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of <h1>Amendment to Income-tax Act Section 40A: Expands recognized payment modes to include prescribed electronic methods from April 2020.</h1> Section 40A of the Income-tax Act is amended, effective April 1, 2020, to expand the modes of payment recognized for certain transactions. The term 'bank account' is replaced with 'bank account or through such other electronic mode as may be prescribed.' Additionally, in sub-section (4), the phrase 'or such other electronic mode as may be prescribed' is added after 'such cheque or draft or electronic clearing system,' allowing for more flexibility in electronic payment methods as prescribed by future regulations.
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