{"act":{"id":"finance-act-2008","short_title":"The Finance Act, 2008","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2008-2009.","act_number":null,"act_year":2008,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":71,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2008/"},"unit":"section","section":{"number":"10","heading":"Amendment of section 40","text":"Amendment of section 40. 10. In section 40 of the Income-tax Act, in clause (a),— (a ) in sub-clause (ia), with effect from the 1st day of April, 2005,— (i) for the words, brackets and figures \"has not been paid during the previous year, or in the subsequent year before the expiry of the time prescribed under sub-section (1) of section 200\", the following words, brackets and figures shall be substituted and shall be deemed to have been substituted, namely:— \"has not been paid,— (A ) in a case where the tax was deductible and was so deducted during the last month of the previous year, on or before the due date specified in sub-section (1) of section 139; or (B ) in any other case, on or before the last day of the previous year\"; (ii) for the proviso, the following proviso shall be substituted and shall be deemed to have been substituted, namely:— \" Provided that where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted— (A ) during the last month of the previous year but paid after the said due date; or (B ) during any other month of the previous year but paid after the end of the said previous year, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid.\"; (b ) sub-clause (ib) shall be omitted with effect from the 1st day of April, 2009. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 40.</b></p><p><b>10. </b>In section 40 of the Income-tax Act, in clause (<i>a</i>),—</p><p>(<i>a</i> ) in sub-clause (<i>ia</i>), with effect from the 1st day of April, 2005,—</p><p>(<i>i</i>) for the words, brackets and figures \"has not been paid during the previous year, or in the subsequent year before the expiry of the time prescribed under sub-section (1) of section 200\", the following words, brackets and figures shall be substituted and shall be deemed to have been substituted, namely:—</p><p>\"has not been paid,—</p><p>(<i>A</i> ) in a case where the tax was deductible and was so deducted during the last month of the previous year, on or before the due date specified in sub-section (1) of section 139; or</p><p>(<i>B</i> ) in any other case, on or before the last day of the previous year\";</p><p>(<i>ii</i>) for the proviso, the following proviso shall be substituted and shall be deemed to have been substituted, namely:—</p><p>\" <b>Provided </b>that where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted—</p><p>(<i>A</i> ) during the last month of the previous year but paid after the said due date; or</p><p>(<i>B</i> ) during any other month of the previous year but paid after the end of the said previous year,</p><p>such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid.\";</p><p>(<i>b</i> ) sub-clause (<i>ib</i>) shall be omitted with effect from the 1st day of April, 2009.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":260,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2008/section/10/","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."}