Tax Management India. Com
                        Law and Practice: A Digital eBook ...
TMI - Tax Management India. Com
Case Laws Acts Notifications Circulars Classification Forms SMS News Articles
Highlights
D. Forum
What's New

Share:      

        Home        
 
Statutory Provisions
Home Acts & Rules Bill Bills FINANCE BILL, 2020 Chapters List Chapter III DIRECT TAXES - Income-tax This
← Previous Next →

Clause 21 - Amendment of section 43. - FINANCE BILL, 2020

FINANCE BILL, 2020
Chapter III
DIRECT TAXES - Income-tax
  • Contents

Amendment of section 43.

21. In section 43 of the Income-tax Act, in clause (5),-

(a) for the words “recognised association” wherever they occur, the words “recognised stock exchange” shall be substituted;

(b) in Explanation 2, for clause (iii), the following clause shall be substituted, namely:––

‘(iii) “recognised stock exchange” means a recognised stock exchange as referred to in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956.) and which fulfils such conditions as may be prescribed and notified by the Central Government for this purpose;’.

 



 

Notes on Clauses:

Clause 21 of the Bill seeks to amend section 43 of the Income-tax Act relating to definitions of certain terms relevant to income from profits and gains of business or profession.

It is proposed to amend clause (5) of the said section so as to substitute the words “recognised stock exchange” for the words “recognised association” wherever they occur. It is also proposed to substitute clause (iii) in Explanation 2 of the said clause relating to definition of the expression “recognised stock exchange”.

This amendment will take effect from 1st April, 2020.

 
 
 
 
← Previous Next →

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || Database || Members || Refer Us ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.
|| Site Map - Recent || Site Map || ||