Amendment of section 80C
Section 15 of the Finance Act, 1971 deals with amendment of section 80C. Amendment of section 80C. 15. In section 80C of the Income-tax Act, with effect from the 1st day of April, 1972, — (a) for sub-section (1), the following sub-section shall be substituted, namely:— "(1) In computing the total income of an assessee, there shall be deducted, in accordance with and subj The Act was enacted on 10 Aug 1971.
Amendment of section 80C.
15. In section 80C of the Income-tax Act, with effect from the 1st day of April, 1972, —
(a) for sub-section (1), the following sub-section shall be substituted, namely:—
"(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 calculated, with reference to the aggregate of the sums specified in sub-section (2), at the following rates, namely:—
(a) where such aggregate does not exceed Rs. 1,000 The whole of such aggregate; (b) where such aggregate exceeds Rs. 1,000 but does not exceed Rs. 5,000 Rs. 1,000 plus 50 per cent of the amount by which such aggregate exceeds Rs. 1,000; (c) where such aggregate exceeds Rs. 5,000 Rs. 3,000 plus 40 per cent of the amount by which such aggregate exceeds Rs. 5,000."; (b) in sub-section (4), in clauses (ii) and (iv), for the words "fifteen thousand rupees", the words "twenty thousand rupees" shall be substituted.
[Finance (No.
2) Act, 1971]
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Section 15, The Finance Act, 1971 (Act 32 of 1971).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 15
What does Section 15 of the Finance Act deal with?
Section 15 of the Finance Act is headed "Amendment of section 80C". Amendment of section 80C. 15. In section 80C of the Income-tax Act, with effect from the 1st day of April, 1972, — (a) for sub-section (1), the following sub-section shall be substituted, namely:— "(1) In computing the total income of an assessee, there shall be deducted, in accordance with and subj
How do I find court cases under Section 15 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1971 15, section 15 Finance Act 1971, section 15 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 15 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 80C (Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc), so none of them can safely be read on its own.
When was Section 15 of the Finance Act enacted?
Section 15 of the Finance Act, cited as Finance Act 1971 15, was enacted on 10 Aug 1971 as Act 32 of 1971. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule3950 words
- 10. Amendment of section 40A1041 words
- 2. Income-tax860 words
- 31. Amendment of section 4836 words
- 37. Amendment of Act 18 of 1958668 words
- 32. Amendment of section 5496 words
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