Deduction for livestock, poultry and dairy business profits allows full relief for small incomes and a tiered deduction for others.

Insertion of section 80JJ provides a deduction from total income for profits and gains derived from live stock breeding, poultry or dairy farming. If such aggregate profits do not exceed a statutory small profits threshold, the whole amount is deductible. Otherwise, the deduction equals the greater of one third of those aggregate profits or a prescribed flat threshold amount.

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