Deduction limit under section 80C increased for individual and HUF taxpayers, effective for the assessment year 2015-16. Amendment raises the deduction limit available for individuals and Hindu undivided families in computing total income for amounts paid or deposited in respect of life insurance premia, deferred annuity, provident fund contributions and specified subscriptions; the monetary ceiling is substituted with a higher ceiling and the change is effective from 1 April 2015, applying to the assessment year 2015-16 and subsequent years.
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Provisions expressly mentioned in the judgment/order text.
Deduction limit under section 80C increased for individual and HUF taxpayers, effective for the assessment year 2015-16.
Amendment raises the deduction limit available for individuals and Hindu undivided families in computing total income for amounts paid or deposited in respect of life insurance premia, deferred annuity, provident fund contributions and specified subscriptions; the monetary ceiling is substituted with a higher ceiling and the change is effective from 1 April 2015, applying to the assessment year 2015-16 and subsequent years.
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