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,”.