Amendment of section 87

Section 18 of the Finance Act, 1964 deals with amendment of section 87. Amendment of section 87 18. In section 87 of the Income-tax Act,— (i) in sub-section (3),— (a) to clause (i), the following proviso shall be added, namely:—- "Provided that such individual has effected an insurance referred to in sub-clause (i) of clause (a) of sub-section (J) prior to the first day

Amendment of section 87

18. In section 87 of the Income-tax Act,—

(i) in sub-section (3),—

(a) to clause (i), the following proviso shall be added, namely:—-

"Provided that such individual has effected an insurance referred to in sub-clause (i) of clause (a) of sub-section (J) prior to the first day of March, 1964 and has paid any sum in the previous year to keep in force such insurance;";

(b) in clause (ii), after the words "any other indivi dual", the brackets, words and figure "[including an author, playwright, artist, musician or actor to whom the provisions of clause (i) do not apply]" shall be inserted;

(ii) after sub-section (3), the following sub-section shall be inserted, namely :—

" (4) The amount of income-tax deductible under this section, together with the amount of super-tax deductible under section 99A, shall not in any case exceed half the aggregate of the sums in respect of which the deduction is allowed under this section.".

[Finance Act, 1964]

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Section 18, The Finance Act, 1964 (Act 5 of 1964).