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of <h1>Income-tax Act Section 206A Amended: Banking and Co-op Limits Raised to 10,000; Other Cases Remain 5,000. Effective June 2007.</h1> Section 206A of the Income-tax Act was amended by the Finance Act, 2007. The amendment increased the maximum amount specified in sub-section (1) from 'not exceeding five thousand rupees' to 'not exceeding ten thousand rupees' when the payer is a banking company or a co-operative society. For other cases, the limit remains at five thousand rupees. This change took effect on June 1, 2007.
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