India - Income Tax Act 2010 - Saarc

S. 36 I.T. ACT, 1961 1.23687(i) the amount of any premium paid in respect of insurance against riskof damage 88 or destruction 88 of stocks or stores 88 used for the purposesof the business or profession;89[(ia) the amount of any premium paid by a federal milk co-operativesociety to effect or to keep in force an insurance on the life of the cattleowned by a member of a co-operative society, being a primary societyengaged in supplying milk raised by its members to such federal milkco-operative society;]90[(ib) the amount of any premium 91 [paid by any mode of payment otherthan cash] by the assessee as an employer to effect or to keep in forcean insurance on the health of his employees under a scheme framedin this behalf by—(A) the General Insurance Corporation of India formed under section9 of the General Insurance Business (Nationalisation) Act, 1972(57 of 1972) and approved by the Central Government; or(B) any other insurer and approved by the Insurance Regulatory andDevelopment Authority established under sub-section (1) of section3 of the Insurance Regulatory and Development AuthorityAct, 1999 (41 of 1999);]92(ii) any sum paid to an employee as bonus or commission 93 for servicesrendered, where such sum would not have been payable to him asprofits or dividend if it had not been paid as bonus or commission;94[* * *]95[* * *](iia) 96 [Omitted by the Finance Act, 1999, w.e.f. 1-4-2000.]87. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.88. For the meaning of the terms/expressions “damage”, “destruction” and “stocks or stores”,see Taxmann’s Direct Taxes Manual, Vol. 3.89. Inserted by the Finance Act, 1979, w.e.f. 1-4-1980.90. Substituted by the Finance Act, 2006, w.e.f. 1-4-2007. Prior to its substitution, clause (ib),as inserted by the Income-tax (Amendment) Act, 1986, w.e.f. 1-4-1987, read as under :“(ib) the amount of any premium paid by cheque by the assessee as an employer to effector to keep in force an insurance on the health of his employees under a schemeframed in this behalf by the General Insurance Corporation of India formed undersection 9 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972)and approved by the Central Government.”91. Substituted for “paid by cheque” by the Finance Act, 2007, w.e.f. 1-4-2008.92. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.93. For the meaning of the term “commission”, see Taxmann’s Direct Taxes Manual, Vol. 3.94. First proviso omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Priorto its omission, first proviso was inserted by the Payment of Bonus (Amendment) Act, 1976,w.r.e.f. 25-9-1975.95. Second proviso omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.Prior to its omission, second proviso was substituted by the Payment of Bonus (Amendment)Act, 1976, w.r.e.f. 25-9-1975.96. Prior to its omission, clause (iia) was inserted by the Finance (No. 2) Act, 1980, w.e.f. 1-4-1981 and later on amended by the Finance Act, 1984, w.e.f. 1-4-1984 and the Direct TaxLaws (Amendment) Act, 1987, w.e.f. 1-4-1988.