{"act":{"id":"finance-act-2019-no-2","short_title":"The Finance Act, 2019 (No. 2)","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":217,"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-2/"},"unit":"section","section":{"number":"202","heading":"Amendment of section 73","text":"Amendment of section 73 202. In section 73 of the principal Act, in sub-section (2), after clause (jj), the following clauses shall be inserted, namely:-- \"(jja) the manner and the conditions in which authentication of the identity of clients shall be verified by the reporting entities under clause (a) of sub-section (1) of section 12AA; (jjb) the manner of identifying the ownership and financial position of the client under clause (b) of sub-section (1) of section 12AA; (jjc) additional steps to record the purpose behind conducting the specified transaction and the intended nature of the relationship between the transaction parties under clause (c) of sub-section (1) of section 12AA; (jjd) manner of increasing the future monitoring under sub-section (3) of section 12AA.''.","html":"<p><b><b>Amendment of section 73</b></b></p><p><b><b>202</b>. </b>In section 73 of the principal Act, in sub-section (<i>2</i>), after clause (<i>jj</i>), the following clauses shall be inserted, namely:--</p><p>\"(<i>jja</i>) the manner and the conditions in which authentication of the identity of clients shall be verified by the reporting entities under clause (<i>a</i>) of sub-section (<i>1</i>) of section 12AA;</p><p>(<i>jjb</i>) the manner of identifying the ownership and financial position of the client under clause (<i>b</i>) of sub-section (1) of section 12AA;</p><p>(<i>jjc</i>) additional steps to record the purpose behind conducting the specified transaction and the intended nature of the relationship between the transaction parties under clause (<i>c</i>) of sub-section (<i>1</i>) of section 12AA;</p><p>(<i>jjd</i>) manner of increasing the future monitoring under sub-section (<i>3</i>) of section 12AA.''.</p>","words":122,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2019-no-2/section/202/","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."}