Section 32 - Amendment of section 112A. - Finance Act, 2021

Amendment of section 112A. 32. In section 112A of the Income-tax Act, in the Explanation, in clause (a),- (i) in the opening portion, after the word and figures section 10 , the words, brackets, figures and letter or under a scheme of an insurance company comprising unit linked insurance policies to which exemption under clause (10D) of the said section does not apply on account of the applicability of the fourth and fifth proviso thereof shall be inserted; (ii) after the proviso, the following proviso shall be inserted, namely:- Provided further that in case of a scheme of an insurance company comprising unit linked insurance policies to which exemption under clause (10D) of section 10 does not apply on account of the applicability of the fourth and fifth provisos thereof, the minimum requirement of ninety per cent. or sixty-five per cent., as the case may be, is required to be satisfied throughout the term of such insurance policy. .