{"act":{"id":"finance-act-2025","short_title":"The Finance Act, 2025","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2025-2026.","act_number":"7","act_year":2025,"enact_date":"2025-08-16","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":153,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2025/"},"unit":"section","section":{"number":"27","heading":"Amendment of section 115V","text":"Amendment of section 115V. 27.  In section 115V of the Income-tax Act, with effect from the 1st April, 2026,— (i) | in clauses (a), (b), (f) and (h), for the word \"ship\", the words \"ship or inland vessel, as the case may be,\" shall be substituted; (ii) | after clause (e), the following clause shall be inserted, namely:— '(ea) \"inland vessel\" shall have the same meaning as assigned to it in clause (q) of section 3 of the Inland Vessels Act, 2021 (24 of 2021);'.","html":"<p><b>Amendment of section 115V.</b></p><p><b>27. </b> In section 115V of the Income-tax Act, with effect from the 1st April, 2026,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in clauses (<i>a</i>), (<i>b</i>), (<i>f</i>) and (<i>h</i>), for the word \"ship\", the words \"ship or inland vessel, as the case may be,\" shall be substituted;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>after clause (<i>e</i>), the following clause shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>'(<i>ea</i>) \"inland vessel\" shall have the same meaning as assigned to it in clause (<i>q</i>) of section 3 of the Inland Vessels Act, 2021 (24 of 2021);'.</td></tr></table></div>","words":85,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2025/section/27/","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."}