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of <h1>Section 87 Amended: New Savings Clause Added, Deposit Limits Increased for Post Office Accounts Under IT Act.</h1> Section 87 of the Income Tax Act has been amended by the Finance (No. 2) Act, 1962. A new clause (f) is added to subsection (1), allowing individuals to deposit sums from their taxable income into ten or fifteen-year accounts under the Post Office Savings Bank (Cumulative Time Deposits) Rules, 1959. In subsection (3), clause (ii) is amended to increase the limit from eight thousand rupees to ten thousand rupees, and clause (iii) is amended to increase the limit from sixteen thousand rupees to twenty thousand rupees.
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