{"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":"21","heading":"Amendment of Section 43","text":"Amendment of section 43. 21. In section 43 of the Income-tax Act, in clause (5),— (a) | for the words \"recognised association\" wherever they occur, the words \"recognised stock exchange\" shall be substituted; (b) | in Explanation 2, for clause (iii), the following clause shall be substituted, namely:— '(iii) | \"recognised stock exchange\" means a recognised stock ex-change as referred to in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and which fulfils such conditions as may be prescribed and notified by the Central Government for this purpose;'.","html":"<p><b>Amendment of section 43.</b></p><p><b>21.</b> In section 43 of the Income-tax Act, in clause (<i>5</i>),—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>for the words \"recognised association\" wherever they occur, the words \"recognised stock exchange\" shall be substituted;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>in <i>Explanation 2</i>, for clause (<i>iii</i>), the following clause shall be substituted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>iii</i>)</td><td></td><td>\"recognised stock exchange\" means a recognised stock ex-change as referred to in clause (<i>f</i>) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and which fulfils such conditions as may be prescribed and notified by the Central Government for this purpose;'.</td></tr></table></div>","words":95,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2020/section/21/","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."}