{"act":{"id":"finance-act-2023","short_title":"The Finance Act, 2023","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2023-2024.","act_number":"8","act_year":2023,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":181,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2023/"},"unit":"section","section":{"number":"11","heading":"Amendment of section 28","text":"Amendment of section 28. 11.  In section 28 of the Income-tax Act, for clause (iv), the following clause shall be substituted with effect from the 1st day of April, 2024, namely:— \"(iv) | the value of any benefit or perquisite arising from business or the exercise of a profession, whether— (a) | convertible into money or not; or (b) | in cash or in kind or partly in cash and partly in kind;\".","html":"<p><b>Amendment of section 28.</b></p><p><b>11. </b> In section 28 of the Income-tax Act, for clause (<i>iv</i>), the following clause shall be substituted with effect from the 1st day of April, 2024, namely:—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>iv</i>)</td><td></td><td>the value of any benefit or perquisite arising from business or the exercise of a profession, whether—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>convertible into money or not; or</td></tr><tr><td>(<i>b</i>)</td><td></td><td>in cash or in kind or partly in cash and partly in kind;\".</td></tr></table></div>","words":73,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2023/section/11/","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."}