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of <h1>Amendment to Section 16: New Deduction Limits for Salaried Individuals Introduced by Finance Act, 2001</h1> Section 16 of the Income-tax Act was amended by the Finance Act, 2001, effective April 1, 2002. The amendment revised the deductions for salaried individuals. For income not exceeding INR 150,000, a deduction of 33.33% of the salary or INR 30,000, whichever is less, is allowed. For income between INR 150,000 and INR 300,000, a deduction of INR 25,000 is permitted. For income between INR 300,000 and INR 500,000, a deduction of INR 20,000 is applicable. Additionally, for government employees, a deduction for entertainment allowance is set at one-fifth of the salary or INR 5,000, whichever is less.
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