{"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":"173","heading":"Amendment of Act 38 of 2020","text":"PART XVII AMENDMENTS TO THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 Amendment of Act 38 of 2020. 173. In the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, in section 4, with effect from the 1st day of April, 2021,— (i) | in clause (XIV), in sub-clause (a), for item (ii), the following shall be substituted, namely:— '(ii) after the long line, for clause (i), the following clause shall be substituted, namely:— \"(i) the amount of income-tax calculated on the income in respect of securities referred to in clause (a), if any, included in the total income,— (A) | at the rate of twenty per cent in case of Foreign Institutional Investor; (B) | at the rate of ten per cent in case of specified fund: Provided that the amount of income-tax calculated on the income by way of interest referred to in section 194LD shall be at the rate of five per cent;\";'; (ii) | in clause (XXIV), after the portion beginning with \"(9) Notwithstanding anything contained in any other provision of this Act, assessment made\" and ending with \"the procedure laid down under this section\", the following shall be inserted, namely:— \"(10) Notwithstanding anything contained in this section, the function of verification unit under this section may also be performed by a verification unit located in any other faceless center set up under the provisions of this Act or under any scheme notified under the provisions of this Act; and the request for verification may also be assigned by the National Faceless Assessment Centre to such verification unit.\".","html":"<p><i><b>PART XVII</b></i></p><p><b>AMENDMENTS TO THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020</b></p><p><b>Amendment of Act 38 of 2020.</b></p><p><b>173.</b> In the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, in section 4, with effect from the 1st day of April, 2021,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in clause (<i>XIV</i>), in sub-clause (<i>a</i>), for item (<i>ii</i>), the following shall be substituted, namely:—</td></tr><tr><td></td><td></td><td>'(<i>ii</i>) after the long line, for clause (<i>i</i>), the following clause shall be substituted, namely:—</td></tr><tr><td></td><td></td><td>\"(<i>i</i>) the amount of income-tax calculated on the income in respect of securities referred to in clause (<i>a</i>), if any, included in the total income,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>A</i>)</td><td></td><td>at the rate of twenty per cent in case of Foreign Institutional Investor;</td></tr><tr><td>(<i>B</i>)</td><td></td><td>at the rate of ten per cent in case of specified fund:</td></tr><tr><td></td><td></td><td><b>Provided </b>that the amount of income-tax calculated on the income by way of interest referred to in section 194LD shall be at the rate of five per cent;\";';</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>ii</i>)</td><td></td><td>in clause (<i>XXIV</i>), after the portion beginning with \"(9) Notwithstanding anything contained in any other provision of this Act, assessment made\" and ending with \"the procedure laid down under this section\", the following shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"(10) Notwithstanding anything contained in this section, the function of verification unit under this section may also be performed by a verification unit located in any other faceless center set up under the provisions of this Act or under any scheme notified under the provisions of this Act; and the request for verification may also be assigned by the National Faceless Assessment Centre to such verification unit.\".</td></tr></table></div>","words":270,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2021/section/173/","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."}