Monetary threshold increase raises the allowable limit under income-tax provisions affecting expense disallowance for taxpayers. The amendment substitutes the previous monetary figure with a higher specified amount in subsection (3) of section 40A, effective from the commencement ... Summary
Monetary threshold increase raises the allowable limit under income-tax provisions affecting expense disallowance for taxpayers.
The amendment substitutes the previous monetary figure with a higher specified amount in subsection (3) of section 40A, effective from the commencement date in the Finance (No. 2) Act, 1996, thereby raising the threshold at which specified payments are subject to the expense disallowance rule under income-tax law.
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