{"act":{"id":"finance-act-2017","short_title":"The Finance Act, 2017","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2017-2018.","act_number":null,"act_year":2017,"enact_date":"2017-04-17","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":198,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2017/"},"unit":"section","section":{"number":"15","heading":"Amendment of section 40A","text":"Amendment of section 40A. 15. In section 40A of the Income-tax Act,— (a) | in sub-section (2), in clause (a), in the proviso, after the words \"Provided that\", the words, figures and letters \"for an assessment year commencing on or before the 1st day of April, 2016\" shall be inserted; (b) | with effect from the 1st day of April, 2018,— (A) | in sub-section (3), for the words \"exceeds twenty thousand rupees\", the words \"or use of electronic clearing system through a bank account, exceeds ten thousand rupees,\" shall be substituted; (B) | in sub-section (3A),— (i) | after the words \"account payee bank draft,\", the words \"or use of electronic clearing system through a bank account\" shall be inserted; (ii) | for the words \"twenty thousand rupees\", the words \"ten thousand rupees\" shall be substituted; (iii) | in the first proviso, for the words \"exceeds twenty thousand rupees\", the words \"or use of electronic clearing system through a bank account, exceeds ten thousand rupees,\" shall be substituted; (iv) | in the second proviso, for the words \"twenty thousand rupees\", the words \"ten thousand rupees\" shall be substituted; (C) | in sub-section (4),— (i) | after the words \"account payee bank draft\", the words \"or use of electronic clearing system through a bank account\" shall be inserted; (ii) | after the words \"such cheque or draft\", the words \"or electronic clearing system\" shall be inserted.","html":"<p><b> Amendment of section 40A.</b></p><p><b> 15. </b>In section 40A of the Income-tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in sub-section (2), in clause (<i>a</i>), in the proviso, after the words \"Provided that\", the words, figures and letters \"for an assessment year commencing on or before the 1st day of April, 2016\" shall be inserted;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>with effect from the 1st day of April, 2018,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>A</i>)</td><td></td><td>in sub-section (3), for the words \"exceeds twenty thousand rupees\", the words \"or use of electronic clearing system through a bank account, exceeds ten thousand rupees,\" shall be substituted;</td></tr><tr><td>(<i>B</i>)</td><td></td><td>in sub-section (3A),<i>—</i></td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>after the words \"account payee bank draft,\", the words \"or use of electronic clearing system through a bank account\" shall be inserted;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>for the words \"twenty thousand rupees\", the words \"ten thousand rupees\" shall be substituted;</td></tr><tr><td>(<i>iii</i>)</td><td></td><td>in the first proviso, for the words \"exceeds twenty thousand rupees\", the words \"or use of electronic clearing system through a bank account, exceeds ten thousand rupees,\" shall be substituted;</td></tr><tr><td>(<i>iv</i>)</td><td></td><td>in the second proviso, for the words \"twenty thousand rupees\", the words \"ten thousand rupees\" shall be substituted;</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>C</i>)</td><td></td><td>in sub-section (4),—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>after the words \"account payee bank draft\", the words \"or use of electronic clearing system through a bank account\" shall be inserted;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>after the words \"such cheque or draft\", the words \"or electronic clearing system\" shall be inserted.</td></tr></table></div>","words":236,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2017/section/15/","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."}