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of <h1>Finance Act 1963 amends Income Tax Act, Section 40: Limits set on employee remuneration, benefits exceeding 5,000/month.</h1> In the Finance Act of 1963, Section 40 of the Income Tax Act was amended to include a new sub-clause (iii) in clause (c). This amendment stipulates that any expenditure resulting in remuneration, benefits, or amenities to an Indian employee, exceeding five thousand rupees per month, is subject to limitations. However, gratuity payments, sums in a recognized provident fund, or compensation payments specified in Section 17 are excluded from this calculation. Additionally, the Explanation in Section 40 was modified to include references to the new sub-clause (iii).
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