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TypeBare Act JurisdictionCentral Government

Finance Act 1972 Section 22

Insertion of New Section 80tt

~1 min read
https://sooperkanoon.com/act/36312

Bare act section · Research

About this section

Finance Act 1972 Section 22 is part of Finance Act 1972 - Insertion of New Section 80tt. Read the section text below and explore Indian court judgments that cite it.

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Section Text

After section 80T of the Income-tax Act, and before the heading "D. - Other deductions", the following section shall be inserted, namely :-

"80TT. Deduction in respect of winnings from lottery. -Where the gross total income of an assessee, not being a company, includes any income by way of winnings from any lottery (such income being hereafter in this section referred to as winnings), there shall be allowed, in computing the total income of the assessee, a deduction from the winnings of an amount equal to, -

(a) in a case where the gross total income does not exceed ten thousand rupees or where the winnings do not exceed five thousand rupees, the whole of such winnings;

(b) in any other case, five thousand rupees as increased by a sum equal to fifty per cent. of the amount by which the winnings exceed five thousand rupees.".

Frequently asked questions

What does Finance Act 1972 Section 22 provide?

Section Section 22 of the Finance Act 1972 (Insertion of New Section 80tt) is reproduced on this page as part of the Finance Act 1972. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Finance Act 1972 Section 22?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act 1972 Section 22. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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