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of <h1>Finance Act 1970 amends Section 16 of Income-tax Act: New travel allowance rules based on vehicle ownership.</h1> Section 16 of the Income-tax Act has been amended by the Finance Act, 1970, effective April 1, 1971. The amendment replaces clause (iv) with a provision concerning travel expenditure for employment purposes. If the assessee does not receive a conveyance allowance, a monthly sum is calculated based on vehicle ownership: Rs. 200 for a motor car, Rs. 60 for a motor cycle, scooter, or moped, and Rs. 35 for other cases. This amendment applies to the period of employment during the previous year.
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