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Withdrawal of Section 80L
July, 24th 2006

With the introduction of the new IT Form 2F grabbing all the attention, not enough was paid to an important amendment that led to the withdrawal of deduction under Section 80L in respect of interest on bank deposits etc.

From April 1, 2005, every rupee of interest earned on all types of bank deposits, tax saving bonds, etc., has become taxable. But except for the well-informed, not many are aware of this change and many will end up not paying the right amount of tax for the year ended March 31, 2006.

Although the Income Tax department has set up help centres in metros, there is an urgent need to educate salaried tax-payers about implications of withdrawal of Section 80L.

Narendra M.Apte

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