{"act":{"id":"finance-act-2018","short_title":"The Finance Act, 2018","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2018-2019.","act_number":"13","act_year":2018,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":227,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2018/"},"unit":"section","section":{"number":"26","heading":"Amendment of section 80D","text":"Amendment of section 80D. 26. In section 80D of the Income-tax Act, with effect from the 1st day of April, 2019,— (A) | in sub-section (2),— (i) | for the words \"thirty thousand rupees\" wherever they occur, the words \"fifty thousand rupees\" shall be substituted; (ii) | in the first proviso occurring after clause (d), the word \"very\" shall be omitted; (B) | in sub-section (3),— (i) | for the words \"thirty thousand rupees\" at both the places where they occur, the words \"fifty thousand rupees\" shall be substituted; (ii) | the word \"very\" shall be omitted; (C) | in sub-section (4),— (i) | the words \"or a very senior citizen\" shall be omitted; (ii) | for the words \"thirty thousand rupees\", the words \"fifty thousand rupees\" shall be substituted; (D) | after sub-section (4), the following sub-section shall be inserted, namely:— '(4A) Where the amount specified in clause (a) or clause (b) of sub-section (2) or clause (a) of sub-section (3) is paid in lump sum in the previous year to effect or to keep in force an insurance on the health of any person specified therein for more than a year, then, subject to the provisions of this section, there shall be allowed for each of the relevant previous year, a deduction equal to the appropriate fraction of the amount. Explanation.—For the purposes of this sub-section,— (i) | \"appropriate fraction\" means the fraction, the numerator of which is one and the denominator of which is the total number of relevant previous years; (ii) | \"relevant previous year\" means the previous year beginning with the previous year in which such amount is paid and the subsequent previous year or years during which the insurance shall have effect or be in force.'; (E) | in the Explanation occurring after sub-section (5), clause (ii) shall be omitted.","html":"

Amendment of section 80D.

26. In section 80D of the Income-tax Act, with effect from the 1st day of April, 2019,—

(A)in sub-section (2),—
(i)for the words \"thirty thousand rupees\" wherever they occur, the words \"fifty thousand rupees\" shall be substituted;
(ii)in the first proviso occurring after clause (d), the word \"very\" shall be omitted;
(B)in sub-section (3),—
(i)for the words \"thirty thousand rupees\" at both the places where they occur, the words \"fifty thousand rupees\" shall be substituted;
(ii)the word \"very\" shall be omitted;
(C)in sub-section (4),—
(i)the words \"or a very senior citizen\" shall be omitted;
(ii)for the words \"thirty thousand rupees\", the words \"fifty thousand rupees\" shall be substituted;
(D)after sub-section (4), the following sub-section shall be inserted, namely:—
'(4A) Where the amount specified in clause (a) or clause (b) of sub-section (2) or clause (a) of sub-section (3) is paid in lump sum in the previous year to effect or to keep in force an insurance on the health of any person specified therein for more than a year, then, subject to the provisions of this section, there shall be allowed for each of the relevant previous year, a deduction equal to the appropriate fraction of the amount.
Explanation.—For the purposes of this sub-section,—
(i)\"appropriate fraction\" means the fraction, the numerator of which is one and the denominator of which is the total number of relevant previous years;
(ii)\"relevant previous year\" means the previous year beginning with the previous year in which such amount is paid and the subsequent previous year or years during which the insurance shall have effect or be in force.';
(E)in the Explanation occurring after sub-section (5), clause (ii) shall be omitted.
","words":306,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2018/section/26/","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."}