Amendment to section 277 increases the monetary threshold and shortens the limitation period under Income Tax regime.

Amendment increases the monetary ceiling in one clause of the Income-tax provision to a substantially higher amount and separately reduces the temporal limitation in another clause from a longer period to a shorter period; both changes take effect from the first day of July, 2012, thereby altering the financial threshold for application and shortening the time frame for the provision's operation.

---

---

---