Income Tax Act, 1961
Section 9: Subs. by Act 7 of 2019, s. 8, for “two thousand and five hundred” (w.e.f. 12020).
9. Subs. by Act 7 of 2019, s. 8, for “two thousand and five hundred” (w.e.f. 12020).
10. Subs. by Act 20 of 2002, s. 37, for sub-section (1) (w.e.f. 12003). Earlier sub-section (1) was amended by
Act 12 of 1990, s. 30 (w.e.f. 11991), Act 18 of 1992, s. 51 (w.e.f. 11993), Act 32 of 1994, s. 29 (w.r.e.f. 11991)
and Act 14 of 2001, s. 47 (w.e.f. 12002).
11. The words “out of his income chargeable to tax” omitted by Act 20 of 2002, s. 37 (w.e.f. 12003).
12. Subs. by Act 18 of 1992, s. 51, for “not being an annuity plan referred to in clause (ii) of sub-section (1) of
section 80CCA” (w.e.f. 11993).
428
Provided that such contract does not contain a provision for the exercise by the insured of an
option to receive a cash payment in lieu of the payment of the annuity;
(iii) by way of deduction from the salary payable by or on behalf of the Government to any
individual being a sum deducted in accordance with the conditions of his service, for the purpose of
securing to him a deferred annuity or making provision for his wife or children, in so far as the sum
so deducted does not exceed one-fifth of the salary;
(iv) as a contribution by an individual to any provident fund to which the Provident Funds Act,
1925 (19 of 1925), applies;
(v) as a contribution to any provident fund set up by the Central Government and notified by it in
this behalf in the Official Gazette, where such contribution is to an account standing in the name of
any person specified in sub-section (4);
(vi) as a contribution by an employee to a recognised provident fund;
(vii) as a contribution by an employee to an approved superannuation fund;
(viii) in a ten-year account or a fifteen-year account under the Post Office Savings Bank
(Cumulative Time Deposits) Rules, 1959, as amended from time to time, where such sums are
deposited in an account standing in the name of the persons specified in sub-section (4);
(ix) as subscription to any such security of the Central Government 1[or any such deposit scheme]
as that Government may, by notification in the Official Gazette, specify in this behalf;
(x) as subscription to the National Savings Certificates (VI Issue) and National Savings
Certificates (VII Issue) issued under the Government Savings Certificates Act, 1959 (46 of 1959);
(xi) as subscription to any such savings certificate as defined in clause (c) of section 2 of the
Government Savings Certificates Act, 1959 (46 of 1959), as the Central Government may, by
notification in the Official Gazette, specify in this behalf;
(xii) as a contribution, 2[in the name of any person] specified in sub-section (4), for participation
in the Unit-linked Insurance Plan, 1971 (hereafter in this section referred to as the Unit-linked
Insurance Plan) deemed to have been made under sub-clause (a) of clause (8) of section 19 of the
Unit Trust of India Act, 1963 (52 of 1963);
(xiii) as a contribution 3[in the name of any person specified in sub-section (4)] for participation
in any such unit-linked insurance plan of the LIC Mutual Fund notified under clause (23D) of section
10, as the Central Government may, by notification in the Official Gazette, specify in this behalf;
1[(xiiia) to effect or to keep in force a contract for such annuity plan of the Life Insurance
Corporation 4[or any other insurer] 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 behalf;
(xiiic) as a contribution by an individual to any pension fund set up by any Mutual Fund notified
under clause (23D) of section 10 5[or by the Unit Trust of India established under the Unit Trust of
India Act, 1963 (52 of 1963)], as the Central Government may, by notification in the Official Gazette,
specify in this behalf;]
(w.e.f. 12003). Earlier sub-section
was amended by
Act 12 of 1990, s. 30 (w.e.f. 11991), Act 18 of 1992, s. 51 (w.e.f. 11993), Act 32 of 1994, s. 29 (w.r.e.f. 11991)
and Act 14 of 2001, s. 47 (w.e.f. 12002).
11. The words “out of his income chargeable to tax” omitted by Act 20 of 2002, s. 37 (w.e.f. 12003).
12. Subs. by Act 18 of 1992, s. 51, for “not being an annuity plan referred to in clause
of sub-section
of
section 80CCA” (w.e.f. 11993).
428
Provided that such contract does not contain a provision for the exercise by the insured of an
option to receive a cash payment in lieu of the payment of the annuity;
by way of deduction from the salary payable by or on behalf of the Government to any
individual being a sum deducted in accordance with the conditions of his service, for the purpose of
securing to him a deferred annuity or making provision for his wife or children, in so far as the sum
so deducted does not exceed one-fifth of the salary;
as a contribution by an individual to any provident fund to which the Provident Funds Act,
1925 (19 of 1925), applies;
as a contribution to any provident fund set up by the Central Government and notified by it in
this behalf in the Official Gazette, where such contribution is to an account standing in the name of
any person specified in sub-section
as a contribution by an employee to a recognised provident fund;
as a contribution by an employee to an approved superannuation fund;
in a ten-year account or a fifteen-year account under the Post Office Savings Bank
(Cumulative Time Deposits) Rules, 1959, as amended from time to time, where such sums are
deposited in an account standing in the name of the persons specified in sub-section
as subscription to any such security of the Central Government 1[or any such deposit scheme]
as that Government may, by notification in the Official Gazette, specify in this behalf;
as subscription to the National Savings Certificates (VI Issue) and National Savings
Certificates (VII Issue) issued under the Government Savings Certificates Act, 1959 (46 of 1959);
as subscription to any such savings certificate as defined in clause
of section 2 of the
Government Savings Certificates Act, 1959 (46 of 1959), as the Central Government may, by
notification in the Official Gazette, specify in this behalf;
as a contribution, 2[in the name of any person] specified in sub-section
of clause
of section 19 of the
Unit Trust of India Act, 1963 (52 of 1963);
as a contribution 3[in the name of any person specified in sub-section
of section
10, as the Central Government may, by notification in the Official Gazette, specify in this behalf;
1[
to effect or to keep in force a contract for such annuity plan of the Life Insurance
Corporation 4[or any other insurer] as the Central Government may, by notification in the Official
Gazette, specify;
as subscription, not exceeding ten thousand rupees, to any units of any Mutual Fund
notified under clause
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 behalf;
as a contribution by an individual to any pension fund set up by any Mutual Fund notified
under clause
of section 10 5[or by the Unit Trust of India established under the Unit Trust of
India Act, 1963 (52 of 1963)], as the Central Government may, by notification in the Official Gazette,
specify in this behalf;]