{"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":"24","heading":"Amendment of section 56","text":"Amendment of section 56. 24. In section 56 of the Income-tax Act, in sub-section (2), in clause (x),— (a) | in sub-clause (b), in item (B), after the third proviso, the following proviso shall be inserted, namely:— \"Provided also that in case of property being referred to in the second proviso to sub-section (1) of section 43CA, the provisions of sub-item (ii) of item (B) shall have effect as if for the words \"ten per cent\", the words \"twenty per cent\" had been substituted;\"; (b) | in the proviso, in clause (IX) after the words, brackets and figures \"clause (vii)\", the words, brackets, figures and letters \"or clause (viiac) or clause (viiad) or clause (viiae) or clause (viiaf)\" shall be inserted with effect from the 1st day of April, 2022.","html":"<p><b>Amendment of section 56.</b></p><p><b>24.</b> In section 56 of the Income-tax Act, in sub-section (2), in clause (<i>x</i>),—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in sub-clause (<i>b</i>), in item (<i>B</i>), after the third proviso, the following proviso shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"<b>Provided also</b> that in case of property being referred to in the second proviso to sub-section (1) of section 43CA, the provisions of sub-item (<i>ii</i>) of item (<i>B</i>) shall have effect as if for the words \"ten per cent\", the words \"twenty per cent\" had been substituted;\";</td></tr><tr><td>(<i>b</i>)</td><td></td><td>in the proviso, in clause (<i>IX</i>) after the words, brackets and figures \"clause (<i>vii</i>)\", the words, brackets, figures and letters \"or clause (<i>viiac</i>) or clause (<i>viiad</i>) or clause (<i>viiae</i>) or clause (<i>viiaf</i>)\" shall be inserted with effect from the 1st day of April, 2022.</td></tr></table></div>","words":130,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2021/section/24/","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."}