Section 22 - Amendment of Section 88 - Finance Act, 1995

22. Amendment of Section 88 In section 88 of the Income-tax Act, with effect from the 1st day of April, 1996, - (i) sub-section (3) shall be omitted; (ii) in sub-section (7), in clause (i), for the words contract of insurance, before premiums have been paid for two years; or , the following shall be substituted, namely :- contract of insurance, - (a) in case of any single premium policy, within two years after the date of commencement of insurance, or (b) in any other case, before premiums have been paid for two years; or .