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Section 29 - Amendment of section 56. - Finance Act, 2020Extract Amendment of section 56. 29. In section 56 of the Income-tax Act, in sub-section (2), (A) with effect from the 1st day of June, 2020, (i) in clause (v), in the proviso, in clause (g), for the word, figures and letters section 12AA , the words, figures and letters section 12AA or section 12AB shall be substituted; (ii) in clause (vi), in the proviso, in clause (g), for the word, figures and letters section 12AA , the words, figures and letters section 12AA or section 12AB shall be substituted; (iii) in clause (vii), in the second proviso, in clause (g), for the word, figures and letters section 12AA , the words, figures and letters section 12AA or section 12AB shall be substituted; (B) in clause (x), (i) in sub-clause (b), in item (B), in sub-item (ii), for the words five per cent. , the words ten per cent. shall be substituted with effect from the 1st day of April, 2021; (ii) in the proviso, in clause (VII), for the words, figures and letters section 12A or section 12AA , the words, figures and letters section 12A or section 12AA or section 12AB shall be substituted with effect from the 1st day of June, 2020.
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