Premium paid by a federal milk society on life of cattle - Section 36(1)(ia) - Income Tax - Ready Reckoner - Income Tax

Premium paid by a federal milk society on life of cattle - Section 36(1)(ia) Cattle Insurance Policy for protection of Indian Rural People from financial loss due to death of their cattle. The amount of any premium paid by a federal milk cooperative society towards an insurance on the life of the cattle owned by a member of the primary milk co-operative society is allowed as deduction provided society is engaged in supplying milk raised by its members to such federal milk co-operative society.