{"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":"23","heading":"Amendment of Section 44AB","text":"Amendment of section 44AB. 23. In section 44AB of the Income-tax Act,— (A) | in clause (a),— (i) | the word \"or\" occurring at the end shall be omitted; (ii) | the following proviso shall be inserted, namely:— 'Provided that in the case of a person whose— (a) | aggregate of all amounts received including amount received for sales, turnover or gross receipts during the previous year, in cash, does not exceed five per cent of the said amount; and (b) | aggregate of all payments made including amount incurred for expenditure, in cash, during the previous year does not exceed five per cent of the said payment, this clause shall have effect as if for the words \"one crore rupees\", the words \"five crore rupees\" had been substituted; or'; (B) | in the Explanation, in clause (ii), after the word \"means\", the words \"date one month prior to\" shall be inserted.","html":"<p><b>Amendment of section 44AB.</b></p><p><b>23.</b> In section 44AB of the Income-tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>A</i>)</td><td></td><td>in clause (<i>a</i>),—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>the word \"or\" occurring at the end shall be omitted;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>the following proviso shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td></td><td></td><td>'<b>Provided</b> that in the case of a person whose—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>aggregate of all amounts received including amount received for sales, turnover or gross receipts during the previous year, in cash, does not exceed five per cent of the said amount; and</td></tr><tr><td>(<i>b</i>)</td><td></td><td>aggregate of all payments made including amount incurred for expenditure, in cash, during the previous year does not exceed five per cent of the said payment,</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td></td><td></td><td>this clause shall have effect as if for the words \"one crore rupees\", the words \"five crore rupees\" had been substituted; or';</td></tr><tr><td>(<i>B</i>)</td><td></td><td>in the <i>Explanation,</i> in clause (<i>ii</i>), after the word \"means\", the words \"date one month prior to\" shall be inserted.</td></tr></table></div>","words":152,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2020/section/23/","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."}