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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income Tax Act Section 88 Amended: 30% Deduction for Salaries Under 1 Lakh; More Insurers Now Eligible.</h1> Section 88 of the Income-tax Act is amended effective April 1, 2002. A new proviso is added to sub-section (1), allowing individuals a deduction of 30% on certain sums if their salary does not exceed one lakh rupees and constitutes at least 90% of their gross total income. Additionally, in sub-section (2), clause (xiiia) is modified to include 'or any other insurer' alongside 'Life Insurance Corporation,' broadening the scope of applicable insurers for tax deductions.
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