles a tax payer to exemptions on money invested in infrastructure bonds.On an investment of Rs 20,000, an individual in the 30% tax bracket can save Rs 6,000 of tax and earn an annual interest of 7.85-7.95%. So, it is a double benefit.the bonds will have a minimum tenure of 10 years, and investors will be locked in for five years. IFCI has already begun a private placement of unsecured redeemable, non-convertible...

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