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of <h1>Finance Act 1984 Amends Section 80L: New Deductions for Interest on National Deposit Scheme Deposits Effective April 1985.</h1> Section 80L of the Income-tax Act was amended by the Finance Act, 1984, effective April 1, 1985. The amendment introduced a new clause (iia) allowing deductions for interest on deposits under a National Deposit Scheme notified by the Central Government. It also modified clause (iii) to specify 'under any other scheme.' Two provisos were added, permitting further deductions on interest income from such deposits and units, with limits of three thousand and two thousand rupees, respectively, for unallowed amounts in computing the total income of the assessee.
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