Amendment of section 192A.
70. In section 192A of the Income-tax Act, in the first proviso, for the words “thirty thousand rupees”, the words “fifty thousand rupees” shall be substituted with effect from the 1st day of June, 2016.
Notes on Clauses:
Clause 70 of the Bill seeks to amend section 192A of the Incometax Act relating to payment of accumulated balance due to an employee.
Under the existing provisions contained in the aforesaid section, no deduction of income-tax shall be made where the amount of income relating to accumulated balance due to an employee credited or paid or likely to be credited or paid during the financial year to the account of, or to, the payee does not exceed thirty thousand rupees.
It is proposed to enhance the said threshold limit from thirty thousand rupees to fifty thousand rupees.
This amendment will take effect from 1st June, 2016.
