CHAPTER VIII

DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME

Deduction for life insurance premia, deferred annuity, contributions to provident fund, etc.

123. An individual or a Hindu undivided family, shall be allowed a deduction of the whole of the amount paid or deposited in the tax year, being the aggregate of the sums enumerated in Schedule XV, as does not exceed ? 150000, while computing the total income for that year, subject to the conditions specified in that Schedule.