India - Income Tax Act 2010 - Saarc

S. 88C I.T. ACT, 1961 1.522of premiums paid (with or without any interest thereon) in theevent of such person dying before the said stipulated date;(b) a policy of insurance effected by an individual or a member of aHindu undivided family for the benefit of a minor with the objectof enabling the minor, after he has attained majority to secureinsurance on his own life by adopting the policy and on his beingalive on a date (after such adoption) specified in the policy in thisbehalf;(iii) “Life Insurance Corporation” means the Life Insurance Corporationof India established under the Life Insurance Corporation Act, 1956(31 of 1956);(iv) “public company” 99 shall have the same meaning as in section 3 of theCompanies Act, 1956 (1 of 1956);(v) “security” means a Government security 1 as defined in clause (2) ofsection 2 of the Public Debt Act, 1944 (18 of 1944);(vi) “transfer” shall be deemed to include also the transactions referred toin clause (f) of section 269UA.2[(9) No deduction from the amount of income-tax shall be allowed under thissection to an assessee, being an individual or a Hindu undivided family for theassessment year beginning on the 1st day of April, 2006 and subsequent years.]Rebate in respect of investment in certain new shares or units.88A. 3 [Omitted by the Finance (No. 2) Act, 1996, w.r.e.f. 1-4-1994.]Rebate of income-tax in case of individuals of sixty-five years or above.88B. 4 [Omitted by the Finance Act, 2005, w.e.f. 1-4-2006.]Rebate of income-tax in case of women below sixty-five years.88C. 5 [Omitted by the Finance Act, 2005, w.e.f. 1-4-2006.]99. Clause (iv) of section 3(1) of the Companies Act, 1956, defines “public company”. For textof section 3, see Appendix.1. For definition of “Government security”, see footnote 12 on p. 1.488 ante.2. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006.3. Prior to its omission, section 88A was amended by the Finance Act, 1990, w.e.f. 1-4-1991and Finance Act, 1994, w.r.e.f. 1-4-1991.4. Prior to its omission, section 88B, as inserted by the Finance Act, 1992, w.e.f. 1-4-1993 andlater on amended by the Finance Act, 1993, w.e.f. 1-4-1994, Finance Act, 1994, w.e.f. 1-4-1995 and Finance (No. 2) Act, 1996, w.e.f. 1-4-1997, substituted by the Finance Act, 1997,w.e.f. 1-4-1998 and further amended by the Finance Act, 2000, w.e.f. 1-4-2001 and FinanceAct, 2003, w.e.f. 1-4-2004, read as under :“88B. Rebate of income-tax in case of individuals of sixty-five years or above.—An assessee,being an individual resident in India, who is of the age of sixty-five years or more at anytime during the previous year shall be entitled to a deduction from the amount of incometax(as computed before allowing the deductions under this Chapter) on his total income,with which he is chargeable for any assessment year, of an amount equal to hundred percent of such income-tax or an amount of twenty thousand rupees, whichever is less.”5. Prior to its omission, section 88C, as inserted by the Finance Act, 2000, w.e.f. 1-4-2001, readas under :(Contd. on p. 1.523)