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of <h1>Central Board of Direct Taxes to Amend Forms, Raise Reporting Threshold from Rs. 400 to Rs. 1,000 u/s 133(4.</h1> Section 133(4) of the Income-tax Act, 1961, permits tax authorities to request statements from assessees detailing payments over Rs. 400 for rent, interest, commission, royalty, brokerage, or annuities. Due to reported hardships, the Central Board of Direct Taxes plans to amend return forms to raise this threshold to Rs. 1,000. Meanwhile, compliance will be deemed sufficient if assessees provide statements for payments exceeding Rs. 1,000. These instructions are to be communicated to all relevant officers. A press note has been issued to inform the public of this interim measure.
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