Short title and commencement
Section 1 of the Finance Act, 2021 deals with short title and commencement. FINANCE ACT, [13 OF 2021] An Act to give effect to the financial proposals of the Central Government for the financial year 2021-2022.
FINANCE ACT, 2021
[13 OF 2021]
An Act to give effect to the financial proposals of the Central Government for the financial year 2021-2022.
BE it enacted by Parliament in the Seventy-second Year of the Republic of India as follows:—
CHAPTER I
PRELIMINARY
Short title and commencement.
1. (1) This Act may be called the Finance Act, 2021.
(2) Save as otherwise provided in this Act,—
Section 1, The Finance Act, 2021.
(a) sections 2 to 88 shall come into force on the 1st day of April, 2021; (b) sections 108 to 123 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Related judgements & precedents
These are some judgments that construed this section, and hold precedence value. They hold authority on how to read, interpret and use this section.
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Union Of India vs Rajeev Bansal
Court's Decision & Legal Precedent
TOLA continues to apply to the Income Tax Act after Finance Act 2021 came into effect on 1 April 2021, extending the time limit for issuance of reassessment notices till 30 June 2021. The first proviso to Section 149(1)(b) of the new regime does not bar application of TOLA. Reassessment notices issued after 30 June 2021 are time-barred. The directions in Ashish Agarwal judgment deeming Section 148 notices under old regime as show-cause notices under Section 148A of new regime apply to all 90,000 notices issued between 1 April 2021 and 30 June 2021, creating a legal fiction that stops the clock of limitation. The surviving time for issuance of notices under Section 148 of the new regime is the balance time between the date of issuance of the deemed notice and 30 June 2021, after excluding periods when proceedings were stayed and time allowed to assesses to respond.
On this section: Substitutes Sections 147-151 of Income Tax Act 1961, bringing new reassessment regime into effect; creates temporal conflict with TOLA which expires 30 June 2021
The holding above is the ratio decidendi as extracted from the judgment by eCourts India, reproduced unaltered — it is a rendering of the court's reasoning, not a substitute for its words. Read the order itself before relying on it.
Questions about Section 1
What have the courts held on Section 1 of the Finance Act?
Union Of India vs Rajeev Bansal (03 Oct 2024) is the leading judgment on this section among those set out below: Substitutes Sections 147-151 of Income Tax Act 1961, bringing new reassessment regime into effect; creates temporal conflict with TOLA which expires 30 June 2021.
How do I find court cases under Section 1 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 2021 1, section 1 Finance Act 2021, section 1 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome. 1 reported judgment on this section is set out on this page, beginning with Union Of India vs Rajeev Bansal (03 Oct 2024).
What should I read with Section 1 of the Finance Act, and has it changed?
Its own text turns on section 2 (Income-tax), section 88 (Amendment of section 281B), section 108 (Amendment of section 7), section 123 (Amendment of section 16), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 2021. 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
- Fourth Schedule. Fourth Schedule26628 words
- First Schedule. First Schedule9574 words
- 2. Income-tax5993 words
- 6. Amendment of section 103582 words
- 130. Substitution of new section for section 43513 words
- 131. Substitution of new section for section 52699 words
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.