Finance Minister had introduced a new section 80CCF under the Income Tax Act, 1961 that provides income tax deduction on investing in Infrastructure bonds. Till last year, one could invest only Rs 1 lac and save Rs 30,900 in tax if you were in the highest tax bracket i.e. 30%, under Section 80C of the Income Tax Act. However, from the current year, it is possible to invest an additional Rs 20,000 in infrastructure bonds under Section 80CCF.
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