Deduction threshold amendment under Section 16 increases specified employee allowances, affecting taxable income calculations. Amendment increases specified deduction amounts in Section 16 by substituting higher fixed entries for sub-clauses (b) and (c) of clause (iv), thereby modifying the numerical thresholds used in computing taxable income from employment, effective from the 1st day of April, 1972.
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Deduction threshold amendment under Section 16 increases specified employee allowances, affecting taxable income calculations.
Amendment increases specified deduction amounts in Section 16 by substituting higher fixed entries for sub-clauses (b) and (c) of clause (iv), thereby modifying the numerical thresholds used in computing taxable income from employment, effective from the 1st day of April, 1972.
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