(Chapter: II Part E. - Deductions to be made in computing total income)
(a) the profession of actuaries ;
(b) banking ;
(c) insurance; and
- As per section 80RRA(1), no deduction shall be allowed in respect of the assessment year beginning on the 1st day of April, 2005 and any subsequent assessment year. Hence, rule 11C has become inoperative with effect from 1-4-2005.
Reference/Source: Check at Income Tax site for latest version of the Rules - link