Section 13 - Amendment of section 80C - Finance (No. 2) Act, 1980

13. Amendment of section 80C In section 80C of the Income-tax Act, with effect from the 1st day of April, 1981, - (a) for sub-section (1), the following sub-section shall be substituted, namely :- (1) In computing the total income of an assessee, there shall be deducted, in accordance with and subject t to the provisions of this section, an amount calculated, with reference to the aggregate of the sums specified in sub-section (2), at the following rates, namely :- (a) where such aggregate does not exceed Rs. 5,000 The whole of such aggregate; (b) where such aggregate exceeds Rs. 5,000 but does not exceed Rs. 10,000 Rs. 5,000 plus 50 per cent. of the amount by which such aggregate exceeds Rs. 5,000; (c) where such aggregate exceeds Rs. 10,000 Rs. 7,500 plus 40 per cent. of the amount by which such aggregate exceeds Rs. 10,000. ; (b) in sub-section (4), in clause (i), for the words musician or actor , the words and brackets musician, actor or sportsman (including an athlete) shall be substituted.