Finance Act, 1971
|
Amendment of section 224 of Income Tax Act, 1967. |
12.— Section 224 of the Income Tax Act, 1967 , is hereby amended— | |
(a) by the substitution in subsection (2) of “, retirement pension, old age (contributory) pension and death grant” for “and old age (contributory) pension”, | ||
(b) by the insertion after paragraph (b) of the proviso to subsection (3) of the following paragraph— | ||
“(bb) no deduction or set-off shall be allowed in respect of so much of any contribution paid by a person whose entry into insurance for the purpose of retirement pension occurred after he had attained the age of fifty-five as was paid in respect of retirement pension;”, and | ||
(c) by the insertion in subsection (4) before “shall” of “, other than death grant,”. |