Amendment of section 80C
Section 16 of the Finance Act, 1978 deals with amendment of section 80C. Amendment of section 80C. 16. In section 80C of the Income-tax Act, with effect from the 1st day of April, 1979,— (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 12 May 1978.
Amendment of section 80C.
16. In section 80C of the Income-tax Act, with effect from the 1st day of April, 1979,—
(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. 5,000 The whole of such aggregate ; (b) where such aggregate exceeds Rs. 5,000 but does not exceed Rs. 10,000 Rs. 5,000 plus 50 per cent. of the amount by which such aggregate exceeds Rs. 5,000 ; (c) where such aggregate exceeds Rs. 10,000 Rs. 7,500 plus 40 per cent. of the amount by which such aggregate exceeds Rs. 10,000. "; (b) in sub-section (4), in clauses (ii) and (iv), for the words " twenty thousand rupees", the words " thirty thousand rupees" shall be substituted.
[Finance Act, 1978]
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Section 16, The Finance Act, 1978 (Act 19 of 1978).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 16
What does Section 16 of the Finance Act deal with?
Section 16 of the Finance Act is headed "Amendment of section 80C". Amendment of section 80C. 16. In section 80C of the Income-tax Act, with effect from the 1st day of April, 1979,— (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 16 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 1978 16, section 16 Finance Act 1978, section 16 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 16 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 16 of the Finance Act enacted?
Section 16 of the Finance Act, cited as Finance Act 1978 16, was enacted on 12 May 1978 as Act 19 of 1978. It is in force as at the date shown on this page.
Other sections of this Act
- Schedule. Schedule6964 words
- 2. Income-tax1917 words
- 13. Amendment of section 54E1599 words
- 19. Amendment of section 1551500 words
- 24. Insertion of new section 209A1123 words
- 17. Insertion of new section 80CC941 words
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