Amendment of Section 17
In section 17 of the Income-tax Act, in sub-clause (3), in sub-clause (ii), for the words "interest on such contributions.", the following shall be substituted with effect from the 1st day of October, 1996, namely :-
'interest on such contributions or any sum received under a Keyman insurance policy including the sum allocated by way of bonus on such policy.
Explanation : For the purposes of this sub-clause, the expression "Keyman insurance policy" shall have the meaning assigned to in clause (10D) of section 10.'.