{"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":"8","heading":"Amendment of section 32","text":"Amendment of section 32. 8.  In section 32 of the Income-tax Act, in sub-section (1),— (a) | in clause (ii), after the words, figures and letters, \"after the 1st day of April, 1998,\", the words \"not being goodwill of a business or profession,\" shall be inserted; (b) | in Explanation 3, in clause (b), after the words \"or commercial rights of similar nature\", the words \", not being goodwill of a business or profession\" shall be inserted.","html":"<p><b>Amendment of section 32.</b></p><p><b>8. </b> In section 32 of the Income-tax Act, in sub-section (1),—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in clause (<i>ii</i>), after the words, figures and letters, \"after the 1st day of April, 1998,\", the words \"not being goodwill of a business or profession,\" shall be inserted;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>in <i>Explanation 3</i>, in clause (<i>b</i>), after the words \"or commercial rights of similar nature\", the words \", not being goodwill of a business or profession\" shall be inserted.</td></tr></table></div>","words":77,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2021/section/8/","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."}