Finance Act 2020 received assent of the President and published in official Gazette

Finance Act 2020 received assent of the President and published in official Gazette

The Finance Act 2020 has received the assent of the President on 27th March, 2020 and is published in Gazette of India.

Earlier, The parliament had passed the Finance Bill 2020 on 23rd March 2020 by voice vote without any discussion.

While the most of the amendments to Income Tax Act 1961 shall come into effect from 1st April, 2020, the amendments to certain provisions related to custom and Central Goods and Services Tax shall come into force on date as notified in the Official Gazette.

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• Penalty u/s 271B for unfilled column 40 in Tax Audit Report Form 3CD deleted by ITAT
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