{"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":"6","heading":"Amendment of section 11","text":"Amendment of section 11. 6. In section 11 of the Income-tax Act, in sub-section (1), after Explanation 2 [as inserted by section 11 of the Finance Act, 2017 (7 of 2017)], the following Explanation shall be inserted with effect from the 1st day of April, 2019, namely:— 'Explanation 3.—For the purposes of determining the amount of application under clause (a) or clause (b), 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\".'.","html":"<p><b>Amendment of section 11.</b></p><p><b>6.</b> In section 11 of the Income-tax Act, in sub-section (1), after <i>Explanation 2 </i>[as inserted by section 11 of the Finance Act, 2017 (7 of 2017)], the following <i>Explanation</i> shall be inserted with effect from the 1st day of April, 2019, namely:—</p><p>'<i>Explanation 3</i>.—For the purposes of determining the amount of application under clause (<i>a</i>) or clause (<i>b</i>), 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\".'.</p>","words":104,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2018/section/6/","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."}