{"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":"74","heading":"Amendment of Section 194","text":"Amendment of section 194. 74. In section 194 of the Income-tax Act,— (A) | for the words \"in cash or before issuing any cheque or warrant\", the words \"by any mode\" shall be substituted; (B) | for the words \"at the rates in force\", the words \"at the rate of ten per cent\" shall be substituted; (C) | in the first proviso,— (i) | in clause (a), for the words \"an account payee cheque\", the words \"any mode other than cash\" shall be substituted; (ii) | in clause (b), for the words \"two thousand five hundred rupees\", the words \"five thousand rupees\" shall be substituted; (D) | the third proviso shall be omitted.","html":"<p><b>Amendment of section 194.</b></p><p><b>74.</b> In section 194 of the Income-tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>A</i>)</td><td></td><td>for the words \"in cash or before issuing any cheque or warrant\", the words \"by any mode\" shall be substituted;</td></tr><tr><td>(<i>B</i>)</td><td></td><td>for the words \"at the rates in force\", the words \"at the rate of ten per cent\" shall be substituted;</td></tr><tr><td>(<i>C</i>)</td><td></td><td>in the first proviso,—</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 words \"an account payee cheque\", the words \"any mode other than cash\" shall be substituted;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>in clause (<i>b</i>), for the words \"two thousand five hundred rupees\", the words \"five thousand rupees\" shall be substituted;</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>D</i>)</td><td></td><td>the third proviso shall be omitted.</td></tr></table></div>","words":113,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2020/section/74/","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."}