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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Section 80C: Revised Tax Deduction Limits Effective April 1, 1972, Under Finance (No. 2) Act, 1971.</h1> Section 80C of the Income-tax Act was amended by the Finance (No. 2) Act, 1971, effective from April 1, 1972. The amendment revised sub-section (1) to specify tax deductions based on the aggregate sums. If the aggregate does not exceed Rs. 1,000, the entire amount is deductible. For aggregates between Rs. 1,000 and Rs. 5,000, Rs. 1,000 plus 50% of the excess over Rs. 1,000 is deductible. For aggregates exceeding Rs. 5,000, Rs. 3,000 plus 40% of the excess over Rs. 5,000 is deductible. Additionally, sub-section (4) increased the limit from fifteen thousand rupees to twenty thousand rupees in specified clauses.
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