Section 88C. [Rebate of income-tax in case of women below sixty-five years]

88C. [Rebate of income-tax in case of women below sixty-five years]. —Omitted by s. 31 , ibid., ( w.e.f. 1-4-2006). 88D. [ Rebate of income-tax in case of certain individuals]. —Omitted by s. 32 , ibid., ( w.e.f . 1-42006) . 1 [88E. Rebate in respect of securities transaction tax. — (1) Where the total income of an assessee in a previous year includes any income, chargeable under the head "Profits and gains of business or profession", arising from taxable securities transactions, he shall be entitled to a deduction, from the amount of income-tax on such income arising from such transactions, computed in the manner provided in sub-section (2), of an amount equal to the securities transaction tax paid by him in respect of the taxable securities transactions entered into in the course of his business during that previous year: Provided that no deduction under this sub-section shall be allowed unless the assessee furnishes along with the return of income, evidence of payment of securities transaction tax in the prescribed form: Provided further that the amount of deduction under this sub-section shall not exceed the amount of income-tax on such income computed in the manner provided in sub-section (2). (2) For the purposes of sub-section (1), the amount of income-tax on the income arising from the taxable securities transactions, referred to in that sub-section, shall be equal to the amount calculated by applying the average rate of income-tax on such income. 2[(3) No deduction under this section shall be allowed in, or after, the assessment year beginning on the 1st day of April, 2009.] Explanation.— For the purposes of this section, the expressions, "taxable securities transaction" and "securities transaction tax" shall have the same meanings respectively assigned to them under Chapter VII of the Finance (No. 2) Act, 2004.] B.—Relief for income-tax] 3 — [89. Relief when salary, etc., is paid in arrears or in advance. Where an assessee is in receipt of a sum in the nature of salary, being paid in arrears or in advance or is in receipt, in any one financial year, of salary for more than twelve months or a payment which under the provisions of clause (3) of section 17 is a profit in lieu of salary, or is in receipt of a sum in the nature of family pension as defined in the Explanation to clause (iia) of section 57, being paid in arrears, due to which his total income is assessed at a rate higher than that at which it would otherwise have been assessed, the Assessing Officer shall, on an application made to him in this behalf, grant such relief as may be prescribed:] 4[Provided that no such relief shall be granted in respect of any amount received or receivable by an assessee on his voluntary retirement or termination of his service, in accordance with any scheme or schemes of voluntary retirement or in the case of a public sector company referred to in sub-clause (i) of clause (10C) of section 10, a scheme of voluntary separation, if an exemption in respect of any amount received or receivable on such voluntary retirement or termination of his service or voluntary separation has been claimed by the assessee under clause (10C) of section 10 in respect of such, or any other, assessment year.] 1. Subs. by Act 23 of 2004, s. 23, for section 88E (w.e.f. 1-4-2005). 2. Ins. by Act 18 of 2008, s. 20 (w.e.f. 1-4-2008). 3. Subs. by Act 20 of 2002, s.38, for section 89 (w.e.f. 1-4-1996). Earlier section substituted by42 of 1970, s. 23 (w.e.f. 1-4-1971). 4. Ins. by Act 33 of 2009, s. 39 (w.e.f. 1-4-2010). 89A. [ Tax relief in relation to export turnover ] . —Omitted by the Finance Act, 1983 (11 of 1983), s. 33 ( w.e.f. 1-4-1983). The provisions of this section were later substituted by scheme contained in section 80 HHC, inserted by the Finance Act, 1983 (11 of 1983), s. 24 ( w.e.f. 1 - 4 - 1983) . Originally section 89 A was inserted by the Finance Act, 1982 (29 of 1983), s. 22 ( w.e.f. 1-6-1982).