Examine the correctness of the following statements and provide answer with reference to the provisions contained under the Income-tax Act, 1961: (2) Subscription to notified bonds of NABARD would qualify for deduction u
CS Professional · Advanced Tax Laws and Practice · PYQS · December 2020
Examine the correctness of the following statements and provide answer with reference to the provisions contained under the Income-tax Act, 1961: (2) Subscription to notified bonds of NABARD would qualify for deduction under section 80C of the Income Tax Act, 1961.
Answer & Explanation:
The statement is Correct: As per section 80C(2) of the Income Tax Act, 1961, subscription to such bonds issued by NABARD (as the Central Government may notify in the Official Gazette) would qualify for deduction under section 80C of the Income Tax Act, 1961.
Topics: Income Tax Act, 1961
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