{"act":{"id":"finance-act-2019-no-1","short_title":"The Finance Act, 2019 (No. 1)","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2019-2020.","act_number":null,"act_year":2019,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":22,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2019-no-1/"},"unit":"section","section":{"number":"14","heading":"Substitution of new section for section 8A","text":"Substitution of new section for section 8A 14. For section 8A of the principal Act, the following section shall be substituted, namely:— '8A. Securities dealt in depository not liable to stamp duty.—Notwithstanding anything contained in this Act or any other law for the time being in force,— (a) | an issuer, by the issue of securities to one or more depositories, shall, in respect of such issue, be chargeable with duty on the total amount of securities issued by it and such securities need not be stamped; (b) | the transfer of registered ownership of securities from a person to a depository or from a depository to a beneficial owner shall not be liable to duty. Explanation.—For the purposes of this section, the expression \"beneficial ownership\" shall have the same meaning as assigned to it in clause (a) of sub-section (1) of section 2 of the Depositories Act, 1996 (22 of 1996).'.","html":"<p><b>Substitution of new section for section 8A</b></p><p><b>14</b>. For section 8A of the principal Act, the following section shall be substituted, namely:—</p><p>'8A. <i>Securities dealt in depository not liable to stamp duty</i>.—Notwithstanding anything contained in this Act or any other law for the time being in force,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>an issuer, by the issue of securities to one or more depositories, shall, in respect of such issue, be chargeable with duty on the total amount of securities issued by it and such securities need not be stamped;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>the transfer of registered ownership of securities from a person to a depository or from a depository to a beneficial owner shall not be liable to duty.</td></tr></table></div><p><i>Explanation</i>.—For the purposes of this section, the expression \"beneficial ownership\" shall have the same meaning as assigned to it in clause (<i>a</i>) of sub-section (1) of section 2 of the Depositories Act, 1996 (22 of 1996).'.</p>","words":152,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2019-no-1/section/14/","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."}