Tax Amendment in Finance Bill 2020 (Sectionwise)

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Sr.
No.		Section
No.		Applicable
From		Description
1.Section 2(13A)Assessment Year 202 1-22No requirement of listing of units of business trust on stock exchange
2.Section 2(42A)Assessment Year 2020-21Rationalization of provisions in respect of segregated portfolios of MF’s
3.
 		Section 6Assessment Year 2021-22Rationalisation of provisions relating to residential status
4.Section 9Assessment Year 2022-23Provision to tax income arising due to Significant Economic Presence in India is deferred
5.Section 9Assessment Year 2021-22Advertisement Income generated by targeting Indian customers shall be taxable in India
6.Section 9Assessment Year 2020-21Consequential amendments due to substitution of SEBI (FPI) Regulations
7.Section 9Assessment Year 202 1-22Income from sale, distribution or exhibition of cinematographic films is taxable in case of non-resident
8.Section 9AAssessment Year 2020-21Modification in conditions for offshore funds
9.Section 10(23C)01.06.2020Rationalization of provisions relating to Charitable and Religious trusts
10.Section 10(23D)Assessment Year 2021-22Consequential amendment due to abolition of dividend distribution tax
11.Section 10(23FC)Assessment Year 2021-22Consequential amendment due to abolition of dividend distribution tax
12.Section 10(23FD)Assessment Year 2021-22Consequential amendment due to abolition of dividend distribution tax
13.Section 10(23FE)Assessment Year 202 1-22Exemption toa wholly-owned subsidiary of ADIA and Sovereign Wealth Fund
14.Section 10(34)Assessment Year 2021-22Consequential amendment due to abolition of dividend distribution tax
15.Section 10(35)Assessment Year 2021-22Consequential amendment due to abolition of dividend distribution tax
16.Section 10(45)Assessment Year 2021-22Withdrawal of Exemption for UPSC Chairman and CEC
17.Section 10(48C)Assessment Year 2021-22Exemption to Indian Strategic Petroleum Reserves Limited
18.Section 10AAssessment Year 2020-21Consequential amendment due to delinking of due date for filing of tax audit report from due date for filing of return
19.Section 1101-06-2020Rationalization of provisions relating to charitable or religious trust
20.Section 12A01-06-2020Rationalization of provisions relating to charitable or religious trust
21.Section 12AA01-06-2020Rationalization of provisions relating to charitable or religious trust
22.Section 12AB01-06-2020Procedure for fresh registration of charitable or religious trust
23.Section 17Assessment Year 2021-22Rationalization of tax treatment of employer’s contribution
24.Section 32ABAssessment Year 2020-2 1Consequential amendment due to delinking of due date for filing of tax audit report from due date for filing of return
25.Section 33ABAssessment Year 2020-2 1Consequential amendment due to de linking of due date for filing of tax audit report from due date for filing of return
26.Section 33ABAAssessment Year 2020-2 1Consequential amendment due to delinking of due date for filing of tax audit report from due date for filing of return
27.Section 3501-06-2020Rationalization of provisions relating to scientific research institutes
28.Section 35ADAssessment Year 2020-21Rationalization of provisions of Section 35AD
29.Section 35DAssessment Year 2020-21Consequential amendment due to delinking of due date for filing of tax audit report from due date for filing of return
30.Section 35EAssessment Year 2020-2 1Consequential amendment due to delinking of due date for filing of tax audit report from due date for filing of return
31.Section 43Assessment Year 2020-21Trading in commodities derivatives
32.Section 43CAAssessment Year 2021-22Safe harbor limit of 5% increased to 10% in case of sale of immovable property
33.Section 44ABAssessment Year 2020-2 1Threshold limit for tax audit increased to Rs. 5 crore
34.Section 44DAAssessment Year 2020-2 1Consequential amendment due to delinking of due date for filing of tax audit report from due date for filing of return
35.Section 49Assessment Year 2020-21Rationalisation of provisions in respect of segregated portfolios of MF’s
36.Section 50BAssessment Year 2020-2 1Consequential amendment due to delinking of due date for filing of tax audit report from due date for filing of return
37.Section 50CAssessment Year 2021-22Safe harbour limit of 5% increased to 10% in case of sale of immovable property
38.Section 55Assessment Year 2021-22Fair market value of land or building purchased before 01-4-2001
39.Section 56Assessment Year 2021-22Safe harbour limit of 5% increased to 10% in case of sale of immovable property
40.Section 5601-06-2020Rationalization of provisions relating to charitable or religious trust
41.Section 57Assessment Year 2021-22Consequential amendment due to abolition of dividend distribution tax
42.Section 72AAAssessment Year 2020-21Scope of allowing carry forward of losses or depredation in certain amalgamations has been widened
43.Section 80EEAAssessment Year 2021-22Extension of time limit for sanctioning the loan for deduction under Section 8OEEA
44.Section 80G01-06-2020Various restrictions introduced for institutions registered, or applying for registration, under section 80G
45.Section 80GGA01-06-2020Restrictions on deduction under section 80GGA
46.Section 80-lAAssessment Year 2020-2 1Consequential amendment due to delinking of due date for filing of tax audit report from due date for filing of return
47.Section 80-JACAssessment Year 2021-22Turnover limit to claim deduction under Section 80-IAC has been increased
48.80-lBAssessment Year 2020-2 1Consequential amendment due to delinking of due date for filing of tax audit report from due date for filing of return
49.80-IBAAssessment Year 202 1-22Extension of period of approval under section 80-IBA
50.80JJAAAssessment Year 2020-2 1Consequential amendment due to delinking of due date for filing of tax audit report from due date for filing of return
51.80MAssessment Year 202 1-22Consequential amendment due to abolition of dividend distribution tax
52.Section 90/90AAssessment Year 2021-22Agreement with foreign countries to curb practices like ‘Treaty Shopping’
53.Section 92CBAssessment Year 2020-21Attribution of profits to PE to be within the scope of Safe Harbour Rules and Advance Pricing Agreement
54.Section 92CCAssessment Year 2020-21Attribution of profits to PE to be within the scope of Safe Harbour Rules and Advance Pricing Agreement
55.Section 92FAssessment Year 2020-21Consequential amendment due to delinking of due date for filing of tax audit report from due date for filing of return
56.Section 94BAssessment Year 2021-22Relaxation to Banking Cos. from provisions of thin capitalization
57.Section 115AAssessment Year 2021-22Consequential amendment due to abolition of dividend distribution tax
58.Section 115AAssessment Year 2021-22Non-residents are not required to File ITR in respect of Income from Royalty and FTS
59.Section 115ACAssessment Year 202 1-22Consequential amendment due to abolition of dividend distribution tax
60.Section 115ACAAssessment Year 202 1-22Consequential amendment due to abolition of dividend distribution tax
61.Section 115ADAssessment Year 202 1-22Consequential amendment due to abolition of dividend distribution tax
62.Section I15BAAAssessment Year 2020-21Modification of concessional tax schemes
63Section I15BABAssessment Year 2020-21Modification of concessional tax schemes
64.Section 115BACAssessment Year 2021-22New tax regime for individual and HUF
65.Section 115BADAssessment Year 2021-22New tax regime for co-operative society
66.Section 115BBDAAssessment Year 2021-22Consequential amendment due to abolition of dividend distribution tax
67.Section 115CAssessment Year 2021-22Consequential amendment due to abolition of dividend distribution tax
68.Section 115JBAssessment Year 2020-21Consequential amendment due to delinking of due date for tiling of tax audit
report from due date for filing of return
69.Section 115JCAssessment Year 2020-2 1Consequential amendment due to delinking of due date for filing of tax audit
report from due date for filing of return
70.Section 115JCAssessment Year 2021-22Non-applicability of AMT provisions If new tax regime of Sections 115BAC and 115BAD is opted
71.Section 115JDAssessment Year 2021-22Forfeiture of AMT credit if new tax regime
ofSectlonsllsBACandll5BADisopted
72. Section 115-0Assessment Year 202 1-22Consequential amendment due to abolition of dividend distribution tax
73.Section 115RAssessment Year 2021-22Consequential amendment due to abolition of dividend distribution tax
74. Section 115TD01-06-2020Rationalization of provisions relating to Charitable and Religious trusts
75.Section 115UAAssessment Year 2021-22Consequential amendment due to abolition of dividend distribution tax
76.Section
115VW		Assessment Year 2020-21Consequential amendment due to delinking of due date for filing of tax audit
report from due date for filing of return
77. Section 119AAssessment Year 2020-21Introduction of taxpayer’s charter
78.Section 133AAssessment Year 2020-21Approval of CIT/Director is required to conduct Survey u/s 133A
79.Section 139Assessment Year 2020-21Due date of filing of return
80.Section 140Assessment Year 2020-2 1More persons authorised to verify the Income-tax return of a Co. and LIP
81.Section 140AAssessment Year 2020-21No withholding tax at the time of exercising ESOP by an employee of the eligible Start-ups
82.Section 143Assessment Year 2020-21e-Assessment scheme to cover best Judgment assessments
83.Section 144CAssessment Year 2020-21Reference to Dispute Resolution Panel
(DRP)
84.Section 156Assessment Year 2020-21No withholding tax at the time of exercising ESOP by an employee of the eligible Start-ups
85.Section 191Assessment Year 2020-21No withholding tax at the time of exercising ESOP by an employee of the eligible Start-ups
86.Section 19201.04.2020No withholding tax at the time of exercising ESOP by an employee of the eligible Start-ups
87.Section 19401.04.2020TDS provisions applicable on distribution of dividend or income on units
88.Section 194A01.04.2020Turnover limit for purpose of deduction of tax has been defined specifically
89.Section 194A01.04.2020Certain Co-operative society to withhold tax from payment of interest
90.Section 194C01.04.2020Turnover limit for purpose of deduction of tax has been defined specifically
91.Section 194C01.04.2020Amendment in definition of ‘work’ under section 194C
92.Section 194H01.04.2020Turnover limit for purpose of deduction of tax has been defined specifically
93.Section 194-I01.04.2020Turnover limit for purpose of deduction of tax has been defined specifically
94.Section 194J01.04.2020Turnover limit for purpose of deduction of tax has been defined specifically
95.Section 194J01.04.2020Fees for Technical Services shall be subject to 2% withholding tax under Section 194]
96.Section 194K01.04.2020TDS provisions applicable on distribution of dividend or income on units
97.Section 194LBA01.042020TDS provisions applicable on distribution of dividend or income on units
98.Section 194LC01.04.2020Concessional tax rate under Section 194LC extended by 3 years
99.Section 194W01.04.2020Concessional tax rate under Section 194W extended by 3 years
100.Section 194-O01.04.2020e-Commerce operators to deduct tax from proceeds payable to participants
101.Section 19501.04.2020TDS provisions applicable on distribution of dividend or income on units
102.Section 196A01.04.2020TDS provisions applicable on distribution of dividend or income on units
103.Section 196C01.04.2020TDS provisions applicable on distribution of dividend or income on units
104.Section 196D01.04.2020TDS provisions applicable on distribution of dividend or income on units
105.Section 19701.04.2020e-Commerce operators to deduct tax from proceeds payable to participants
106.Section 203AA01.06.2020Scope of Form 26AS widened
107.Section 20401.04.2020e-Commerce operators to deduct tax from proceeds payable to participants
108.Section 206AA01.04.2020e-Commerce operators to deduct tax from proceeds payable to participants
109.Section 206C01.04.2020Scope of TCS expanded
110.Section 234G01.06.2020Consequences of default In submission of statement/certificate prescribed under section 35/Section 80G
111.Section 250Assessment Year 2020-21Faceless Appeal is proposed up to CIT(A)
112.Section 25301.06.2020Rationalization of provisions relating to Charitable and Religious trusts
113.Section 254Assessment Year 2020-2 1No stay to be granted by the ITAT unless 20% of the disputed tax Is deposited
114.Section 271AADAssessment Year 2020-21Penalty for ‘false entry’ in the books of account
115.Section 271K01.06.2020Consequences of default In submission of statement/certificate prescribed under section 35/Section 80G
116.Section 274Assessment Year 2020-2 1New e-penalty scheme Is proposed to be notified
117.Section 285BB01.06.2020Scope of Form 26AS widened
118.Section 288Assessment Year 2020-21Insolvency Professionals can act as ‘authorized representative’
119.Section 295Assessment Year 2021-22CBDT to make rules for income computation of non-residents from operations carried out in India

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