CHAPTER IV
COMPUTATION OF TOTAL INCOME
Profits and Gains of Business or Profession
Deduction on certain premium
30. The following sums shall be allowed as deduction in computing income chargeable under section 26, being premium paid:––
(a) by any assessee in respect of insurance against risk of damage or destruction of stocks or stores used for the purposes of business or profession;
(b) by a federal milk co-operative society to effect or to keep in force an insurance on the life of the cattle owned by a member of a co-operative society, being a primary society engaged in supplying milk raised by its members to such federal milk co-operative society;
c) by the assessee as an employer, through any mode of payment other than cash, to effect or to keep in force an insurance on the health of its employees under a scheme framed in this behalf by—
(i) the General Insurance Corporation of India formed under section 9 of the General Insurance Business (Nationalisation) Act, 1972 and approved by the Central Government; or
(ii) any other insurer and approved by the Insurance Regulatory and Development Authority established under section 3(1) of the Insurance Regulatory and Development Authority Act, 1999