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Section23
The Finance Act, 2020

Amendment of Section 44AB

In force As on 07 Oct 2026

Ministry Finance Cited by 1 provision

Section 23 of the Finance Act, 2020 deals with amendment of Section 44AB. Amendment of section 44AB. 23. In section 44AB of the Income-tax Act,— (A) | in clause (a),— (i) | the word "or" occurring at the end shall be omitted;

Amendment of section 44AB.

23. In section 44AB of the Income-tax Act,—

(A)in clause (a),—
(i)the word "or" occurring at the end shall be omitted;
(ii)the following proviso shall be inserted, namely:—
'Provided that in the case of a person whose—
(a)aggregate of all amounts received including amount received for sales, turnover or gross receipts during the previous year, in cash, does not exceed five per cent of the said amount; and
(b)aggregate of all payments made including amount incurred for expenditure, in cash, during the previous year does not exceed five per cent of the said payment,
this clause shall have effect as if for the words "one crore rupees", the words "five crore rupees" had been substituted; or';
(B)in the Explanation, in clause (ii), after the word "means", the words "date one month prior to" shall be inserted.
Section 23, The Finance Act, 2020.

Cross-references

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

This section refers to

  1. Income-tax Act s. 44AB Audit of accounts of certain persons carrying on business or profession

Referred to by 1

  1. s. 53 Insertion of new sections 115BAC and 115BAD

Questions about Section 23

What does Section 23 of the Finance Act deal with?

Section 23 of the Finance Act is headed "Amendment of Section 44AB". Amendment of section 44AB. 23. In section 44AB of the Income-tax Act,— (A) | in clause (a),— (i) | the word "or" occurring at the end shall be omitted;

How do I find court cases under Section 23 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 2020 23, section 23 Finance Act 2020, section 23 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 23 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 44AB (Audit of accounts of certain persons carrying on business or profession), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was the Finance Act enacted?

Finance Act was enacted in 2020. 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

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.