eCourtsIndia
IndiaCode Laws
Section3
The Finance Act, 2024 (No. 2)

Amendment of section 2

In force As on 11 Oct 2026

Ministry Finance Enacted 16 Aug 2024 Cited by 1 provision

Section 3 of the Finance Act, 2024 (No. 2) deals with amendment of section 2. CHAPTER III DIRECT TAXES Income-tax Amendment of section 2. The Act was enacted on 16 Aug 2024.

CHAPTER III

DIRECT TAXES

Income-tax

Amendment of section 2.

3. In section 2 of the Income-tax Act,—

(a)in clause (22), with effect from the 1st day of October, 2024,—
(I)after sub-clause (e) and before the long line, the following sub-clause shall be inserted, namely:—
"(f) any payment by a company on purchase of its own shares from a shareholder in accordance with the provisions of section 68 of the Companies Act, 2013 (18 of 2013);";
(II)in the long line, clause (iv) shall be omitted;
(b)in clause (42A), with effect from the 23rd day of July, 2024,—
(i)in the opening portion, for the words "thirty-six months", the words "twenty-four months" shall be substituted and shall be deemed to have been substituted;
(ii)in the first proviso,—
(A)the brackets and words "(other than a unit)" shall be omitted and shall be deemed to have been omitted;
(B)for the words "thirty-six months", the words "twenty-four months" shall be substituted and shall be deemed to have been substituted;
(iii)in the second proviso, after the words "had been substituted", the words, brackets, letters and figures "as it stood immediately prior to the commencement of the Finance (No.

2) Act, 2024" shall be inserted and shall be deemed to have been inserted;

(iv)the third proviso shall be omitted and shall be deemed to have been omitted.
Section 3, The Finance Act, 2024 (No. 2).

Cross-references

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

This section refers to

  1. Companies Act s. 68 Power of company to purchase its own securities
  2. s. 2 Income-tax
  3. Income-tax Act s. 2 Definitions

Referred to by 1

  1. s. 106 Amendment of section 3

Questions about Section 3

What does Section 3 of the Finance Act, 2024 (No. 2) deal with?

Section 3 of the Finance Act, 2024 (No. 2) 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, 2024 (No. 2)?

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, 2024 (No. 2) 3, section 3 Finance Act, 2024 (No. 2), section 3 of the Finance Act, 2024 (No. 2). 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, 2024 (No. 2), and has it changed?

Its own text turns on Companies Act 68 (Power of company to purchase its own securities), section 2 (Income-tax), Income-tax Act 2 (Definitions), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was Section 3 of the Finance Act, 2024 (No. 2) enacted?

Section 3 of the Finance Act, 2024 (No. 2), cited as Finance Act, 2024 (No. 2) 3, was enacted on 16 Aug 2024. 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.