Deduction limit: combined income-tax and super-tax deductions restricted to a portion of allowable deduction sums. A proviso limits the insurance-related deduction to individuals who effected the referenced insurance before the first day of March, 1964 and paid to keep ... Summary
Deduction limit: combined income-tax and super-tax deductions restricted to a portion of allowable deduction sums.
A proviso limits the insurance-related deduction to individuals who effected the referenced insurance before the first day of March, 1964 and paid to keep it in force in the previous year; clause (ii) is broadened to include specified creative professionals where clause (i) does not apply. A new sub-section imposes a cap: income-tax deductions under the section together with super-tax deductions under the related provision shall not exceed one half of the aggregate of the sums for which deduction is allowed.
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