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<h1>Finance Act 2023 Updates Income-Tax Act: New Definitions, Sub-Clauses, and Amendments Effective April 2024</h1> The Finance Act, 2023, amends section 2 of the Income-tax Act. It removes references to 'Additional Commissioner of Income-tax (Appeals)' in clause (19B) and introduces new sub-clauses (xviic) and (xviid) in clause (24) effective April 1, 2024. A new definition for 'Joint Commissioner (Appeals)' is added in clause (28CA). Clause (37A) is updated to include '194BA,' and clause (42A) is amended to account for the holding period of Electronic Gold Receipts and gold, effective April 1, 2024, under Explanation 1, clause (i).