TaxTMI 
Premium paid by a federal milk society on life of cattle - (New) Section 30(b) / (Old) Section 36(1)(ia)
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....e on the life of the cattle owned by a member of a co-operative society; allowed as deduction while computing the Income Chargeable under section 26. [ Section 30(b) ] Who can claim the deduction? • A federal milk co-operative society (i.e., a higher-tier cooperative that aggregates milk from smaller societies). What kind of payment is allowed? • Premium p....