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of <h1>Income-tax Act Amended: Section 24 Raises Limit to 15,000; Includes Sub-section 23(3) Retroactively from 1995.</h1> In the Finance (No. 2) Act, 1996, section 24 of the Income-tax Act is amended. The amendment involves two changes in sub-section (2) of the proviso. First, the monetary limit is increased from 'ten thousand rupees' to 'fifteen thousand rupees,' effective from April 1, 1997. Second, the phrase 'or sub-section (3) of section 23' is added after mentioning 'sub-clause (i) of clause (a) of sub-section (2) of section 23,' with retrospective effect from April 1, 1995.
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