{"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":"81","heading":"Amendment of Section 194LBA","text":"Amendment of section 194LBA. 81. In section 194LBA of the Income-tax Act,— (a) | the words, brackets and letter \"sub-clause (a) of\" at both the places where they occur shall be omitted; (b) | in sub-section (2), for the words \"five per cent\", the words, brackets and letters \"five per cent in case of income of the nature referred to in sub-clause (a) and ten per cent in case of income of the nature referred to in sub-clause (b), of the said clause\" shall be substituted; (c) | after sub-section (2), the following sub-section shall be inserted, namely:— \"(2A) | Nothing contained in sub-sections (1) and (2) shall apply in respect of income of the nature referred to in sub-clause (b) of clause (23FC) of section 10, if the special purpose vehicle referred to in the said clause has not exercised the option under section 115BAA.\".","html":"<p><b>Amendment of section 194LBA.</b></p><p><b>81.</b> In section 194LBA of the Income-tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>the words, brackets and letter \"sub-clause (<i>a</i>) of\" at both the places where they occur shall be omitted;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>in sub-section (2), for the words \"five per cent\", the words, brackets and letters \"five per cent in case of income of the nature referred to in sub-clause (<i>a</i>) and ten per cent in case of income of the nature referred to in sub-clause (<i>b</i>), of the said clause\" shall be substituted;</td></tr><tr><td>(<i>c</i>)</td><td></td><td>after sub-section (2), the following sub-section shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>2A</i>)</td><td></td><td>Nothing contained in sub-sections (1) and (2) shall apply in respect of income of the nature referred to in sub-clause (<i>b</i>) of clause (<i>23FC</i>) of section 10, if the special purpose vehicle referred to in the said clause has not exercised the option under section 115BAA.\".</td></tr></table></div>","words":146,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2020/section/81/","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."}