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of <h1>Income-tax Act Updates: Sections 280O and 280P Revised for Annuity Deposits; New Rules on Deductions and Declarations</h1> Sections 280O and 280P of the Income-tax Act are replaced to address annuity deposits. Section 280O allows annuity deposits as a deduction in computing total income, subject to certain conditions. If no deposit is made or it falls short, the deduction is limited to the actual deposit. Section 280P permits deduction of annuity deposits from income under 'Salaries' for tax purposes. Tax deduction at source can be adjusted if the annuity deposit is declared by the taxpayer, provided their estimated income exceeds twenty-five thousand rupees, and a declaration is made by December 31 of the financial year.
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