Amendment of section 286

In force Act 13 of 2018 As on 10 Oct 2026

Act 13 of 2018 Ministry Finance Cited by 4 provisions

Section 55 of the Finance Act, 2018 deals with amendment of section 286. Amendment of section 286. 55. In section 286 of the Income-tax Act,— (a) | in sub-section (2), for the words, brackets and figures "on or before the due date specified under sub-section (1) of section 139, for furnishing the return of income for the relevant accounting year", the words "within a per

Amendment of section 286.
55. In section 286 of the Income-tax Act,—
(a) in sub-section (2), for the words, brackets and figures "on or before the due date specified under sub-section (1) of section 139, for furnishing the return of income for the relevant accounting year", the words "within a period of twelve months from the end of the said reporting accounting year" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017;
(b) in sub-section (3), after the word, brackets and figure "sub-section (2)", the words, brackets and figure "and sub-section (4)" shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2017;
(c) in sub-section (4),—
(i) after the words "reporting accounting year", the words "within the period as may be prescribed" shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2017;
(ii) clause (a) shall be relettered as clause (aa) thereof and before clause (aa) as so relettered, the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2017, namely:—
"(a) where the parent entity is not obligated to file the report of the nature referred to in sub-section (2);";
(d) in sub-section (5),—
(i) in the opening portion, for the words "in the said sub-section", the words "by that country or territory" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017;
(ii) in clause (e), for the word "entities", the word "entity" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017;
(e) in sub-section (9),—
(A) for clause (b), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017, namely:—
'(b) "agreement" means a combination of all of the following agreements, namely:—
(i) an agreement entered into under sub-section (1) of section 90 or sub-section (1) of section 90A; and
(ii) an agreement for exchange of the report referred to in sub-section (2) and notified by the Central Government;';
(B) in clause (d), in sub-clause (iii), for the words, brackets and figures "clause (i) or clause (ii)", the words, brackets and figures "sub-clause (i) or sub-clause (ii)" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017;
(C) in clause (h), in the long line, for the words, brackets and figures "clause (i) or clause (ii)", the words, brackets and figures "sub-clause (i) or sub-clause (ii)" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017;
(D) in clause (j), for the word, brackets and figure "sub-section (2)", the words, brackets and figures "sub-sections (2) and (4)" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017.
Section 55, The Finance Act, 2018 (Act 13 of 2018).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

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Referred to by 4

Questions about Section 55

What does Section 55 of the Finance Act deal with?

Section 55 of the Finance Act is headed "Amendment of section 286". Amendment of section 286. 55. In section 286 of the Income-tax Act,— (a) | in sub-section (2), for the words, brackets and figures "on or before the due date specified under sub-section (1) of section 139, for furnishing the return of income for the relevant accounting year", the words "within a per

How do I find court cases under Section 55 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2018 55, section 55 Finance Act 2018, section 55 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 55 of the Finance Act, and has it changed?

Its own text turns on section 90 (Insertion of new Chapter XIIA), section 139 (Amendment of section 3A), Income-tax Act 286 (Furnishing of report in respect of international group), so none of them can safely be read on its own. 4 other provisions in this corpus refer back to it.

When was the Finance Act enacted?

Finance Act was enacted in 2018 as Act 13 of 2018. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

First Schedule. INCOME-TAX8472 words
2. Income-tax4233 words
206. Amendment of Act 54 of 20001580 words
Second Schedule. Second Schedule1062 words
33. Insertion of new section 112A756 words
63. Amendment of section 28707 words

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(a)		in sub-section (2), for the words, brackets and figures "on or before the due date specified under sub-section (1) of section 139, for furnishing the return of income for the relevant accounting year", the words "within a period of twelve months from the end of the said reporting accounting year" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017;
(b)		in sub-section (3), after the word, brackets and figure "sub-section (2)", the words, brackets and figure "and sub-section (4)" shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2017;
(c)		in sub-section (4),—

(i)		after the words "reporting accounting year", the words "within the period as may be prescribed" shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2017;
(ii)		clause (a) shall be relettered as clause (aa) thereof and before clause (aa) as so relettered, the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2017, namely:—

(i)		in the opening portion, for the words "in the said sub-section", the words "by that country or territory" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017;
(ii)		in clause (e), for the word "entities", the word "entity" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017;

(i)		an agreement entered into under sub-section (1) of section 90 or sub-section (1) of section 90A; and
(ii)		an agreement for exchange of the report referred to in sub-section (2) and notified by the Central Government;';

(B)		in clause (d), in sub-clause (iii), for the words, brackets and figures "clause (i) or clause (ii)", the words, brackets and figures "sub-clause (i) or sub-clause (ii)" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017;
(C)		in clause (h), in the long line, for the words, brackets and figures "clause (i) or clause (ii)", the words, brackets and figures "sub-clause (i) or sub-clause (ii)" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017;
(D)		in clause (j), for the word, brackets and figure "sub-section (2)", the words, brackets and figures "sub-sections (2) and (4)" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017.