Amendment of section 87

Section 8 of the Finance Act, 1962 deals with amendment of section 87. 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 t The Act was enacted on 22 Jun 1962.

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.

Section 8, The Finance Act, 1962 (Act 20 of 1962).