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of <h1>Finance Bill 2020 amends Income-tax Act section 43, replacing 'association' with 'stock exchange' in clause (5). Effective April 1, 2020.</h1> Clause 21 of the Finance Bill, 2020, proposes amendments to section 43 of the Income-tax Act, specifically in clause (5). It aims to replace the term 'recognised association' with 'recognised stock exchange' throughout the clause. Additionally, it revises clause (iii) in Explanation 2 to define 'recognised stock exchange' as per clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956, subject to conditions prescribed by the Central Government. These changes are set to be effective from April 1, 2020.
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