{"act":{"id":"finance-act-2000","short_title":"The Finance Act, 2000","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2000-2001.","act_number":null,"act_year":2000,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":82,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2000/"},"unit":"section","section":{"number":"3","heading":"Amendment of section 2","text":"CHAPTER III DIRECT TAXES Income-tax Amendment of section 2. 3. In section 2 of the Income-tax Act,— (a) in clause (1A), the Explanation shall be numbered as Explanation 1 thereof, and after Explanation 1 as so numbered, the following Explanation shall be inserted with effect from the 1st day of April, 2001, namely:— \"Explanation 2.—For the removal of doubts, it is hereby declared that income derived from any building or land referred to in sub-clause (c) arising from the use of such building or land for any purpose (including letting for residential purpose or for the purpose of any business or profession) other than agriculture falling under sub-clause (a) or sub-clause (b) shall not be agricultural income;\"; (b) in clause (19AA), in Explanation 4, for the words, brackets and figures \"the conditions specified in sub-clauses (i) to (vii) of this clause, to the extent applicable\", the words \"such conditions as may be notified in the Official Gazette, by the Central Government\" shall be substituted. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><i><u>CHAPTER III</u></i></p><p>DIRECT TAXES</p><p><i>Income-tax</i></p><p><b>Amendment of section 2.</b></p><p><b>3.</b> In section 2 of the Income-tax Act,—</p><p>(<i>a</i>) in clause (<i>1A</i>), the <i>Explanation</i> shall be numbered as <i>Explanation 1</i> thereof, and after <i>Explanation 1</i> as so numbered, the following <i>Explanation</i> shall be inserted with effect from the 1st day of April, 2001, namely:—</p><p><i> \"Explanation 2.</i>—For the removal of doubts, it is hereby declared that income derived from any building or land referred to in sub-clause (<i>c</i>) arising from the use of such building or land for any purpose (including letting for residential purpose or for the purpose of any business or profession) other than agriculture falling under sub-clause (<i>a</i>) or sub-clause (<i>b</i>) shall not be agricultural income;\";</p><p>(<i>b</i>) in clause (<i>19AA</i>), in <i>Explanation 4</i>, for the words, brackets and figures \"the conditions specified in sub-clauses (<i>i</i>) to (<i>vii</i>) of this clause, to the extent applicable\", the words \"such conditions as may be notified in the Official Gazette, by the Central Government\" shall be substituted.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":170,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2000/section/3/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}