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of <h1>Finance Act 2016 amends Income-tax Act Section 35: Changes deduction rates, effective April 1, 2018, with updates from 2021.</h1> The Finance Act, 2016 amends section 35 of the Income-tax Act, effective April 1, 2018. In subsection (1), clause (ii) changes 'one and three-fourth' to 'one and one-half' and introduces a proviso for deductions equal to the sum paid from April 1, 2021. Clauses (iia) and (iii) remove the phrase 'one and one-fourth times of.' Subsection (2AA) revises clause (a) from 'two times' to 'one and one-half times' and adds a proviso for deductions equal to the sum paid from April 1, 2021. Subsection (2AB) modifies clause (1) similarly and omits clause (5).
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