Finance Bill, 2019 passed by the Parliament received the consent of the President on 21.02.2019

               CHAPTER III  

            DIRECT  TAXES 

                 Income-tax Amendment of section 16. Amendment of section 23. Amendment of section 24. 

3.  In section 16 of the Income-tax Act, 1961 (hereafter in this Chapter referred to as the Income-tax  Act), in clause (ia) [as inserted by section 7 of the Finance  Act, 2018], for the words "forty thousand", the words "fifty thousand" shall be substituted with effect from the 1st day of April, 2020. 

4.  In section 23 of the Income-tax Act, with effect from the 1st day of April, 2020,—

 (a) in sub-section (4),— (i) in the opening portion, for the words "one house", the words "two houses" shall be substituted; 

(ii) in clause (a), for the word "one", the word "two" shall be substituted; 

(iii) in clause (b), for the words "other than the house", the words "other than the house or houses" shall be substituted; (b) in su

8.  In section 87A of the Income-tax  Act, with effect from the 1st day of April, 2020,—

(a) for the words "three hundred fifty thousand", the words "five hundred thousand" shall be substituted; 

(b) for the words, "two thousand and five hundred", the words "twelve thousand and five hundred" shall be substituted. 

9.  In section 194A of the Income-tax Act, in sub-section (3), in clause (i), for the words "ten thousand" wherever they occur, the words "forty thousand" shall be substituted. 

10.  In section 194-I of the Income-tax  Act, in the first proviso, for the words "one hundred and eighty thousand rupees", the words "two hundred and forty thousand rupees" shall be substituted.