Deduction for life insurance premia allowed for individuals and HUFs up to statutory limit, subject to Schedule conditions. An individual or a Hindu undivided family is entitled to a deduction for amounts paid or deposited in the tax year in respect of life insurance premia, deferred annuity and contributions to provident funds as enumerated in Schedule XV, equal to the aggregate of those sums but not exceeding one lakh fifty thousand rupees and subject to the conditions specified in Schedule XV while computing total income.
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 life insurance premia allowed for individuals and HUFs up to statutory limit, subject to Schedule conditions.
An individual or a Hindu undivided family is entitled to a deduction for amounts paid or deposited in the tax year in respect of life insurance premia, deferred annuity and contributions to provident funds as enumerated in Schedule XV, equal to the aggregate of those sums but not exceeding one lakh fifty thousand rupees and subject to the conditions specified in Schedule XV while computing total income.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
