Amendment of Section 80C

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....o amended, the following sub-clause shall be inserted, namely :- "(v) as a contribution for participation in the Unit-linked Insurance Plan, 1971 (hereafter in this section referred to as the Unit-linked Insurance Plan) made under section 19(1)(cc) of the Unit Trust of India Act, 1963 (52 of 1963);"; (ii) in sub-clause (i) of clause (g), in item (3), the word "or" shall be ....

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....participation have been paid for five years, then - (a) no deduction shall be allowed to the assessee under this section in respect of the contribution, if any, paid in the previous year in which the participation is so terminated; and (b) the deductions allowed in respect of the contributions paid in the previous years preceding the previous year referred to in clause (a) shall be deemed to b....