FINANCE ACT (2), 2024 – AMENDMENTS TO INCOME TAX ACT, 1961 – EFFECTIVE DATES

[Mr. M. GOVINDARAJAN]

The finance minister presented its first budget in the month February 2024 which is interim budget and second budget after the formation of new Government which is the main budget for the financial year 2024 – 25.  The Finance Act (2), 2024 got the assent of the President on 16.08.2024.  Income Tax Act, 1961 has come across various amendments to its provisions.  Various effective dates are given to various section.  In this article the date of effect for each section amendment for the purpose of readers.

Sl. No.	Sections of Finance Act (2) of 2024	Amended section of Income Tax Act, 1961	Date of effect
1	3	2(22)	01.10.2024
2		2(42A)	23.07.2024
3	4	10(4D), (15B), 23(EE)	01.04.2025
4		10(23C), (34A)	01.10.2024
5		10(50)	01.08.2024
6	5	11(7)	01.04.2025
7	6	12A	01.10.2024
8	7	12AB	01.10.2024
9	8	New section 12AC	01.04.2025
10	9	13	01.10.2024
11	10	16 – new proviso	01.04.2025
12	11	28 - explanation	01.04.2025
13	12	36	01.04.2025
14	13	37	01.04.2025
15	14	40	01.04.2025
16	15	43D	01.04.2025
17	16	44B	01.04.2025
18	17	New section 44BBC	01.04.2025
19	18	46A - explanation	01.10.2024
20	19	47	01.04.2025
21	20	48	23.07.2024
22	21	50AA	23.07.2024
23		Substitution of explanation	01.04.2026
24	22	55	01.04.2018
25	23	56 – new proviso	01.04.2015
26	24	57(i)	01.10.2024
27		New proviso	01.04.2025
28		II proviso	01.10.2024
29	25	80CCD	01.04.2025
30	26	80G	01.04.2025
31	27	92CA	01.04.2025
32	28	94B	01.04.2025
33
34	29	111A	23.07.2024
35	30	112	23.07.2024
36	31	112A	23.07.2024
37	32	113	01.09.2024
38	33	115AB	23.07.2024
39	34	115AC	23.07.2024
40	35	115ACA	23.07.2024
41	36	115AD	23.07.2024
42	37	115BAC	01.04.2025
43	38	115E	23.07.2024
44	39	115QA	01.10.2024
45	40	132B	01.10.2024
46	41	139	01.10.2024
47	42	139AA	01.10.2024
48	43	144C	01.09.2024
49	44	148 AND 148A	01.09.2024
50	45	149	01.09.2024
51	46	151	01.09.2024
52	47	152	01.09.2024
53	48	153	01.09.2024
54	49	CHAPTER XIV-B	01.09.2024
55	50	192	01.10.2024
56	51	193	01.10.2024
57	52	194	01.10.2024
58	53	194C	01.10.2024
59	54	194DA	01.10.2024
60	55	194F	01.10.2024
61	56	194G	01.10.2024
62	57	194H	01.10.2024
63	58	194IA	01.10.2024
64	59	194IB	01.10.2024
65	60	194M	01.10.2024
66	61	194O	01.10.2024
67	62	NEW 194T	01.04.2025
68	63	196B	23.07.2024
69	64	196C	23.07.2024
70	65	197	01.10.2024
71	66	198	01.04.2025
72	67	200	01.04.2025
73	68	200A	01.04.2025
74	69	201	01.04.2025
75	70	206C	01.01.2025
76	71	230	01.10.2024
77	72	244A	01.10.2024
78	73	245	01.10.2024
79	74	245Q	01.10.2024
80	75	245R	01.10.2024
81	76	246A	01.09.2024
82	77	251	01.10.2024
83	78	253	01.10.2024
84	79	271FAA	01.10.2024
85	80	271GC	01.04.2025
85	81	271H	01.04.2025
87	82	273B	01.10.2024
88	83	275	01.10.2024
89	84	276B	01.10.2024
90	85	276CCC	01.09.2024
91	86	285	01.04.2025
92	87	I SCHEDULE	01.04.2025