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of <h1>Amendments to Section 40A: Allowing Deductions for Payments Over 10,000 via Prescribed Electronic Modes from April 2020.</h1> Clause 11 of the Finance (No. 2) Bill, 2019 proposes amendments to section 40A of the Income-tax Act, effective from April 1, 2020. The amendments involve replacing 'bank account' with 'bank account or through such other electronic mode as may be prescribed' and adding 'or such other electronic mode as may be prescribed' to sub-section (4). These changes allow deductions for payments exceeding ten thousand rupees made through prescribed electronic modes, in addition to account payee cheques, drafts, or electronic clearing systems. The amendments apply from the assessment year 2020-2021 onwards.
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