Deduction limit under section 80CCA increased, and post partition/dissolution recipients treated as assessee for allocation rules. The amendment raises the maximum deduction limit under section 80CCA by substituting higher monetary ceilings applicable to specified assessment years, ... Summary
Deduction limit under section 80CCA increased, and post partition/dissolution recipients treated as assessee for allocation rules.
The amendment raises the maximum deduction limit under section 80CCA by substituting higher monetary ceilings applicable to specified assessment years, thereby increasing the tax relief ceiling without changing qualifying conditions. It also inserts a provision that, if a Hindu undivided family is partitioned or an association of persons is dissolved after a deduction has been allowed, the allocation rules will treat the person who receives the income after partition or dissolution as the assessee for the purposes of the allocation sub-section.
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