Section 7 of Finance Act 2018 Amendment of section 16 of Income tax

By | April 1, 2018
(Last Updated On: April 14, 2018)

Section 7 of Finance Act 2018

[Section 7 of Finance Act 2018 deals with Amendment of section 16. and is covered in CHAPTER III DIRECT TAXES]

Amendment of section 16.

7. In section 16 of the Income-tax Act, after clause (i) [as omitted by section 6 of the Finance Act, 2005 (18 of 2005)], the following clause shall be inserted with effect from the 1st day of April, 2019, namely:—

“(ia)a deduction of forty thousand rupees or the amount of the salary, whichever is less;”.

Finance Act 2018 : Assented by President : Download Print Notification

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