Finance Acts

Amendment of section 57 In section 57 of the Income-tax Act,— (a)   in clause (i), after the words “in the case of dividends,”, the words, brackets, letter and figures “other than that referred in sub-clause (f) of clause (22) of section 2″ shall be inserted with effect from the 1st day of October, 2024; […]

Amendment of section 56 In section 56 of the Income-tax Act, in sub-section (2), in clause (viib), after the second proviso, the following proviso shall be inserted with effect from the 1st day of April, 2025, namely:— “Provided also that the provisions of this clause shall not apply on or after the 1st day of April,

Amendment of section 55 In section 55 of the Income-tax Act, in sub-section (2), in clause (ac), in the Explanation, in clause (a), in sub-clause (iii), after item (A), the following item shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2018, namely:— “(AA) not listed

Amendment of section 50AA In section 50AA of the Income-tax Act,— (a)   for the portion beginning with the words “Notwithstanding anything contained in” and ending with the words “short-term capital asset:”, the following shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, namely:—

Amendment of section 48 In section 48 of the Income-tax Act, in the second proviso, after the words “where long-term capital gain arises from the transfer”, the brackets, words, figures and letters “(which takes place before the 23rd day of July, 2024)” shall be inserted and shall be deemed to have been inserted with effect

Amendment of section 47 In section 47 of the Income-tax Act, for clause (iii), the following clause shall be substituted with effect from the 1st day of April, 2025, namely:— “(iii) any transfer of a capital asset by an individual or a Hindu undivided family, under a gift or will or an irrevocable trust;”.

Amendment of section 46A  In section 46A of the Income-tax Act, the following proviso shall be inserted before the Explanation, with effect from the 1st day of October, 2024, namely:— “Provided that where the shareholder receives any consideration of the nature referred to in sub-clause (f) of clause (22) of section 2 from any company, in respect

Insertion of new section 44BBC After section 44BBB of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2025, namely:— ’44BBC. Special provision for computing profits and gains of business of operation of cruise ships in case of non-residents – (1) Notwithstanding anything to the contrary contained in sections

Amendment of section 44B In section 44B of the Income-tax Act, with effect from the 1st day of April, 2025,— (a)   for the marginal heading, the following marginal heading shall be substituted, namely:—     “Special provision for computing profits and gains of shipping business other than cruise shipping in case of non-residents.”; (b)

Amendment of section 43D In section 43D of the Income-tax Act, with effect from the 1st day of April, 2025,— (i)   in the marginal heading, the words “public companies,” shall be omitted; (ii)   clause (b) shall be omitted; (iii)   in the long line, the words “or the public company” shall be omitted;