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Introducing the βIn Favour Ofβ filter in Case Laws.
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<h1>Finance Bill 2020 amends sections 119, 120, 132A to update terminology and expedite tax provisions for public interest.</h1> Clause 149 of the Finance Bill, 2020, proposes amendments to sections 119, 120, and 132A of the Finance Act, 2013. The amendments involve replacing the term 'recognised association' with 'recognised stock exchange,' effective from April 1, 2020. Additionally, under the Provisional Collection of Taxes Act, 1931, it is declared that clauses 115(a), 115(b), 139, and 145 of the Bill will take immediate effect, emphasizing the urgency and public interest in these tax provisions.