Section 27DC: Deduction for carer

27DC. Deduction for carer Where, in an income year, an individual employs one or more carers in respect of whom he has paid the contributions payable under the Social Contribution and Benefits Act 2021 and the National Savings Fund Act, he shall be entitled to deduct from his net income for that income year the wages paid to the carers or 30,000 rupees, whichever is lower. (e) in Part IV – (i) in section 44D, by adding the following new subsection, the existing provision being numbered as subsection (1) – (2) The chargeable income referred to in subsection (1) shall not include income derived from intellectual property assets. (ii) in section 50L – (A) in subsection (7), by deleting the words “The Authority” and replacing them by the words “Subject to subsection (7A), the Authority”; (B) in subsection (7), by deleting the words “and the remaining amount to the National Social Inclusion Foundation”; Acts 2024 463 (C) by inserting, after subsection (7), the following new subsections – (7A) For the period starting on 1 July 2024 and ending on 30 June 2025, the Authority shall, as soon as is practicable, pay an amount of one billion rupees from the sum collected under subsections (2)(a) and (6) to the Consolidated Fund after deducting the amount referred in subsection (7). (7B) In case the amount referred to in subsections (2)(a) and (6), after deducting the amount referred to in subsection (7), is more than one billion rupees, the remaining amount shall be remitted to the National Social Inclusion Foundation. (7C) In case the amount referred to in subsections (2)(a) and (6), after deducting the amount referred to in subsection (7), is less than one billion rupees, the difference shall be credited in the Consolidated Fund for the period starting on 1 July 2025 and ending on 30 June 2026. (iii) by inserting, after Sub-part AD, the following new Sub-part – Sub-Part AE – Corporate Climate Responsibility(CCR) levy