Finance Acts

Substitution of new section for section 151  For section 151 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of September, 2024, namely:— “151. Sanction for issue of notice. – Specified authority for the purposes of sections 148 and 148A shall be the Additional Commissioner or the Additional Director or […]

Substitution of new section for section 149 For section 149 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of September, 2024, namely:— “149. Time limit for notices under sections 148 and 148A. – (1) No notice under section 148 shall be issued for the relevant assessment year,— (a)   if

Substitution of new sections for sections 148 and 148A For sections 148 and 148A of the Income-tax Act, the following sections shall be substituted with effect from the 1st day of September, 2024, namely:— ‘148. Issue of notice where income has escaped assessment.— (1) Before making the assessment, reassessment or recomputation under section 147, the Assessing

Amendment of section 144C In section 144C of the Income-tax Act with effect from the 1st day of September, 2024,— (i)   in sub-section (15), in clause (b), the following proviso shall be inserted, namely:—     “Provided that such eligible assessee shall not include person referred to in sub-section (1) of section 158BA or other

Amendment of section 139AA In section 139AA of the Income-tax Act, with effect from the 1st day of October, 2024,— (a) in sub-section (1), after the proviso, the following proviso shall be inserted, namely:— “Provided further that nothing in the first proviso shall apply in respect of any application form for allotment of permanent account number

Amendment of section 132B In section 132B of the Income-tax Act, in sub-section (1), in clause (i), for the words and figures “and the Interest-tax Act, 1974”, the words, brackets and figures “the Interest-tax Act, 1974 (45 of 1974) and the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22

Amendment of section 115QA In section 115QA of the Income-tax Act, in sub-section (1), after the proviso and before the Explanation, the following proviso shall be inserted with effect from the 1st day of October, 2024, namely:— “Provided further that the provisions of this sub-section shall not apply in respect of any buy-back of shares, that takes

Amendment of section 115E In section 115E of the Income-tax Act, in the long line, for clause (ii), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, namely:— “(ii) the amount of income-tax calculated on the income by way of long-term

Amendment of section 115BAC  In section 115BAC of the Income-tax Act, for sub-section (1A), the following sub-section shall be substituted with effect from the 1st day of April, 2025, namely:— “(1A) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, the income-tax payable in respect of the total income of

Amendment of section 115AD In section 115AD of the Income-tax Act, in sub-section (1), with effect from the 23rd day of July, 2024,— (a)   in the longline, in clause (ii), for the proviso, the following proviso shall be substituted and shall be deemed to have been substituted, namely:—     “Provided that the amount of