Section 154 - Amendment of section 182. - Finance Act, 2017

PART XII AMENDMENT TO THE COMPANIES ACT, 2013 Amendment of section 182. 154 . In the Companies Act, 2013 (Amendment of Act 18 of 2013.), in section 182- (i) in sub-section (1),- (a) first proviso shall be omitted; (b) in the second proviso, - (A) the word further shall be omitted; (B) the words and the acceptance shall be omitted; (ii) for sub-section (3), the following shall be substituted, namely:- (3) Every company shall disclose in its profit and loss account the total amount contributed by it under this section during the financial year to which the account relates. (3A) Notwithstanding anything contained in sub-section (1), the contribution under this section shall not be made except by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank account: Provided that a company may make contribution through any instrument, issued pursuant to any scheme notified under any law for the time being in force, for contribution to the political parties. .