{"id":246246,"date":"2021-03-29T10:51:37","date_gmt":"2021-03-29T05:21:37","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=246246"},"modified":"2021-03-31T10:09:24","modified_gmt":"2021-03-31T04:39:24","slug":"finance-act-2021-receives-presidents-assent","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/29\/finance-act-2021-receives-presidents-assent\/","title":{"rendered":"Finance Act, 2021 receives President&#8217;s assent"},"content":{"rendered":"<p style=\"text-align: justify;\">On March 28, 2021, the Finance Act received President&#8217;s assent in order to give effect <span dir=\"ltr\">to the financial proposals of the <\/span><span dir=\"ltr\">Central Government for the financial year 2021-2022<\/span><\/p>\n<p style=\"text-align: justify;\"><strong>INCOME TAX<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li><span dir=\"ltr\">Income-tax shall <\/span><span dir=\"ltr\">be charged at the rates specified in Part I of the First Schedule and such tax shall be increased by a surcharge, for the purposes of the Union, calculated in each case in the manner provided therein.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-246247 aligncenter\" src=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/Screenshot-2021-03-29-at-10.08.46-AM-300x225.png\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/Screenshot-2021-03-29-at-10.08.46-AM-300x225.png 300w, https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/Screenshot-2021-03-29-at-10.08.46-AM-768x575.png 768w, https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/Screenshot-2021-03-29-at-10.08.46-AM-1536x1150.png 1536w, https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/Screenshot-2021-03-29-at-10.08.46-AM-2048x1534.png 2048w, https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/Screenshot-2021-03-29-at-10.08.46-AM-60x45.png 60w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/p>\n<p style=\"text-align: justify;\">FOR SCHEDULE 1, CLICK <a href=\"http:\/\/egazette.nic.in\/WriteReadData\/2021\/226208.pdf\">HERE<\/a><\/p>\n<p style=\"text-align: justify;\"><strong>AGRICULTURAL INCOME<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li><span dir=\"ltr\">In the cases to which Paragraph A of Part I of the First Schedule <\/span><span dir=\"ltr\">applies, where the assessee has, in the previous year, any net agricultural <\/span><span dir=\"ltr\">income exceeding five thousand rupees, in addition to total income, and the <\/span><span dir=\"ltr\">total income exceeds two lakh fifty thousand rupees, then,\u2014 <\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 80px; text-align: justify;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">a<\/span><span dir=\"ltr\">) the net agricultural income shall be taken into account, in the <\/span><span dir=\"ltr\">manner provided in clause (<\/span><span dir=\"ltr\">b<\/span><span dir=\"ltr\">) [that is to say, as if the net agricultural <\/span><span dir=\"ltr\">income were comprised in the total income after the first two lakh <\/span><span dir=\"ltr\">fifty thousand rupees of the total income but without being liable to <\/span><span dir=\"ltr\">tax], only for the purpose of charging income-tax in respect of the <\/span><span dir=\"ltr\">total income; and <\/span><\/p>\n<p style=\"padding-left: 80px; text-align: justify;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">b<\/span><span dir=\"ltr\">) the income-tax chargeable shall be calculated as follows:\u2014 <\/span><\/p>\n<p style=\"padding-left: 120px; text-align: justify;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">i<\/span><span dir=\"ltr\">) the total income and the net agricultural income <\/span><span dir=\"ltr\">shall be aggregated and the amount of income-tax shall be <\/span><span dir=\"ltr\">determined in respect of the aggregate income at the rates <\/span><span dir=\"ltr\">specified in the said Paragraph A, as if such aggregate <\/span><span dir=\"ltr\">income were the total income; <\/span><\/p>\n<p style=\"padding-left: 120px; text-align: justify;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">ii<\/span><span dir=\"ltr\">) the net agricultural income shall be increased by a <\/span><span dir=\"ltr\">sum of two lakh fifty thousand rupees, and the amount of <\/span><span dir=\"ltr\">income-tax shall be determined in respect of the net <\/span><span dir=\"ltr\">agricultural income as so increased at the rates specified in <\/span><span dir=\"ltr\">the said Paragraph A, as if the net agricultural income as so <\/span><span dir=\"ltr\">increased were the total income; <\/span><\/p>\n<p style=\"padding-left: 120px; text-align: justify;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">iii<\/span><span dir=\"ltr\">) the amount of income-tax determined in <\/span><span dir=\"ltr\">accordance with sub-clause (<\/span><span dir=\"ltr\">i<\/span><span dir=\"ltr\">) shall be reduced by the <\/span><span dir=\"ltr\">amount of income-tax determined in accordance with <\/span><span dir=\"ltr\">sub-clause (<\/span><span dir=\"ltr\">ii<\/span><span dir=\"ltr\">) and the sum so arrived at shall be the <\/span><span dir=\"ltr\">income-tax in respect of the total income: <\/span><\/p>\n<p style=\"padding-left: 120px; text-align: justify;\"><span dir=\"ltr\">Provided that in the case of every individual, being a <\/span><span dir=\"ltr\">resident in India, who is of the age of sixty years or more <\/span><span dir=\"ltr\">but less than eighty years at any time during the previous <\/span><span dir=\"ltr\">year, referred to in item (<\/span><span dir=\"ltr\">II<\/span><span dir=\"ltr\">) of Paragraph A of Part I of the <\/span><span dir=\"ltr\">First Schedule, the provisions of this sub-section shall have <\/span><span dir=\"ltr\">effect as if for the words \u201ctwo<\/span><span dir=\"ltr\"> lakh fifty thousand rupees\u201d, <\/span><span dir=\"ltr\">the words \u201cthree lakh rupees\u201d had been substituted: <\/span><\/p>\n<p style=\"padding-left: 120px; text-align: justify;\"><span dir=\"ltr\">Provided further that in the case of every individual, <\/span><span dir=\"ltr\">being a resident in India, who is of the age of eighty years <\/span><span dir=\"ltr\">or more at any time during the previous year, referred to in <\/span><span dir=\"ltr\">item (<\/span><span dir=\"ltr\">III<\/span><span dir=\"ltr\">) of Paragraph A of Part I of the First Schedule, the <\/span><span dir=\"ltr\">provisions of this sub-section shall have effect as if for the <\/span><span dir=\"ltr\">words \u201ctwo lakh fifty thousand rupees\u201d, the words \u201cfive <\/span><span dir=\"ltr\">lakh rupees\u201d had been substituted. <\/span><\/p>\n<p style=\"text-align: justify;\"><strong>FAIR MARKET VALUE<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li><span dir=\"ltr\">In relation to capital assets being an undertaking or division <\/span><span dir=\"ltr\">transferred by way of such slump sale,\u2014 <\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 80px; text-align: justify;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">i<\/span><span dir=\"ltr\">) the &#8220;net worth&#8221; of the undertaking or the division, as the <\/span><span dir=\"ltr\">case may be, shall be deemed to be the cost of acquisition and the <\/span><span dir=\"ltr\">cost of improvement for the purposes of sections 48 and 49 and <\/span><span dir=\"ltr\">no regard shall be given to the provisions contained in the second <\/span><span dir=\"ltr\">proviso to section 48; <\/span><\/p>\n<p style=\"padding-left: 80px; text-align: justify;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">ii<\/span><span class=\"\" dir=\"ltr\">) <span class=\"highlight selected\">Fair market v<\/span>alue of the capital assets as on the date of <\/span><span dir=\"ltr\">transfer, calculated in the prescribed manner, shall be deemed to <\/span><span dir=\"ltr\">be the full value of the consideration received or accruing as a <\/span><span dir=\"ltr\">result of the transfer of such capital asset.\u2019<\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span dir=\"ltr\">Income on receipt <\/span><span dir=\"ltr\">of capital asset or <\/span><span dir=\"ltr\">stock in trade by <\/span><span dir=\"ltr\">specified person <\/span><span dir=\"ltr\">from specified <\/span><\/strong><span dir=\"ltr\"><strong>entity<\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\"><span dir=\"ltr\">Where a specified person receives during the previous <\/span><span dir=\"ltr\">year any capital asset or stock in trade or both from a specified entity in <\/span><span dir=\"ltr\">connection with the dissolution or reconstitution of such specified <\/span><span dir=\"ltr\">entity, then the specified entity shall be deemed to have transferred <\/span><span dir=\"ltr\">such capital asset or stock in trade or both, as the case may be, to the <\/span><span dir=\"ltr\">specified person in the year in which such capital asset or stock in trade <\/span><span dir=\"ltr\">or both are received by the specified person. <\/span><\/li>\n<li style=\"text-align: justify;\"><span dir=\"ltr\">Any profits and gains arising from such deemed transfer of <\/span><span dir=\"ltr\">capital asset or stock in trade or both, as the case may be, by the <\/span><span dir=\"ltr\">specified entity shall be <\/span><span dir=\"ltr\">deemed to be the income of such specified entity of the <\/span><span dir=\"ltr\">previous year in which such capital asset or stock in trade or both <\/span><span dir=\"ltr\">were received by the <\/span><span dir=\"ltr\">specified person; and <\/span><span dir=\"ltr\">chargeable to income-tax as income of such specified <\/span><span dir=\"ltr\">entity under the head \u201cProfits and gains of business or <\/span><span dir=\"ltr\">profession\u201d or under the head &#8220;Capital gains&#8221;, in accordance with <\/span><span dir=\"ltr\">the provisions of this Act. <\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>Audit of accounts of certain persons carrying on business or profession<\/strong><\/p>\n<p style=\"text-align: justify;\"><span dir=\"ltr\">In section 44AB of the Income-tax Act,<\/span><span dir=\"ltr\"> for the words \u201cfive crore rupees\u201d, the <\/span><span dir=\"ltr\">words \u201cten crore rupees\u201d shall be substituted.\u00a0 <\/span><\/p>\n<p style=\"text-align: justify;\"><strong>Capital Gains in case of depreciable assets:<\/strong><\/p>\n<p style=\"text-align: justify;\"><span dir=\"ltr\"> In section 50 of the Income-tax Act, in clause (<\/span><span dir=\"ltr\">2<\/span><span dir=\"ltr\">), the following <\/span><span dir=\"ltr\">proviso shall be inserted, namely:<\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span dir=\"ltr\">\u201cProvided that in a case where goodwill of a business or profession <\/span><span dir=\"ltr\">forms part of a block of asset for the assessment year beginning on the <\/span><span dir=\"ltr\">1st day of April, 2020 and depreciation thereon has been obtained by the <\/span><span dir=\"ltr\">assessee under the Act, the written down value of that block of asset and <\/span><span dir=\"ltr\">short term capital gain, if any, shall be determined in such manner as <\/span><span dir=\"ltr\">may be prescribed.\u201d<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: Times New Roman; font-size: large;\"><b>Special provision for computation of capital gains in case of slump sale<\/b><\/span>:<\/p>\n<p style=\"text-align: justify;\"><span dir=\"ltr\">For sub-section (2), the following sub-section shall be substituted, <\/span><span dir=\"ltr\">namely:\u2014<\/span><\/p>\n<p style=\"text-align: justify;\"><span dir=\"ltr\">\u2018(<\/span><span dir=\"ltr\">2<\/span><span dir=\"ltr\">) In relation to capital assets being an undertaking or division <\/span><span dir=\"ltr\">transferred by way of such slump sale,\u2014 <\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">i<\/span><span dir=\"ltr\">) the &#8220;net worth&#8221; of the undertaking or the division, as the <\/span><span dir=\"ltr\">case may be, shall be deemed to be the cost of acquisition and the <\/span><span dir=\"ltr\">cost of improvement for the purposes of sections 48 and 49 and <\/span><span dir=\"ltr\">no regard shall be given to the provisions contained in the second <\/span><span dir=\"ltr\">proviso to section 48; <\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">ii<\/span><span dir=\"ltr\">) Fair market value of the capital assets as on the date of <\/span><span dir=\"ltr\">transfer, calculated in the prescribed manner, shall be deemed to <\/span><span dir=\"ltr\">be the full value of the consideration received or accruing as a <\/span><span dir=\"ltr\">result of the transfer of such capital asset.\u2019;<\/span><\/p>\n<p style=\"text-align: justify;\"><strong>Cost Acquisition and Improvement:<\/strong><\/p>\n<p style=\"text-align: justify;\"><span dir=\"ltr\">In section 55 of the Income-tax Act, in sub-section (<\/span><span dir=\"ltr\">2<\/span><span dir=\"ltr\">), for <\/span><span dir=\"ltr\">clause (<\/span><span dir=\"ltr\">a<\/span><span dir=\"ltr\">), the following clause shall be substituted, namely:\u2013<\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">a<\/span><span dir=\"ltr\">) in relation to a capital asset, being goodwill of a business or <\/span><span dir=\"ltr\">profession, or a trade mark or brand name associated with a business or <\/span><span dir=\"ltr\">profession, or a right to manufacture, produce or process any article or <\/span><span dir=\"ltr\">thing, or right to carry on any business or profession, or tenancy rights, <\/span><span dir=\"ltr\">or stage carriage permits, or loom hours,\u2014 <\/span><\/p>\n<p style=\"padding-left: 80px; text-align: justify;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">i<\/span><span dir=\"ltr\">) in the case of acquisition of such asset by the assessee by <\/span><span dir=\"ltr\">purchase from a previous owner, <\/span><span dir=\"ltr\">means the amount of the purchase <\/span><span dir=\"ltr\">price; and <\/span><\/p>\n<p style=\"padding-left: 80px; text-align: justify;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">ii<\/span><span dir=\"ltr\">) in the case falling under sub-clauses (<\/span><span dir=\"ltr\">i<\/span><span dir=\"ltr\">)to (<\/span><span dir=\"ltr\">i<\/span><span dir=\"ltr\">v<\/span><span dir=\"ltr\">) of <\/span><span dir=\"ltr\">sub-section (<\/span><span dir=\"ltr\">1<\/span><span dir=\"ltr\">) of section 49 and where such asset was acquired by <\/span><span dir=\"ltr\">the previous owner (as defined in that section) by purchase, means <\/span><span dir=\"ltr\">the amount of the purchase price for such previous owner; and <\/span><\/p>\n<p style=\"padding-left: 80px; text-align: justify;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">iii<\/span><span dir=\"ltr\">) in any other case, shall be taken to be<\/span><span dir=\"ltr\">nil<\/span><span dir=\"ltr\">:<\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span dir=\"ltr\">Provided that where the capital asset, being goodwill of a <\/span><span dir=\"ltr\">business or profession, in respect of which a deduction on account <\/span><span dir=\"ltr\">of depreciation under sub-section (<\/span><span dir=\"ltr\">1<\/span><span dir=\"ltr\">) of section 32 has been <\/span><span dir=\"ltr\">obtained by the assessee in any previous year preceding the <\/span><span dir=\"ltr\">previous year relevant to the assessment year commencing on or <\/span><span dir=\"ltr\">after the 1st day of April, 2021, the provisions of sub-clauses (<\/span><span dir=\"ltr\">i<\/span><span dir=\"ltr\">) and <\/span><span dir=\"ltr\">(<\/span><span dir=\"ltr\">ii<\/span><span dir=\"ltr\">) shall apply with the modification that the total amount of <\/span><span dir=\"ltr\">depreciation obtained by the assessee under sub-section (<\/span><span dir=\"ltr\">1<\/span><span dir=\"ltr\">) of <\/span><span dir=\"ltr\">section 32 before the assessment year commencing on the 1st day of <\/span><span dir=\"ltr\">April, 2021 shall be reduced from the amount of purchase price;\u201d<\/span><\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>On March 28, 2021, the Finance Act received President&#8217;s assent in order to give effect to the financial proposals of the Central <\/p>\n","protected":false},"author":8808,"featured_media":246249,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[],"class_list":["post-246246","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-statutes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Finance Act, 2021 receives President&#039;s assent | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/29\/finance-act-2021-receives-presidents-assent\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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It is an act that woud further amend the Income tax Act 1961 and Finance (No. 2) Act, 2019. Corporate Tax Rates slashed to 22% for domestic companies and 15% for new domestic manufacturing companies, according to the\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6203,"url":"https:\/\/www.scconline.com\/blog\/post\/2014\/08\/02\/finance-bill-2014-passed-by-parliament\/","url_meta":{"origin":246246,"position":1},"title":"Finance Bill, 2014 passed by Parliament","author":"Sucheta","date":"August 2, 2014","format":false,"excerpt":"Parliament passed the Finance Bill, 2014 (35 of 2014) which was introduced in Lok Sabha on July 10, 2014 and the said Bill awaits President\u2019s assent. Some of the key proposals made in the Bill are as follows: In provisions related to power of calling for information, addition of a\u2026","rel":"","context":"In &quot;Business Law&quot;","block_context":{"text":"Business Law","link":"https:\/\/www.scconline.com\/blog\/post\/category\/Business_Law\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":246795,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/13\/budget-session-18-bills-passed-by-parliament\/","url_meta":{"origin":246246,"position":2},"title":"Budget Session | 18 Bills passed by Parliament","author":"Bhumika Indulia","date":"April 13, 2021","format":false,"excerpt":"The Budget Session, 2021 of Parliament, which commenced on January 29, 2021, has been adjourned on March 25, 2021. During this Session a total of 20 Bills (17 in Lok Sabha and 03 in Rajya Sabha) were introduced. 18 Bills were passed by Lok Sabha and 19 Bills were passed\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-65.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-65.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-65.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-65.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-65.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":7138,"url":"https:\/\/www.scconline.com\/blog\/post\/2014\/08\/02\/finance-bill-2014-passed-by-parliament-2\/","url_meta":{"origin":246246,"position":3},"title":"Finance Bill, 2014 passed by Parliament","author":"Sucheta","date":"August 2, 2014","format":false,"excerpt":"Parliament passed the Finance Bill, 2014 (35 of 2014) which was introduced in Lok Sabha on July 10, 2014 and the said Bill awaits President\u2019s assent. Some of the key proposals made in the Bill are as follows: In provisions related to power of calling for information, addition of a\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":246428,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/02\/national-bank-for-financing-infrastructure-and-development-act-2021-receives-presidents-assent\/","url_meta":{"origin":246246,"position":4},"title":"National Bank For Financing Infrastructure And Development Act, 2021 receives President\u2019s assent","author":"Prachi Bhardwaj","date":"April 2, 2021","format":false,"excerpt":"The National Bank For Financing Infrastructure And Development Act, 2021 receives President\u2019s assent on March 28, 2021. The Act seeks to establish the National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in India. The salient features of the Act are discussed below. \u00a0 Establishing NaBFID: The\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-43.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-43.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-43.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-43.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-43.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":253052,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/21\/constitution-one-hundred-and-fifth-amendment-act-2021-receives-presidents-assent-empowering-states-to-identify-sebcs\/","url_meta":{"origin":246246,"position":5},"title":"Constitution (One Hundred and Fifth Amendment) Act, 2021 receives President&#8217;s assent empowering States to identify SEBCs","author":"Bhumika Indulia","date":"August 21, 2021","format":false,"excerpt":"Constitution (One Hundred and Fifth Amendment) Act, 2021 receives President's assent on August 20, 2021. It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint. Key Highlights: Inserts a proviso in Article 338B of the Constitution: \u201cProvided that nothing in\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-162.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-162.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-162.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-162.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-162.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/246246","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=246246"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/246246\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/246249"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=246246"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=246246"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=246246"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}