Social security fund deposit requirement: taxpayers must make an additional percentage deposit alongside income tax into a government specified fund.

The amendment adds a mandatory deposit obligation: assessees must, in addition to income tax computed under the principal clause, deposit an additional amount equal to one third of that computed tax into a social security fund specified by Central Government notification, effective from the assessment year commencing 1 April 1989. A proviso allows a reduction in the income tax computation where the assessee makes a qualifying deposit from life insurance business profits into the security fund, with the additional deposit recalculated on the reduced tax.

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