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of <h1>Amendment to Income-tax Act: Revised Deductions for Salaried Assessees Effective April 1, 1999, Under Section 16.</h1> The Finance (No. 2) Act, 1998 amends section 16 of the Income-tax Act, effective April 1, 1999. The amendment revises the deduction clause for salaried assessees. For those earning up to one lakh rupees, a deduction of either 33.33% of the salary or 25,000 rupees, whichever is lesser, is allowed. For incomes between one lakh and five lakh rupees, a deduction of 20,000 rupees is permitted. The deduction is calculated on the total salary from all employers, not exceeding the specified limits.
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