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Section124
The Finance Act, 2023

Amendment of section 276B

In force Act 8 of 2023 As on 06 Oct 2026

Act 8 of 2023 Ministry Finance

Section 124 of the Finance Act, 2023 deals with amendment of section 276B. Amendment of section 276B. 124. In section 276B of the Income-tax Act,— (A) | in the opening portion, the words "pay to the credit of the Central Government" shall be omitted;

Amendment of section 276B.

124. In section 276B of the Income-tax Act,—

(A)in the opening portion, the words "pay to the credit of the Central Government" shall be omitted;
(B)in clause (a), for the words "the tax deducted", the words "pay to the credit of the Central Government, the tax deducted" shall be substituted;
(C)for clause (b), the following clause shall be substituted, namely:—
'(b)"pay tax or ensure payment of tax to the credit of the Central Government, as required by or under—
(i)sub-section (2) of section 115-O;
(ii)the proviso to section 194B;
(iii)the first proviso to sub-section (1) of section 194R;
(iv)the proviso to sub-section (1) of section 194S; or';
(D)after sub-clause (iv) of clause (b) as substituted by the Finance Act, 2023, the following sub-clause shall be inserted with effect from the 1st day of July, 2023, namely:—
"(v)sub-section (2) of section 194BA,".
Section 124, The Finance Act, 2023 (Act 8 of 2023).

Cross-references

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

This section refers to

  1. s. 115 Amendment of section 271A

Questions about Section 124

What does Section 124 of the Finance Act deal with?

Section 124 of the Finance Act is headed "Amendment of section 276B". Amendment of section 276B. 124. In section 276B of the Income-tax Act,— (A) | in the opening portion, the words "pay to the credit of the Central Government" shall be omitted;

How do I find court cases under Section 124 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 2023 124, section 124 Finance Act 2023, section 124 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 124 of the Finance Act, and has it changed?

Its own text turns on section 115 (Amendment of section 271A), so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 2023 as Act 8 of 2023. 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

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.