Deduction limits under section 80C revised; HUF contributions for life insurance and designated time deposits clarified. The amendment substitutes clause (b) of sub section (2) to clarify that sums paid by a Hindu undivided family from its taxable income for life insurance on any family member, contributions to provident fund accounts in the name of a family member, and deposits in specified ten or fifteen year Post Office cumulative time deposit accounts in the name of a family member qualify under that clause; the Explanation's cross reference is adjusted. Sub section (4) is replaced to set distinct deduction limits for specified creative and sporting individuals and for other individuals, HUFs and certain associations.
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Provisions expressly mentioned in the judgment/order text.
Deduction limits under section 80C revised; HUF contributions for life insurance and designated time deposits clarified.
The amendment substitutes clause (b) of sub section (2) to clarify that sums paid by a Hindu undivided family from its taxable income for life insurance on any family member, contributions to provident fund accounts in the name of a family member, and deposits in specified ten or fifteen year Post Office cumulative time deposit accounts in the name of a family member qualify under that clause; the Explanation's cross reference is adjusted. Sub section (4) is replaced to set distinct deduction limits for specified creative and sporting individuals and for other individuals, HUFs and certain associations.
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