# The Finance Act, 2001, Section 47: Amendment of section 88

- Act: The Finance Act, 2001
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2001/section/47/

## Text

Amendment of section 88. 47. In section 88 of the Income-tax Act, with effect from the 1st day of April, 2002,— (a) in sub-section (1), after the proviso, the following proviso shall be inserted, namely:— ‘Provided further that an individual shall be entitled to a deduction of an amount equal to thirty per cent of the aggregate of the sums referred to in sub-section (2) if his income charge­able under the head "Salaries"— (a) does not exceed one lakh rupees during the previous year before allowing deduction under section 16; and (b) is not less than ninety per cent of his gross total income as defined in sub-section (5) of section 80B.’; (b) in sub-section (2), in clause (xiiia), after the words "Life Insurance Corporation", the words "or any other insurer" shall be inserted. © Copyright. Taxmann Publications Pvt. Ltd.

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