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TAX FORUM: QUESTIONS & ANSWERS

There is no increase in the limit for exemption under Sec. 80C for current year’s income. There are no new bonds also. Notification No. 293/2007, dated December 31, 2007, will implement the relief provided by the Finance Act, 2007, vide Sec. 80C(2)(xxii) by recognising the Nabard Rural Bonds of National Bank for Agriculture and Rural Development (Nabard) for Rs. 5,000 crore for the purposes of the said relief. Though this Notification dated December 31, 2007, comes into effect from April 1, 2008, it is applicable for assessment year 2008-09 covering the income of the financial year 2007-08 ending on March 31, 2007.

S. RAJARATNAM

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