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of <h1>Finance Act 2017: Section 40A Amended to Lower Cash Transaction Limit to 10,000 Using Electronic Clearing Systems</h1> The Finance Act, 2017 amends Section 40A of the Income-tax Act. For assessment years commencing on or before April 1, 2016, specific wording is inserted in sub-section (2). Effective April 1, 2018, sub-section (3) changes the threshold for cash transactions from twenty thousand rupees to ten thousand rupees when using an electronic clearing system. Sub-section (3A) and its provisos reflect similar changes, substituting 'twenty thousand rupees' with 'ten thousand rupees' and incorporating electronic clearing systems. Sub-section (4) also includes references to electronic clearing systems alongside account payee bank drafts.
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