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of <h1>Amendment to Section 57 of Income-tax Act: 50% Deduction for Certain Income, Effective April 1, 2010</h1> Clause 27 of the Finance (No. 2) Bill, 2009 proposes an amendment to section 57 of the Income-tax Act. This amendment introduces a new clause (iv) which allows a deduction of fifty percent for income specified in clause (viii) of sub-section (2) of section 56. This deduction is exclusive, and no other deductions under section 57 will be permitted for this income type. The amendment is effective from April 1, 2010, and applies to the assessment year 2010-2011 and subsequent years.
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