TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Finance Bill 2016 amends Section 80GG, raising rent deduction cap to 5,000/month, effective April 2017.</h1> Clause 38 of the Finance Bill, 2016 proposes an amendment to section 80GG of the Income-tax Act, which pertains to deductions for rent paid. The amendment increases the maximum allowable deduction from two thousand rupees to five thousand rupees per month. This deduction is applicable when rent expenses exceed ten percent of the individual's total income, with a cap at twenty-five percent of the total income or the specified maximum, whichever is lower. The change is effective from April 1, 2017, applicable for the assessment year 2017-2018 and onwards.
TaxTMI 
TaxTMI 
