{"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":"8","heading":"Amendment of section 40","text":"Amendment of section 40. 8. In section 40 of the Income-tax Act, in clause (a), after sub-clause (iia), the following sub-clause shall be inserted with effect from the 1st day of April, 2014, namely:— \"(iib) any amount— (A) | paid by way of royalty, licence fee, service fee, privilege fee, service charge or any other fee or charge, by whatever name called, which is levied exclusively on; or (B) | which is appropriated, directly or indirectly, from, a State Government undertaking by the State Government. Explanation.—For the purposes of this sub-clause, a State Government undertaking includes— (i) | a corporation established by or under any Act of the State Government; (ii) | a company in which more than fifty per cent of the paid-up equity share capital is held by the State Government; (iii) | a company in which more than fifty per cent of the paid-up equity share capital is held by the entity referred to in clause (i) or clause (ii) (whether singly or taken together); (iv) | a company or corporation in which the State Government has the right to appoint the majority of the directors or to control the management or policy decisions, directly or indirectly, including by virtue of its shareholding or management rights or shareholders agreements or voting agreements or in any other manner; (v) | an authority, a board or an institution or a body established or constituted by or under any Act of the State Government or owned or controlled by the State Government;\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 40.</b></p><p><b>8.</b> In section 40 of the Income-tax Act, in clause (<i>a</i>), after sub-clause (<i>iia</i>)<i>, </i>the following sub-clause shall be inserted with effect from the 1st day of April, 2014, namely:—</p><p>\"(<i>iib</i>) any amount—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>A</i>)</td><td></td><td>paid by way of royalty, licence fee, service fee, privilege fee, service charge or any other fee or charge, by whatever name called, which is levied exclusively on; or</td></tr><tr><td>(<i>B</i>)</td><td></td><td>which is appropriated, directly or indirectly, from,</td></tr></table></div><p>a State Government undertaking by the State Government.</p><p><i>Explanation.</i>—For the purposes of this sub-clause, a State Government undertaking includes—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>a corporation established by or under any Act of the State Government;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>a company in which more than fifty per cent of the paid-up equity share capital is held by the State Government;</td></tr><tr><td>(<i>iii</i>)</td><td></td><td>a company in which more than fifty per cent of the paid-up equity share capital is held by the entity referred to in clause (<i>i</i>) or clause (<i>ii</i>) (whether singly or taken together);</td></tr><tr><td>(<i>iv</i>)</td><td></td><td>a company or corporation in which the State Government has the right to appoint the majority of the directors or to control the management or policy decisions, directly or indirectly, including by virtue of its shareholding or management rights or shareholders agreements or voting agreements or in any other manner;</td></tr><tr><td>(<i>v</i>)</td><td></td><td>an authority, a board or an institution or a body established or constituted by or under any Act of the State Government or owned or controlled by the State Government;\".</td></tr></table></div><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":258,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2013/section/8/","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."}