Income-tax Act, 2025

DEDUCTION IN RESPECT OF LIFE INSURANCE PREMIA, CONTRIBUTION TO PROVIDENT FUND, SUBSCRIPTION TO CERTAIN EQUITY SHARES, ETC. - Schedule XV

SCHEDULE XV

[See section 123]

DEDUCTION IN RESPECT OF LIFE INSURANCE PREMIA, CONTRIBUTION TO PROVIDENT FUND, SUBSCRIPTION TO CERTAIN EQUITY SHARES, ETC.

Sums qualifying as deduction.

1. For any tax year, the following amounts shall qualify as deduction for the purpose of section 123

(a)

premium paid for a life insurance policy

(i)

in the case of an individual, on life of such individual, spouse of the individual and any child of the individual;

(ii)

in the case of a Hindu undivided family, on life of any member of the Hindu undivided family,

subject to paragraph 2;

(b)

sum paid under a deferred annuity contract other than the annuity plan referred to in clause (l) on life of the individual, spouse of the individual and any child of the individual, and such contract does not contain an option to receive cash payment in lieu of the annuity;

(c)

sum deducted from salary payable by or on behalf of the Government to any individual for securing deferred annuity or making provision for his spouse or children, to the extent of 20% of salary;

(d)

contribution by an individual to any provident fund to which the Provident Funds Act, 1925 (19 of 1925) applies;

(e)

contribution to an account with any provident fund, set up and notified by the Central Government, in the name of,

(i)

in the case of an individual, such individual, spouse of the individual and any child of the individual;

(ii)

in the case of a Hindu undivided family, any member thereof;

(f)

contribution by an employee to a recognised provident fund;

(g)

contribution by an employee to an approved superannuation fund;

(h)

subscription to any security or deposit scheme notified by the Central Government in the name of an individual or any girl child of that indiv .... To read the full section download the app from Google Play store