Deduction limit: combined income-tax and super-tax deductions restricted to a portion of allowable deduction sums. A proviso limits the insurance-related deduction to individuals who effected the referenced insurance before the first day of March, 1964 and paid to keep it in force in the previous year; clause (ii) is broadened to include specified creative professionals where clause (i) does not apply. A new sub-section imposes a cap: income-tax deductions under the section together with super-tax deductions under the related provision shall not exceed one half of the aggregate of the sums for which deduction is allowed.
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.
Deduction limit: combined income-tax and super-tax deductions restricted to a portion of allowable deduction sums.
A proviso limits the insurance-related deduction to individuals who effected the referenced insurance before the first day of March, 1964 and paid to keep it in force in the previous year; clause (ii) is broadened to include specified creative professionals where clause (i) does not apply. A new sub-section imposes a cap: income-tax deductions under the section together with super-tax deductions under the related provision shall not exceed one half of the aggregate of the sums for which deduction is allowed.
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