Amendment of Section 2
Section 3 of the Finance Act, 2020 deals with amendment of Section 2. CHAPTER III DIRECT TAXES Income-tax Amendment of section 2.
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:— Section 3, The Finance Act, 2020.
"(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;".
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Questions about Section 3
What does Section 3 of the Finance Act deal with?
Section 3 of the Finance Act is headed "Amendment of Section 2". CHAPTER III DIRECT TAXES Income-tax Amendment of section 2.
How do I find court cases under Section 3 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 3, section 3 Finance Act 2020, section 3 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 3 of the Finance Act, and has it changed?
Its own text turns on section 2 (Income-tax), section 49 (Amendment of Section 115ACA), Income-tax Act 2 (Definitions), so none of them can safely be read on its own.
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
- 2. Income-tax5875 words
- 7. Amendment of Section 102233 words
- 53. Insertion of new sections 115BAC and 115BAD1625 words
- 153. Amendment of Act 28 of 20161366 words
- 116. Substitution of new section for section 8B1203 words
- 95. Amendment of Section 206C1116 words
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