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        F. Acts / Amendment Acts

        Section 19 - Amendment of section 80L

        Finance Act, 1982
        Chapter III
        DIRECT TAXES
        INCOME-TAX

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        Deduction limit for specified interest income increased, with additional capped relief for interest on securities and long term deposits. Amendment substitutes subsection (1) of section 80L to create a two tier deduction: full deduction where aggregate specified interest income falls below a threshold and a fixed ceiling in other cases; additionally, interest on certain securities and deposits (one year or more) qualifies for a further deduction to the extent not already allowed under the primary provision, subject to a separate maximum cap.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Deduction limit for specified interest income increased, with additional capped relief for interest on securities and long term deposits.

                                Amendment substitutes subsection (1) of section 80L to create a two tier deduction: full deduction where aggregate specified interest income falls below a threshold and a fixed ceiling in other cases; additionally, interest on certain securities and deposits (one year or more) qualifies for a further deduction to the extent not already allowed under the primary provision, subject to a separate maximum cap.


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