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of <h1>Income-tax Act Update: Proposed Amendment to Section 16 Raises Deduction Limit from 40k to 50k Starting April 2020.</h1> In the Finance Bill, 2019, Chapter III concerning direct taxes, an amendment to section 16 of the Income-tax Act, 1961, is proposed. This amendment modifies clause (ia), originally introduced by the Finance Act, 2018. It increases the specified amount from 'forty thousand' to 'fifty thousand,' effective from April 1, 2020.
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