# The Finance Act, 1962, Section 8: Amendment of section 87

- Act: The Finance Act, 1962 (Act 20 of 1962)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1962/section/8/

## Text

Amendment of section 87 8. "In section 87 of the Income-tax Act,- (i) in sub-section (1), after clause (e), the following clause shall be inserted, namely: - "(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."; (ii) in sub-section (3),- (a) in clause (ii), for the words "eight thousand rupees", the words "ten thousand rupees" shall be substituted; (b) in clause (iii), for the words "sixteen thousand rupees", the words "twenty thousand rupees" shall be sub stituted. [Finance (No. 2) Act, 1962] © Copyright. Taxmann Publications Pvt. Ltd.

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