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of <h1>Income-tax Act Section 88 Amended: Tuition Fee Deductions, Insurance Premium Limits, and Child Deductions Updated</h1> Section 88 of the Income-tax Act is amended effective April 1, 2004. A new clause (xivb) is added to allow tuition fee deductions for full-time education in India, excluding development fees or donations. The definition of 'eligible issue of capital' and 'public company' is updated under clause (xvi). Sub-section (2A) limits insurance policy deductions to premiums not exceeding 20% of the capital sum assured. Sub-section (4) now includes a provision for deductions applicable to any two children of an individual. A new proviso in sub-section (5) caps tuition fee deductions at twelve thousand rupees per child.
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