{"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":"47","heading":"Amendment of Section 115A","text":"Amendment of section 115A. 47. In section 115A of the Income-tax Act,— (I) | in sub-section (1), in clause (a), with effect from the 1st day of April, 2021,— (i) | the words, figures and letter \"other than dividends referred to in section 115-O\" at both the places where they occur, shall be omitted; (ii) | in the long line, for clause (BA), the following clause shall be substituted, namely:— \"(BA) | the amount of income-tax calculated on the amount of income by way of interest referred to in,— (i) | sub-clause (iia), if any, included in the total income, at the rate of five per cent; (ii) | sub-clause (iiaa) or sub-clause (iiab) or sub-clause (iiac), if any, included in the total income, at the rate provided in the respective sections referred to in the said sub-clauses;\"; (II) | in sub-section (5),— (i) | in clause (a), for the word, brackets and letter \"clause (a)\", the words, brackets and letters \"clause (a) or clause (b)\" shall be substituted; (ii) | for clause (b), the following clause shall be substituted, namely:— \"(b) | the tax deductible at source under the provisions of Part B of Chapter XVII has been deducted from such income and the rate of such deduction is not less than the rate specified under clause (a) or, as the case may be, clause (b) of sub-section (1).\".","html":"<p><b>Amendment of section 115A.</b></p><p><b>47.</b> In section 115A of the Income-tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>I</i>)</td><td></td><td>in sub-section (1), in clause (<i>a</i>), with effect from the 1st day of April, 2021,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>the words, figures and letter \"other than dividends referred to in section 115-O\" at both the places where they occur, shall be omitted;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>in the long line, for clause (<i>BA</i>), the following clause shall be substituted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>BA</i>)</td><td></td><td>the amount of income-tax calculated on the amount of income by way of interest referred to in,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>sub-clause (<i>iia</i>), if any, included in the total income, at the rate of five per cent;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>sub-clause (<i>iiaa</i>) or sub-clause (<i>iiab</i>) or sub-clause (<i>iiac</i>), if any, included in the total income, at the rate provided in the respective sections referred to in the said sub-clauses;\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>II</i>)</td><td></td><td>in sub-section (5),—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in clause (<i>a</i>), for the word, brackets and letter \"clause (<i>a</i>)\", the words, brackets and letters \"clause (<i>a</i>) or clause (<i>b</i>)\" shall be substituted;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>for clause (<i>b</i>), the following clause shall be substituted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>b</i>)</td><td></td><td>the tax deductible at source under the provisions of Part B of Chapter XVII has been deducted from such income and the rate of such deduction is not less than the rate specified under clause (<i>a</i>) or, as the case may be, clause (<i>b</i>) of sub-section (1).\".</td></tr></table></div>","words":230,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2020/section/47/","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."}