Clause 3 - Amendment of section 2. - Finance (No. 2) Bill, 2024

CHAPTER III DIRECT TAXES Income-tax Amendment of section 2. 3. In section 2 of the Income-tax Act, (a) in clause (22), with effect from the 1st day of October, 2024, (I) after sub-clause (e) and before the long line, the following sub-clause shall be inserted, namely: (f) any payment by a company on purchase of its own shares from a shareholder in accordance with the provisions of section 68 of the Companies Act, 2013 (18 of 2013.); ; (II) in the long line, clause (iv) shall be omitted; (b) in clause (42A), with effect from the 23rd day of July, 2024, (i) in the opening portion, for the words thirty-six months , the words twenty-four months shall be substituted and shall be deemed to have been substituted; (ii) in the first proviso, (A) the brackets and words (other than a unit) shall be omitted and shall be deemed to have been omitted; (B) for the words thirty-six months , the words twenty-four months shall be substituted and shall be deemed to have been substituted; (iii) in the second proviso, after the words had been substituted , the words, brackets, letters and figures as it stood immediately prior to the commencement of the Finance (No.2) Act, 2024 shall be inserted and shall be deemed to have been inserted; (iv) the third proviso shall be omitted and shall be deemed to have been omitted.