Section 44 of Finance Act 2018 : Amendment of section 139A Income Tax Act

By | April 1, 2018
(Last Updated On: April 16, 2018)

Section 44 of Finance Act 2018

[Section 44 of Finance Act 2018 deals with Amendment of section 139A. and is covered in CHAPTER III DIRECT TAXES]

Amendment of section 139A.

44. In section 139A of the Income-tax Act,—

(A)in sub-section (1),—
(a)in clause (iv), the word “or” shall be inserted at the end;
(b)after clause (iv), the following clauses shall be inserted, namely:—
“(v)being a resident, other than an individual, which enters into a financial transaction of an amount aggregating to two lakh fifty thousand rupees or more in a financial year; or
(vi)who is the managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of the person referred to in clause (v) or any person competent to act on behalf of the person referred to in clause (v),”;
(B)in the Explanation occurring after sub-section (8), in clause (c), the words “and issued in the form of a laminated card” shall be omitted.

Finance Act 2018 : Assented by President : Download Print Notification

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