Deduction limit increase under section 16: basic threshold and proviso amounts raised, changing applicable income-tax allowances. The amendment effects textual substitutions in clause (i) of section 16 of the Income tax Act: the opening-portion amount is replaced with a higher figure ... Summary
Deduction limit increase under section 16: basic threshold and proviso amounts raised, changing applicable income-tax allowances.
The amendment effects textual substitutions in clause (i) of section 16 of the Income tax Act: the opening-portion amount is replaced with a higher figure and the two amounts in the proviso are respectively substituted with higher figures; these substitutions are effective from 1 April 1994.
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