Clause 80 - Amendment of section 207. - Finance Bill, 2012

Amendment of section 207. 80. Section 207 of the Income-tax Act shall be renumbered as sub-section (1) thereof and after sub-section (1) as so renumbered, the following sub-section shall be inserted, namely: (2) The provisions of sub-section (1) shall not apply to an individual resident in India, who (a) does not have any income chargeable under the head Profits and gains of business or profession ; and (b) is of the age of sixty years or more at any time during the previous year. .