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Home Bare Acts Phrase: section 88Finance (No. 2) Act, 2004 Section 21
Title: Amendment of Section 88
State: Central
Year: 2004
In section 88 of the Income-tax Act, in sub-section (2), in clause (xv), in sub-clause (c), after item (6), the following item shall be inserted with effect from the 1st day of April, 2005, namely:-- "(6A) the assessee's employer where such employer, is an authority or a board or a corporation or any other body established or constituted under a Central or State Act, or".
View Complete Act List Judgments citing this sectionFinance Act 1997 Section 30
Title: Amendment of Section 88
State: Central
Year: 1997
In section 88 of the Income-tax Act, in sub-section (2) in clause (xvi), with effect from the 1st day of April, 1998, - (i) after the words "by a public company", the words "or as subscription to any eligible issue of capital by any public financial institution" shall be inserted; (ii) in the Explanation, - (A) for clause (i), the following clause shall be substituted, namely :- '(i) "eligible issue of capital" means an issue made by a public company formed and registered in India or a public financial institution and the entire proceeds of the issue is utilised wholly and exclusively either for the purposes of developing, maintaining and operating an infrastructure facility or for generating, or for generating and distributing, power or for providing telecommunication services whether basic or cellular;'; (B) after clause (iii), the following clause shall be inserted, namely :- '(iv) "public financial institution" shall have the meaning assigned to it in section 4A of the Companies Act, 1956 (1 of 1956).'.
View Complete Act List Judgments citing this sectionFinance Act, 1995 Section 22
Title: Amendment of Section 88
State: Central
Year: 1995
In section 88 of the Income-tax Act, with effect from the 1st day of April, 1996, - (i) sub-section (3) shall be omitted; (ii) in sub-section (7), in clause (i), for the words "contract of insurance, before premiums have been paid for two years; or", the following shall be substituted, namely :- "contract of insurance, - (a) in case of any single premium policy, within two years after the date of commencement of insurance, or (b) in any other case, before premiums have been paid for two years; or".
View Complete Act List Judgments citing this sectionFinance (No. 2) Act, 1996 Section 34
Title: Amendment of Section 88
State: Central
Year: 1996
.....: For the purposes of this clause, - "eligible issue of capital" means an issue referred to in clause (i) of Explanation to clause (xvi) in sub-section (2) of section 88.'. (b) after sub-section (5), the following sub-section shall be inserted, namely :- '(5A) Where the aggregate of any sums specified in clause (i) to clause (xv) of sub-section (2) exceeds an amount of sixty thousand rupees, a deduction under sub-section (1) shall be allowed with reference to so much of the aggregate as does not exceed an amount of sixty thousand rupees : Provided that in the case of an individual referred to in the proviso to sub-section (1), the provisions of this sub-section shall have effect as if for the words "sixty thousand rupees", the words "seventy thousand rupees" had been substituted.'. (c) in sub-section (6), in clause (ii), for the words "twelve thousand rupees", the words "fourteen thousand rupees" shall be substituted; (d) after sub-section (7), the following sub-section shall be inserted, namely :- "(7A) If any equity shares or debentures, with reference to the cost of which a deduction is allowed under sub-section (1) are sold or otherwise transferred by the.....
View Complete Act List Judgments citing this sectionFinance Act 2005 Section 29
Title: Amendment of Section 88
State: Central
Year: 2005
In section 88 of the Income-tax Act, after sub-section (8), the following sub-section shall be inserted with effect from the 1st day of April, 2006, namely:-- "(9) No deduction from the amount of income-tax shall be allowed under this section to an assessee, being an individual or a Hindu undivided family for the assessment year beginning on the 1st day of April, 2006 and subsequent years."
View Complete Act List Judgments citing this sectionFinance Act 1994 Section 29
Title: Amendment of Section 88
State: Central
Year: 1994
.....the words "in the name of any person" shall be substituted; (ii) in clause (xiii), for the words "by any individual", the words, brackets and figure "in the name of any person specified in sub-section (4)" shall be substituted; (iii) in clause (xiiic), after the word and figures "section 10", the words and figures "or by the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963)" shall be inserted with effect from the 1st day of April, 1995; (2) in sub-section (4), - (i) for clause (a), the following clause shall be substituted, namely :- "(a) for the purposes of clauses (i), (v), (xii) and (xiii) of that sub-section, - (i) in the case of an individual, the individual, the wife or husband and any child of such individual, and (ii) in the case of a Hindu undivided family, any member thereof;"; (ii) in clause (b), sub-clause (ii) shall be omitted; (iii) in clause (c), - (a) for the words, brackets and figures "clauses (v) and (viii)", the word, brackets and figures "clause (viii)" shall be substituted; (b) sub-clause (iii) shall be omitted; (iv) clause (d) shall be omitted.
View Complete Act List Judgments citing this sectionFinance Act 2001 Section 47
Title: Amendment of Section 88
State: Central
Year: 2001
In section 88 of the Income-tax Act, with effect from the 1st day of April, 2002,- (a) in sub-section (1), after the proviso, the following proviso shall be inserted, namely :- 'Provided further that an individual shall be entitled to a deduction of an amount equal to thirty per cent. of the aggregate of the sums referred to in sub-section (2) if his income chargeable under the head "Salaries"- (a) does not exceed one lakh rupees during the previous year before allowing deduction under section 16 ; and (b) is not less than ninety per cent. of his gross total income as defined in sub-section (5) of section 80B: ; (b) in sub-section (2), in clause (xiiia), after the words "Life Insurance Corporation", the words "or any other insurer" shall be inserted. Back
View Complete Act List Judgments citing this sectionFinance Act 1965 Section 26
Title: Amendment of Section 88
State: Central
Year: 1965
In section 88 of the Income tax Act, (i) in sub section (1), for the words "of an amount equal to the income tax calculated at the average rate of income tax on any sums paid by him in the previous year", the following shall be substituted, namely : "(a) where the assessee is a company, of an amount equal to the income tax calculated at the average rate of income tax or at the rate of twenty five per cent., whichever is less, and (b) in the case of any other assessee, of an amount equal to the income tax calculated at the average rate of income tax, on any sums paid by the assessee in the previous year"; (ii) in sub section (3), after the first proviso, the following proviso shall be inserted, namely : "Provided further that where any such sums paid during any previous year relevant to the assessment year commencing on the 1st day of April, 1965, or any subsequent assessment year include any donation referred to in sub section (6), and such sums exceed the limit of two hundred thousand rupees specified in the first proviso, then such limit shall be raised to cover that portion of the donation which is equal to the difference between such sums and the said limit, so.....
View Complete Act List Judgments citing this sectionFinance Act, 1992 Section 51
Title: Amendment of Section 88
State: Central
Year: 1992
.....sub-section (2), - (a) in clause (ii), for the words, brackets, figures and letters "not being an annuity plan referred to in clause (ii) of sub-section (1) of section 80CCA", the words, brackets, figures and letter "not being an annuity plan referred to in clause (xiiia)" shall be substituted with effect from the 1st day of April, 1993; (b) in clause (ix), after the words "the Central Government", the words "or any such deposit scheme" shall be inserted with effect from the 1st day of April, 1993; (c) after clause (xiii), the following clauses shall be inserted, with effect from the 1st day of April, 1993, namely :- "(xiiia) to effect or to keep in force a contract for such annuity plan of the Life Insurance Corporation as the Central Government may, by notification in the Official Gazette, specify; (xiiib) as subscription, not exceeding ten thousand rupees, to any units of any Mutual Fund notified under clause (23D) of section 10 or the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963), under any plan formulated in accordance with such scheme as the Central Government may, by notification in the Official Gazette, specify in this.....
View Complete Act List Judgments citing this sectionFinance Act, 2000 Section 46
Title: Amendment of Section 88
State: Central
Year: 2000
In section 88 of the Income-tax Act,- (a) in sub-section (2), in clause (xv), in sub-clause (c), in item (5), for the words, brackets and figures "which is approved for the purposes of clause (viii) of sub-section (1) of section 36", the words, brackets and figures "which is eligible for deduction under clause (viii) of sub-section (1) of section 36" shall be substituted; (b) in sub-section (5), for the words "ten thousand rupees", at both the places where they occur, the words "twenty thousand rupees" shall be substituted with effect from the 1st day of April, 2001. (c) in sub-section (6), in clause (ii), for the words "fourteen thousand rupees", the words "sixteen thousand rupees" shall be substituted with effect from the 1st day of April, 2001.
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