Amendment of section 56

In force Act 6 of 2022 As on 10 Oct 2026

Act 6 of 2022 Ministry Finance Cited by 1 provision

Section 16 of the Finance Act, 2022 deals with amendment of section 56. Amendment of section 56. 16. In section 56 of the Income-tax Act, in sub-section (2),— (a) | in clause (viib), in the Explanation, in clause (aa), after the words and figures "Securities and Exchange Board of India Act, 1992 (15 of 1992)", the words and figures "or regulated under the International

Amendment of section 56.
16. In section 56 of the Income-tax Act, in sub-section (2),—
(a) in clause (viib), in the Explanation, in clause (aa), after the words and figures "Securities and Exchange Board of India Act, 1992 (15 of 1992)", the words and figures "or regulated under the International Financial Services Centres Authority Act, 2019 (50 of 2019)" shall be inserted with effect from the 1st day of April, 2023;
(b) in clause (x),—
(i) in the proviso occurring after item (B) in sub-clause (c), after clause (XI) and before the Explanation, the following clauses shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2020, namely:—
'(XII) by an individual, from any person, in respect of any expenditure actually incurred by him on his medical treatment or treatment of any member of his family, for any illness related to COVID-19 subject to such conditions, as the Central Government may, by notification in the Official Gazette, specify in this behalf;
(XIII) by a member of the family of a deceased person,—
(A) from the employer of the deceased person; or
(B) from any other person or persons to the extent that such sum or aggregate of such sums does not exceed ten lakh rupees,
where the cause of death of such person is illness related to COVID-19 and the payment is—
(i) received within twelve months from the date of death of such person; and
(ii) subject to such other conditions, as the Central Government may, by notification in the Official Gazette, specify in this behalf.
Explanation.—For the purposes of clauses (XII) and (XIII) of this proviso, "family", in relation to an individual, shall have the same meaning as assigned to it in Explanation 1 to clause (5) of section 10.';
(ii) in sub-clause (c), after the proviso occurring after item (B) and before the Explanation, the following proviso shall be inserted with effect from the 1st day of April, 2023, namely:—
"Provided further that clauses (VI) and (VII) of the first proviso shall not apply where any sum of money or any property has been received by any person referred to in sub-section (3) of section 13.";
(iii) for the Explanation, the following Explanation shall be substituted with effect from the 1st day of April, 2023, namely:—
'Explanation.—For the purposes of this clause,—
(a) the expressions "assessable", "fair market value", "jewellery", "relative" and "stamp duty value" shall have the same meanings as respectively assigned to them in the Explanation to clause (vii); and
(b) the expression "property" shall have the same meaning as assigned to it in clause (d) of the Explanation to clause (vii) and shall include virtual digital asset.'.
Section 16, The Finance Act, 2022 (Act 6 of 2022).

Cross-references

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

This section refers to

Referred to by 1

s. 100 Amendment of section 16

Questions about Section 16

What does Section 16 of the Finance Act deal with?

Section 16 of the Finance Act is headed "Amendment of section 56". Amendment of section 56. 16. In section 56 of the Income-tax Act, in sub-section (2),— (a) | in clause (viib), in the Explanation, in clause (aa), after the words and figures "Securities and Exchange Board of India Act, 1992 (15 of 1992)", the words and figures "or regulated under the International

How do I find court cases under Section 16 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 2022 16, section 16 Finance Act 2022, section 16 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 16 of the Finance Act, and has it changed?

Its own text turns on section 10 (Amendment of section 17), section 13 (Amendment of section 40), section 56 (Amendment of section 179), Income-tax Act 56 (Income from other sources), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was the Finance Act enacted?

Finance Act was enacted in 2022 as Act 6 of 2022. 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

First Schedule. First Schedule9792 words
2. Income-tax6839 words
42. Amendment of section 144B3753 words
4. Amendment of section 103713 words
39. Insertion of new section 140B1269 words
31. Amendment of section 115TD965 words

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(a)		in clause (viib), in the Explanation, in clause (aa), after the words and figures "Securities and Exchange Board of India Act, 1992 (15 of 1992)", the words and figures "or regulated under the International Financial Services Centres Authority Act, 2019 (50 of 2019)" shall be inserted with effect from the 1st day of April, 2023;
(b)		in clause (x),—

(i)		in the proviso occurring after item (B) in sub-clause (c), after clause (XI) and before the Explanation, the following clauses shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2020, namely:—
		'(XII) by an individual, from any person, in respect of any expenditure actually incurred by him on his medical treatment or treatment of any member of his family, for any illness related to COVID-19 subject to such conditions, as the Central Government may, by notification in the Official Gazette, specify in this behalf;
		(XIII) by a member of the family of a deceased person,—

(A)		from the employer of the deceased person; or
(B)		from any other person or persons to the extent that such sum or aggregate of such sums does not exceed ten lakh rupees,

(i)		received within twelve months from the date of death of such person; and
(ii)		subject to such other conditions, as the Central Government may, by notification in the Official Gazette, specify in this behalf.
		Explanation.—For the purposes of clauses (XII) and (XIII) of this proviso, "family", in relation to an individual, shall have the same meaning as assigned to it in Explanation 1 to clause (5) of section 10.';
(ii)		in sub-clause (c), after the proviso occurring after item (B) and before the Explanation, the following proviso shall be inserted with effect from the 1st day of April, 2023, namely:—
		"Provided further that clauses (VI) and (VII) of the first proviso shall not apply where any sum of money or any property has been received by any person referred to in sub-section (3) of section 13.";
(iii)		for the Explanation, the following Explanation shall be substituted with effect from the 1st day of April, 2023, namely:—
		'Explanation.—For the purposes of this clause,—

(a)		the expressions "assessable", "fair market value", "jewellery", "relative" and "stamp duty value" shall have the same meanings as respectively assigned to them in the Explanation to clause (vii); and
(b)		the expression "property" shall have the same meaning as assigned to it in clause (d) of the Explanation to clause (vii) and shall include virtual digital asset.'.