Life insurance premium deduction cap restricts allowable premiums for policies issued after the cutoff, tied to the capital sum assured. The amendment restricts the insurance-premium deduction for policies issued on or after the later cutoff by applying the deduction only to that portion of ... Summary
Life insurance premium deduction cap restricts allowable premiums for policies issued after the cutoff, tied to the capital sum assured.
The amendment restricts the insurance-premium deduction for policies issued on or after the later cutoff by applying the deduction only to that portion of a premium not exceeding a proportion of the actual capital sum assured, where that term means the minimum amount assured on occurrence of the insured event during the policy term and excludes returned premiums and any bonus or additional benefits.
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