Amendment status not verified — confirm the current text below against the official source.
(1) (a) Agricultural income-ta.x shall not ! 0 case of life be payable by an assessee in respect of any sum Insurances. paid by him out of his total agricultural income to clfcct an insurance on his own life or on the life of his wife or his child or children, or in respect of a contract for a deferred annuity on his own life or on the life of his wife, or as a contribution to any provident fund to which the Provident Funds Act, 1925, applies; XIX of i 92~. Provided that agricultural income-ta.x shall be payable on the remainder of the total agricul- tural income of such assessee at the rate which would have been applicable if such deduc- tion had not been made. (b) Nothing in this sub·section shall be deemed to entitle an assessee, who is assessed to income-tax under the Indian Income-tax Act, as amended up-to-date, to claim a deduction in respect of any sum paid by him, as mentioned in clause (a), if such sum was exempted under sec- tion 15 of the said Act. (2) Where the assessee is a Hindu undivided or joint family there shall be exempted under sub- section (I) any sum paid to effect an insurance on the life of any male member of the family. (3) The ag~regate of any sums exempted under this sectton shall not exceed one-sixth of the total agricultural income of the assessee. XI ofl92:1. 12 Carrying for-