{"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":"55","heading":"Amendment of section 286","text":"Amendment of section 286. 55. In section 286 of the Income-tax Act,— (a) | in sub-section (2), for the words, brackets and figures \"on or before the due date specified under sub-section (1) of section 139, for furnishing the return of income for the relevant accounting year\", the words \"within a period of twelve months from the end of the said reporting accounting year\" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017; (b) | in sub-section (3), after the word, brackets and figure \"sub-section (2)\", the words, brackets and figure \"and sub-section (4)\" shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2017; (c) | in sub-section (4),— (i) | after the words \"reporting accounting year\", the words \"within the period as may be prescribed\" shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2017; (ii) | clause (a) shall be relettered as clause (aa) thereof and before clause (aa) as so relettered, the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2017, namely:— \"(a) | where the parent entity is not obligated to file the report of the nature referred to in sub-section (2);\"; (d) | in sub-section (5),— (i) | in the opening portion, for the words \"in the said sub-section\", the words \"by that country or territory\" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017; (ii) | in clause (e), for the word \"entities\", the word \"entity\" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017; (e) | in sub-section (9),— (A) | for clause (b), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017, namely:— '(b) | \"agreement\" means a combination of all of the following agreements, namely:— (i) | an agreement entered into under sub-section (1) of section 90 or sub-section (1) of section 90A; and (ii) | an agreement for exchange of the report referred to in sub-section (2) and notified by the Central Government;'; (B) | in clause (d), in sub-clause (iii), for the words, brackets and figures \"clause (i) or clause (ii)\", the words, brackets and figures \"sub-clause (i) or sub-clause (ii)\" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017; (C) | in clause (h), in the long line, for the words, brackets and figures \"clause (i) or clause (ii)\", the words, brackets and figures \"sub-clause (i) or sub-clause (ii)\" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017; (D) | in clause (j), for the word, brackets and figure \"sub-section (2)\", the words, brackets and figures \"sub-sections (2) and (4)\" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017.","html":"<p><b>Amendment of section 286.</b></p><p><b>55.</b> In section 286 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), for the words, brackets and figures \"on or before the due date specified under sub-section (1) of section 139, for furnishing the return of income for the relevant accounting year\", the words \"within a period of twelve months from the end of the said reporting accounting year\" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>in sub-section (3), after the word, brackets and figure \"sub-section (2)\", the words, brackets and figure \"and sub-section (4)\" shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2017;</td></tr><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 \"reporting accounting year\", the words \"within the period as may be prescribed\" shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2017;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>clause (<i>a</i>) shall be relettered as clause (<i>aa</i>) thereof and before clause (<i>aa</i>) as so relettered, the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2017, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>a</i>)</td><td></td><td>where the parent entity is not obligated to file the report of the nature referred to in sub-section (2);\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>d</i>)</td><td></td><td>in sub-section (5),—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in the opening portion, for the words \"in the said sub-section\", the words \"by that country or territory\" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>in clause (<i>e</i>), for the word \"entities\", the word \"entity\" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017;</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>e</i>)</td><td></td><td>in sub-section (9),—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>A</i>)</td><td></td><td>for clause (<i>b</i>), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>b</i>)</td><td></td><td>\"agreement\" means a combination of all of the following agreements, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>an agreement entered into under sub-section (1) of section 90 or sub-section (1) of section 90A; and</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>an agreement for exchange of the report referred to in sub-section (2) and notified by the Central Government;';</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>B</i>)</td><td></td><td>in clause (<i>d</i>), in sub-clause (<i>iii</i>), for the words, brackets and figures \"clause (<i>i</i>) or clause (<i>ii</i>)\", the words, brackets and figures \"sub-clause (<i>i</i>) or sub-clause (<i>ii</i>)\" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017;</td></tr><tr><td>(<i>C</i>)</td><td></td><td>in clause (<i>h</i>), in the long line, for the words, brackets and figures \"clause (<i>i</i>) or clause (<i>ii</i>)\", the words, brackets and figures \"sub-clause (<i>i</i>) or sub-clause (<i>ii</i>)\" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017;</td></tr><tr><td>(<i>D</i>)</td><td></td><td>in clause (<i>j</i>), for the word, brackets and figure \"sub-section (2)\", the words, brackets and figures \"sub-sections (2) and (4)\" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017.</td></tr></table></div>","words":534,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2018/section/55/","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."}