India - Income Tax Act 2010 - Saarc

S. 88 I.T. ACT, 1961 1.520Provided that where the aggregate of any sums specified in clause (i) to clause(xv) of sub-section (2) exceeds an amount of seventy thousand rupees, adeduction under sub-section (1) in respect of such sums shall be allowed withreference to so much of the aggregate as does not exceed an amount of seventythousand rupees:Provided further that where the aggregate of any sums specified in clause (xv)of sub-section (2) exceeds an amount of twenty thousand rupees, a deductionunder sub-section (1) in respect of such sums shall be allowed with reference toso much of the aggregate as does not exceed an amount of twenty thousandrupees:94[Provided also that where the aggregate of any sum specified in clause (xivb)of sub-section (2) exceeds an amount of twelve thousand rupees in respect of achild, a deduction under sub-section (1) in respect of such sum shall be allowedwith reference to so much of the aggregate as does not exceed an amount oftwelve thousand rupees in respect of such child.](5A) 95 [Omitted by the Finance Act, 2002, w.e.f. 1-4-2003.](6) 96 [Omitted by the Finance Act, 2002, w.e.f. 1-4-2003.](7) Where, in any previous year, an assessee—(i) terminates his contract of insurance referred to in clause (i) of subsection(2), by notice to that effect or where the contract ceases to bein force by reason of failure to pay any premium, by not reviving97[contract of insurance,—(a) in case of any single premium policy, within two years after thedate of commencement of insurance; or(b) in any other case, before premiums have been paid for two years;or]94. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004.95. Prior to its omission, sub-section (5A), as inserted by the Finance (No. 2) Act, 1996, w.e.f.1-4-1997, read as under :‘(5A) Where the aggregate of any sums specified in clause (i) to clause (xv) of sub-section(2) exceeds an amount of sixty thousand rupees, a deduction under sub-section (1) shallbe allowed with reference to so much of the aggregate as does not exceed an amount ofsixty thousand rupees :Provided that, in the case of an individual referred to in the proviso to sub-section (1), theprovisions of this sub-section shall have effect as if for the words “sixty thousand rupees”,the words “seventy thousand rupees” had been substituted.’96. Prior to its omission, sub-section (6), as amended by the Finance Act, 1992, w.e.f. 1-4-1993,Finance (No. 2) Act, 1996, w.e.f. 1-4-1997 and Finance Act, 2000, w.e.f. 1-4-2001, read asunder :“(6) The deduction from the amount of income-tax under sub-section (1) shall notexceed—(i) in the case of an individual, whose income, derived from the exercise of hisprofession as an author, playwright, artist, musician, actor or sportsman (includingan athlete), is twenty-five per cent or more of his total income, seventeen thousandfive hundred rupees;(ii) in any other case, sixteen thousand rupees.”97. Substituted for “contract of insurance, before premiums have been paid for two years; or”by the Finance Act, 1995, w.e.f. 1-4-1996.