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of <h1>Income Tax Act Section 16 Amended: New Rules for Employment Expense Deductions and Conveyance Allowance Limits.</h1> In the Finance Act of 1974, Section 16 of the Income-tax Act is amended effective April 1, 1975. The amendment revises clause (i) to specify deductions for employment-related expenses. If the salary is up to Rs. 10,000, the deduction is 20% of the salary. For salaries exceeding Rs. 10,000, the deduction is Rs. 2,000 plus 10% of the excess amount, capped at Rs. 3,500. However, if the assessee receives a conveyance allowance or uses an employer-provided vehicle not exclusively for work, the deduction is limited to Rs. 1,000. Clauses (iii), (iv), and (v) are omitted.
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