India - Income Tax Act 2010 - Saarc

S. 80CCA I.T. ACT, 1961 1.390(vii) “specified company” means a company as referred to in clause (h) ofsection 2 of the Unit Trust of India (Transfer of Undertaking andRepeal) Act, 2002 (58 of 2002);(viii) “transfer” shall be deemed to include also the transactions referred toin clause (f) of section 269UA.]Deduction in respect of investment in certain new shares.80CC. 38 [Omitted by the Finance (No. 2) Act, 1996, w.r.e.f. 1-4-1993.]39[Deduction in respect of deposits under National Savings Scheme or paymentto a deferred annuity plan.4080CCA. (1) Where an assessee, being—(a) an individual, or(b) a Hindu undivided family, 41 [* * *](c) 42 [* * *]has in the previous year—(i) deposited any amount in accordance with such scheme as the CentralGovernment may, by notification 43 in the Official Gazette, specify inthis behalf 44 [* * *]; or(ii) paid any amount to effect or to keep in force a contract for suchannuity plan of the Life Insurance Corporation as the Central Governmentmay, by notification 45 in the Official Gazette, specify,out of his income chargeable to tax, he shall, in accordance with, and subject to,the provisions of this section, be allowed a deduction in the computation of histotal income of the whole of the amount deposited or paid (excluding interest orbonus accrued or credited to the assessee’s account, if any) as does not exceedthe amount of twenty thousand rupees in the previous year :38. Prior to its omission, section 80CC was inserted by the Finance Act, 1978, w.e.f. 1-4-1978and later on amended by the Finance Act, 1982, w.e.f. 1-4-1983; Finance Act, 1984, w.e.f.1-4-1984/1-4-1985; Taxation Laws (Amendment) Act, 1984, w.r.e.f. 1-4-1978; Finance Act,1985, w.e.f. 1-4-1985; Finance Act, 1987, w.e.f. 1-4-1987; Finance Act, 1988, w.e.f. 1-4-1989/1-4-1990; Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989; Direct Tax Laws(Second Amendment) Act, 1989, w.e.f. 1-4-1990; Finance Act, 1989, w.e.f. 1-4-1990 andFinance Act, 1994, w.r.e.f. 1-4-1978.39. Substituted by the Finance Act, 1988, w.e.f. 1-4-1988. Original section 80CCA was insertedby the Finance Act, 1987, w.e.f. 1-4-1988.40. See also Circular No. 527, dated 9-12-1988, Notification No. GSR 903(E), dated 6-9-1988,Circular No. 531, dated 17-3-1989, Circular No. 532, dated 17-3-1989 and Circular No. 534,dated 7-4-1989. For details, see Taxmann’s Direct Taxes Circulars.41. Word “or” omitted by the Finance Act, 1994, w.r.e.f. 1-4-1988.42. Omitted, ibid. Earlier, clause (c) was substituted by the Finance Act, 1988, w.e.f. 1-4-1988.43. For notified scheme, see Taxmann’s Direct Taxes Circulars.44. “(hereafter in this section referred to as the National Savings Scheme)” omitted by theFinance (No. 2) Act, 1991, w.e.f. 1-10-1991.45. For notified annuity plans, see Taxmann’s Direct Taxes Circulars.