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of <h1>Income Tax Act Section 88 Amended: Increased Limits from 7.5% to 10% and 150K to 200K Effective April 1963.</h1> In the Finance (No. 2) Act, 1962, Section 88 of the Income Tax Act is amended by adding a proviso to subsection (3). This amendment applies to sums paid during any previous year relevant to the assessment year starting on April 1, 1963, or any later year. It modifies the subsection by replacing 'seven and a half per cent' with 'ten per cent' and 'one hundred and fifty thousand rupees' with 'two hundred thousand rupees.'
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