{"act":{"id":"finance-act-2015","short_title":"The Finance Act, 2015","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2015-2016.","act_number":"20","act_year":2015,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":165,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2015/"},"unit":"section","section":{"number":"8","heading":"Amendment of section 11","text":"Amendment of section 11. 8. In section 11 of the Income-tax Act, with effect from the 1st day of April, 2016,— (I) | in sub-section (1), in Explanation, in clause (2), after sub-clause (b), in the long line, for the brackets and words \"(such option to be exercised in writing before the expiry of the time allowed under sub-section (1) of section 139 for furnishing the return of income)\", the brackets and figures words \"(such option to be excercised before the expiry of the time allowed under sub-section (1) of section 139 for furnishing the return of income, in such form and manner as may be prescribed)\" shall be substituted; (II) | in sub-section (2), for clauses (a) and (b)and the first and second provisos, the following shall be substituted, namely:— \"(a) | such person furnishes a statement in the prescribed form and in the prescribed manner to the Assessing Officer, stating the purpose for which the income is being accumulated or set apart and the period for which the income is to be accumulated or set apart, which shall in no case exceed five years; (b) | the money so accumulated or set apart is invested or deposited in the forms or modes specified in sub-section (5); (c) | the statement referred to in clause (a) is furnished on or before the due date specified under sub-section (1) of section 139 for furnishing the return of income for the previous year: Provided that in computing the period of five years referred to in clause (a), the period during which the income could not be applied for the purpose for which it is so accumulated or set apart, due to an order or injunction of any court, shall be excluded.\".","html":"<p><b>Amendment of section 11.</b></p><p><b>8.</b> In section 11 of the Income-tax Act, with effect from the 1st day of April, 2016,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>I</i>)</td><td></td><td>in sub-section (1), in <i>Explanation,</i> in clause (<i>2</i>), after sub-clause (<i>b</i>)<i>,</i> in the long line, for the brackets and words \"(such option to be exercised in writing before the expiry of the time allowed under sub-section (1) of section 139 for furnishing the return of income)\", the brackets and figures words \"(such option to be excercised before the expiry of the time allowed under sub-section (1) of section 139 for furnishing the return of income, in such form and manner as may be prescribed)\" shall be substituted;</td></tr><tr><td>(<i>II</i>)</td><td></td><td>in sub-section (2), for clauses (<i>a</i>) and (<i>b</i>)and the first and second provisos, the following shall be substituted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>a</i>)</td><td></td><td>such person furnishes a statement in the prescribed form and in the prescribed manner to the Assessing Officer, stating the purpose for which the income is being accumulated or set apart and the period for which the income is to be accumulated or set apart, which shall in no case exceed five years;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>the money so accumulated or set apart is invested or deposited in the forms or modes specified in sub-section (5);</td></tr><tr><td>(<i>c</i>)</td><td></td><td>the statement referred to in clause (<i>a</i>) is furnished on or before the due date specified under sub-section (1) of section 139 for furnishing the return of income for the previous year:</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td></td><td></td><td><b>Provided</b> that in computing the period of five years referred to in clause (<i>a</i>), the period during which the income could not be applied for the purpose for which it is so accumulated or set apart, due to an order or injunction of any court, shall be excluded.\".</td></tr></table></div>","words":290,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2015/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."}