Finance Acts

Amendment of section 194-IB In section 194-IB of the Income-tax Act, in sub-section (1), for the words “five per cent”, the words “two per cent” shall be substituted with effect from the 1st day of October, 2024.

Amendment of section 194-IA In section 194-IA of the Income-tax Act, in sub-section (2), the following proviso shall be inserted with effect from the 1st day of October, 2024, namely:— “Provided that where there is more than one transferor or transferee in respect of any immovable property, then the consideration shall be the aggregate of

Amendment of section 194H In section 194H of the Income-tax Act, for the words “five per cent”, the words “two per cent” shall be substituted with effect from the 1st day of October, 2024.

Amendment of section 194G In section 194G of the Income-tax Act, for the words “five per cent”, the words “two per cent” shall be substituted with effect from the 1st day of October, 2024.

Omission of section 194F Section 194F of the Income-tax Act shall be omitted with effect from the 1st day of October, 2024.

Amendment of section 194DA In section 194DA of the Income-tax Act, for the words “five per cent”, the words “two per cent” shall be substituted with effect from the 1st day of October, 2024.

Amendment of section 194C In section 194C of the Income-tax Act, in the Explanation, in clause (iv), for the long line, the following long line shall be substituted with effect from the 1st day of October, 2024, namely:— “but does not include— (A)   manufacturing or supplying a product according to the requirement or specification of

Substitution of new Chapter for Chapter XIV-B 158B. Definitions.—In this Chapter, unless the context otherwise requires,— (a)   “block period” means the period comprising previous years relevant to six assessment years preceding the previous year in which the search was initiated under section 132 or any requisition was made under section 132A and also includes the

Amendment of section 153 In section 153 of the Income-tax Act, with effect from the 1st day of October, 2024,— (I)   after sub-section (1A), the following sub-section shall be inserted, namely:—     “(1B) Notwithstanding anything in sub-section (1), where a return is furnished in consequence of an order under clause (b) of sub-section

Amendment of section 152 In section 152 of the Income-tax Act, after sub-section (2), the following sub-sections shall be inserted with effect from the 1st day of September, 2024, namely:— “(3) Where a search has been initiated under section 132 or requisition is made under section 132A, or a survey is conducted under section 133A