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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income-tax Act Section 115K Amended: New Fixed Amounts, Expanded Taxable Vehicle Activities, and Revised Statement Deadline.</h1> The amendment to section 115K of the Income-tax Act, as per the Finance Act, 1993, involves several changes effective from April 1, 1994. It replaces specific percentage references with fixed monetary amounts and expands the scope of taxable activities to include operating, hiring, or leasing goods carriages, motor cabs, maxi cabs, or three-wheeled motor vehicles. Additionally, it introduces a new deadline for submitting statements related to these activities for the assessment year starting April 1, 1993. Sub-section (5) is omitted, and a new explanation clarifies definitions related to motor vehicles and includes various vocations under its scope.
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