{"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":"3","heading":"Amendment of Section 2","text":"CHAPTER III DIRECT TAXES Income-tax Amendment of section 2. 3. In section 2 of the Income-tax Act,— (i) | in clause (13A), with effect from the 1st day of April, 2021,— (a) | in sub-clause (ii), the word \"and\" occurring at the end shall be omitted; (b) | the long line shall be omitted; (ii) | in clause (15A),— (a) | after the words \"Chief Commissioner of Income-tax\", the words \"or a Director General of Income-tax\" shall be inserted; (b) | after the words \"Principal Chief Commissioner of Income-tax\", the words \"or a Principal Director General of Income-tax\" shall be inserted. (iii) | in clause (42A), in Explanation 1, in clause (i), after sub-clause (hg), the following sub-clause shall be inserted, namely:— \"(hh) | in the case of a capital asset, being a unit or units in a segregated portfolio referred to in sub-section (2AG) of section 49, there shall be included the period for which the original unit or units in the main portfolio were held by the assessee;\".","html":"<p><i><b>CHAPTER III</b></i></p><p><i><b>DIRECT TAXES</b></i></p><p><i>Income-tax</i></p><p><b>Amendment of section 2.</b></p><p><b>3.</b> In section 2 of the Income-tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in clause (<i>13A</i>), with effect from the 1st day of April, 2021,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in sub-clause (<i>ii</i>), the word \"and\" occurring at the end shall be omitted;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>the long line shall be omitted;</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>ii</i>)</td><td></td><td>in clause (<i>15A</i>),—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>after the words \"Chief Commissioner of Income-tax\", the words \"or a Director General of Income-tax\" shall be inserted;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>after the words \"Principal Chief Commissioner of Income-tax\", the words \"or a Principal Director General of Income-tax\" shall be inserted.</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>iii</i>)</td><td></td><td>in clause (<i>42A</i>), in <i>Explanation 1</i>, in clause (<i>i</i>), after sub-clause (<i>hg</i>), the following sub-clause shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>hh</i>)</td><td></td><td>in the case of a capital asset, being a unit or units in a segregated portfolio referred to in sub-section (2AG) of section 49, there shall be included the period for which the original unit or units in the main portfolio were held by the assessee;\".</td></tr></table></div>","words":170,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2020/section/3/","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."}