{"act":{"id":"finance-act-2013","short_title":"The Finance Act, 2013","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2013-2014.","act_number":null,"act_year":2013,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":142,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2013/"},"unit":"section","section":{"number":"7","heading":"Amendment of section 36","text":"Amendment of section 36. 7. In section 36 of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2014,— (a) | in clause (vii), the Explanation shall be numbered as Explanation 1 thereof and after Explanation 1 as so numbered, the following Explanation shall be inserted, namely:— \"Explanation 2.—For the removal of doubts, it is hereby clarified that for the purposes of the proviso to clause (vii) of this sub-section and clause (v) of sub-section (2), the account referred to therein shall be only one account in respect of provision for bad and doubtful debts under clause (viia) and such account shall relate to all types of advances, including advances made by rural branches;\"; (b) | after clause (xv), the following clause shall be inserted, namely:— '(xvi) an amount equal to the commodities transaction tax paid by the assessee in respect of the taxable commodities transactions entered into in the course of his business during the previous year, if the income arising from such taxable commodities transactions is included in the income computed under the head \"Profits and gains of business or profession\". Explanation.—For the purposes of this clause, the expressions \"commodities transaction tax\" and \"taxable commodities transaction\" shall have the meanings respectively assigned to them under Chapter VII of the Finance Act, 2013.'. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 36.</b></p><p><b>7.</b> In section 36 of the Income-tax Act, in sub-section (1)<i>, </i>with effect from the 1st day of April, 2014,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in clause (<i>vii</i>)<i>, </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, namely:—</td></tr><tr><td></td><td></td><td><i>\"Explanation 2.—</i>For the removal of doubts, it is hereby clarified that for the purposes of the proviso to clause (<i>vii</i>) of this sub-section and clause (<i>v</i>) of sub-section (2), the account referred to therein shall be only one account in respect of provision for bad and doubtful debts under clause (<i>viia</i>) and such account shall relate to all types of advances, including advances made by rural branches;\";</td></tr><tr><td>(<i>b</i>)</td><td></td><td>after clause (<i>xv</i>)<i>, </i>the following clause shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>'(<i>xvi</i>) an amount equal to the commodities transaction tax paid by the assessee in respect of the taxable commodities transactions entered into in the course of his business during the previous year, if the income arising from such taxable commodities transactions is included in the income computed under the head \"Profits and gains of business or profession\".</td></tr><tr><td></td><td></td><td><i>Explanation.</i>—For the purposes of this clause, the expressions \"commodities transaction tax\" and \"taxable commodities transaction\" shall have the meanings respectively assigned to them under Chapter VII of the Finance Act, 2013.'.</td></tr></table></div><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":225,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2013/section/7/","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."}