(1)Where an assessee, being-(a)an individual, or(b)a Hindu undivided family, ][*] [ The words " or" and Clause (c) omitted by Act 32 of 1994, Section 50 (w.r.e.f. 1.4.1988).]-[* * *] [ The words " or" and Clause (c) omitted by Act 32 of 1994, Section 50 (w.r.e.f. 1.4.1988).][has in the previous year-(i)deposited any amount in accordance with such scheme as the Central Government may, by notification in the Official Gazette, specify in this behalf ][* * *] [ Certain words omitted by Act 49 of 1991, Section 25 (w.e.f. 1.10.1991).]; or(ii)[ paid any amount to effect or to keep in force a contract for such annuity plan of the Life Insurance Corporation as the Central Government may, by notification in the Official Gazette, specify, out of his income chargeable to tax, he shall, in accordance with, and subject to, the provisions of this section, be allowed a deduction in the computation of his total income of the whole of the amount deposited or paid (excluding interest or bonus accrued or credited to the assessee's account, if any) as does not exceed the amount of twenty thousand rupees in the previous year:] [Substituted by Act 26 of 1988, Section 23, for Section 80-CCA (w.e.f. 1.4.1988).][Provided that in relation to-(a)the assessment years commencing on the 1st day of April, 1989 and the 1st day of April, 1990, this sub-section shall have effect as if for the words "twenty thousand rupees", the words "thirty thousand rupees" had been substituted;(b)the assessment year commencing on the 1st day of April, 1991 and subsequent assessment years, this sub-section shall have effect as if for the words "twenty thousand rupees", the words "forty thousand rupees" had been substituted:][Provided further that no deduction under this sub-section shall be allowed in relation to any amount deposited or paid under clauses (i) and (ii) on or after the 1st day of April, 1992.] [ Inserted by Act 18 of 1992, Section 42 (w.e.f. 1.4.1993).]
