{"act":{"id":"finance-act-2001","short_title":"The Finance Act, 2001","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2001-2002.","act_number":null,"act_year":2001,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":102,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2001/"},"unit":"section","section":{"number":"47","heading":"Amendment of section 88","text":"Amendment of section 88. 47. In section 88 of the Income-tax Act, with effect from the 1st day of April, 2002,— (a) in sub-section (1), after the proviso, the following proviso shall be inserted, namely:— ‘Provided further that an individual shall be entitled to a deduction of an amount equal to thirty per cent of the aggregate of the sums referred to in sub-section (2) if his income charge­able under the head \"Salaries\"— (a) does not exceed one lakh rupees during the previous year before allowing deduction under section 16; and (b) is not less than ninety per cent of his gross total income as defined in sub-section (5) of section 80B.’; (b) in sub-section (2), in clause (xiiia), after the words \"Life Insurance Corporation\", the words \"or any other insurer\" shall be inserted. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 88.</b></p><p><b>47.</b> In section 88 of the Income-tax Act, with effect from the 1st day of April, 2002,—</p><p>(<i>a</i>) in sub-section (1), after the proviso, the following proviso shall be inserted, namely:—</p><p>‘<b>Provided further</b> that an individual shall be entitled to a deduction of an amount equal to thirty per cent of the aggregate of the sums referred to in sub-section (2) if his income charge­able under the head \"Salaries\"—</p><p>(<i>a</i>) does not exceed one lakh rupees during the previous year before allowing deduction under section 16; and</p><p>(<i>b</i>) is not less than ninety per cent of his gross total income as defined in sub-section (5) of section 80B.’;</p><p>(<i>b</i>) in sub-section (2), in clause (<i>xiiia</i>), after the words \"Life Insurance Corporation\", the words \"or any other insurer\" shall be inserted.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":140,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2001/section/47/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}