Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
Try it now in Case Laws →
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of <h1>Income-tax Act Section 16 amended: New salary-based deduction rules effective April 1, 2004, for assessees based on income brackets.</h1> Section 16 of the Income-tax Act is amended to revise the deduction available to assessees based on their salary income. Effective April 1, 2004, assessees with salary income not exceeding five lakh rupees are eligible for a deduction of either forty percent of the salary or thirty thousand rupees, whichever is less. For those with salary income exceeding five lakh rupees, the deduction is fixed at twenty thousand rupees.
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