# The Finance Act, 2020, Section 3: Amendment of Section 2

- Act: The Finance Act, 2020
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2020/section/3/

## Text

CHAPTER III DIRECT TAXES Income-tax Amendment of section 2. 3. In section 2 of the Income-tax Act,— (i) | in clause (13A), with effect from the 1st day of April, 2021,— (a) | in sub-clause (ii), the word "and" occurring at the end shall be omitted; (b) | the long line shall be omitted; (ii) | in clause (15A),— (a) | after the words "Chief Commissioner of Income-tax", the words "or a Director General of Income-tax" shall be inserted; (b) | after the words "Principal Chief Commissioner of Income-tax", the words "or a Principal Director General of Income-tax" shall be inserted. (iii) | in clause (42A), in Explanation 1, in clause (i), after sub-clause (hg), the following sub-clause shall be inserted, namely:— "(hh) | in the case of a capital asset, being a unit or units in a segregated portfolio referred to in sub-section (2AG) of section 49, there shall be included the period for which the original unit or units in the main portfolio were held by the assessee;".

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