{"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":"73","heading":"Amendment of Section 192","text":"Amendment of section 192. 73. In section 192 of the Income-tax Act, after sub-section (1B), the following sub-section shall be inserted, namely:— \"(1C) For the purposes of deducting or paying tax under sub-section (1) or sub-section (1A), as the case may be, a person, being an eligible start-up referred to in section 80-IAC, responsible for paying any income to the assessee being perquisite of the nature specified in clause (vi) of sub-section (2) of section 17 in any previous year relevant to the assessment year, beginning on or after the 1st day of April, 2021, shall deduct or pay, as the case may be, tax on such income within fourteen days— (i) | after the expiry of forty-eight months from the end of the relevant assessment year; or (ii) | from the date of the sale of such specified security or sweat equity share by the assessee; or (iii) | from the date of the assessee ceasing to be the employee of the person, whichever is the earliest, on the basis of rates in force for the financial year in which the said specified security or sweat equity share is allotted or transferred.\".","html":"<p><b>Amendment of section 192.</b></p><p><b>73.</b> In section 192 of the Income-tax Act, after sub-section (1B), the following sub-section shall be inserted, namely:—</p><p>\"(1C) For the purposes of deducting or paying tax under sub-section (1) or sub-section (1A), as the case may be, a person, being an eligible start-up referred to in section 80-IAC, responsible for paying any income to the assessee being perquisite of the nature specified in clause (<i>vi</i>) of sub-section (2) of section 17 in any previous year relevant to the assessment year, beginning on or after the 1st day of April, 2021, shall deduct or pay, as the case may be, tax on such income within fourteen days—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>after the expiry of forty-eight months from the end of the relevant assessment year; or</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>from the date of the sale of such specified security or sweat equity share by the assessee; or</td></tr><tr><td>(<i>iii</i>)</td><td></td><td>from the date of the assessee ceasing to be the employee of the person,</td></tr></table></div><p>whichever is the earliest, on the basis of rates in force for the financial year in which the said specified security or sweat equity share is allotted or transferred.\".</p>","words":193,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2020/section/73/","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."}