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of <h1>Income-tax Act Section 115K amended: Monetary thresholds increased to 47,000 and 6 lakh, effective April 1, 1996.</h1> Section 115K of the Income-tax Act is amended by the Finance Act, 1995, effective from April 1, 1996. The amendment increases certain monetary thresholds: 'forty-two thousand rupees' is replaced by 'forty-seven thousand rupees,' and 'five lakh rupees' is replaced by 'six lakh rupees.' These changes affect the specified amounts within the section, adjusting the financial limits applicable under the Income-tax Act.
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