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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income Tax Relief Boost for Authors, Artists, and Sportsmen: Section 88 Amendment Raises Relief to 25% from April 1993.</h1> Section 88 of the Income-tax Act has been amended by the Finance Act, 1992. Effective from April 1, 1993, individuals earning 25% or more of their total income from professions like authors, artists, or sportsmen will see their tax relief increased from 20% to 25%. Changes also include new clauses for annuity plans, mutual fund subscriptions, and pension fund contributions. Additional amendments involve deposit schemes, cooperative societies, and increased limits for certain deductions, such as raising the deduction for specific professionals to seventeen thousand five hundred and adjusting other limits accordingly.
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