{"act":{"id":"finance-act-2005","short_title":"The Finance Act, 2005","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2005-2006.","act_number":"18","act_year":2005,"enact_date":"2005-05-13","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":70,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2005/"},"unit":"section","section":{"number":"45","heading":"Amendment of section 153","text":"Amendment of section 153. 45. In section 153 of the Income-tax Act, with effect from the 1st day of April, 2006,— (a ) after sub-section (1), the following sub-sections shall be inserted, namely:— \"(1A) No order of assessment shall be made under section 115WE or section 115WF at any time after the expiry of two years from the end of the assessment year in which the fringe benefits were first assessable. (1B) No order of assessment or reassessment shall be made under section 115WG after the expiry of one year from the end of the financial year in which the notice under section 115WH was served.\"; (b ) in sub-section (2A), for the words, brackets and figures \"in sub-sections (1) and (2)\", the words, brackets, figures and letters \"in sub-sections (1), (1A), (1B) and (2)\" shall be substituted; (c ) in sub-section (3), for the words, brackets and figures \"sub­-sections (1) and (2)\", the words, brackets, figures and letters \"sub-sections (1), (1A),  (1B) and (2)\" shall be substituted; (d)  in the proviso to Explanation 1, for the words, brackets, figures and letter \"in sub-sections (1), (2) and (2A)\" the words, brackets, figures and letters \"in sub-sections (1), (1A), (1B), (2) and (2A)\" shall be substituted. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 153.</b></p><p><b>45. </b>In section 153 of the Income-tax Act, with effect from the 1st day of April, 2006,—</p><p>(<i>a</i> ) after sub-section (1), the following sub-sections shall be inserted, namely:—</p><p>\"(1A) No order of assessment shall be made under section 115WE or section 115WF at any time after the expiry of two years from the end of the assessment year in which the fringe benefits were first assessable.</p><p><span class=\"num\">(1B)</span> No order of assessment or reassessment shall be made under section 115WG after the expiry of one year from the end of the financial year in which the notice under section 115WH was served.\";</p><p>(<i>b</i> ) in sub-section (2A)<i>, </i>for the words, brackets and figures \"in sub-sections (1) and (<i>2</i>)\", the words, brackets, figures and letters \"in sub-sections (1), (1A)<i>, </i>(1B) and (2)\" shall be substituted;</p><p>(<i>c</i> ) in sub-section (3), for the words, brackets and figures \"sub­-sections (1) and (2)\", the words, brackets, figures and letters \"sub-sections (1), (1A),<i> </i> (1B)<i> </i>and (2)\" shall be substituted;</p><p><i>(d) </i> in the proviso to <i>Explanation 1, </i>for the words, brackets, figures and letter \"in sub-sections (1),<i> </i>(2) and (2A)\"<i> </i>the words, brackets, figures and letters \"in sub-sections (1), (1A), (1B), (2) and (2A)\" shall be substituted.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":211,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2005/section/45/","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."}