{"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":"124","heading":"Amendment of section 276B","text":"Amendment of section 276B. 124.  In section 276B of the Income-tax Act,— (A) | in the opening portion, the words \"pay to the credit of the Central Government\" shall be omitted; (B) | in clause (a), for the words \"the tax deducted\", the words \"pay to the credit of the Central Government, the tax deducted\" shall be substituted; (C) | for clause (b), the following clause shall be substituted, namely:— '(b) | \"pay tax or ensure payment of tax to the credit of the Central Government, as required by or under— (i) | sub-section (2) of section 115-O; (ii) | the proviso to section 194B; (iii) | the first proviso to sub-section (1) of section 194R; (iv) | the proviso to sub-section (1) of section 194S; or'; (D) | after sub-clause (iv) of clause (b) as substituted by the Finance Act, 2023, the following sub-clause shall be inserted with effect from the 1st day of July, 2023, namely:— \"(v) | sub-section (2) of section 194BA,\".","html":"<p><b>Amendment of section 276B.</b></p><p><b>124. </b> In section 276B of the Income-tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>A</i>)</td><td></td><td>in the opening portion, the words \"pay to the credit of the Central Government\" shall be omitted;</td></tr><tr><td>(<i>B</i>)</td><td></td><td>in clause (<i>a</i>), for the words \"the tax deducted\", the words \"pay to the credit of the Central Government, the tax deducted\" shall be substituted;</td></tr><tr><td>(<i>C</i>)</td><td></td><td>for clause (<i>b</i>), the following clause shall be substituted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>b</i>)</td><td></td><td>\"pay tax or ensure payment of tax to the credit of the Central Government, as required by or under—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>sub-section (2) of section 115-O;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>the proviso to section 194B;</td></tr><tr><td>(<i>iii</i>)</td><td></td><td>the first proviso to sub-section (1) of section 194R;</td></tr><tr><td>(<i>iv</i>)</td><td></td><td>the proviso to sub-section (1) of section 194S; or';</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>D</i>)</td><td></td><td>after sub-clause (<i>iv</i>) of clause (<i>b</i>) as substituted by the Finance Act, 2023, the following sub-clause shall be inserted with effect from the 1st day of July, 2023, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>v</i>)</td><td></td><td>sub-section (2) of section 194BA,\".</td></tr></table></div>","words":165,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2023/section/124/","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."}