TaxTMI 
TaxTMI 
TaxTMI 
DEDUCTION IN RESPECT OF LIFE INSURANCE PREMIA, CONTRIBUTION TO PROVIDENT FUND, SUBSCRIPTION TO CERTAIN EQUITY SHARES, ETC.
X X X X Extracts X X X X
X X X X Extracts X X X X
....idual for securing deferred annuity or making provision for his spouse or children, to the extent of 20% of salary; (d) contribution by an individual to any provident fund to which the Provident Funds Act, 1925 (19 of 1925) applies; (e) contribution to an account with any provident fund, set up and notified by the Central Government, in the name of,- (i) in the case of an individual, such individual, spouse of the individual and any child of the individual; (ii) in the case of a Hindu undivided family, any member thereof; (f) contribution by an employee to a recognised provident fund; (g) contribution by an employee to an approved superannuation fund; (h) subscription to any security or deposit scheme notified by the Central Government in the name of an individual or any girl child of that individual, or any girl child for whom such person is the legal guardian, if the scheme so specifies; (i) subscription to savings certificate as mentioned in section 3(k) of the Government Savings Banks Act, 1873 (5 of 1873), as may be notified by the Central Government; (j) contribution for participation in Unit-lin....
X X X X Extracts X X X X
X X X X Extracts X X X X
....any University, college, school or other educational institution situated in India (at the time of admission or thereafter), for full time education of any two children of such individual; (r) payment made for purchase or construction of a residential house property the income from which is chargeable to tax under the head "Income from house property" (or which would, if it had not been used for the own residence of the assessee, have been chargeable to tax under that head), subject to satisfaction of conditions laid down in paragraph 3; (s) term deposit for a fixed period of not less than five years with a scheduled bank, and which is as per such scheme framed and notified by the Central Government; (t) subscription to bonds issued by the National Bank for Agriculture and Rural Development, as may be notified by the Central Government; (u) deposit in an account under the Senior Citizen Savings Scheme Rules, 2004; (v) five years term deposit in an account under the Post Office Time Deposit Rules, 1981; (w) contribution by an employee of the Central Government to an additional account referred to in section 20(3) of the Pension F....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ring from a disease or ailment specified in the rules made under section 128. (2) In this paragraph, "actual capital sum assured" shall mean the minimum amount assured under the policy on happening of the insured event at any time during the term of the policy, not taking into account- (a) the value of any premiums agreed to be returned; or (b) any benefit by way of bonus or otherwise over and above the sum actually assured, which is to be or may be received under the policy by any person. 3. Payments made for purchase or construction of residential house property.- The deduction in respect of amount spent for purchase or construction of a residential house property as provided in paragraph 1(r) shall- (a) include payments that are made towards or by way of- (i) any instalment or part payment of the amount due under any self-financing or other scheme of any development authority, housing board or other authority engaged in the construction and sale of house property on ownership basis; or (ii) any instalment or part payment of the amount due to any company or co-operative society of which the assessee is a shareholder or member tow....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ductions allowed thus far in the preceding tax year or tax years shall be deemed to be the income of the assessee and liable to tax in such tax year. Table Sl.No. Nature of payment Conditions for disallowance of the deduction in respect of payment provided in column B A B C 1. Premium paid for a life insurance policy. Where the assessee terminates his contract of insurance, by notice to that effect or where the contract ceases to be in force by reason of failure to pay any premium, by not reviving contract of insurance,- (a) in case of any single premium policy, within two years after the date of commencement of insurance; or (b) in any other case, before premiums have been paid for two years. 2. (a) Contribution for participation in the Unit-Linked Insurance Plan, 1971; (b) contribution for participation in the unit-linked insurance plan of Life Insurance Corporation Mutual Fund. Where the assessee terminates his participation in such plan, by notice to that effect or where he ceases to participate by reason of failure to pay any contribution, by not reviving his parti....
X X X X Extracts X X X X
X X X X Extracts X X X X
....) any amount of interest, which has been included in the total income of the assessee of the tax year or years preceding such tax year; and (ii) any amount received by the nominee or legal heir of the assessee, on the death of such assessee, other than interest, if any, accrued thereon, which was not included in the total income of the assessee for the tax year or years preceding such tax year. 2. Contribution to effect or keep in force a contract for any annuity plan of Life Insurance Corporation of India or any other insurer for receiving pension from the fund referred to in Schedule VII (Table: Sl. No. 3). Where any amount standing to the credit of the assessee in the pension fund, in respect of which a deduction has been allowed, together with the interest or bonus accrued or credited to the assessee account, if any, is received by the assessee or his nominee,- (a) on account of the surrender of the annuity plan whether in whole or in part, in any tax year; or (b) as pension received from the annuity plan. An amount equal to the whole of the amount referred to in column C (a) or (b) shall be deemed to be the income of the....