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of <h1>Amendment to Section 33AC: No Tax Allowance for Excess Reserve Transfers Beyond Twice the Assessee's Capital and Reserves.</h1> In the Finance Act, 2002, an amendment to section 33AC of the Income-tax Act was made, effective from April 1, 2003. The amendment replaces the first proviso in subsection (1) with a new proviso. It stipulates that if the total amount transferred to a reserve account exceeds twice the sum of the paid-up share capital, general reserves, and the amount credited to the share premium account of the assessee, no tax allowance will be granted for the excess amount.
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