Clause 3 - Amendment of section 16 - FINANCE BILL, 2019

CHAPTER III

DIRECT TAXES

Income-tax

Amendment of section 16.

3. In section 16 of the Income-tax Act, 1961 (43 of 1961) (hereafter in this Chapter referred to as the Income-tax Act), in clause (ia) [as inserted by section 7 of the Finance Act, 2018 (13 of 2018)], for the words “forty thousand”, the words “fifty thousand” shall be substituted with effect from the 1st day of April, 2020.