{"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":"110","heading":"Amendment of section 269SS","text":"Amendment of section 269SS. 110.  In section 269SS of the Income-tax Act,— (a) | after the second proviso and before the Explanation, the following proviso shall be inserted, namely:— \"Provided also that the provisions of this section shall have effect, as if for the words \"twenty thousand rupees\", the words \"two lakh rupees\" had been substituted in the case of any deposit or loan where,— (a) | such deposit is accepted by a primary agricultural credit society or a primary co-operative agricultural and rural development bank from its member; or (b) | such loan is taken from a primary agricultural credit society or a primary co-operative agricultural and rural development bank by its member.\"; (b) | in the Explanation, for clause (ii), the following clause shall be substituted, namely:— '(ii) | \"co-operative bank\", \"primary agricultural credit society\" and \"primary co-operative agricultural and rural development bank\" shall have the meanings respectively assigned to them in the Explanation to sub-section (4) of section 80P;'.","html":"<p><b>Amendment of section 269SS.</b></p><p><b>110. </b> In section 269SS of the Income-tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>after the second proviso and before the <i>Explanation,</i> the following proviso shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"<b>Provided also</b> that the provisions of this section shall have effect, as if for the words \"twenty thousand rupees\", the words \"two lakh rupees\" had been substituted in the case of any deposit or loan where,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>such deposit is accepted by a primary agricultural credit society or a primary co-operative agricultural and rural development bank from its member; or</td></tr><tr><td>(<i>b</i>)</td><td></td><td>such loan is taken from a primary agricultural credit society or a primary co-operative agricultural and rural development bank by its member.\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>b</i>)</td><td></td><td>in the <i>Explanation,</i> for clause (<i>ii</i>), the following clause shall be substituted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>ii</i>)</td><td></td><td>\"co-operative bank\", \"primary agricultural credit society\" and \"primary co-operative agricultural and rural development bank\" shall have the meanings respectively assigned to them in the <i>Explanation</i> to sub-section (4) of section 80P;'.</td></tr></table></div>","words":162,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2023/section/110/","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."}