TaxTMI 
TaxTMI 
Insertion of New Chapter VIA
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....or a deferred annuity on the life of the assessee or on the life of the wife or husband of the assessee; or (iii) as a contribution to any provident fund to which the Provident Funds Act, 1925 (19 of 1925), applies; (b) where the assessee is a Hindu undivided family, any sums paid in the previous year by the assessee out of its income chargeable to tax, to effect or to keep in force an insurance on the life of any male member of the family or of the wife of any such member; (c) any sum deducted in the previous year 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; (d) if the assessee is an employee participating in a recognized provident fund, his own contribution to his individual account in the fund in the previous year, in so far as the aggregate of such contributions does not exceed one fifth of his salary in that previous year or eight thousand rupees, whichever is less. ....
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....s less; (iii) in the case of a Hindu undivided family, twenty five per cent. of its total income, as computed before making any deduction under this Chapter and before deduction of any amount of annuity deposit under section 280 O, or twenty five thousand rupees, whichever is less. (5) If the total income of the assessee includes any income chargeable under the head "Salaries", the deduction under sub section (1) shall be made in computing the income under that head, and if there is no income chargeable under that head, or if the amount required to be deducted exceeds such income, the whole or the balance of the amount required to be deducted shall be allowed as a deduction in computing earned income chargeable under any other head, and, if there is no earned income chargeable under any other head or the whole or the balance of the amount required to be deducted exceeds such earned income, the whole or the balance of the amount required to be deducted shall be allowed as a deduction in computing any other income under any head. (6) This section shall apply in respect of (i) the assessment year commencing on the 1st day of April, 1966, and any sub....
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....r, incurred expenditure on more than one handicapped dependant, the deduction under sub section (1) shall be allowed only with reference to one such handicapped dependant as may be chosen by the assessee. (3) If the total income of the assessee includes any earned income, the allowance referred to in sub section (1) shall be made in computing the earned income chargeable under any head, and if there is no such income or the amount of the allowance exceeds such income, the whole or the balance of such amount, as the case may be, shall be allowed as a deduction in computing the assessees unearned income chargeable under any head. 80C. Relief relating to payment for securing retirement annuities. (1) Where in the case of an assessee, being an individual who is a citizen of India and is resident in India, his share in the income of a registered firm which renders professional service as chartered accountant, solicitor, lawyer, architect, or such other professional service as may be notified in this behalf by the Central Government in the Official Gazette is chargeable to tax and he has paid out of his income chargeable to tax a premium (by whatever name called) in any....
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....the payment of any annuity otherwise than for the life of the annuitant; and that it does include a provision that no annuity payable under it shall be capable in whole or in part of surrender, commutation or assignment. (3) The Commissioner may, if he thinks fit, and subject to any conditions the Board may, by rules, prescribe and subject to any conditions he thinks proper to impose, approve a contract notwithstanding that the contract provides for one or more of the following matters, that is to say, (a) for the payment after the individuals death of an annuity to a dependant other than the widow or widower of the individual; (b) for the payment to the individual of an annuity commencing before he attains the age of fifty eight, if the annuity is payable on his becoming incapable through infirmity of mind or body of being actively engaged in his profession or any profession of a similar nature for which he is trained of fitted; (c) for the annuity payable to any person to continue for a specified term (not exceeding ten years), notwithstanding his death within that term; (d) in the case of an annuity which is to continue for s....
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....b section (1) and chargeable to tax accordingly. (9) Where any payment by way of annuity or otherwise is made by a person to whom premiums or contributions are payable under sub section (1) or sub section (4), such person shall, subject to any rules made by the Board in this behalf, deduct from the total amount so paid during any financial year, tax at such rate or rates in force in that year as would be applicable to such amount, if it were the total income and shall pay the amount so deducted to the credit of the Central Government within the prescribed time and in such manner as the Board may direct and the provisions of section 201 shall, so far as may be, apply to such person if he does not deduct, or after deducting fails to pay, such tax. (10) Where a deduction under this section is claimed and allowed for any assessment year in respect of any payment, relief shall not be given in respect of it under any other provision of this Act for the same or a later assessment year nor (in the case of a payment under an annuity contract) in respect of any other premium or consideration for an annuity under same contract. (11)(a) The Board may, by notification....