India - Income Tax Act 2010 - Saarc

1.395 CH. VI-A - DEDUCTIONS IN RESPECT OF CERTAIN PAYMENTS S. 80DExplanation.—For the purposes of this section, “salary” includes dearness allowance,if the terms of employment so provide, but excludes all other allowancesand perquisites.]67[Limit on deductions under sections 80C, 80CCC and 80CCD.80CCE. The aggregate amount of deductions under section 80C, section 80CCCand section 80CCD shall not, in any case, exceed one lakh rupees.]The following section 80CCF shall be inserted after section 80CCE by theFinance Act, 2010, w.e.f. 1-4-2011 :Deduction in respect of subscription to long-term infrastructure bonds.80CCF. In computing the total income of an assessee, being an individual or aHindu undivided family, there shall be deducted, the whole of theamount, to the extent such amount does not exceed twenty thousand rupees, paidor deposited, during the previous year relevant to the assessment year beginningon the 1st day of April, 2011, as subscription to long-term infrastructure bonds asmay, for the purposes of this section, be notified by the Central Government.68[Deduction in respect of health insurance premia.80D. (1) In computing the total income of an assessee, being an individual ora Hindu undivided family, there shall be deducted such sum, as specifiedin sub-section (2) or sub-section (3), payment of which is made by any mode,other than cash, in the previous year out of his income chargeable to tax.67. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006.68. Substituted by the Finance Act, 2008, w.e.f. 1-4-2009. Prior to its substitution, section 80D,as inserted by the Income-tax (Amendment) Act, 1986, w.e.f. 1-4-1987 and amended by theFinance Act, 1992, w.e.f. 1-4-1993, Finance Act, 1994, w.r.e.f. 1-4-1987, Finance (No. 2) Act,1996, w.e.f. 1-4-1997, Finance Act, 1999, w.e.f. 1-4-2000, Finance Act, 2001, w.e.f. 1-4-2002and Finance Act, 2007, w.e.f. 1-4-2008, read as under :‘80D. Deduction in respect of medical insurance premia.—(1) In computing the totalincome of an assessee, there shall be deducted at the following rates, such sum as isspecified in sub-section (2) and paid by him by any mode of payment other than cash inthe previous year out of his income chargeable to tax, namely :—(i) in a case where such sum does not exceed in the aggregate fifteen thousandrupees, the whole of such sum; and(ii) in any other case, fifteen thousand rupees :Provided that where the sum specified in sub-section (2) is paid to effect or to keep in forcean insurance on the health of the assessee, or his wife or her husband or dependant parentsor any member of the family in case the assessee is a Hindu undivided family, and whois a senior citizen, the provisions of this section shall have effect as if for the words “fifteenthousand rupees”, the words “twenty thousand rupees” had been substituted.(2) The sum referred to in sub-section (1) shall be the following, namely :—(a) where the assessee is an individual, any sum paid to effect or to keep in force aninsurance on the health of the assessee or on the health of the wife or husband,dependent parents or dependent children of the assessee;(b) where the assessee is a Hindu undivided family, any sum paid to effect or to keepin force an insurance on the health of any member of the family :(c) [* * *](Contd. on p. 1.396)