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of <h1>Income Tax Act Amended: New Deductions for Specific Payments and Expanded Insurance Policy Options Under Sections 80A and 80E.</h1> Chapter VIA of the Income-tax Act is amended to include a new sub-heading for deductions related to specific payments. Section 80A is revised to clarify that insurance policies may include options for cash payments instead of annuities, and the scope of life insurance policies is expanded. A new section, 80E, is introduced to allow an 8% deduction on profits from certain industries like electricity generation or manufacturing, applicable to Indian companies or those with dividend arrangements in India. However, this deduction is not available to companies with total income not exceeding 25,000 rupees as per section 108.
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