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Finance Act 1965 Section 20

Title: Insertion of New Chapter Via

State: Central

Year: 1965

.....salary in that previous year or eight thousand rupees, whichever is less. Explanation : In clause (d) of this sub section and in clause (d) of sub section (1) of section 87, "salary" shall have the meaning assigned to it in clause (h) of rule 2 of Part A of the Fourth Schedule; (e) if the assessee is an employee participating in an approved superannuation fund, any sum paid in the previous year by him by way of contribution towards the superannuation fund; (f) where the assessee is an individual, any sums deposited, in the previous year by the assessee out of his income chargeable to tax, in a ten year account or a fifteen year account under the Post Office Savings Bank (Cumulative Time Deposits) Rules, 1959, as amended from time to time. (3) The provisions of clauses (a) and (b) of sub section (2) shall apply only to so much of any premium or other payment made on a policy other than a contract for a deferred annuity as is not in excess of ten per cent. of the actual capital sum assured. Explanation : In calculating any such capital sum, no account shall be taken (i) of the value of any premiums agreed to be returned, or (ii) of the benefit by way of bonus or.....

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