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        F. Acts / Amendment Acts

        Section 51 - Amendment of section 88

        Finance Act, 1992
        Chapter III
        DIRECT TAXES
        INCOME-TAX

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        Professional income threshold increased, altering eligibility for special deductions and expanding investment and pension deductions. Amendments to section 88 (effective 1 April 1993) raise the professional-income threshold to twenty-five per cent. for special treatment, add and renumber annuity-plan references, introduce deductible categories for notified LIC annuity plans, limited mutual fund unit subscriptions, and contributions to specified pension funds, expand deposit-scheme and cooperative society references, and increase specified monetary deduction limits for the listed professional category.
                          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.

                                Professional income threshold increased, altering eligibility for special deductions and expanding investment and pension deductions.

                                Amendments to section 88 (effective 1 April 1993) raise the professional-income threshold to twenty-five per cent. for special treatment, add and renumber annuity-plan references, introduce deductible categories for notified LIC annuity plans, limited mutual fund unit subscriptions, and contributions to specified pension funds, expand deposit-scheme and cooperative society references, and increase specified monetary deduction limits for the listed professional category.


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