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of <h1>Amendment to Section 80C: Limits Tax Deduction on Insurance Premiums to 10% of Capital Sum Assured from 2013.</h1> Clause 24 of the Finance Bill, 2012 amends section 80C of the Income-tax Act, effective from April 1, 2013. It modifies sub-section (3) to specify that for insurance policies issued on or after April 1, 2012, the deduction applies only to premiums not exceeding ten percent of the actual capital sum assured. The amendment also introduces sub-section (3A) and defines 'actual capital sum assured' as the minimum assured amount, excluding any premium returns or additional benefits. These changes apply from the assessment year 2013-2014 onwards.
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