Full Text
REGD. No. D. L.-33004/99
The Gazette of India
CG-DL-E-02042025-262230
EXTRAORDINARY
PART II-Section 3-Sub-section (ii)
PUBLISHED BY AUTHORITY
No. 1545] NEW DELHI, WEDNESDAY, APRIL 2, 2025/CHAITRA 12, 1947
MINISTRY OF ROAD TRANSPORT AND HIGHWAYS
NOTIFICATION
New Delhi, the 27th March, 2025
S.O. 1564(E).—In exercise of the powers conferred by section 5 of the National Highways Act, 1956 (48 of
1956), the Central Government hereby directs that the functions in relation to the execution of works pertaining to
each of the National Highways described in column (2) of the Table hereto annexed shall be exercisable by the State
Government specified in column (3) of the Table against each highway subject to the condition that the State
Government concerned shall in the exercise of such functions be bound to comply with the rules for the time being in
force under the said Act and for that purpose makes the following further amendments in the notification of the
Government of India in the erstwhile Ministry of Shipping, Road Transport and Highways (Department of Road
Transport and Highways) number S.O 1096(E), dated the 4th August, 2005, namely:-
In the said notification, in the Schedule, for serial number 8 and the entries relating thereto, the following shall
be substituted, namely: -
TABLE
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--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------1. *(1)
(1) This Act may be called the Finance Act, 2024.
(2) Save as otherwise provided in this Act, sections 2 to 118 shall come into force on the 1st day of April, 2024.
(3) Sections 119 to 151 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
(4) If any difficulty arises in giving effect to any of the provisions of this Act, the Central Government may, by order, do anything not inconsistent with the provisions of this Act, which appears to it to be necessary or expedient for the purpose of removing the difficulty:
Provided that no order under this sub-section shall be made after the expiry of two years from the date on which this Act receives the assent of the President.
(5) Every order made under this section shall be laid before each House of Parliament.
(6) Any rule made under the provisions of this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect either in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.
2. In section 2 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Income-tax Act),—
(a) in clause (16), in sub-clause (ii), for the word and figure "section 10", the word and figure "section 11" shall be substituted;
(b) in clause (24), after sub-clause (xd), the following sub-clause shall be inserted, namely:—
"(xde) any income received by any person on behalf of a business trust from an investment in a securitisation trust;";
(c) in clause (36), the following Explanation shall be inserted, namely:—
"Explanation.—For the removal of doubts, it is hereby clarified that the expression "loss" shall include a part of the loss;";
(d) in clause (47), in sub-clause (viia), in the Explanation, for the words "where the possession of any immovable property has been handed over or otherwise transferred", the words, brackets and figure "where the possession of any building or part of a building or any other immovable property (other than agricultural land), is transferred or has been handed over or is to be handed over" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2014;
(e) after clause (50), the following clause shall be inserted, namely:—
'(50A) "securitisation trust" shall have the meaning assigned to it in clause (zda) of sub-section (1) of section 2 of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and which is registered with the Securities and Exchange Board of India under the said regulations;'.