Deduction cap for salary established, restricting allowable deduction to a fixed amount or the employee's salary, whichever is less. The amendment inserts a new clause providing a deduction for salaried taxpayers equal to a fixed monetary amount or the amount of the salary, whichever is ... Summary
Deduction cap for salary established, restricting allowable deduction to a fixed amount or the employee's salary, whichever is less.
The amendment inserts a new clause providing a deduction for salaried taxpayers equal to a fixed monetary amount or the amount of the salary, whichever is less, thereby capping the deductible sum available from salary income and operating as a distinct statutory deduction.
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