Deduction for interest on bank deposits expanded to include parliamentary-established banks; deduction limits revised accordingly.

The amendment adds deposits with banks established by or under a law of Parliament, as approved by the Central Government, to the class of institutions whose deposit interest qualifies for deduction, and revises the deduction scheme so that if the aggregate amount of such income does not exceed a specified threshold the whole amount is deductible, otherwise a fixed maximum deduction applies.

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