Section 18 - Amendment of section 87 - Finance Act, 1964

18. Amendment of section 87 In section 87 of the Income-tax Act,- (i) in sub-section (3),- (a) to clause (i), the following proviso shall be added, namely:- Provided that such individual has effected an insurance referred to in sub-clause (i) of clause (a) of sub-section (1) prior to the first day of March, 1964 and has paid any sum in the previous year to keep in force such insurance; ; (b) in clause (ii), after the words any other individual , the brackets, words and figure [including an author, playwright, artist, musician or actor to whom the provisions of clause (i) do not apply] shall be inserted; (ii) after sub-section (3), the following sub-section shall be inserted, namely:- (4) The amount of income-tax deductible under this section, together with the amount of super-tax deductible under section 99A, shall not in any case exceed half the aggregate of the sums in respect of which the deduction is allowed under this section. .