{"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":"28","heading":"Amendment of section 94B","text":"Amendment of section 94B. 28. In section 94B of the Income-tax Act, with effect from the 1st day of April, 2025,— (a) | in sub-section (3), after the words \"banking or insurance\", the words \"or a Finance Company located in any International Financial Services Centre,\" shall be inserted; (b) | in sub-section (5), after clause (iii), the following clauses shall be inserted, namely:— '(iv) \"Finance Company\" means a finance company as defined in clause (e) of sub-regulation (1) of regulation 2 of the International Financial Services Centres Authority (Finance Company) Regulations, 2021 made under the International Financial Services Centres Authority Act, 2019 (50 of 2019) and which satisfies such conditions and carries on such activities, as may be prescribed; (v) \"International Financial Services Centre\" shall have the meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005).'.","html":"<p><b>Amendment of section 94B.</b></p><p><b>28.</b> In section 94B of the Income-tax Act, with effect from the 1st day of April, 2025,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in sub-section (3), after the words \"banking or insurance\", the words \"or a Finance Company located in any International Financial Services Centre,\" shall be inserted;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>in sub-section (5), after clause (<i>iii</i>), the following clauses shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>'(<i>iv</i>) \"Finance Company\" means a finance company as defined in clause (<i>e</i>) of sub-regulation (1) of regulation 2 of the International Financial Services Centres Authority (Finance Company) Regulations, 2021 made under the International Financial Services Centres Authority Act, 2019 (50 of 2019) and which satisfies such conditions and carries on such activities, as may be prescribed;</td></tr><tr><td></td><td></td><td>(<i>v</i>) \"International Financial Services Centre\" shall have the meaning as assigned to it in clause (<i>q</i>) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005).'.</td></tr></table></div>","words":148,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-2/section/28/","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."}