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of <h1>Income-tax Act Section 12A Amended: New Threshold for Tax Exemption Replaces Fixed Amount with Non-Taxable Limit</h1> Section 12A of the Income-tax Act has been amended by the Taxation Laws (Amendment) Act, 2006. In clause (b), the phrase 'the provisions of section 11 and section 12 exceeds fifty-thousand rupees in any previous year' has been replaced with 'the provisions of section 11 and section 12 exceeds the maximum amount which is not chargeable to income-tax in any previous year.' This amendment is effective from April 1, 2006.
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