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          <h1>Finance Act 2019 Amends Income-tax Act: New Provisions for Specified Funds, Payment Methods, and Share Consideration Penalties</h1> Section 56 of the Income-tax Act is amended by the Finance (No. 2) Act, 2019, effective April 1, 2020. Clause (viib) now includes 'specified fund' alongside 'venture capital fund,' and introduces a proviso penalizing companies that fail to meet specified conditions by taxing excess share consideration as income. 'Specified fund' is defined as a registered Alternative Investment Fund under SEBI regulations. Clause (viii) updates references from section 145A to 145B, effective April 1, 2017. Clause (x) expands payment methods beyond bank accounts to include prescribed electronic modes and introduces conditions for certain transactions.

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