Insertion of new sections 99A and 99B

Section 22 of the Finance Act, 1964 deals with insertion of new sections 99A and 99B. Insertion of new sections 99A and 99B 22.

Insertion of new sections 99A and 99B

22. In Chapter XI-C of the Income-tax Act, before section 100, the following sections shall be inserted, namely :—

Rebate on life insurance premia, annuities and contributions to provident funds, etc

"99A. Where under the provisions of section 87, an assessee is entitled to a deduction of income-tax in respect of any sum referred to in sub-section (1) of that section, he shall also be entitled, subject to the provisions of sub-section (4) of that section, to a deduction, from the amount of super-tax with which he is chargeable on his total income, of an amount equal to the super-tax calculated at the average rate of super-tax on such sum.

Rebate of super-tax in certain cases

99B. Where under the provisions of section 87A, an individual, being a resident, who is not a citizen of India is entitled to a deduction of income-tax in respect of any sum referred to in that section, he shall also be entitled to a deduction, from the amount of super-tax with which he is chargeable on his total income, of an amount equal to the. super-tax calculated at the average rate of super-tax on such sum.".

[Finance Act, 1964]

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Section 22, The Finance Act, 1964 (Act 5 of 1964).