{"act":{"id":"finance-act-2024-no-2","short_title":"The Finance Act, 2024 (No. 2)","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2024-2025.","act_number":null,"act_year":2024,"enact_date":"2024-08-16","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":174,"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-2/"},"unit":"section","section":{"number":"26","heading":"Amendment of section 80G","text":"Amendment of section 80G. 26. In section 80G of the Income-tax Act,— (a) | in sub-section (2), in clause (a), in sub-clause (iiihg), for the words \"the National Sports Fund to be set up\", the words \"the National Sports Development Fund set up\" shall be substituted with effect from the 1st day of April, 2025; (b) | in sub-section (5), with effect from the 1st day of October, 2024,— (I) | in the first proviso,— (i) | in clause (iii), for the words \"whichever is earlier;\", the words \"whichever is earlier; or\" shall be substituted; (ii) | in clause (iv),— (a) | the words \"in any other case,\" shall be omitted; (b) | in sub-clause (B), the portion beginning with the words \"and where no income or part\" and ending with the words \"such application,\" shall be omitted; (II) | in the second proviso, in clause (ii), in sub-clause (b), for item (B), the following item shall be substituted, namely:— \"(B) if he is not so satisfied, pass an order in writing, rejecting such application and cancelling its approval, if any, after affording it a reasonable opportunity of being heard;\"; (III) | for the third proviso, the following proviso shall be substituted, namely:— \"Provided also that the order under clause (i) and clause (iii) of the second proviso shall be passed in such form and manner as may be prescribed, before expiry of the period of three months and one month, as the case may be, calculated from the end of the month in which the application was received:\"; (IV) | after the third proviso, the following proviso shall be inserted, namely:— \"Provided also  that the order under sub-clause (b) of clause (ii) of the second proviso shall be passed in such form and manner as may be prescribed, before expiry of the period of six months from the end of the quarter in which the application was received:\".","html":"<p><b>Amendment of section 80G.</b></p><p><b>26.</b> In section 80G of the Income-tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in sub-section (2), in clause (<i>a</i>), in sub-clause (<i>iiihg</i>), for the words \"the National Sports Fund to be set up\", the words \"the National Sports Development Fund set up\" shall be substituted with effect from the 1st day of April, 2025;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>in sub-section (5), with effect from the 1st day of October, 2024,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>I</i>)</td><td></td><td>in the first proviso,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in clause (<i>iii</i>), for the words \"whichever is earlier;\", the words \"whichever is earlier; or\" shall be substituted;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>in clause (<i>iv</i>),—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>the words \"in any other case,\" shall be omitted;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>in sub-clause (<i>B</i>), the portion beginning with the words \"and where no income or part\" and ending with the words \"such application,\" shall be omitted;</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>II</i>)</td><td></td><td>in the second proviso, in clause (<i>ii</i>), in sub-clause (<i>b</i>), for item (<i>B</i>), the following item shall be substituted, namely:—</td></tr><tr><td></td><td></td><td>\"(B) if he is not so satisfied, pass an order in writing, rejecting such application and cancelling its approval, if any, after affording it a reasonable opportunity of being heard;\";</td></tr><tr><td>(<i>III</i>)</td><td></td><td>for the third proviso, the following proviso shall be substituted, namely:—</td></tr><tr><td></td><td></td><td>\"<b>Provided also</b> that the order under clause (<i>i</i>) and clause (<i>iii</i>) of the second proviso shall be passed in such form and manner as may be prescribed, before expiry of the period of three months and one month, as the case may be, calculated from the end of the month in which the application was received:\";</td></tr><tr><td>(<i>IV</i>)</td><td></td><td>after the third proviso, the following proviso shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"<b>Provided also </b> that the order under sub-clause (<i>b</i>) of clause (<i>ii</i>) of the second proviso shall be passed in such form and manner as may be prescribed, before expiry of the period of six months from the end of the quarter in which the application was received:\".</td></tr></table></div>","words":319,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-2/section/26/","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."}