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State of Karnataka - Section

Section 5A in Karnataka Agricultural Income-Tax Act, 1957

5A. [ Exemption in respect of insurance premia, contribution to provident fund etc,. [Inserted by Act 29 of 1976 w.e.f.1.4.1975 and Substituted by Act 23 of 1985 w.e.f. 1.4.1985]

(1)From the total agricultural income of the assessee computed under section 5, there shall be deducted, in accordance with and subject to the provisions of this section, an amount calculated with reference to the aggregate of the sums specified in subsection (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 butdoes not exceed Rs. 12,000. Rs. 6,000 plus 50 percent of the amount bywhich such aggregate exceeds Rs. 6,000.
(c) Where such aggregate exceeds Rs. 12,000. Rs. 9,000 plus 40 percent of the amount bywhich such aggregate exceeds Rs. 12,000.
(2)The sums referred to in sub-section (1) shall be the following, namely: -
(a)where the assessee is an individual, any sum paid in the previous year by the assessee out of his agricultural income chargeable to tax, -
(i)to effect or to keep in force an insurance on the life of the assessee or on the life of the wife or husband or any child of the assessee; or
(ii)to effect or to keep in force a contract for a deferred annuity on the life of the assessee or on the life of the wife or husband or any child of the assessee; or
(iii)as a contribution to any provident fund to which the Provident Fund Act, 1925 (Central Act 19 of 1925) applies; or
(iv)as a contribution for participation in the Unit Linked Insurance Plan 1971 made under section 19 (1) (cc) of the Unit Trust of India Act, 1963 (Central Act 52 of 1963); or 25
(v)any sum deposited in a ten year account or fifteen year account under the Post Office Savings Bank (Cumulative Time Deposits) Rules, 1959, as amended from time to time; or
(vi)[ as a subscription to the National Savings Certificate (VI Issue), the National Savings Certificate (VII Issue) and the National Savings Certificate (VIII Issue).]
(b)where the assessee is a Hindu undivided family any sums paid in the previous year by the assessee out of its income chargeable to tax, -
(i)to effect or to keep in force an insurance on the life of any member of the family;
or
(ii)as a contribution to any provident fund referred to in sub-clause (iii) of the clause (a) where such contribution is to an account standing in the name of any member of the family; or
(iii)any sums deposited in a ten year account or a fifteen year account under the Post Office Savings Bank (Cumulative Time Deposit) Rules, 1959 as amended from time to time where such sums are deposited in an account standing in the name of any member of the family; or
(iv)[ as a subscription to the National Savings Certificate VI issue, VII issue and issue:] [Substituted by Act 4 of 1999 w.e.f.8.5.1989]
[Provided that the amount deducted under this sub-section shall not exceed forty thousand rupees.] [subsituted by Act 10 of 1987 w.e.f.1.4.1987]Provided further that the provisions of this sub-section shall apply only to so much of any premium or other payments made on a policy other than a contract for a deferred annuity as it is not in excess of ten percent of the actual sum assured.Explanation. -In calculating any such actual sum no account shall be taken, -
(i)of the value of any premiums agreed to be returned; or
(ii)of any benefit by way of bonus or otherwise over and above the sum actually assured, which is to be or may be received under the policy by any person.
(3)Notwithstanding anything in sub-sections (1) and (2), no deduction under this section shall be allowed unless the claim is supported by proof to the effect that the assessee is not liable to tax under the Income Tax Act, 1961 (Central Act 43 of 1961) or that similar deduction under the provisions of the said Act has not been claimed or allowed in respect of the sums on account of which the deduction is claimed.] [Inserted by Act 18 of 1994 w.e.f.1.4.1994]