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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income-tax Act 1986 Amendments: New Deductions for Health Insurance, Bad Debts, and Foreign Project Profits Enhanced.</h1> The Income-tax (Amendment) Act, 1986, effective from April 1, 1987, introduces key changes to the Income-tax Act. It adds section 80D, allowing deductions for health insurance premiums paid by individuals, with a limit of Rs. 3,000 annually, and for employers without a monetary ceiling. Modifications to section 36 allow banks deductions for bad debts, with a 2% limit on rural branch advances and an additional 5% of total income. Section 80HHB is amended to enhance deductions from 25% to 50% for profits from projects executed outside India, promoting foreign exchange earnings.
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