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        F. Acts / Amendment Acts

        Section 24 - Amendment of section 80C.

        Finance Act, 2012
        Part 1
        Income Tax

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        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.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                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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