Clause 47 - Amendment of section 115A. - Finance Bill, 2020

Amendment of section 115A. 47. In section 115A of the Income-ta (I ) in sub-section (1 ), in clause (a ), the words, figures and letter other than dividends referred to in section 115-O at both the places where they occur, shall be omitted with effect from the 1st day of April, 2021; (II ) in sub-section (5 ), (i ) in clause (a ), for the word, brackets and letter clause (a ) , the words, brackets and letters clause (a ) or clause (b ) shall be substituted; (ii ) for clause (b ), the following clause shall be substituted, namely: (b ) the tax deductible at source under the provisions of Part B of Chapter XVII has been deducted from such income and the rate of such deduction is not less than the rate specified under clause (a ) or, as the case may be, clause (b ) of sub-section (1 ). .