Section 7 - Amendment of section 80C - Direct Tax Laws (Second Amendment) Act, 1989

7. Amendment of section 80C. In section 80C of the Income-tax Act,- (a) in sub-section (2),- (i) in clause (a), - (A) in sub-clause (ii), after the words deferred annuity , the words, brackets, figures and letters , not being an annuity plan referred to in clause (ii) of sub-section (1) of section 80CCA, shall be inserted; (B) in sub-clause (v),- (1) the brackets and words (hereafter in this section referred to as the Unit-linked Insurance Plan) shall be omitted; (2) the word or shall be inserted at the end; (C) after sub-clause (v), the following sub-clause shall be inserted, namely :- (vi) as a contribution 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; ; (ii) in clause (h), after sub-clause (ia) [as inserted by the Finance Act, 1989 (13 of 1989)], the following sub-clause shall be inserted, namely :- (ib) 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; ; (iii) in clauses (g) and (h), for the words Union territories of Dadra and Nagar Haveli and Goa, Daman and Diu , wherever they occur, the words State of Goa and the Union territories of Dadra and Nagar Haveli and Daman and Diu shall be substituted; (iv) after clause (h), the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1984, namely :- (i) where the assessee is an individual or a Hindu undivided family or where the assessee is an association of persons or a body of individuals consisting, in either case, only of husband and wife governed by the system of community of property in force in the State of Goa and the Union territories of Dadra and Nagar Haveli and Daman and Diu, any sums paid in the previous year by such assessee out of his or its income chargeable to tax 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); ; (b) in sub-section (5),- (i) for the words the Unit-linked Insurance Plan , the words, brackets, figures and letters any unit-linked insurance plan referred to in sub-clause (v) or sub-clause (vi) of clause (a) of sub-section (2) shall be substituted; (ii) for the words participating in the plan, terminates his participation in the plan , the words participating in any such plan, terminates his participation in that plan shall be substituted; (c) in sub-section (6), in Explanation 2, for the words the Unit-linked Insurance Plan , the words, brackets, figures and letters any unit-linked insurance plan referred to in sub-clause (v) or sub- clause (vi) of clause (a) of sub-section (2) shall be substituted.