Clause 3 - Amendment of section 2. - Finance Bill, 2023

CHAPTER III DIRECT TAXES Income-tax Amendment of section 2 . 3. In section 2 of the Income-tax Act, (a) in clause (19B), the words and brackets or an Additional Commissioner of Income-tax (Appeals) shall be omitted; (b) in clause (24), after sub-clause (xviib), the following sub-clauses shall be inserted with effect from the 1st day of April, 2024, namely: (xviic) any sum referred to in clause (xii) of sub-section (2) of section 56; ; (xviid) any sum referred to in clause (xiii) of sub-section (2) of section 56; ; (c) after clause (28C), the following clause shall be inserted, namely: (28CA) Joint Commissioner (Appeals) means a person appointed to be a Joint Commissioner of Incometax (Appeals) or an Additional Commissioner of Incometax (Appeals) under sub-section (1) of section 117; ; (d) in clause (42A), in Explanation 1, in clause (i), after sub-clause (hh), the following sub-clause shall be inserted with effect from the 1st day of April, 2024, namely: (hi) in the case of a capital asset, being (a) Electronic Gold Receipt issued in respect of gold deposited as referred to in clause (viid) of section 47, there shall be included the period for which such gold was held by the assessee prior to conversion into the Electronic Gold Receipt; (b) gold released in respect of an Electronic Gold Receipt as referred to in clause (viid) of section 47, there shall be included the period for which such Electronic Gold Receipt was held by the assessee prior to its conversion into gold. .