{"act":{"id":"finance-act-2014","short_title":"The Finance Act, 2014","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2014-2015.","act_number":"25","act_year":2014,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":129,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2014/"},"unit":"section","section":{"number":"14","heading":"Amendment of section 40","text":"Amendment of section 40. 14. In section 40 of the Income-tax Act, in clause (a), with effect from the 1st day of April, 2015,— (a) | in sub-clause (i),— (i) | for the portion beginning with the words \"during the previous year\" and ending with the words, brackets and figures \"sub-section (1) of section 200\", the words, brackets and figures \"on or before the due date specified in sub-section (1) of section 139\" shall be substituted; (ii) | for the proviso, the following proviso shall be substituted, namely:— \"Provided that where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted during the previous year but paid after the due date specified in sub-section (1) of section 139, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid.\"; (b) | in sub-clause (ia),— (I) | for the portion beginning with the words \"any interest, commission or brokerage\" and ending with the words and brackets \"for carrying out any work (including supply of labour for carrying out any work)\", the words \"thirty per cent of any sum payable to a resident\" shall be substituted; (II) | in the first proviso, after the words, brackets and figures \"sub-section (1) of section 139,\", the words \"thirty per cent of\" shall be inserted. © Copyright. Taxmann Publications Pvt. Ltd.","html":"

Amendment of section 40.

14. In section 40 of the Income-tax Act, in clause (a), with effect from the 1st day of April, 2015,—

(a)in sub-clause (i),—
(i)for the portion beginning with the words \"during the previous year\" and ending with the words, brackets and figures \"sub-section (1) of section 200\", the words, brackets and figures \"on or before the due date specified in sub-section (1) of section 139\" shall be substituted;
(ii)for the proviso, the following proviso shall be substituted, namely:—
\"Provided that where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted during the previous year but paid after the due date specified in sub-section (1) of section 139, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid.\";
(b)in sub-clause (ia),—
(I)for the portion beginning with the words \"any interest, commission or brokerage\" and ending with the words and brackets \"for carrying out any work (including supply of labour for carrying out any work)\", the words \"thirty per cent of any sum payable to a resident\" shall be substituted;
(II)in the first proviso, after the words, brackets and figures \"sub-section (1) of section 139,\", the words \"thirty per cent of\" shall be inserted.

© Copyright. Taxmann Publications Pvt. Ltd.

","words":236,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2014/section/14/","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."}