# The Finance Act, 2003, Section 13: Amendment of section 16

- Act: The Finance Act, 2003
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2003/section/13/

## Text

Amendment of section 16. 13. In section 16 of the Income-tax Act, for clause (i), the following clause shall be substituted with effect from the 1st day of April, 2004, namely :— "(i ) in the case of an assessee whose income from salary, before allowing a deduction under this clause,— (A) does not exceed five lakh rupees, a deduction of a sum equal to forty per cent of the salary or thirty thousand rupees, whichever is less; (B) exceeds five lakh rupees, a deduction of a sum of twenty thousand rupees;". © Copyright. Taxmann Publications Pvt. Ltd.

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