Amendment to deduction provision increases the allowable rate and threshold for specified sums paid relevant to later assessment years. The proviso to Section 88 provides that in respect of sums paid during any previous year relevant to the assessment year commencing on the first day of ... Summary
Amendment to deduction provision increases the allowable rate and threshold for specified sums paid relevant to later assessment years.
The proviso to Section 88 provides that in respect of sums paid during any previous year relevant to the assessment year commencing on the first day of April, 1963, or any subsequent assessment year, subsection (3) shall operate as if the prior percentage rate and monetary ceiling were respectively substituted by a higher percentage rate and a higher monetary threshold, thereby changing the applicable rate and cap for those payments.
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