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Finance Act 1970 Section 7 - Bare Act

StateCentral Government
Year
Section TitleAmendment of Section 16
Act Info:

In section 16 of the Income-tax Act, for clause (iv), the following clause shall be substituted with effect from the 1st day of April, 1971, namely :-

"(iv) where the assessee is not in receipt of a conveyance allowance, whether as such or as part of his salary, in respect of expenditure on travelling for the purposes of his employment, a sum calculated in respect of each calendar month or part thereof comprised in the period of his employment during the previous year, on the basis provided hereunder, namely :-

(a) where the assessee owns a motor car which is used for the purposes of his employment

Rs. 200;

(b) where the assessee owns a motor cycle, scooter or other moped which is used for the purposes of his employment

Rs. 60;

(c) in any other case

Rs. 35;".




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