123. Deduction for life insurance premia, deferred annuity, contributions to provident fund, etc.
An individual or a Hindu undivided family, shall be allowed a deduction of the whole of the amount paid or deposited in the tax year, being the aggregate of the sums enumerated in Schedule XV, as does not exceed ₹ 150000, while computing the total income for that year, subject to the conditions specified in that Schedule.[Similar to Section 80C, Section 80CCC and Section 80CCE from The Income Tax Act, 1961.Read with Schedule XV]
