Section 3 - Amendment of section 2 - Finance (No. 2) Act, 1996

CHAPTER III DIRECT TAXES Income-tax 3. Amendment of section 2 In section 2 of the Income-tax Act with effect from the 1st day of October, 1996, - (a) in clause (7A), for the words Assistant Commissioner and Deputy Commissioner , the words Assistant Commissioner or Assistant Director and Deputy Commissioner or Deputy Director shall respectively be substituted; (b) in clause (24), after sub-clause (x), the following sub-clause shall be inserted, namely :- (xi) any sum received under a Keyman insurance policy including the sum allocated by way of bonus on such policy. Explanation : For the purposes of this clause, the expression Keyman insurance policy shall have the meaning assigned to it in the Explanation to clause (10D) of section 10; .