FINANCE ACT, 2020

Table of ContentsContent

Preamble - FINANCE ACT, 2020

Chapter I - PRELIMINARY

Section 1 - Short title and commencement

Chapter II - RATES OF INCOME-TAX

Section 2 - Income-tax

Chapter III - DIRECT TAXES

Section 3 to 106 - Income-tax

Section 3 - Amendment of section 2

Section 4 - Amendment of section 6

Section 5 - Amendment of section 9

Section 6 - Amendment of section 9A

Section 7 - Amendment of section 10

Section 8 - Amendment of section 10A

Section 9 - Amendment of section 11

Section 10 - Amendment of section 12A

Section 11 - Amendment of section 12AA

Section 12 - Insertion of new section 12AB

Section 13 - Amendment of section 17

Section 14 - Amendment of section 32AB

Section 15 - Amendment of section 33AB

Section 16 - Amendment of section 33ABA

Section 17 - Amendment of section 35

Section 18 - Amendment of section 35AD

Section 19 - Amendment of section 35D

Section 20 - Amendment of section 35E

Section 21 - Amendment of section 43

Section 22 - Amendment of section 43CA

Section 23 - Amendment of section 44AB

Section 24 - Amendment of section 44DA

Section 25 - Amendment of section 49

Section 26 - Amendment of section 50B

Section 27 - Amendment of section 50C

Section 28 - Amendment of section 55

Section 29 - Amendment of section 56

Section 30 - Amendment of section 57

Section 31 - Substitution of new section for section 72AA

Section 32 - Amendment of section 80EEA

Section 33 - Amendment of section 80G

Section 34 - Amendment of section 80GGA

Section 35 - Amendment of section 80-IA

Section 36 - Amendment of section 80-IAC

Section 37 - Amendment of section 80-IB

Section 38 - Amendment of section 80-IBA

Section 39 - Amendment of section 80JJAA

Section 40 - Insertion of new section 80M

Section 41 - Amendment of section 90

Section 42 - Amendment of section 90A

Section 43 - Amendment of section 92CB

Section 44 - Amendment of section 92CC

Section 45 - Amendment of section 92F

Section 46 - Amendment of section 94B

Section 47 - Amendment of section 115A

Section 48 - Amendment of section 115AC

Section 49 - Amendment of section 115ACA

Section 50 - Amendment of section 115AD

Section 51 - Amendment of section 115BAA

Section 52 - Amendment of section 115BAB

Section 53 - Insertion of new sections 115BAC and 115BAD

Section 54 - Amendment of section 115BBDA

Section 55 - Amendment of section 115C

Section 56 - Amendment of section 115JB

Section 57 - Amendment of section 115JC

Section 58 - Amendment of section 115JD

Section 59 - Amendment of section 115-O

Section 60 - Amendment of section 115R

Section 61 - Amendment of section 115TD

Section 62 - Amendment of section 115UA

Section 63 - Amendment of section 115VW

Section 64 - Insertion of new section 119A

Section 65 - Amendment of section 133A

Section 66 - Amendment of section 139

Section 67 - Amendment of section 140

Section 68 - Amendment of section 140A

Section 69 - Amendment of section 143

Section 70 - Amendment of section 144C

Section 71 - Amendment of section 156

Section 72 - Amendment of section 191

Section 73 - Amendment of section 192

Section 74 - Amendment of section 194

Section 75 - Amendment of section 194A

Section 76 - Amendment of section 194C

Section 77 - Amendment of section 194H

Section 78 - Amendment of section 194-I

Section 79 - Amendment of section 194J

Section 80 - Insertion of new section 194K

Section 81 - Amendment of section 194LBA

Section 82 - Amendment of section 194LC

Section 83 - Amendment of section 194LD

Section 84 - Substitution of new section for section 194N

Section 85 - Insertion of new section 194-O

Section 86 - Amendment of section 195

Section 87 - Amendment of section 196A

Section 88 - Amendment of section 196C

Section 89 - Amendment of section 196D

Section 90 - Amendment of section 197

Section 91 - Amendment of section 197A

Section 92 - Omission of section 203AA

Section 93 - Amendment of section 204

Section 94 - Amendment of section 206AA

Section 95 - Amendment of section 206C

Section 96 - Insertion of new section 234G

Section 97 - Amendment of section 250

Section 98 - Amendment of section 253

Section 99 - Amendment of section 254

Section 100 - Insertion of new section 271AAD

Section 101 - Insertion of new section 271K

Section 102 - Amendment of section 274

Section 103 - Insertion of new section 285BB

Section 104 - Amendment of section 288

Section 105 - Amendment of section 295

Section 106 - Amendment of First Schedule

Chapter IV - INDIRECT TAXES

Section 107 to 115 - Customs

Section 107 - Amendment of section 11

Section 108 - Amendment of section 28

Section 109 - Amendment of section 28AAA

Section 110 - Insertion of new Chapter VAA

Section 111 - Amendment of heading of Chapter VIIA

Section 112 - Insertion of new section 51B

Section 113 - Amendment of section 111

Section 114 - Amendment of section 156

Section 115 - Amendment of section 157

Section 116 to 117 - Customs Tariff

Section 116 - Substitution of new section for section 8B

Section 117 - Amendment of First Schedule

Section 118 to 133 - Central Goods and Services Tax

Section 118 - Amendment of section 2

Section 119 - Amendment of section 10

Section 120 - Amendment of section 16

Section 121 - Amendment of section 29

Section 122 - Amendment of Section 30

Section 123 - Amendment of Section 31

Section 124 - Amendment of Section 51

Section 125 - Amendment of section 109

Section 126 - Amendment of Section 122

Section 127 - Amendment of Section 132

Section 128 - Amendment of Section 140

Section 129 - Amendment of Section 168

Section 130 - Amendment of Section 172

Section 131 - Amendment to Schedule II

Section 132 - Restrospective exemption from, or levy or collection of, central tax in certain cases

Section 133 - Retrospective effect to notification issued under clause (ii) of proviso to sub-section (3) of section 54 of Central Goods and Services Tax Act

Section 134 to 135 - Integrated Goods and Services Tax

Section 134 - Amendment of section 25

Section 135 - Retrospective exemption from, or levy or collection of, integrated tax in certain cases

Section 136 to 139 - Union Territory Goods and Services Tax

Section 136 - Amendment of section 1

Section 137 - Amendment of section 2

Section 138 - Amendment of section 26

Section 139 - Retrospective exemption from, or levy or collection of, Union territory tax in certain cases

Section 140 to 140 - Goods and Services Tax (Compensation to States)

Section 140 - Amendment of section 14

Chapter V - HEALTH CESS

Section 141 - Health Cess on imported medical devices

Chapter VI - MISCELLANEOUS

Section 142 - Commencement of this Part

Section 143 - Amendment of section 9A

Section 144 - Insertion of new section 73B

Section 145 - Amendment of Act 45 of 1988

Section 146 - Substitution of new Schedule for Seventh Schedule to Act 14 of 2001

Section 147 - Amendment of Eighth Schedule to Act 20 of 2002

Section 148 - Amendment of section 116

Section 149 - Amendment of section 117

Section 150 - Amendment of section 118

Section 151 - Amendment of sections 119, 120 and 132A

Section 152 - Commencement of this Part

Section 153 - Amendment of Act 28 of 2016

Section 154 - Amendment of Sixth Schedule to Act 13 of 2018

Schedule I - FIRST SCHEDULE

Schedule II - SECOND SCHEDULE

Schedule III - THIRD SCHEDULE

Schedule IV - FOURTH SCHEDULE

Schedule V - FIFTH SCHEDULE

Statement of Objects and Reasons - FINANCE ACT, 2020

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