{"act":{"id":"finance-act-2021","short_title":"The Finance Act, 2021","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2021-2022.","act_number":null,"act_year":2021,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":180,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2021/"},"unit":"section","section":{"number":"1","heading":"Short title and commencement","text":"FINANCE ACT, 2021 [13 OF 2021] An Act to give effect to the financial proposals of the Central Government for the financial year 2021-2022. BE it enacted by Parliament in the Seventy-second Year of the Republic of India as follows:— CHAPTER I PRELIMINARY Short title and commencement. 1. (1) This Act may be called the Finance Act, 2021. (2) Save as otherwise provided in this Act,— (a) | sections 2 to 88 shall come into force on the 1st day of April, 2021; (b) | sections 108 to 123 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.","html":"

FINANCE ACT, 2021

[13 OF 2021]

An Act to give effect to the financial proposals of the Central Government for the financial year 2021-2022.

BE it enacted by Parliament in the Seventy-second Year of the Republic of India as follows:—

CHAPTER I

PRELIMINARY

Short title and commencement.

1. (1) This Act may be called the Finance Act, 2021.

(2) Save as otherwise provided in this Act,—

(a)sections 2 to 88 shall come into force on the 1st day of April, 2021;
(b)sections 108 to 123 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
","words":108,"text_source":"published"},"classification":[],"instruments":[],"judgments":[{"cnr":"SCIN010036542023","order":"order-161.pdf","title":"Union Of India vs Rajeev Bansal","court":"SC","court_name":"Supreme Court of India","date":"2024-10-03","citation":"2024 INSC 754","precedential_value":"Landmark Binding Decision","court_marking":"reportable","ratio_decidendi":"TOLA continues to apply to the Income Tax Act after Finance Act 2021 came into effect on 1 April 2021, extending the time limit for issuance of reassessment notices till 30 June 2021. The first proviso to Section 149(1)(b) of the new regime does not bar application of TOLA. Reassessment notices issued after 30 June 2021 are time-barred. The directions in Ashish Agarwal judgment deeming Section 148 notices under old regime as show-cause notices under Section 148A of new regime apply to all 90,000 notices issued between 1 April 2021 and 30 June 2021, creating a legal fiction that stops the clock of limitation. The surviving time for issuance of notices under Section 148 of the new regime is the balance time between the date of issuance of the deemed notice and 30 June 2021, after excluding periods when proceedings were stayed and time allowed to assesses to respond.","applied_to_this_section":"Substitutes Sections 147-151 of Income Tax Act 1961, bringing new reassessment regime into effect; creates temporal conflict with TOLA which expires 30 June 2021","basis":"cited","decided_under":null,"url":"https://ecourtsindia.com/cnr/SCIN010036542023/order-161"}],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2021/section/1/","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."}