Amendment of section 80C

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..... , in accordance with and subject to the provisions of this section, an amount calculated, with reference to the aggregate of the sums specified in sub-section (2), at the following rates, namely :- (a) where such aggregate does not exceed Rs. 6,000 The whole of such aggregate; (b) where such aggregate exceeds Rs. 6,000 but does not exceed Rs. 12,000 Rs. 6,000 plus 50 per cent. of the amount by whi .....

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..... (c) in sub-section (4), in clause (ii), clause (iii) and clause (iv) for the words thirty thousand rupees , the words forty thousand rupees shall be substituted; (d) after sub-section (5) and the Explanation thereto, the following sub-section and Explanations shall be inserted, namely :- (6) If the assessee, being - (a) an individual, has effected or kept in force an insurance on the life of the a .....

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..... f the premiums, if any, paid in the previous year in which the policy is so terminated; and (ii) the deduction allowed in respect of the premiums paid in the previous year or years preceding the previous year referred to in clause (i) shall be deemed to be the income of the assessee of such previous year or years and shall be chargeable to tax accordingly. Explanation 1 : For the purposes of this .....

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