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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income Tax Bill 2025: Deductions for Life Insurance, Provident Fund, and Savings Schemes with Specific Conditions and Limits</h1> The statutory provisions outline deductions available under the Income Tax Bill, 2025, for payments made towards life insurance premiums, provident fund contributions, and subscriptions to certain equity shares and savings schemes. Eligible deductions include premiums on life insurance policies, contributions to various provident and pension funds, and subscriptions to government-notified savings and deposit schemes. Specific conditions apply to the eligibility and limits of these deductions. The provisions also detail circumstances under which previously allowed deductions may be withdrawn and taxed, such as early termination of policies or withdrawal of funds before stipulated periods. Definitions and interpretations of terms like 'Administrator,' 'insurance,' and 'public company' are provided for clarity.
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