Clause 15 - Amendment of section 40A. - Finance Bill, 2017

Amendment of section 40A. 15. In section 40A of the Income-tax Act,- (a) in sub-section (2), in clause (a), in the proviso, after the words Provided that , the words, figures and letters for an assessment year commencing on or before the 1st day of April, 2016 shall be inserted; (b) with effect from the 1st day of April, 2018,- (A) in sub-section (3), for the words exceeds twenty thousand rupees , the words or use of electronic clearing system through a bank account, exceeds ten thousand rupees, shall be substituted; (B) in sub-section (3A),- (i) after the words account payee bank draft, , the words or use of electronic clearing system through a bank account shall be inserted; (ii) for the words twenty thousand rupees , the words ten thousand rupees shall be substituted; (iii) in the first proviso, for the words exceeds twenty thousand rupees , the words or use of electronic clearing system through a bank account, exceeds ten thousand rupees, shall be substituted; (iv) in the second proviso, for the words twenty thousand rupees , the words ten thousand rupees shall be substituted; (C) in sub-section (4),- (i) after the words account payee bank draft , the words or use of electronic clearing system through a bank account shall be inserted; (ii) after the words such cheque or draft , the words or electronic clearing system shall be inserted.