Amendment of section 139

Section 40 of the Finance Act, 1998 deals with amendment of section 139. Amendment of section 139. 40. In section 139 of the Income-tax Act, in sub-section (1), with effect from the 1st day of August, 1998,— (a ) in the proviso,— (i) for the word "two", the word "one" shall be substitut­ed;

Amendment of section 139.

40. In section 139 of the Income-tax Act, in sub-section (1), with effect from the 1st day of August, 1998,—

(a ) in the proviso,—

(i) for the word "two", the word "one" shall be substitut­ed;

(ii) after clause (iv), the following clauses shall be in­serted, namely :—

‘(v) is the holder of the credit card, not being an "add-on" card, issued by any bank or institution; or

(vi) is a member of a club where entrance fee charged is twenty-five thousand rupees or more :

Provided further that the Central Government may by notification in the Official Gazette, specify class or classes of persons to whom the provisions of the first proviso shall not apply.’

(b ) after Explanation 3, the following Explanation shall be inserted, namely :—

‘Explanation 4.—For the purposes of this sub-section, the expres­sion "travel to any foreign country" does not include travel to the neighbouring countries or to such places of pilgrimage as the Board may specify in this behalf by notification in the Official Gazette.’.

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Section 40, The Finance Act, 1998.