{"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":"15","heading":"Amendment of section 44DB","text":"Amendment of section 44DB. 15. In section 44DB of the Income-tax Act,— (a) | in sub-section (3), after the words \"successor co-operative bank\", the words \"or to the converted banking company\" shall be inserted; (b) | in sub-section (4), after the words \"a successor co-operative bank\", and the words \"the successor co-operative bank\" the words \"or to a converted banking company\" and the words \"or to the converted banking company\" shall, respectively, be inserted; (c) | in sub-section (5),— (i) | after clause (c), the following clause shall be inserted, namely:— '(ca) \"banking company\" shall have the meaning assigned to it in clause (c) of section 5 of Banking Regulation Act, 1949 (10 of 1949);'; (ii) | in clause (d), after the words \"a co-operative bank\", the words \"or conversion of a primary co-operative bank\" shall be inserted; (iii) | after clause (d), the following clauses shall be inserted, namely:— '(da) \"conversion\" means transition of a primary co-operative bank to a banking company under the scheme of the Reserve Bank of India as notified vide its circular number DCBR. CO. LS. PCB. Cir. No. 5/07.01.000/2018-19, dated the 27th September, 2018; (db) \"converted banking company\" means a banking company formed as a result of conversion from primary co-operative bank;'; (iv) | in clause (h), after the words \"the demerged co-operative bank\", the words \"or the primary co-operative bank which has been succeeded as a result of conversion\" shall be inserted; (v) | after clause (h), the following clause shall be inserted, namely:— '(ha) \"primary co-operative bank\" shall have the meaning assigned to it in clause (ccv) of section 5 of the Banking Regulation Act, 1949 (10 of 1949);'.","html":"<p><b>Amendment of section 44DB.</b></p><p><b>15.</b> In section 44DB of the Income-tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in sub-section (3), after the words \"successor co-operative bank\", the words \"or to the converted banking company\" shall be inserted;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>in sub-section (4), after the words \"a successor co-operative bank\", and the words \"the successor co-operative bank\" the words \"or to a converted banking company\" and the words \"or to the converted banking company\" shall, respectively, be inserted;</td></tr><tr><td>(<i>c</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>after clause (<i>c</i>), the following clause shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>'(<i>ca</i>) \"banking company\" shall have the meaning assigned to it in clause (<i>c</i>) of section 5 of Banking Regulation Act, 1949 (10 of 1949);';</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>in clause (<i>d</i>), after the words \"a co-operative bank\", the words \"or conversion of a primary co-operative bank\" shall be inserted;</td></tr><tr><td>(<i>iii</i>)</td><td></td><td>after clause (<i>d</i>), the following clauses shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>'(<i>da</i>) \"conversion\" means transition of a primary co-operative bank to a banking company under the scheme of the Reserve Bank of India as notified<i> vide</i> its circular number DCBR. CO. LS. PCB. Cir. No. 5/07.01.000/2018-19, dated the 27th September, 2018;</td></tr><tr><td></td><td></td><td>(<i>db</i>) \"converted banking company\" means a banking company formed as a result of conversion from primary co-operative bank;';</td></tr><tr><td>(<i>iv</i>)</td><td></td><td>in clause (<i>h</i>), after the words \"the demerged co-operative bank\", the words \"or the primary co-operative bank which has been succeeded as a result of conversion\" shall be inserted;</td></tr><tr><td>(<i>v</i>)</td><td></td><td>after clause (<i>h</i>), the following clause shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>'(<i>ha</i>) \"primary co-operative bank\" shall have the meaning assigned to it in clause (<i>ccv</i>) of section 5 of the Banking Regulation Act, 1949 (10 of 1949);'.</td></tr></table></div>","words":277,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2021/section/15/","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."}