Deduction limit increase expands the statutory ceiling for qualifying tax deductions under income tax provisions from the stated fiscal year. The words 'one lakh rupees' in the specified income-tax provision are substituted by the words 'one hundred and fifty thousand rupees,' with effect from the first day of April, 2015, thereby increasing the provision's monetary ceiling.
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Provisions expressly mentioned in the judgment/order text.
Deduction limit increase expands the statutory ceiling for qualifying tax deductions under income tax provisions from the stated fiscal year.
The words "one lakh rupees" in the specified income-tax provision are substituted by the words "one hundred and fifty thousand rupees," with effect from the first day of April, 2015, thereby increasing the provision's monetary ceiling.
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