CourtMesh

Section 123: Deduction for life insurance premia, deferred annuity, contributions to provident fund, etc

The Income-tax Act, 2025Central Act · Act 30 of 2025

B.—Deductions in respect of certain payments

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 Rs. 150000, while computing the total income for that year, subject to the conditions specified in that Schedule.

Where this provision sits

ActThe Income-tax Act, 2025
Section123
Marginal noteDeduction for life insurance premia, deferred annuity, contributions to provident fund, etc
JurisdictionCentral
StatusIn force as published by the source

Find the provision, not just read it

The full text above is free, and it stays free. What a free CourtMesh account adds is everything you cannot do by reading one page at a time:

  • Search 49,000+ Central and State enactments by what a provision says, not by its number
  • Jump from any section to every judgment that has applied it
  • Search 300 million+ Indian court records alongside the statute
  • Ask a research agent to find and read the case law on a provision for you

Free account. No card. About a minute to create.

Create a free account

Need this as data, not as a page? The Income-tax Act, 2025 is one of 49,000+ enactments on CourtMesh. The Indian court cases API serves the case law that cites these provisions over JSON, with API documentation and plans and pricing. See also the judgment library.