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March 27, 2020

Read and Download Finance Act 2020 – Finance Bill Passed on 27 March 2020

by facelesscompliance in Budget, Income Tax

The following Act of Parliament received the assent of the President on the 27th March, 2020, and is hereby published for general information

THE FINANCE ACT, 2020 NO. 12 OF 2020

An Act to give effect to the financial proposals of the Central Government for the financial year 2020-2021.

BE it enacted by Parliament in the Seventy-first Year of the Republic of India as follows:—

CHAPTER I PRELIMINARY

  1. (1) This Act may be called the Finance Act, 2020.
  2. Save as otherwise provided in this Act,—
    1. sections 2 to 104 shall come into force on the 1st day of April, 2020;
    1. sections 116 to 129 and section 132 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.

CHAPTER II RATES OF INCOME-TAX

  1. (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2020, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax shall be increased by a surcharge, for the purposes of the Union, calculated in each case in the manner provided therein.

2% TDS on Cash Withdrawal of 20 Lakhs from Bank from 1 April 2020, else produce IT Returns

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