# The Finance Act, 2020, Section 29: Amendment of Section 56

- Act: The Finance Act, 2020
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2020/section/29/

## Text

Amendment of section 56. 29. In section 56 of the Income-tax Act, in sub-section (2),— (A) | with effect from the 1st day of June, 2020,— (i) | in clause (v), in the proviso, in clause (g), for the word, figures and letters "section 12AA", the words, figures and letters "section 12AA or section 12AB" shall be substituted; (ii) | in clause (vi), in the proviso, in clause (g), for the word, figures and letters "section 12AA", the words, figures and letters "section 12AA or section 12AB" shall be substituted; (iii) | in clause (vii), in the second proviso, in clause (g), for the word, figures and letters "section 12AA", the words, figures and letters "section 12AA or section 12AB" shall be substituted; (B) | in clause (x),— (i) | in sub-clause (b), in item (B), in sub-item (ii), for the words "five per cent", the words "ten per cent" shall be substituted with effect from the 1st day of April, 2021; (ii) | in the proviso, in clause (vii), for the words, letters and figures "section 12A or section 12AA", the words, figures and letters "section 12A or section 12AA or section 12AB" shall be substituted with effect from the 1st day of June, 2020.

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