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of <h1>Finance Act 1975 amends Income-tax Act Section 80C: Revised deductions based on specified sums for taxpayers.</h1> Section 80C of the Income-tax Act was amended by the Finance Act of 1975, effective April 1, 1976. The amendment revised sub-section (1) to allow deductions in computing an assessee's total income based on specified sums. If the aggregate does not exceed Rs. 4,000, the entire amount is deductible. If it exceeds Rs. 4,000 but not Rs. 10,000, Rs. 4,000 plus 50% of the excess over Rs. 4,000 is deductible. For aggregates exceeding Rs. 10,000, Rs. 7,000 plus 40% of the excess over Rs. 10,000 is deductible.
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