Deduction under section 80L expanded to cover post office interest and housing finance returns, with capped additional deductions. The amendment expands deductions under section 80L to cover interest from Post Office (Monthly Income Account) deposits and interest or dividends from public companies providing long term residential housing finance approved by the Central Government. It removes certain prior textual references to public companies and establishes two substitute provisos permitting a further deduction for income not already deducted and an additional deduction for remaining unallowed interest or dividends, each subject to statutory caps.
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 under section 80L expanded to cover post office interest and housing finance returns, with capped additional deductions.
The amendment expands deductions under section 80L to cover interest from Post Office (Monthly Income Account) deposits and interest or dividends from public companies providing long term residential housing finance approved by the Central Government. It removes certain prior textual references to public companies and establishes two substitute provisos permitting a further deduction for income not already deducted and an additional deduction for remaining unallowed interest or dividends, each subject to statutory caps.
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