Amendment of Act 27 of 1957

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....eing an annuity purchased by the assessee or purchased by any other person in pursuance of a contract with the assessee)" shall be substituted; (b) in the proviso, for the words, brackets and figures "items (i) to (iii)", the word, brackets and figures "item (i)" and for the words, brackets and figures "items (i) to (v)", the words, brackets and figures "items (i) to (iii)" shall be subst....

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....essee in the policy the same proportion as the number of years during which the premium or other payment on the policy is payable bears to ten;"; (b) in sub-section (1A), for the word, brackets and figures "clauses (xv),", the word, brackets, figures and letter "clauses (iva), (xv)," shall be substituted; (3) in the Schedule, in Paragraph A of Part I, for items (1) and (1A), the follow....

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.... Provided that for the purposes of this item, - (i) no wealth-tax shall be payable where the net wealth does not exceed the following limit, namely :- (A) Rs. 1,00,000, in the case of an individual; (B) Rs. 2,00,000, in the case of a Hindu undivided family; (ii) the wealth-tax payable shall, in no case, exceed 10 per cent. of the amount by which the net wealth e....