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of <h1>Amendment to Section 40 of Income Tax Act: New Proviso Exempts Benefits for Employees Earning 7,500 or Less.</h1> The Finance Act, 1965, amends Section 40 of the Income Tax Act. In sub-clause (iii) of clause (c), the amendment adds references to payments of tax in sub-clause (vii) and expenditures in clause (ix). Furthermore, a new proviso is introduced, specifying that the sub-clause does not apply to expenditures providing benefits or amenities to employees whose salary is seven thousand five hundred rupees or less.
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