S P O T L I G H T

80L sops from this year: FM
New Delhi, August 2
The Finance Ministry today clarified that the enhanced deduction of Rs 15,000 under 80L of the Income Tax Act shall be available from the current financial year (assessment year 2003-04). Finance Minister Jaswant Singh had raised the limit under this section by Rs 3,000 in his reply to the supplementary demands for grants 2002-03 on Wednesday. Accordingly, a maximum deduction of Rs 12,000 would be allowed from income by way of interest on NSCs, fixed deposits, saving bank accounts, deposits under the Post Office (Monthly Income Account) Rules, 1987, dividends from any Indian company, income received in respect of units of the UTI or mutual funds. Earlier, this limit was Rs 9,000. UNI