Removal of a clause in deduction provision changes entitlement and calculation rules under the Income-tax regime. Amendment removes clause (i) of section 16 of the Income tax Act by the Finance Act, 2005, with the omission taking effect from the specified commencement ... Summary
Removal of a clause in deduction provision changes entitlement and calculation rules under the Income-tax regime.
Amendment removes clause (i) of section 16 of the Income tax Act by the Finance Act, 2005, with the omission taking effect from the specified commencement date, excising that sub provision from the statutory deduction framework and altering entitlement and calculation mechanisms that depended on it.
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