Equity savings deduction withdrawn for assessment years commencing April 2018, with limited grandfathering for prior claimants.

The amendment disallows the equity savings deduction for assessment years commencing on or after the effective date, while providing a transitional grandfathering allowance enabling taxpayers who acquired eligible listed equity shares or units and claimed the deduction for earlier assessment years to continue claiming the deduction for a limited subsequent assessment year if they remain otherwise eligible under the section.

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