Amendment of section 10.
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....mium payable for any of the years during the term of the policy exceeds ten per cent. of the actual capital sum assured:"; (iii) in the first proviso, for the words "this sub-clause", the words, brackets and letters "sub-clauses (c) and (d)" shall be substituted; (iv) in the second proviso, for the words "this sub-clause", the word, brackets and letter "sub-clause (c)" shall be substituted; (v) the Explanation shall be numbered as Explanation 1 thereof and after Explanation 1 as so numbered, the following Explanation shall be inserted, namely:-- 'Explanation 2.--For the purposes of sub-clause (d), the expression "actual capital sum assured" shall have the meaning assigned to it in the Explanation to sub-section (3A) of section 80C;'....
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....rd to the national interest, the foreign company and the agreement or arrangement are notified by the Central Government in this behalf; and (iii) the foreign company is not engaged in any activity, other than receipt of such income, in India.". - Clause 5 of the Bill seeks to amend section 10 of the Income-tax Act relating to income not included in total income. The existing provisions of clause (10D) of the aforesaid section provide that any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy other than any sum received under sub-section (3) of section 80DD or any sum received under a Keyman insurance policy, or any sum received under an insurance policy for which the premium amount ....