{"act":{"id":"finance-act-2024-no-1","short_title":"The Finance Act, 2024 (No. 1)","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2024-2025.","act_number":"8","act_year":2024,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":13,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-1/"},"unit":"section","section":{"number":"8","heading":"Amendment of section 206C","text":"Amendment of section 206C. 8. In section 206C of the Income-tax Act, in sub-section (1G),— (a) | in the long line, for the word \"twenty\", the word \"five\" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of July, 2023; (b) | in the first proviso, the words \"and is for the purposes of education or medical treatment\" shall be omitted and shall be deemed to have been omitted with effect from the 1st day of July, 2023; (c) | in the second proviso, with effect from the 1st day of October, 2023,— (i) | for the word \"five\", the word \"twenty\" shall be substituted and shall be deemed to have been substituted; (ii) | for the words \"is for the purposes of\", the words \"is for purposes other than\" shall be substituted and shall be deemed to have been substituted; (d) | after the third proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of October, 2023, namely:— \"Provided also that the seller of an overseas tour programme package shall collect a sum of twenty per cent. of the amount or aggregate of amounts in excess of seven lakh rupees received from the buyer in a financial year:\"; (e) | after the fifth proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of July, 2023, namely:— \"Provided also that the sum to be collected under this sub-section on or after the 1st day of July, 2023 and before the 1st day of October, 2023, shall be collected in accordance with the provisions of this sub-section as they stood on the 1st day of April, 2023.\".","html":"<p><b>Amendment of section 206C.</b></p><p><b>8</b>. In section 206C of the Income-tax Act, in sub-section (1G),—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in the long line, for the word \"twenty\", the word \"five\" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of July, 2023;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>in the first proviso, the words \"and is for the purposes of education or medical treatment\" shall be omitted and shall be deemed to have been omitted with effect from the 1st day of July, 2023;</td></tr><tr><td>(<i>c</i>)</td><td></td><td>in the second proviso, with effect from the 1st day of October, 2023,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>for the word \"five\", the word \"twenty\" shall be substituted and shall be deemed to have been substituted;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>for the words \"is for the purposes of\", the words \"is for purposes other than\" shall be substituted and shall be deemed to have been substituted;</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>d</i>)</td><td></td><td>after the third proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of October, 2023, namely:—</td></tr><tr><td></td><td></td><td>\"<b>Provided</b> <b>also</b> that the seller of an overseas tour programme package shall collect a sum of twenty per cent. of the amount or aggregate of amounts in excess of seven lakh rupees received from the buyer in a financial year:\";</td></tr><tr><td>(<i>e</i>)</td><td></td><td>after the fifth proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of July, 2023, namely:—</td></tr><tr><td></td><td></td><td>\"<b>Provided</b> <b>also</b> that the sum to be collected under this sub-section on or after the 1st day of July, 2023 and before the 1st day of October, 2023, shall be collected in accordance with the provisions of this sub-section as they stood on the 1st day of April, 2023.\".</td></tr></table></div>","words":298,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-1/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."}