Life insurance deduction limit raised for policies insuring persons with disability or specified diseases, expanding allowable premium deduction. Amendment raises the allowable deduction ceiling for life insurance premium calculations by substituting a higher percentage where the policy, issued on or after the specified issuance date, insures a person with disability or a person suffering from a disease listed in the medical-condition rules; the proviso takes effect from the stated effective date and applies to subsequent assessment years, and is confined to the premium-based computation within the existing deduction framework.
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Life insurance deduction limit raised for policies insuring persons with disability or specified diseases, expanding allowable premium deduction.
Amendment raises the allowable deduction ceiling for life insurance premium calculations by substituting a higher percentage where the policy, issued on or after the specified issuance date, insures a person with disability or a person suffering from a disease listed in the medical-condition rules; the proviso takes effect from the stated effective date and applies to subsequent assessment years, and is confined to the premium-based computation within the existing deduction framework.
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