{"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":"30","heading":"Amendment of section 80LA","text":"Amendment of section 80LA. 30. In section 80LA of the Income-tax Act, with effect from the 1st day of April, 2022,— (i) | in sub-section (1A), for the words \"any other relevant laws was obtained\", the words \"permission or registration under the International Financial Services Centre Authority Act, 2019 (50 of 2019) was obtained\" shall be substituted; (ii) | in sub-section (2), after clause (c), the following clause shall be inserted, namely:— '(d) arising from the transfer of an asset, being an aircraft, which was leased by a unit referred to in clause (c) to a person, subject to the condition that the unit has commenced operation on or before the 31st day of March, 2024. Explanation.—For the purposes of this clause, \"aircraft\" shall have the meaning assigned to it in the Explanation to clause (4F) of section 10.'; (iii) | in sub-section (3), for clause (ii), the following clause shall be substituted, namely:— \"(ii) a copy of the permission obtained under clause (a) of sub-section (1) of section 23 of the Banking Regulation Act, 1949 (10 of 1949) or copy of permission or registration obtained under the International Financial Services Centre Authority Act, 2019 (50 of 2019).\".","html":"<p><b>Amendment of section 80LA.</b></p><p><b>30.</b> In section 80LA of the Income-tax Act, with effect from the 1st day of April, 2022,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in sub-section (1A), for the words \"any other relevant laws was obtained\", the words \"permission or registration under the International Financial Services Centre Authority Act, 2019 (50 of 2019) was obtained\" shall be substituted;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>in sub-section (2), after clause (<i>c</i>), the following clause shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>'(<i>d</i>) arising from the transfer of an asset, being an aircraft, which was leased by a unit referred to in clause (<i>c</i>) to a person, subject to the condition that the unit has commenced operation on or before the 31st day of March, 2024.</td></tr><tr><td></td><td></td><td><i>Explanation.—</i>For the purposes of this clause, \"aircraft\" shall have the meaning assigned to it in the <i>Explanation</i> to clause (<i>4F</i>) of section 10.';</td></tr><tr><td>(<i>iii</i>)</td><td></td><td>in sub-section (3), for clause (<i>ii</i>), the following clause shall be substituted, namely:—</td></tr><tr><td></td><td></td><td>\"(<i>ii</i>) a copy of the permission obtained under clause (<i>a</i>) of sub-section (1) of section 23 of the Banking Regulation Act, 1949 (10 of 1949) or copy of permission or registration obtained under the International Financial Services Centre Authority Act, 2019 (50 of 2019).\".</td></tr></table></div>","words":198,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2021/section/30/","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."}