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of <h1>Section 16 of Income-tax Act Amended: Deduction of 40,000 or Salary Amount, Effective April 1, 2019.</h1> Section 16 of the Income-tax Act is amended to include a new clause, effective April 1, 2019. This clause allows a deduction of forty thousand rupees or the amount of the salary, whichever is less, from taxable income. This amendment follows the omission of a previous clause by the Finance Act of 2005.
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