Amendment of section 2

In force Act 8 of 2023 As on 11 Oct 2026

Act 8 of 2023 Ministry Finance

Section 3 of the Finance Act, 2023 deals with amendment of section 2. CHAPTER III DIRECT TAXES Income-tax Amendment of section 2.

CHAPTER III
DIRECT TAXES
Income-tax
Amendment of section 2.
3. In section 2 of the Income-tax Act,—
(a) in clause (19B), the words and brackets "or an Additional Commissioner of Income-tax (Appeals)" shall be omitted;
(b) in clause (24), after sub-clause (xviib), the following sub-clauses shall be inserted with effect from the 1st day of April, 2024, namely:—
"(xviic) any sum referred to in clause (xii) of sub-section (2) of section 56;";
"(xviid) any sum referred to in clause (xiii) of sub-section (2) of section 56;";
(c) after clause (28C), the following clause shall be inserted, namely:—
'(28CA) "Joint Commissioner (Appeals)" means a person appointed to be a Joint Commissioner of Income-tax (Appeals) or an Additional Commissioner of Income-tax (Appeals) under sub-section (1) of section 117;';
(d) in clause (37A), in sub-clause (ii), after the figures and letter "194B,", the figures and letters "194BA," shall be inserted;
(e) in clause (42A), in Explanation 1, in clause (i), after sub-clause (hh), the following sub-clause shall be inserted with effect from the 1st day of April, 2024, namely:—
"(hi) in the case of a capital asset, being—
(a) Electronic Gold Receipt issued in respect of gold deposited as referred to in clause (viid) of section 47, there shall be included the period for which such gold was held by the assessee prior to conversion into the Electronic Gold Receipt;
(b) gold released in respect of an Electronic Gold Receipt as referred to in clause (viid) of section 47, there shall be included the period for which such Electronic Gold Receipt was held by the assessee prior to its conversion into gold.".
Section 3, The Finance Act, 2023 (Act 8 of 2023).

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

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Questions about Section 3

What does Section 3 of the Finance Act deal with?

Section 3 of the Finance Act is headed "Amendment of section 2". CHAPTER III DIRECT TAXES Income-tax Amendment of section 2.

How do I find court cases under Section 3 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 3, section 3 Finance Act 2023, section 3 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 3 of the Finance Act, and has it changed?

Its own text turns on section 2 (Income-tax), section 47 (Amendment of section 92D), section 56 (Insertion of new section 115BBJ), section 117 (Amendment of section 271AAD), and on 1 further provision, 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

First Schedule. First Schedule10190 words
2. Income-tax8337 words
Fourth Schedule. Fourth Schedule6615 words
5. Amendment of section 102717 words
150. Substitution of new section for section 1101621 words
54. Insertion of new section 115BAE1218 words

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(a)		in clause (19B), the words and brackets "or an Additional Commissioner of Income-tax (Appeals)" shall be omitted;
(b)		in clause (24), after sub-clause (xviib), the following sub-clauses shall be inserted with effect from the 1st day of April, 2024, namely:—
		"(xviic) any sum referred to in clause (xii) of sub-section (2) of section 56;";
		"(xviid) any sum referred to in clause (xiii) of sub-section (2) of section 56;";
(c)		after clause (28C), the following clause shall be inserted, namely:—
		'(28CA) "Joint Commissioner (Appeals)" means a person appointed to be a Joint Commissioner of Income-tax (Appeals) or an Additional Commissioner of Income-tax (Appeals) under sub-section (1) of section 117;';
(d)		in clause (37A), in sub-clause (ii), after the figures and letter "194B,", the figures and letters "194BA," shall be inserted;
(e)		in clause (42A), in Explanation 1, in clause (i), after sub-clause (hh), the following sub-clause shall be inserted with effect from the 1st day of April, 2024, namely:—
		"(hi) in the case of a capital asset, being—

(a)		Electronic Gold Receipt issued in respect of gold deposited as referred to in clause (viid) of section 47, there shall be included the period for which such gold was held by the assessee prior to conversion into the Electronic Gold Receipt;
(b)		gold released in respect of an Electronic Gold Receipt as referred to in clause (viid) of section 47, there shall be included the period for which such Electronic Gold Receipt was held by the assessee prior to its conversion into gold.".