Section 123 — Deduction for life insurance premia, deferred annuity, contributions to pro-vident 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 aggre -
gate of the sums enumerated in Schedule XV, as does not exceed ` 150000, while
computing the total income for that year, subject to the conditions specified in that
Schedule.