Amendment of section 68
Section 17 of the Finance Act, 2022 deals with amendment of section 68. Amendment of section 68. 17. In section 68 of the Income-tax Act, with effect from the 1st day of April, 2023,— (i) | in the first proviso, for the words "Provided that", the following shall be substituted, namely:— "Provided that where the sum so credited consists of loan or borrowing or any such a
Amendment of section 68.
17. In section 68 of the Income-tax Act, with effect from the 1st day of April, 2023,—
(i) in the first proviso, for the words "Provided that", the following shall be substituted, namely:— "Provided that where the sum so credited consists of loan or borrowing or any such amount, by whatever name called, any explanation offered by such assessee shall be deemed to be not satisfactory, unless,—
(a) the person in whose name such credit is recorded in the books of such assessee also offers an explanation about the nature and source of such sum so credited; and (b) such explanation in the opinion of the Assessing Officer aforesaid has been found to be satisfactory: Provided further that";
(ii) in the second proviso,— Section 17, The Finance Act, 2022 (Act 6 of 2022).
(a) for the words "Provided further", the words "Provided also" shall be substituted; (b) for the words "first proviso", the words "first proviso or second proviso" shall be substituted.
Cross-references
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Questions about Section 17
What does Section 17 of the Finance Act deal with?
Section 17 of the Finance Act is headed "Amendment of section 68". Amendment of section 68. 17. In section 68 of the Income-tax Act, with effect from the 1st day of April, 2023,— (i) | in the first proviso, for the words "Provided that", the following shall be substituted, namely:— "Provided that where the sum so credited consists of loan or borrowing or any such a
How do I find court cases under Section 17 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 17, section 17 Finance Act 2022, section 17 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 17 of the Finance Act, and has it changed?
Its own text turns on section 68 (Amendment of section 245MA), Income-tax Act 68 (Cash credits), 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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