Clause 29 - Amendment of section 56. - Finance Bill, 2020

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, letters and figures 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.