Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Amendment 2013 on 80 c


Published on

  • Be the first to comment

  • Be the first to like this

Amendment 2013 on 80 c

  1. 1. Latest Amendment in the Section 80C w.e.f. 01st April, 2013 By Shankar Bose Inspector of Income-tax MSTU, Puri
  2. 2. Latest Amendment in the Section 80C w.e.f. 01st April, 2013As per latest amendment in the Section 80C of the Incometax Actregadrding deductions on contricution of GPF/PPF, ApprovedSavings u/s. 80C and other deposit amount which are qualifyingmaximum amount Rs. 1,00,000/-. Recently Finance Department ofIncome Tax issued some amendment rule for section 80C of IncomeTax. New amendment are see the below:In section 80C of the Income-tax Act, with effect from the 1st day ofApril, 2013,—(i) in sub-section (3), for the words "insurance policy other than acontract for a deferred annuity", the words, figures and letters"insurance policy, other than a contract for a deferred annuity,issued on or before the 31st day of March, 2012," shall besubstituted;(ii) after sub-section (3), the following shall be inserted, namely:—(3A) The provisions of sub-section (2) shall apply only to so much ofany premium or other payment made on an insurance policy, otherthan a contract for a deferred annuity, issued on or after the 1st dayof April, 2012 as is not in excess of ten per cent of the actual capitalsum assured.Explanation.—For the purposes of this sub-section, "actual capitalsum assured" in relation to a life insurance policy shall mean theminimum amount assured under the policy on happening of theinsured event at any time during the term of the policy, not takingintoaccount—(i) the value of any premium agreed to be returned; or(ii) any benefit by way of bonus or otherwise over and above thesum actually assured,which is to be or may be received under thepolicy by any person.. Thanks