Section 4(6) in Compulsory Deposit Scheme Act, 1963
(6)Where a person falling under clause(d) of section 2 pays in any year any sum,-(i)to effect or to keep in force any insurance on the life of such person or on the life of the wife or husband of such person; or(ii)as a contribution to any provident fund to which the Provident Funds Act, 1925, (19 of 1925) applies or to any "recognised provident fund" as defined in clause(38) of section 2 of the Income tax Act; or(iii)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, he shall not be liable to make any compulsory deposit under this section for that year if such sum is not less than eleven per cent.of his annual income from salary.
