{"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":"29","heading":"Amendment of Section 56","text":"Amendment of section 56. 29. In section 56 of the Income-tax Act, in sub-section (2),— (A) | with effect from the 1st day of June, 2020,— (i) | in clause (v), in the proviso, in clause (g), for the word, figures and letters \"section 12AA\", the words, figures and letters \"section 12AA or section 12AB\" shall be substituted; (ii) | in clause (vi), in the proviso, in clause (g), for the word, figures and letters \"section 12AA\", the words, figures and letters \"section 12AA or section 12AB\" shall be substituted; (iii) | in clause (vii), in the second proviso, in clause (g), for the word, figures and letters \"section 12AA\", the words, figures and letters \"section 12AA or section 12AB\" shall be substituted; (B) | in clause (x),— (i) | in sub-clause (b), in item (B), in sub-item (ii), for the words \"five per cent\", the words \"ten per cent\" shall be substituted with effect from the 1st day of April, 2021; (ii) | in the proviso, in clause (vii), for the words, letters and figures \"section 12A or section 12AA\", the words, figures and letters \"section 12A or section 12AA or section 12AB\" shall be substituted with effect from the 1st day of June, 2020.","html":"<p><b>Amendment of section 56.</b></p><p><b>29.</b> In section 56 of the Income-tax Act, in sub-section (2),—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>A</i>)</td><td></td><td>with effect from the 1st day of June, 2020,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in clause (<i>v</i>), in the proviso, in clause (<i>g</i>), for the word, figures and letters \"section 12AA\", the words, figures and letters \"section 12AA or section 12AB\" shall be substituted;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>in clause (<i>vi</i>), in the proviso, in clause (<i>g</i>), for the word, figures and letters \"section 12AA\", the words, figures and letters \"section 12AA or section 12AB\" shall be substituted;</td></tr><tr><td>(<i>iii</i>)</td><td></td><td>in clause (<i>vii</i>), in the second proviso, in clause (<i>g</i>), for the word, figures and letters \"section 12AA\", the words, figures and letters \"section 12AA or section 12AB\" shall be substituted;</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>B</i>)</td><td></td><td>in clause (<i>x</i>),—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in sub-clause (<i>b</i>), in item (<i>B</i>), in sub-item (<i>ii</i>), for the words \"five per cent\", the words \"ten per cent\" shall be substituted with effect from the 1st day of April, 2021;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>in the proviso, in clause (<i>vii</i>), for the words, letters and figures \"section 12A or section 12AA\", the words, figures and letters \"section 12A or section 12AA or section 12AB\" shall be substituted with effect from the 1st day of June, 2020.</td></tr></table></div>","words":206,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2020/section/29/","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."}