{"act":{"id":"finance-act-2020","short_title":"The Finance Act, 2020","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2020-2021.","act_number":null,"act_year":2020,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":157,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2020/"},"unit":"section","section":{"number":"148","heading":"Amendment of Section 116","text":"PART V AMENDMENTS TO THE FINANCE ACT, 2013 Amendment of section 116. 148. In the Finance Act, 2013 (17 of 2013) (hereafter in this Part referred to as the principal Act), in section 116, with effect from the 1st day of April, 2020,— (a) | in clause (7), for the words \"sale of commodity derivatives or option on commodity derivatives in respect of commodities, other than agricultural commodities, traded in recognised associations\", the words \"sale of commodity derivatives or sale of commodity derivatives based on prices or indices of prices of commodity derivatives or option on commodity derivatives or option in goods in respect of commodities, other than agricultural commodities, traded in recognised stock exchange\" shall be substituted; (b) | in clause (8),— (A) | for the words, brackets and figures \"Forward Contracts (Regulation) Act, 1952 (74 of 1952)\", the words, brackets and figures \"Securities Contracts (Regulation) Act, 1956 (42 of 1956)\" shall be substituted; (B) | after the words \"or the rules made\", the words \"or the notifications issued\" shall be inserted.","html":"<p><i><b>PART V</b></i></p><p><b>AMENDMENTS TO THE FINANCE ACT, 2013</b></p><p><b>Amendment of section 116.</b></p><p><b>148.</b> In the Finance Act, 2013 (17 of 2013) (hereafter in this Part referred to as the principal Act), in section 116, with effect from the 1st day of April, 2020,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in clause (<i>7</i>), for the words \"sale of commodity derivatives or option on commodity derivatives in respect of commodities, other than agricultural commodities, traded in recognised associations\", the words \"sale of commodity derivatives or sale of commodity derivatives based on prices or indices of prices of commodity derivatives or option on commodity derivatives or option in goods in respect of commodities, other than agricultural commodities, traded in recognised stock exchange\" shall be substituted;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>in clause (<i>8</i>),—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>A</i>)</td><td></td><td>for the words, brackets and figures \"Forward Contracts (Regulation) Act, 1952 (74 of 1952)\", the words, brackets and figures \"Securities Contracts (Regulation) Act, 1956 (42 of 1956)\" shall be substituted;</td></tr><tr><td>(<i>B</i>)</td><td></td><td>after the words \"or the rules made\", the words \"or the notifications issued\" shall be inserted.</td></tr></table></div>","words":173,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2020/section/148/","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."}