Computation of income chargeable to tax under section 92(2)(l)

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....e to tax under the said section shall be computed in the following manner:- (i) where the sum is received for the first time under the life insurance policy during the tax year (herein referred to as first tax year), the income chargeable to tax in the first tax year shall be computed in accordance with the formula- A-B Where, - A = the sum or aggregate of sum r....

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....the life insurance policy till the date of receipt of the sum in the subsequent tax year not being premium which- (a) has been claimed as deduction under any other provision of the Act; or (b) is included in amount 'B' or amount 'D' of this sub-rule in any of the year or years preceding the tax year. (2) For the purposes of this rule, the sum received under a l....