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Deduction limit for specified employment reimbursement increased under Income-tax Act, raising the allowable threshold effective the next fiscal year. The amendment substitutes the earlier monetary threshold in clause (ia) of the Income-tax Act with a higher fixed threshold for the specified employment allowance, and this substitution takes effect from the 1st day of April of the specified fiscal year, thereby revising the deductible cap for that allowance for tax purposes.
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<h1>Deduction limit for specified employment reimbursement increased under Income-tax Act, raising the allowable threshold effective the next fiscal year.</h1> The amendment substitutes the earlier monetary threshold in clause (ia) of the Income-tax Act with a higher fixed threshold for the specified employment allowance, and this substitution takes effect from the 1st day of April of the specified fiscal year, thereby revising the deductible cap for that allowance for tax purposes.
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