India - Income Tax Act 2010 - Saarc

S. 80U I.T. ACT, 1961 1.508(h) “true and first inventor” shall have the meaning assigned to it inclause (y) of sub-section (1) of section 2 of the Patents Act, 1970 (39 of1970) 31 .]Deduction in respect of compensation for termination of managing agency, etc.,in the case of assessees other than companies.80S. 32 [Omitted by the Finance Act, 1986, w.e.f. 1-4-1987. Original section wasintroduced in place of old section 112 by the Finance (No. 2) Act, 1967,w.e.f. 1-4-1968.]Deduction in respect of long-term capital gains in the case of assessees other thancompanies.80T. 33 [Omitted by the Finance Act, 1987, w.e.f. 1-4-1988. Original section wasinserted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968 in replacement ofsection 114.]Deduction in respect of winnings from lottery.80TT. [Omitted by the Finance Act, 1986, w.e.f. 1-4-1987. Original section wasinserted by the Finance Act, 1972, w.e.f. 1-4-1972 and amended by theFinance (No. 2) Act, 1980, w.e.f. 1-4-1981.]34[D.—Other deductions35[Deduction in case of a person with disability.80U. (1) In computing the total income of an individual, being a resident, who, atany time during the previous year, is certified by the medical authority tobe a person with disability, there shall be allowed a deduction of a sum of fiftythousand rupees :Provided that where such individual is a person with severe disability, theprovisions of this sub-section shall have effect as if for the words “fifty thousandrupees”, the words “seventy-five thousand rupees” had been substituted:31. For text of section 2(1)(o)/(y) of the Patents Act, 1970, see Appendix.32. Omitted section 80S was earlier amended by the Finance Act, 1973, w.r.e.f. 1-4-1972.33. Prior to its omission, section 80T was amended by the Finance (No. 2) Act, 1971, w.e.f.1-4-1972, the Finance (No. 2) Act, 1974, w.e.f. 1-4-1975, the Finance (No. 2) Act, 1980, w.e.f.1-4-1981, the Finance Act, 1982, w.e.f. 1-4-1983 and the Finance Act, 1986, w.e.f. 1-4-1987.34. Inserted by the Finance Act, 1968, w.e.f. 1-4-1969.35. Substituted by the Finance Act, 2003, w.e.f. 1-4-2004. Prior to its substitution, section 80U,as substituted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1992 and later on amended bythe Finance Act, 1995, w.e.f. 1-4-1996, read as under :‘80U. Deduction in the case of permanent physical disability (including blindness).—Incomputing the total income of an individual, being a resident, who, at the end of theprevious year, is suffering from a permanent physical disability (including blindness) oris subject to mental retardation, being a permanent physical disability or mental retardationspecified in the rules made in this behalf by the Board, which is certified by aphysician, a surgeon, an oculist or a psychiatrist, as the case may be, working in aGovernment hospital, and which has the effect of reducing considerably such individual’scapacity for normal work or engaging in a gainful employment or occupation, there shallbe allowed a deduction of a sum of forty thousand rupees :Provided that such individual produces the aforesaid certificate before the AssessingOfficer in respect of the first assessment year for which he claims deduction under thissection :(Contd. on p. 1.509)