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of <h1>Finance Act 1978 amends Section 80C: New deduction rates set for computing total income, limits increased.</h1> Section 80C of the Income-tax Act was amended by the Finance Act of 1978, effective April 1, 1979. The amendment revised sub-section (1) to specify the deduction rates for computing an assessee's total income. If the aggregate does not exceed Rs. 5,000, the entire amount is deductible. For aggregates between Rs. 5,000 and Rs. 10,000, Rs. 5,000 plus 50% of the excess over Rs. 5,000 is deductible. For aggregates exceeding Rs. 10,000, Rs. 7,500 plus 40% of the excess over Rs. 10,000 is deductible. Additionally, in sub-section (4), the limit was increased from Rs. 20,000 to Rs. 30,000.
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