Professional income threshold increased, altering eligibility for special deductions and expanding investment and pension deductions. Amendments to section 88 (effective 1 April 1993) raise the professional-income threshold to twenty-five per cent. for special treatment, add and renumber ... Summary
Professional income threshold increased, altering eligibility for special deductions and expanding investment and pension deductions.
Amendments to section 88 (effective 1 April 1993) raise the professional-income threshold to twenty-five per cent. for special treatment, add and renumber annuity-plan references, introduce deductible categories for notified LIC annuity plans, limited mutual fund unit subscriptions, and contributions to specified pension funds, expand deposit-scheme and cooperative society references, and increase specified monetary deduction limits for the listed professional category.
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