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          <h1>Income Tax Act Update: Section 40 Monetary Limits Raised; Changes Effective April 2025</h1> Section 40 of the Income-tax Act is amended by the Finance (No. 2) Act, 2024, effective April 1, 2025. In clause (b), sub-clause (v), item (a), the monetary limit is increased from Rs. 3,00,000 to Rs. 6,00,000. Additionally, another monetary limit is increased from Rs. 1,50,000 to Rs. 3,00,000. These changes pertain to direct taxes under the category of income tax.

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