Clause 66 - Deductions for savings - Direct Taxes Code Bill, 2009

Deductions for savings 66. (1) A person, being an individual or a Hindu undivided family, shall be allowed a deduction in respect of the aggregate of the sums referred to in sub-section (2) as does not exceed three hundred thousand rupees. (2) The sums referred to in sub-section (1) shall be any sum paid to, or deposited in, any account maintained with any permitted savings intermediary, during the financial year. (3) The sums paid to, or deposited with, any account maintained with the permitted savings intermediary shall include any sums paid for, or on behalf of, the assessee. (4) The sums referred to in sub-section (2) shall not include any sum paid to, or deposited, in any account maintained with the permitted savings intermediary if the sum represents the roll over of any amount received, or withdrawn, from one account with the permitted savings intermediary to any other account with the same or any other permitted savings intermediary; (5) The payment to, or deposit with, the permitted savings intermediary shall be made in accordance with the scheme framed and prescribed by the Central Government in this behalf.