Deduction for husband-and-wife associations: Section 80 C extended to specified life insurance, annuity, provident fund and postal deposits. Amendment to Section 80-C adds clause (g) allowing an association of persons or body of individuals consisting only of husband and wife under the community of property system in specified Union territories to deduct sums paid from its taxable income for life insurance on members or their children, deferred annuity contracts (including options for cash payment), contributions to specified provident funds, and deposits in 10-year or 15-year Post Office Savings Bank cumulative time deposit accounts; sub-section (3) is amended to include clause (g) and sub-section (4) adds a deduction limit of thirty per cent of gross total income or fifteen thousand rupees, whichever is less.
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 for husband-and-wife associations: Section 80 C extended to specified life insurance, annuity, provident fund and postal deposits.
Amendment to Section 80-C adds clause (g) allowing an association of persons or body of individuals consisting only of husband and wife under the community of property system in specified Union territories to deduct sums paid from its taxable income for life insurance on members or their children, deferred annuity contracts (including options for cash payment), contributions to specified provident funds, and deposits in 10-year or 15-year Post Office Savings Bank cumulative time deposit accounts; sub-section (3) is amended to include clause (g) and sub-section (4) adds a deduction limit of thirty per cent of gross total income or fifteen thousand rupees, whichever is less.
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