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of <h1>Finance Bill 2017 amends Income-tax Act, lowering non-account payee transaction threshold from 20,000 to 10,000.</h1> Clause 15 of the Finance Bill, 2017, amends section 40A of the Income-tax Act, concerning non-deductible expenses or payments. The amendment reduces the payment threshold from twenty thousand rupees to ten thousand rupees for non-account payee transactions, including electronic clearing systems, effective from April 1, 2018. This change applies to sub-sections (3), (3A), and (4), and impacts deductions for payments made in a single day. Additionally, amendments to sub-section (2) align with changes in section 92BA. These provisions apply from the assessment year 2018-2019 onwards.
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