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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Section 88 of the Income Tax Act alters tax calculations and increases donation limits for certain assessees.</h1> The amendment to Section 88 of the Income Tax Act, as per the Finance Act of 1965, introduces changes to the calculation of income tax for different categories of assessees. For companies, the tax is calculated at the lesser of the average rate or twenty-five percent, while for other assessees, it is calculated at the average rate. A new proviso allows for an increased donation limit under certain conditions, not exceeding ten percent of the total income or five hundred thousand rupees. Additionally, specific language changes are made to subsections concerning super tax deductions and the definition of places of worship.
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