Section 10 – Finance Acts
Amendment of section 16 In section 16 of the Income-tax Act, in clause (ia), the following proviso shall be inserted with effect from the 1st day of April, 2025, namely:— ‘Provided that in a case where income-tax is computed under clause (ii) of sub-section (1A) of section 115BAC, the provisions of this clause shall have effect […]
Section 9 – Finance Acts
Amendment of section 13 In section 13 of the Income-tax Act, in sub-section (1), in clause (d), in the proviso, after clause (iii), the following clause shall be inserted with effect from the 1st day of October, 2024, namely:— “(iv) any asset referred to in sub-clauses (i), (ia) and (ii) of clause (b) of the […]
Section 8 – Finance Acts
Insertion of new section 12AC After section 12AB of the Income-tax Act, the following section shall be Inserted with effect from the 1st day of April, 2025, namely:— “12AC. Merger of charitable trusts or institutions in certain cases – Where any trust or institution registered under section 12AB or approved under sub-clause (iv) or sub-clause (v) or […]
Section 7 – Finance Acts
Amendment of section 12AB In section 12AB of the Income-tax Act, for sub-section (3), the following sub-section shall be substituted with effect from the 1st day of October, 2024, namely:— “(3) The order under sub-section (1) shall be passed, in such form and manner as may be prescribed, within a period of,— (i) three […]
Section 6 – Finance Acts
Amendment of section 12A In section 12A of the Income-tax Act, in sub-section (1), in clause (ac) with effect from the 1st day of October, 2024,— (a) in sub-clause (ii),— (i) after the words, figures and letters “under section 12AB”, the words, brackets, figures and letters “or approved under sub-clause (iv) or sub-clause […]
Section 5 – Finance Acts
Amendment of section 11 In section 11 of the Income-tax Act, in sub-section (7), with effect from the 1st day of April, 2025,— (a) for the words, brackets, figures and letters “other than clause (1), clause (23C), clause (23EC), clause (46) and clause (46A) thereof”, the words, brackets, figures and letters “other than clause […]
Section 4 – Finance Acts
Amendment of section 10 In section 10 of the Income-tax Act,— (a) with effect from the 1st day of April, 2025,— (i) in clause (4D), in the Explanation, in clause (c), in sub-clause (i), item (I) shall be renumbered as item (I)(a) and after sub-item (a) as so renumbered, the following sub-item shall be […]
Section 3 – Finance Acts
Amendment of section 2 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 […]
Section 2 – Finance Acts
Income-tax (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2024, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax shall be increased by a surcharge, for the purposes of the Union, calculated in […]
Section 1 – Finance Acts
Short title and commencement (1) This Act may be called the Finance (No. 2) Act, 2024. (2) Save as otherwise provided in this Act,— (a) sections 2 to 87 shall be deemed to have come into force on the 1st day of April, 2024; (b) sections 114 to 157 shall come into force […]