- 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.
