{"act":{"id":"finance-act-2001","short_title":"The Finance Act, 2001","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2001-2002.","act_number":null,"act_year":2001,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":102,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2001/"},"unit":"section","section":{"number":"27","heading":"Amendment of section 43B","text":"Amendment of section 43B. 27. In section 43B of the Income-tax Act, with effect from the 1st day of April, 2002,— (i) in clause (e), the word \"or\" shall be inserted at the end; (ii) after clause (e), the following clause shall be insert­ed, namely:— \"(f) any sum payable by the assessee as an employer in lieu of any leave at the credit of his employee,\"; (iii) in the first proviso, after the word, brackets and letter \"clause (e)\", the words, brackets and letter \"or clause (f)\" shall be inserted; (iv) after Explanation 3A, the following Explanation shall be inserted, namely:— \"Explanation 3B.—For the removal of doubts, it is hereby de­clared that where a deduction in respect of any sum referred to in clause (f) of this section is allowed in computing the income referred to in section 28, of the previous year (being a previous year relevant to the assessment year commencing on the 1st day of April, 2001, or any earlier assessment year) in which the liabil­ity to pay such sum was incurred by the assessee, the assessee shall not be entitled to any deduction under this section in respect of such sum in computing the income of the previous year in which the sum is actually paid by him.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 43B.</b></p><p><b>27.</b> In section 43B of the Income-tax Act, with effect from the 1st day of April, 2002,—</p><p>(<i>i</i>) in clause (<i>e</i>), the word \"or\" shall be inserted at the end;</p><p>(<i>ii</i>) after clause (<i>e</i>), the following clause shall be insert­ed, namely:—</p><p>\"(<i>f</i>) any sum payable by the assessee as an employer in lieu of any leave at the credit of his employee,\";</p><p>(<i>iii</i>) in the first proviso, after the word, brackets and letter \"clause (<i>e</i>)\", the words, brackets and letter \"or clause (<i>f</i>)\" shall be inserted;</p><p>(<i>iv</i>) after <i>Explanation 3A,</i> the following <i>Explanation </i>shall be inserted, namely:—</p><p>\"<i>Explanation 3B.</i>—For the removal of doubts, it is hereby de­clared that where a deduction in respect of any sum referred to in clause (<i>f</i>) of this section is allowed in computing the income referred to in section 28, of the previous year (being a previous year relevant to the assessment year commencing on the 1st day of April, 2001, or any earlier assessment year) in which the liabil­ity to pay such sum was incurred by the assessee, the assessee shall not be entitled to any deduction under this section in respect of such sum in computing the income of the previous year in which the sum is actually paid by him.\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":218,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2001/section/27/","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."}