India - Income Tax Act 2010 - Saarc

S. 80C I.T. ACT, 1961 1.382(6) 7 [* * *](7) 8 [* * *](8) 9 [* * *](9) 10 [* * *].]B.—Deductions in respect of certain payments11[Deduction in respect of life insurance premia, deferred annuity, contributionsto provident fund, subscription to certain equity shares or debentures, etc.1280C. 13 (1) In computing the total income of an assessee, being an individual ora Hindu undivided family, there shall be deducted, in accordance withand subject to the provisions of this section, the whole of the amount paid ordeposited in the previous year, being the aggregate of the sums referred to in subsection(2), as does not exceed one lakh rupees.(2) The sums referred to in sub-section (1) shall be any sums paid or depositedin the previous year by the assessee—(i) to effect or to keep in force an insurance on the life of personsspecified in sub-section (4);(ii) to effect or to keep in force a contract for a deferred annuity, notbeing an annuity plan referred to in clause (xii), on the life of personsspecified in sub-section (4):Provided that such contract does not contain a provision for theexercise by the insured of an option to receive a cash payment in lieuof the payment of the annuity;(iii) by way of deduction from the salary payable by or on behalf of theGovernment to any individual being a sum deducted in accordancewith the conditions of his service, for the purpose of securing to him7. Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.8. Omitted by the Finance Act, 1972, w.e.f. 1-4-1973.9. Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.10. Omitted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976.11. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006. Earlier section 80C was omitted by theFinance Act, 1990, w.e.f. 1-4-1991.12. Subject-matter of section 80C has been dealt with by different sections at different times,viz., (i) section 87 as originally enacted; and (ii) original section 80A as introduced by theFinance Act, 1965, w.e.f. 1-4-1965. Section 80C was introduced by the Finance (No. 2) Act,1967, w.e.f. 1-4-1968 and the same was replaced by section 88 w.e.f. 1-4-1991. Section 80Cwas again reintroduced in place of section 88 w.e.f. 1-4-2006.13. Section 80C on earlier occasions was amended by the Finance Act, 1968, w.e.f. 1-4-1969,Finance Act, 1969, w.e.f. 1-4-1970, Finance Act, 1970, w.e.f. 1-4-1971, Finance (No. 2) Act,1971, w.e.f. 1-4-1972, Finance Act, 1972, w.e.f. 1-4-1973, Finance Act, 1973, w.e.f. 1-4-1974,Finance Act, 1975, w.e.f. 1-4-1976, Finance Act, 1976, w.e.f. 1-4-1977, Finance Act, 1978,w.e.f. 1-4-1979, Finance Act, 1979, w.e.f. 1-4-1980, Finance (No. 2) Act, 1980, w.e.f. 1-4-1981,Finance Act, 1982, w.e.f. 1-4-1983, Finance Act, 1983, w.e.f. 1-4-1984, Taxation Laws(Amendment) Act, 1984, w.r.e.f. 1-4-1971, Taxation Laws (Amendment) Act, 1984, w.r.e.f.1-4-1983, Finance Act, 1987, w.e.f. 1-4-1988, Direct Tax Laws (Amendment) Act, 1989, w.e.f.1-4-1989, Direct Tax Laws (Second Amendment) Act, 1989, w.r.e.f. 1-4-1984, Direct TaxLaws (Second Amdt.) Act, 1989, w.e.f. 1-4-1990 and Finance Act, 1989, w.e.f. 1-4-1990.