Section 15 in The Assam Agricultural Income-Tax Act, 1939
15. Exemption in case of life insurances.
(1)(a)Agricultural income-tax shall not be payable by an assessee in respect of any sum paid by him out of his total agricultural income to affect 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 life of his wife, or as a contribution to any provident fund to which the Provident Funds Act, 1925, applies :Provided that agricultural income-tax shall be payable on the remainder of the total agricultural income of such assessee at the rate which would have been applicable if such deduction 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 Section 15 of the Act.(2)Where the assessee is a Hindu undivided or joint family there shall be exempted under sub-section (1) any sum paid to affect an insurance on the life of any male member of the family.(3)The aggregate of any sums exempted under this section shall not exceed one-sixth of the total agricultural income of the assessee.
