Deduction limit increase under income tax raises eligible deduction threshold effective from next fiscal year. Amendment increases the monetary threshold for the deduction under section 80L by textual substitution in sub-section (1), clauses (1) and (2), thereby modifying the statutory limit available to taxpayers and taking effect from the commencement of the stated assessment year, with compliance limited to applying the new threshold in tax computations and filings under that provision.
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Provisions expressly mentioned in the judgment/order text.
Deduction limit increase under income tax raises eligible deduction threshold effective from next fiscal year.
Amendment increases the monetary threshold for the deduction under section 80L by textual substitution in sub-section (1), clauses (1) and (2), thereby modifying the statutory limit available to taxpayers and taking effect from the commencement of the stated assessment year, with compliance limited to applying the new threshold in tax computations and filings under that provision.
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