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Statutory Provisions

Home Acts & Rules Bill Bills FINANCE (No. 2) BILL, 2019 Chapters List Chapter III DIRECT TAXES - Income-tax This

Clause 18 - Amendment of section 50C. - FINANCE (No. 2) BILL, 2019

FINANCE (No. 2) BILL, 2019
Chapter III
DIRECT TAXES - Income-tax
  • Contents
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Amendment of section 50C.

18. In section 50C of the Income-tax Act, in sub-section (1), in the second proviso, for the words “bank account”, the words “bank account or through such other electronic mode as may be prescribed” shall be substituted with effect from the 1st day of April, 2020.

 



 

Notes on Clauses:

Clause 18 of the Bill seeks to amend section 50C of the Incometax Act relating to special provision for full value of consideration in certain cases.

The second proviso to sub-section (1) specifies that the first proviso shall apply only in a case where the amount of consideration or a part thereof has been received by way of an account payee cheque or an account payee bank draft or by use of electronic clearing system through a bank account on or before the date of agreement for transfer of the asset.

It is proposed to amend the said second proviso so as to empower the Board to make rules to provide that the first proviso shall also apply in respect of those cases where the amount of consideration or a part thereof has been received by way of any other electronic mode as may be prescribed.

This amendment will take effect from 1st April, 2020 and will, accordingly, apply in relation to the assessment year 2020-2021 and subsequent assessment years.

 
 
 
 

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