{"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":"3","heading":"Amendment of section 2","text":"CHAPTER III DIRECT TAXES Income-tax Amendment of section 2. 3. In section 2 of the Income-tax Act,— (a) | in clause (22), with effect from the 1st day of October, 2024,— (I) | after sub-clause (e) and before the long line, the following sub-clause shall be inserted, namely:— \"(f) any payment by a company on purchase of its own shares from a shareholder in accordance with the provisions of section 68 of the Companies Act, 2013 (18 of 2013);\"; (II) | in the long line, clause (iv) shall be omitted; (b) | in clause (42A), with effect from the 23rd day of July, 2024,— (i) | in the opening portion, for the words \"thirty-six months\", the words \"twenty-four months\" shall be substituted and shall be deemed to have been substituted; (ii) | in the first proviso,— (A) | the brackets and words \"(other than a unit)\" shall be omitted and shall be deemed to have been omitted; (B) | for the words \"thirty-six months\", the words \"twenty-four months\" shall be substituted and shall be deemed to have been substituted; (iii) | in the second proviso, after the words \"had been substituted\", the words, brackets, letters and figures \"as it stood immediately prior to the commencement of the Finance (No. 2) Act, 2024\" shall be inserted and shall be deemed to have been inserted; (iv) | the third proviso shall be omitted and shall be deemed to have been omitted.","html":"<p>CHAPTER III</p><p><b>DIRECT TAXES</b></p><p><i>Income-tax</i></p><p><b>Amendment of section 2.</b></p><p><b>3.</b> In section 2 of the Income-tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in clause (<i>22</i>), 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>after sub-clause (<i>e</i>) and before the long line, the following sub-clause shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"(<i>f</i>) any payment by a company on purchase of its own shares from a shareholder in accordance with the provisions of section 68 of the Companies Act, 2013 (18 of 2013);\";</td></tr><tr><td>(<i>II</i>)</td><td></td><td>in the long line, clause (<i>iv</i>) shall be omitted;</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>b</i>)</td><td></td><td>in clause (<i>42A</i>), with effect from the 23rd day of July, 2024,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in the opening portion, for the words \"thirty-six months\", the words \"twenty-four months\" shall be substituted and shall be deemed to have been substituted;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>in the first proviso,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>A</i>)</td><td></td><td>the brackets and words \"(other than a unit)\" shall be omitted and shall be deemed to have been omitted;</td></tr><tr><td>(<i>B</i>)</td><td></td><td>for the words \"thirty-six months\", the words \"twenty-four months\" shall be substituted and shall be deemed to have been substituted;</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>iii</i>)</td><td></td><td>in the second proviso, after the words \"had been substituted\", the words, brackets, letters and figures \"as it stood immediately prior to the commencement of the Finance (No. 2) Act, 2024\" shall be inserted and shall be deemed to have been inserted;</td></tr><tr><td>(<i>iv</i>)</td><td></td><td>the third proviso shall be omitted and shall be deemed to have been omitted.</td></tr></table></div>","words":239,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-2/section/3/","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."}