Section 8 - Amendment of Section 87 - Finance (No. 2) Act, 1962

8. Amendment of Section 87 In section 87 of the Income tax Act, (i) in sub section (1), after clause (e), the following clause shall be inserted, namely : (f) where the assessee is an individual, any sums deposited, in the previous year by the assessee out of his income chargeable to tax, in a ten year account or a fifteen year account under the Post Officer Savings Bank (Cumulative Time Deposits) Rules, 1959, as amended from time to time. ; (ii) in sub section (3), (a) in clause (ii), for the words eight thousand rupees , the words ten thousand rupees shall be substituted; (b) in clause (iii), for the words sixteen thousand rupees , the words twenty thousand rupees shall be substituted.