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of <h1>Income Tax Act Section 80C Amended: New Deduction Limits and Annuity Contract Rules Effective April 1, 1974</h1> Section 80C of the Income-tax Act is amended effective April 1, 1974. The amendment revises sub-section (1) to allow deductions from an assessee's total income based on specified sums: full deduction for amounts up to Rs. 2,000; Rs. 2,000 plus 50% of the excess for amounts between Rs. 2,000 and Rs. 5,000; and Rs. 3,500 plus 40% of the excess for amounts over Rs. 5,000. Sub-section (2) is also amended to specify conditions for deferred annuity contracts, prohibiting options for cash payments instead of annuities for both individuals and members of associations or bodies.
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