Section 47 - Amendment of section 88 - Finance Act, 2001

47. Amendment of section 88 In section 88 of the Income-tax Act, with effect from the 1st day of April, 2002,- (a) in sub-section (1), after the proviso, the following proviso shall be inserted, namely :- Provided further that an individual shall be entitled to a deduction of an amount equal to thirty per cent. of the aggregate of the sums referred to in sub-section (2) if his income chargeable under the head Salaries - (a) does not exceed one lakh rupees during the previous year before allowing deduction under section 16 ; and (b) is not less than ninety per cent. of his gross total income as defined in sub-section (5) of section 80B: ; (b) in sub-section (2), in clause (xiiia), after the words Life Insurance Corporation , the words or any other insurer shall be inserted.