{"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":"16","heading":"Amendment of section 44AD","text":"Amendment of section 44AD. 16.  In section 44AD of the Income-tax Act, in the Explanation, in clause (b), after sub-clause (ii), the following provisos shall be inserted with effect from the 1st day of April, 2024, namely:— 'Provided that where the amount or aggregate of the amounts received during the previous year, in cash, does not exceed five per cent of the total turnover or gross receipts of such previous year, this sub-clause shall have effect as if for the words \"two crore rupees\", the words \"three crore rupees\" had been substituted: Provided further that for the purposes of the first proviso, the receipt of amount or aggregate of amounts by a cheque drawn on a bank or by a bank draft, which is not account payee, shall be deemed to be the receipt in cash.'.","html":"<p><b>Amendment of section 44AD.</b></p><p><b>16. </b> In section 44AD of the Income-tax Act, in the <i>Explanation,</i> in clause (<i>b</i>), after sub-clause (<i>ii</i>), the following provisos shall be inserted with effect from the 1st day of April, 2024, namely:—</p><p>'<b>Provided</b> that where the amount or aggregate of the amounts received during the previous year, in cash, does not exceed five per cent of the total turnover or gross receipts of such previous year, this sub-clause shall have effect as if for the words \"two crore rupees\", the words \"three crore rupees\" had been substituted:</p><p><b>Provided further</b> that for the purposes of the first proviso, the receipt of amount or aggregate of amounts by a cheque drawn on a bank or by a bank draft, which is not account payee, shall be deemed to be the receipt in cash.'.</p>","words":136,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2023/section/16/","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."}