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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income Tax Act Amendment: Section 88 Changes Deduction Rates for Individual Assessees and HUFs Based on Income Levels.</h1> Section 88 of the Income-tax Act is amended effective April 1, 2003. The amendment allows individual assessees and Hindu undivided families a deduction from income tax based on their gross total income before Chapter VI-A deductions. If the income is up to INR 150,000, a 20% deduction is allowed; if between INR 150,000 and INR 500,000, a 15% deduction is allowed; and no deduction is given for income above INR 500,000. Additional provisions specify conditions for deductions based on income levels and sums paid or deposited. Sub-sections (5A) and (6) are omitted.
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