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of <h1>Finance Bill 2018 amends Section 16 of Income-tax Act, introducing new salary deduction clause effective April 2019.</h1> Clause 7 of the Finance Bill, 2018, amends section 16 of the Income-tax Act to introduce a new deduction provision. Effective from April 1, 2019, a new clause (ia) allows a deduction of forty thousand rupees or the salary amount, whichever is less, when computing income chargeable under 'Salaries.' This amendment applies to the assessment year 2019-2020 and subsequent years, enhancing the deductions available for salaried individuals under the Income-tax Act.
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