https://www.taxtmi.com/acts?id=47179 The amendment adds a mandatory deposit obligation: assessees must, in addition to income tax computed under the principal clause, deposit an additional amount equal to one third of that computed tax into a social security fund specified by Central Government notification, effective from the assessment year commencing 1 April 1989. A proviso allows a reduction in the income tax computation where the assessee makes a qualifying deposit from life insurance business profits into the security fund, with the additional deposit recalculated on the reduced tax. en-us Wed, 08 Jan 2025 11:42:24 +0530 Wed, 08 Jan 2025 11:42:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=47179 The amendment adds a mandatory deposit obligation: assessees must, in addition to income tax computed under the principal clause, deposit an additional amount equal to one third of that computed tax into a social security fund specified by Central Government notification, effective from the assessment year commencing 1 April 1989. A proviso allows a reduction in the income tax computation where the assessee makes a qualifying deposit from life insurance business profits into the security fund, with the additional deposit recalculated on the reduced tax. Act-Rules F. Acts / Amendment Acts Wed, 08 Jan 2025 11:42:24 +0530 https://www.taxtmi.com/acts?id=47179