{"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":"7","heading":"Amendment of section 12AB","text":"Amendment of section 12AB. 7. In section 12AB of the Income-tax Act, for sub-section (3), the following sub-section shall be substituted with effect from the 1st day of October, 2024, namely:— \"(3) The order under sub-section (1) shall be passed, in such form and manner as may be prescribed, within a period of,— (i) | three months calculated from the end of the month in which the application was received in case of clause (a); (ii) | six months calculated from the end of the quarter in which the application was received in case of sub-clause (ii) of clause (b); and (iii) | one month calculated from the end of the month in which the application was received in case of clause (c).\".","html":"<p><b>Amendment of section 12AB.</b></p><p><b>7.</b> In section 12AB of the Income-tax Act, for sub-section (3), the following sub-section shall be substituted with effect from the 1st day of October, 2024, namely:—</p><p>\"(3) The order under sub-section (1) shall be passed, in such form and manner as may be prescribed, within a period of,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>three months calculated from the end of the month in which the application was received in case of clause (<i>a</i>);</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>six months calculated from the end of the quarter in which the application was received in case of sub-clause (<i>ii</i>) of clause (<i>b</i>); and</td></tr><tr><td>(<i>iii</i>)</td><td></td><td>one month calculated from the end of the month in which the application was received in case of clause (<i>c</i>).\".</td></tr></table></div>","words":123,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-2/section/7/","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."}