TaxTMI 
TaxTMI 
Deductions to be made in computing total income
X X X X Extracts X X X X
X X X X Extracts X X X X
....of such member in the income of the association of persons or body of individuals.] 9[(4) Notwithstanding anything to the contrary contained in section 10A or section 10AA or section 10B or section 10BA or in any provisions of this Chapter under the heading "C-Deductions in respect of certain incomes", where, in the case of an assessee, any amount of profits and gains of an undertaking or unit or enterprise or eligible business is claimed and allowed as a deduction under any of those provisions for any assessment year, deduction in respect of, and to the extent of, such profits and gains shall not be allowed under any other provisions of this Act for such assessment year and shall in no case exceed the profits and gains of such undertaking or unit or enterprise or eligible business, as the case may be. (5) Where the assessee fails to make a claim in his return of income for any deduction under section 10A or section 10AA or section 10B or section 10BA or under any provision of this Chapter under the heading "C.-Deductions in respect of certain incomes", no deduction shall be allowed to him thereunder.] 10[(6) Notwithstanding anything to the contrary contained in section 10A or s....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ted vide Third Schedule of the Finance (No. 2) Act, 1967 w.e.f. 01-04-1968 before it was read as, "CHAPTER VIA DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME A.-Deductions in respect of certain payments Deduction in respect of life insurance premia, annuities and contributions to provident fund, etc. 80A. (1) In computing the total income of an assessee there shall be deducted, in accordance with and subject to the provisions of this section, an amount equal to sixty per cent of the first five thousand rupees of the aggregate of the sums specified in sub-section (2) and fifty per cent of the balance, if any, of the balance, if any, of such aggregate. (2) The sums referred to in sub-section (1) shall be the following, namely:- (a) where the assessee is an individual, any sums paid in the previous year by the assessee out of his income chargeable to tax- (i) to effect or to keep in force an insurance on the life of the assessee or on the life of the wife or husband of the assessee; or (ii) to effect or to keep in force a contract for a deferred annuity on the life of the assessee or on the life of the wife or husband of the assessee notwithstanding....
X X X X Extracts X X X X
X X X X Extracts X X X X
....if the assessee is an employee participating in an approved superannuation fund, any sum paid in the previous year by him by way of contribution towards the superannuation fund; (f) where the assessee is an individual, any sums deposited, in the previous year by the assessee out of his income chargeable to tax, in a ten-year account or a fifteen-year account under the Post Office Savings Bank (Cumulative Time Deposits) Rules, 1959, as amended from time to time. (3) The provisions of clauses (a) and (b) 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 otherwise over and above the sum actually assured, which is to be or may be received under the policy by any person. (4) The aggregate of the sums referred to in sub-section (2), which qualifies for the purposes of computing the deduction referred to in sub-section (1), shall not exceed-....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... of April, 1965 and any subsequent assessment year, in the case of any other assessee." Earlier, Inserted vide Section 20 of the Finance Act, 1965 w.e.f. 01-04-1965 And was Amended vide Section 15 of the Finance Act, 1966 w.e.f. 01-04-1966 2. Substituted vide Section 36 of the Finance Act, 1985 w.e.f. 01-04-1986 before it was read as, "80VV" Earlier, Substituted vide Third Schedule of the Finance Act, 1968 w.e.f. 01-04-1969 before it was read as, "80T" And was Substituted vide Section 16 of the Taxa­tion Laws (Amendment) Act, 1975 w.e.f. 01-04-1976 before it was read as, '"80U" 3. Substituted vide Section 41 of the Finance Act, 1992 w.e.f. 01-04-1993 before it was read as, "(3) Where, in computing the total income of a firm, association of persons or body of individuals, any deduction is admissible under section 80G or section 80GGA or section 80HH or section 80HHA or section 80HHB or section 80HHC or section 80HHD or section 80-I or section 80J or section 80JJ, no deduction under the same section shall be made in computing the total income of a partner of the f....