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QUESTIONS & ANSWERS

In The Hindu dated March 3, 2008, on the amendments proposed in the Finance Bill, 2008, you have indicated that Post Office Time Deposits and deposits under Senior Citizens Savings Scheme could also count for Sec. 80C from assessment year (AY) 2009-10. But I remember reading a Press Note from the Government that it should be available even for AY 2008-09?

The reader is right that this amendment though proposed in the Finance Bill, 2008, should be applicable, since Sec. 1(2) of the Finance Bill applies from April 1, 2008, where no date on which effective date is mentioned for the amendment so that it should be applicable for AY 2008-09 itself on the Bill becoming law.

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