{"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":"31","heading":"Substitution of section 92D","text":"Substitution of section 92D 31. In the Income-tax Act, for section 92D, the following section shall be substituted with effect from the 1st day of April, 2020, namely:— '92D. Maintenance, keeping and furnishing of information and document by certain persons.—(1) Every person,— (i) | who has entered into an international transaction or specified domestic transaction shall keep and maintain such information and document in respect thereof as may be prescribed; (ii) | being a constituent entity of an international group, shall keep and maintain such information and document in respect of an international group as may be prescribed. Explanation.—For the purposes of this clause,— (A) | \"constituent entity\" shall have the meaning assigned to it in clause (d) of sub-section (9) of section 286; (B) | \"international group\" shall have the meaning assigned to it in clause (g) of sub-section (9) of section 286. (2) Without prejudice to the provisions contained in sub-section (1), the Board may prescribe the period for which the information and document shall be kept and maintained under the said sub-section. (3) The Assessing Officer or the Commissioner (Appeals) may, in the course of any proceeding under this Act, require any person referred to in clause (i) of sub-section (1) to furnish any information or document referred therein, within a period of thirty days from the date of receipt of a notice issued in this regard: Provided that the Assessing Officer or the Commissioner (Appeals) may, on an application made by such person, extend the period of thirty days by a further period not exceeding thirty days. (4) The person referred to in clause (ii) of sub-section (1) shall furnish the information and document referred therein to the authority prescribed under sub-section (1) of section 286, in such manner, on or before such date, as may be prescribed.'.","html":"<p><b><b>Substitution of section 92D</b></b></p><p><b><b>31</b>.</b> In the Income-tax Act, for section 92D, the following section shall be substituted with effect from the 1st day of April, 2020, namely:—</p><p>'92D. <i>Maintenance, keeping and furnishing of information and document by certain persons.</i>—(1) Every person,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>who has entered into an international transaction or specified domestic transaction shall keep and maintain such information and document in respect thereof as may be prescribed;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>being a constituent entity of an international group, shall keep and maintain such information and document in respect of an international group as may be prescribed.</td></tr></table></div><p><i>Explanation</i>.—For the purposes of this clause,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>A</i>)</td><td></td><td>\"constituent entity\" shall have the meaning assigned to it in clause (<i>d</i>) of sub-section (9) of section 286;</td></tr><tr><td>(<i>B</i>)</td><td></td><td>\"international group\" shall have the meaning assigned to it in clause (<i>g</i>) of sub-section (9) of section 286.</td></tr></table></div><p><span class=\"num\">(2)</span> Without prejudice to the provisions contained in sub-section (1), the Board may prescribe the period for which the information and document shall be kept and maintained under the said sub-section.</p><p><span class=\"num\">(3)</span> The Assessing Officer or the Commissioner (Appeals) may, in the course of any proceeding under this Act, require any person referred to in clause (<i>i</i>) of sub-section (1) to furnish any information or document referred therein, within a period of thirty days from the date of receipt of a notice issued in this regard:</p><p><b>Provided</b> that the Assessing Officer or the Commissioner (Appeals) may, on an application made by such person, extend the period of thirty days by a further period not exceeding thirty days.</p><p><span class=\"num\">(4)</span> The person referred to in clause (<i>ii</i>) of sub-section (1) shall furnish the information and document referred therein to the authority prescribed under sub-section (1) of section 286, in such manner, on or before such date, as may be prescribed.'.</p>","words":302,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2019-no-2/section/31/","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."}