{"act":{"id":"finance-act-2018","short_title":"The Finance Act, 2018","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2018-2019.","act_number":"13","act_year":2018,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":227,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2018/"},"unit":"section","section":{"number":"5","heading":"Amendment of section 10","text":"Amendment of section 10. 5. In section 10 of the Income-tax Act,— (a) | after clause (6C), the following clause shall be inserted, namely:— \"(6D) | any income arising to a non-resident, not being a company, or a foreign company, by way of royalty from, or fees for technical services rendered in or outside India to, the National Technical Research Organisation;\"; (b) | with effect from the 1st day of April, 2019,— (i) | in clause (12A), for the word \"employee\", the word \"assessee\" shall be substituted; (ii) | in clause (23C), after the twelfth proviso [as inserted by section 6 of the Finance Act, 2017 (7 of 2017)], the following proviso shall be inserted, namely:— 'Provided also that for the purposes of determining the amount of application under item (a) of the third proviso, the provisions of sub-clause (ia) of clause (a) of section 40 and sub-sections (3) and (3A) of section 40A, shall, mutatis mutandis, apply as they apply in computing the income chargeable under the head \"Profits and gains of business or profession\":'; (iii) | in clause (38), after the third proviso, the following proviso shall be inserted, namely:— \"Provided also that nothing contained in this clause shall apply to any income arising from the transfer of long-term capital asset, being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust, made on or after the 1st day of April, 2018.\"; (c) | in clause (46), after the brackets and words \"(by whatever name called)\" at both the places where they occur, the words \", or a class thereof\" shall be inserted; (d) | in clause (48B) [as inserted by section 6 of the Finance Act, 2017 (7 of 2017)], after the word, brackets, figures and letter \"clause (48A)\", the words \"or on termination of the said agreement or the arrangement, in accordance with the terms mentioned therein, as the case may be,\" shall be inserted with effect from the 1st day of April, 2019.","html":"<p><b>Amendment of section 10.</b></p><p><b>5.</b> In section 10 of the Income-tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>after clause (<i>6C</i>), the following clause shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>6D</i>)</td><td></td><td>any income arising to a non-resident, not being a company, or a foreign company, by way of royalty from, or fees for technical services rendered in or outside India to, the National Technical Research Organisation;\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>b</i>)</td><td></td><td>with effect from the 1st day of April, 2019,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in clause (<i>12A</i>), for the word \"employee\", the word \"assessee\" shall be substituted;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>in clause (<i>23C</i>), after the twelfth proviso [as inserted by section 6 of the Finance Act, 2017 (7 of 2017)], the following proviso shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>'<b>Provided also</b> that for the purposes of determining the amount of application under item (<i>a</i>) of the third proviso, the provisions of sub-clause (<i>ia</i>) of clause (<i>a</i>) of section 40 and sub-sections (3) and (3A) of section 40A, shall, <i>mutatis mutandis</i>, apply as they apply in computing the income chargeable under the head \"Profits and gains of business or profession\":';</td></tr><tr><td>(<i>iii</i>)</td><td></td><td>in clause (<i>38</i>), after the third proviso, the following proviso shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"<b>Provided also</b> that nothing contained in this clause shall apply to any income arising from the transfer of long-term capital asset, being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust, made on or after the 1st day of April, 2018.\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>c</i>)</td><td></td><td>in clause (<i>46</i>), after the brackets and words \"(by whatever name called)\" at both the places where they occur, the words \", or a class thereof\" shall be inserted;</td></tr><tr><td>(<i>d</i>)</td><td></td><td>in clause (<i>48B</i>) [as inserted by section 6 of the Finance Act, 2017 (7 of 2017)], after the word, brackets, figures and letter \"clause (<i>48A</i>)\", the words \"or on termination of the said agreement or the arrangement, in accordance with the terms mentioned therein, as the case may be,\" shall be inserted with effect from the 1st day of April, 2019.</td></tr></table></div>","words":339,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2018/section/5/","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."}