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of <h1>Income-tax Act Section 17: Amendment includes Keyman insurance policy sums as taxable income, effective from October 1, 1996.</h1> Section 17 of the Income-tax Act is amended to modify sub-clause (3)(ii) by replacing the phrase 'interest on such contributions' with 'interest on such contributions or any sum received under a Keyman insurance policy, including the sum allocated by way of bonus on such policy.' This amendment, effective from October 1, 1996, clarifies that sums received under a Keyman insurance policy are included in the scope of taxable income. The term 'Keyman insurance policy' is defined as per clause (10D) of section 10.
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