Amendment of Act 38 of 2020

In force As on 07 Oct 2026

Ministry Finance

Section 173 of the Finance Act, 2021 deals with amendment of Act 38 of 2020. PART XVII AMENDMENTS TO THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 Amendment of Act 38 of 2020.

PART XVII
AMENDMENTS TO THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020
Amendment of Act 38 of 2020.
173. In the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, in section 4, with effect from the 1st day of April, 2021,—
(i) in clause (XIV), in sub-clause (a), for item (ii), the following shall be substituted, namely:—
'(ii) after the long line, for clause (i), the following clause shall be substituted, namely:—
"(i) the amount of income-tax calculated on the income in respect of securities referred to in clause (a), if any, included in the total income,—
(A) at the rate of twenty per cent in case of Foreign Institutional Investor;
(B) at the rate of ten per cent in case of specified fund:
Provided that the amount of income-tax calculated on the income by way of interest referred to in section 194LD shall be at the rate of five per cent;";';
(ii) in clause (XXIV), after the portion beginning with "(9) Notwithstanding anything contained in any other provision of this Act, assessment made" and ending with "the procedure laid down under this section", the following shall be inserted, namely:—
"(10) Notwithstanding anything contained in this section, the function of verification unit under this section may also be performed by a verification unit located in any other faceless center set up under the provisions of this Act or under any scheme notified under the provisions of this Act; and the request for verification may also be assigned by the National Faceless Assessment Centre to such verification unit.".
Section 173, The Finance Act, 2021.

Cross-references

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

This section refers to

s. 4 Amendment of section 9A

Questions about Section 173

What does Section 173 of the Finance Act deal with?

Section 173 of the Finance Act is headed "Amendment of Act 38 of 2020". PART XVII AMENDMENTS TO THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 Amendment of Act 38 of 2020.

How do I find court cases under Section 173 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 173, section 173 Finance Act 2021, section 173 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 173 of the Finance Act, and has it changed?

Its own text turns on section 4 (Amendment of section 9A), 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

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(i)		in clause (XIV), in sub-clause (a), for item (ii), the following shall be substituted, namely:—
		'(ii) after the long line, for clause (i), the following clause shall be substituted, namely:—
		"(i) the amount of income-tax calculated on the income in respect of securities referred to in clause (a), if any, included in the total income,—

(A)		at the rate of twenty per cent in case of Foreign Institutional Investor;
(B)		at the rate of ten per cent in case of specified fund:
		Provided that the amount of income-tax calculated on the income by way of interest referred to in section 194LD shall be at the rate of five per cent;";';

(ii)		in clause (XXIV), after the portion beginning with "(9) Notwithstanding anything contained in any other provision of this Act, assessment made" and ending with "the procedure laid down under this section", the following shall be inserted, namely:—
		"(10) Notwithstanding anything contained in this section, the function of verification unit under this section may also be performed by a verification unit located in any other faceless center set up under the provisions of this Act or under any scheme notified under the provisions of this Act; and the request for verification may also be assigned by the National Faceless Assessment Centre to such verification unit.".