Threshold increase under section 255 raises the monetary limit for the specified income-tax provision and compliance. Amendment substitutes the words "twenty-five thousand rupees" with "forty thousand rupees" in subsection (3) of section 255 of the Income-tax Act, ... Summary
Threshold increase under section 255 raises the monetary limit for the specified income-tax provision and compliance.
Amendment substitutes the words "twenty-five thousand rupees" with "forty thousand rupees" in subsection (3) of section 255 of the Income-tax Act, effecting a raise in the statutory monetary threshold under that provision by the Taxation Laws (Amendment) Act, 1970.
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