Section 3 - Amendment of Section 2 - Finance Act, 2002

CHAPTER III. DIRECT TAXES 3. Amendment of Section 2.- In section 2 of the Income-tax Act,- (a) in clause (24), after sub-clause (xi), the following sub-clause shall be inserted with effect from the 1st day of April, 2003, namely:- "(xii) any sum referred to in clause (vii) of section 28;"; (b) in clause (31), after sub-clause (vii), the following Explanation shall be inserted, namely:- " Explanation- For the purposes of this clause, an association of persons or a body of individuals or a local authority or an artificial juridical person shall be deemed to be a person, whether or not such person or body or authority or juridical person was formed or established or incorporated with the object of deriving income, profits or gains;"; (c) in clause (37A), in sub-clause (i), for the words, figures and letters "or section 115BB or section 115E", wherever they occur, the words, figures and letters "or section 115BB or section 115BBB or section 115E" shall be substituted with effect from the 1st day of April, 2003.