Income Tax Act, 2025
Section 6: Ins. by Act 18 of 1992, s. 42 (w.e.f. 11993).
6. Ins. by Act 18 of 1992, s. 42 (w.e.f. 11993).
7. Subs. by Act 49 of 1991, s. 25, for “under the National Savings Scheme” (w.e.f. 11991).
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an amount equal to the whole of the amount referred to in clause (a) or clause (b) shall be deemed to be
the income of the assessee of that previous year in which such withdrawal is made or, as the case may be,
amount is received, and shall, accordingly, be chargeable to tax as the income of that previous year:
1[Provided that nothing contained in this sub-section shall apply to any amount received by the
assessee on account of the surrender of the policy in accordance with the terms of the annuity plan of the
Life Insurance Corporation where the assessee elects to surrender before the 1st day of October, 1992, the
said annuity plan in respect of which he had paid any amount under clause (ii) of sub-section (1) before
the 1st day of April, 1992.]
2[(3) Notwithstanding anything contained in any other provision of this Act, where a partition has
taken place among the members of a Hindu undivided family or where an association of persons has been
dissolved after a deduction has been allowed under sub-section (1), the provisions of sub-section (2) shall
apply as if the person in receipt of income referred to therein is the assessee.]
Explanation I.—For the removal of doubts, it is hereby declared that interest on the deposits made
3[under the scheme referred to in clause (i) of sub-section (1)] shall not be chargeable to tax except in the
manner and to the extent specified in sub-section (2).
Explanation II.—For the purposes of this section, “Life Insurance Corporation” shall have the same
meaning as in clause (a) of sub-section (8) of section 80C.
4[80CCB. Deduction in respect of investment made under Equity Linked Savings Scheme.—(1)
Where an assessee, being—
(a) an individual, or
(b) a Hindu undivided family,5***
6* * * * *
has acquired in the previous year, out of his income chargeable to tax, units of any Mutual Fund specified
under clause (23D) of section 10 or of 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 (hereafter in this section
referred to as the Equity Linked Savings Scheme), he shall, in accordance with, and subject to, the
provisions of this section, be allowed a deduction in the computation of his total income of so much of the
amount invested as does not exceed the amount of ten thousand rupees in the previous year:
7[Provided that no deduction shall be allowed in relation to any amount invested under this
sub-section on or after the 1st day of April, 1992.]
(2) Where any amount invested by the assessee in the units issued under a plan formulated under the
Equity Linked Savings Scheme in respect of which a deduction has been allowed under sub-section (1) is
returned to him in whole or in part either by way of repurchase of such units or on the termination of the
plan, by the Fund or the Trust, as the case may be, in any previous year, it shall be deemed to be the
income of the assessee of that previous year and chargeable to tax accordingly.
or clause
shall be deemed to be
the income of the assessee of that previous year in which such withdrawal is made or, as the case may be,
amount is received, and shall, accordingly, be chargeable to tax as the income of that previous year:
1[Provided that nothing contained in this sub-section shall apply to any amount received by the
assessee on account of the surrender of the policy in accordance with the terms of the annuity plan of the
Life Insurance Corporation where the assessee elects to surrender before the 1st day of October, 1992, the
said annuity plan in respect of which he had paid any amount under clause
of sub-section
before
the 1st day of April, 1992.]
2[
Notwithstanding anything contained in any other provision of this Act, where a partition has
taken place among the members of a Hindu undivided family or where an association of persons has been
dissolved after a deduction has been allowed under sub-section
shall
apply as if the person in receipt of income referred to therein is the assessee.]
Explanation I.—For the removal of doubts, it is hereby declared that interest on the deposits made
3[under the scheme referred to in clause
of sub-section
of sub-section
of section 80C.
4[80CCB. Deduction in respect of investment made under Equity Linked Savings Scheme.—
Where an assessee, being—
an individual, or
a Hindu undivided family,5***
6* * * * *
has acquired in the previous year, out of his income chargeable to tax, units of any Mutual Fund specified
under clause
of section 10 or of 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 (hereafter in this section
referred to as the Equity Linked Savings Scheme), he shall, in accordance with, and subject to, the
provisions of this section, be allowed a deduction in the computation of his total income of so much of the
amount invested as does not exceed the amount of ten thousand rupees in the previous year:
7[Provided that no deduction shall be allowed in relation to any amount invested under this
sub-section on or after the 1st day of April, 1992.]
Where any amount invested by the assessee in the units issued under a plan formulated under the
Equity Linked Savings Scheme in respect of which a deduction has been allowed under sub-section
is
returned to him in whole or in part either by way of repurchase of such units or on the termination of the
plan, by the Fund or the Trust, as the case may be, in any previous year, it shall be deemed to be the
income of the assessee of that previous year and chargeable to tax accordingly.