TaxTMI 
TaxTMI 
Omitted
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....3-12-1962 before it was read as, "only to donations to an institution or fund established in India for a charitable purpose which" 5. Inserted vide Section 5 of the Direct Taxes (Amendment) Act, 1964 w.e.f. 06-10-1964 6. Substituted vide Section 5 of the Direct Taxes (Amendment) Act, 1964 w.e.f. 06-10-1964 before it was read as, "to the National Defence Fund set up by the Central Government" 7. Substituted vide Section 26 of the Finance Act, 1965 w.e.f. 01-04-1965 before it was read as, "of an amount equal to the income-tax calculated at the average rate of income-tax on any sums paid by him in the previous year" 8. Inserted vide Section 26 of the Finance Act, 1965 w.e.f. 01-04-1965 9. Omitted vide Section 26 of the Finance Act, 1965 w.e.f. 01-04-1965 before it was read as, "together with the amount of super-tax deductible under section 100" 10. Substituted vide Section 26 of the Finance Act, 1965 w.e.f. 01-04-1965 before it was read as, "any temple, mosque, gurdwara, church or any other ....
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....his sub section shall have effect as if for the words seven and a half per cent. and the words one hundred and fifty thousand rupees the words ten per cent. and two hundred thousand rupees has been, respectively, substituted.] ^8[Provided further that where any such sums paid during any previous year relevant to the assessment year commencing on the 1st day of April, 1965, or any subsequent assessment year include any donation referred to in sub section (6), and such sums exceed the limit of two hundred thousand rupees specified in the first proviso, then such limit shall be raised to cover that portion of the donation which is equal to the difference between such sums and the said limit, so however, that the limit so raised shall not exceed ten per cent. of the assessees total income as reduced as aforesaid or five hundred thousand rupees, whichever is less :] ^3[Provided further that where any sum paid during the previous year includes any donation ^6[to any fund referred to in clause (i) or clause (ia) of sub-section (1)] the amount covered by that donation shall be excluded in calculating the limits specified in this sub-section.] (4) The amount of in....
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.... the income of the institution or fund has become chargeable to tax due to non-compliance with any of the provisions of section 11. (6) Notwithstanding anything contained in sub-section (5), this section shall apply to donations given for the renovation or repair of ^10[any such temple, mosque, gurdwara, church or other place] which is notified by the Central Government in the Official Gazette to be of historic, archaeological or artistic importance ^11[or to be a place of public worship of renown throughout any State or States]." 14. Inserted vide Section 30 of the Finance Act, 1990 w.e.f. 01-04-1991 15. Inserted vide Section 38 of the Finance (No. 2) Act, 1991 w.e.f. 01-04-1992 16. Omitted vide Section 38 of the Finance (No. 2) Act, 1991 w.e.f. 01-04-1992 before it was read as, "construction of which is completed after the 31st day of March, 1987, and the" 17. Omitted vide Section 38 of the Finance (No. 2) Act, 1991 w.e.f. 01-04-1992 before it was read as, "(B) the cost of the land, except where the consideration for purchase of the house property is a composit....
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....was read as, "clauses (v) and (viii)" 32. Omitted vide Section 29 of the Finance Act, 1994 w.e.f. 01-04-1991 before it was read as, "(iii) in the case of an association of persons or body of individuals, such association or body;" 33. Omitted vide Section 29 of the Finance Act, 1994 w.e.f. 01-04-1991 before it was read as, "(d) for the purposes of clause (xii) of that sub-section, - (i) in the case of an individual, such individual; (ii) in the case of an association of persons or body of individuals, any one member of such association or body." 34. Omitted vide Section 22 of the Finance Act, 1995 w.e.f. 01-04-1996 before it was read as, "(3) The provisions of sub-section (2) shall apply only to so much of any premium or other payment made on a policy other than a contract for a deferred annuity as is not in excess of ten per cent. of the actual capital sum assured. Explanation : In calculating any such capital sum, no account shall be taken - (i) of the value of any premiums agreed to be returned, or (ii) of any benefit by way of bonus or otherwi....
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....the Finance Act, 2001 w.e.f. 01-04-2002 49. Substituted vide Section 37 of the Finance Act, 2002 w.e.f. 01-04-2003 before it was read as, "(1) Subject to the provisions of this section, an assessee, being - (a) an individual, or (b) a Hindu undivided family, or (c) an association of persons or a body of individuals consisting, in either case, only of husband and wife governed by the system of community of property in force in the State of Goa and the Union territories of Dadra and Nagar Haveli and Daman and Diu, shall be entitled to a deduction, from the amount of income-tax (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 twenty per cent. of the aggregate of sums referred to in sub-section (2). ^18[Provided that in the case of an individual, whose income, derived from the exercise of his profession as an author, playwright, artist, musician, actor or sportsman (including an athlete), is twenty-five per cent. or more of his total income, the provisions of this sub-section shall have ef....
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....tal income, seventeen thousand five hundred] rupees; (ii) in any other case, ^46[sixteen thousand rupees]." 55. Inserted vide Section 47 of the Finance Act, 2003 w.e.f. 01-04-2004 56. Substituted vide Section 47 of the Finance Act, 2003 w.e.f. 01-04-2004 before it was read as, "Explanation : For the purposes of this clause, - ^41[(i) "eligible issue of capital" means an issue made by a public company formed and registered in India or a public financial institution and the entire proceeds of the issue is utilised wholly and exclusively either for the purposes of developing, maintaining and operating an infrastructure facility or for generating, or for generating and distributing, power or for providing telecommunication services whether basic or cellular;] (ii) "infrastructure facility" shall have the meaning assigned to it in ^43[the Explanation to sub-section (4) of section 80-IA]; (iii) "public company" shall have the meaning assigned to it in section 3 of the Companies Act, 1956 (1 of 1956); ^42[(iv) "public financial institution" shall have the meaning assigned to it in section ....
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....in the previous year by the assessee ^50[****]- (i) to effect or to keep in force an insurance on the life of persons specified in sub-section (4); (ii) to effect or to keep in force a contract for a deferred annuity, ^19[not being an annuity plan referred to in clause (xiiia)], on the life of persons specified in sub-section (4) : Provided that such contract does not contain a provision for the exercise by the insured of an option to receive a cash payment in lieu of the payment of the annuity; (iii) by way of deduction from the salary payable by or on behalf of the Government to any individual being a sum deducted in accordance with the conditions of his service, for the purpose of securing to him a deferred annuity or making provision for his wife or children, in so far as the sum so deducted does not exceed one-fifth of the salary; (iv) as a contribution by an individual to any provident fund to which the Provident Funds Act, 1925 (19 of 1925), applies; (v) as a contribution to any provident fund set up by the Central Government and notified by it in this behalf in the Official Gazette, where such contribution is to an accou....
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....Official Gazette, specify in this behalf; (xiiic) as a contribution by an individual to any pension fund set up by any Mutual Fund notified under clause (23D) of section 10 ^28[or by the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963)], as the Central Government may, by notification in the Official Gazette, specify in this behalf;] (xiv) as subscription to any such deposit scheme of ^22[, or as a contribution to any such pension fund set up by,] the National Housing Bank established under section 3 of the National Housing Bank Act, 1987 (53 of 1987) (hereafter in this section referred to as the National Housing Bank), as the Central Government may, by notification in the Official Gazette, specify in this behalf; ^15[(xiva) as subscription to any such deposit scheme of - (a) a public sector company which is engaged in providing long-term finance for construction or purchase of houses in India for residential purposes; or (b) any authority constituted in India by or under any law enacted either for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planni....
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....hority or a board or a corporation or any other body established or constituted under a Central or State Act, or] (7) the assessee's employer where such employer is a public company or a public sector company or a university established by law or a college affiliated to such university or a local authority ^23[or a co-operative society]; (d) stamp duty, registration fee and other expenses for the purpose of transfer of such house property to the assessee, but shall not include any payment towards or by way of - (A) the admission fee, cost of share and initial deposit which a shareholder of a company or a member of a co-operative society has to pay for becoming such shareholder or member; or (B) ^17[****] (C) the cost of any addition or alteration to, or renovation or repair of, the house property which is carried out after the issue of the completion certificate in respect of the house property by the authority competent to issue such certificate or after the house property or any part thereof has either been occupied by the assessee or any other person on his behalf or been let out; or (D) any expenditure in respec....
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....i) of the value of any premiums agreed to be returned, or (ii) of any benefit by way of bonus or otherwise over and above the sum actually assured, which is to be, or, may be, received under the policy by any person.] ^34[****] ^51[(3) The sums referred to in sub-section (2) shall be paid or deposited at any time during the previous year, and the assessee, being an individual or a Hindu undivided family, shall be entitled to a deduction under sub-section (1) on so much of the aggregate of such sums paid or deposited as does not exceed the total income of the assessee, chargeable to tax during the relevant previous year.] (4) The persons referred to in sub-section (2) shall be the following, namely :- ^29[(a) for the purposes of clauses (i), (v), (xii) and (xiii) of that sub-section.- (i) in the case of an individual, the individual, the wife or husband and any child of such individual, and (ii) in the case of a Hindu undivided family, any member thereof;] (b) for the purposes of clause (ii) of that sub-section, - (i) in the case of an individual, the individual, the wife or husband and any child of such individ....
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....s participation in any unit-linked insurance plan referred to in clause (xii) or clause (xiii) of sub-section (2), by notice to that effect or where he ceases to participate by reason of failure to pay any contribution, by not reviving his participation, before contributions in respect of such participation have been paid for five years; or (iii) transfers the house property referred to in clause (xv) of sub-section (2) before the expiry of five years from the end of the financial year in which possession of such property is obtained by him, or receives back, whether by way of refund or otherwise, any sum specified in that clause, then, - (a) no deduction shall be allowed to the assessee under sub-section (1) with reference to any of the sums, referred to in clauses (i), (xii), (xiii) and (xv) of sub-section (2), paid in such previous year; and (b) the aggregate amount of the deductions of income-tax so allowed in respect of the previous year or years preceding such previous year, shall be deemed to be tax payable by the assessee in the assessment year relevant to such previous year and shall be added to the tax on the total income of the assessee with wh....