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Home Acts & Rules Bill Bills FINANCE BILL, 2012 Chapters List Chapter III - Part 1 Direct Taxes - Income Tax This

Clause 76 - Amendment of section 197A. - FINANCE BILL, 2012

FINANCE BILL, 2012
Chapter III - Part 1
Direct Taxes - Income Tax
  • Contents

Amendment of section 197A.

76. In section 197A of the Income-tax Act, in sub-section (1C), for the words “sixty-five years”, the words “sixty years” shall be substituted with effect from the 1st day of July, 2012.

 



 

Notes on Clauses:

Clause 76 of the Bill seeks to amend section 197A of the Income-tax Act relating to no deduction to be made in certain cases.

The existing provisions in sub-section (1C) of section 197A provide that no deduction of tax shall be made under section 193 or section 194 or section 194A or section 194EE or section 194K in the case of an individual resident in India, who is of the age of sixty-five years or more at any time during the previous year, if such individual furnishes to the person responsible for paying any income of the nature referred to in the aforesaid sections, a declaration in writing in duplicate in the prescribed form and verified in the prescribed manner to the effect that the tax on his estimated total income of the previous year in which such income is to be included in computing his total income will be nil.

It is proposed to amend the aforesaid sub-section so as to reduce the qualifying age for an individual resident from sixty-five years to sixty years.

This amendment will take effect from 1st July, 2012.

 
 
 
 

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