THE FINANCE ACT, 2021

## Report on Corrigenda to The Finance Act, 2021 **1. Executive Summary:** This report analyzes the corrigenda to The Finance Act, 2021 (No. 13 of 2021) as published in the Gazette of India. The corrigenda, dated April 6, 2021, address typographical and grammatical errors found in the original Finance Act. The purpose is to ensure the accuracy and clarity of the Act. Key findings reveal that the corrections relate to specific page and line numbers within the original document, affecting the correct interpretation and implementation of the Act. These changes primarily concern specific word usage and grammatical correctness, implying improved accuracy in taxation-related procedures. **2. Introduction:** This report provides an informative overview of the corrigenda to The Finance Act, 2021, based solely on the provided government policy text. The purpose is to analyze the nature of these corrections and their potential impact on the application of the Act. **3. Policy Overview:** * **Original Policy:** The Finance Act, 2021 (No. 13 of 2021), as published in the Gazette of India, Extraordinary, Part II, Section 1, dated March 28th, 2021, Issue No. 15. * **Core Objective(s):** Based on the limited text, the objective of the original Finance Act is to legislate financial matters. The corrigenda's objective is to rectify errors in the original text, clarifying its intent. **4. Background and Rationale:** The provided text suggests that the amendment is necessary due to typographical and grammatical errors identified after the initial publication of The Finance Act, 2021. These errors, if uncorrected, could lead to misinterpretations and inconsistencies in the application of the law. The need for accuracy in financial legislation necessitates these corrections. **5. Key Provisions / Changes:** This section details the specific changes introduced by the corrigenda: * **Page 27, Line 26:** "from receipt of such money by" is corrected to "from such receipt by." This correction likely affects the specific phrasing used when referencing receipt of money, potentially streamlining or clarifying the context in which this phrase is used within the Act. * **Page 28, Line 17:** "asseet" is corrected to "asset." This is a straightforward typographical error correction, ensuring the correct spelling of "asset." * **Page 34, Line 31:** "Zone" is corrected to "Zones." This likely impacts provisions related to designated areas for specific financial purposes, ensuring the correct pluralization when referring to multiple zones. * **Page 47, Line 18:** "1st February, 2021" is corrected to "1st day of February, 2021." This change standardizes the date format within the Act, improving clarity. * **Page 69, Line 02:** "whotime" is corrected to "wholetime." This typographical error correction ensures the correct spelling of "wholetime" for clarity. * **Page 102, Line 38:** "be notification by notification" is corrected to "by notification." This eliminates redundancy, streamlining the wording related to official notifications. * **Page 115, Line 33:** "on the income" is corrected to "on income." This correction streamlines wording in reference to income taxation. * **Page 121, Lines 18, 26 & 29:** Incometax semicolons and conjunctions are corrected for grammatical purposes, improving readability and the interpretation of the law. **6. Target Audience and Stakeholders:** The target audience and stakeholders affected by these corrections include: * Taxpayers * Tax professionals (accountants, lawyers, consultants) * Financial institutions * Government agencies responsible for implementing and enforcing the Finance Act. * Courts and legal professionals interpreting the Act. **7. Implementation Aspects (Inferred):** * **Responsible agency:** The Ministry of Law and Justice, Legislative Department, is responsible for issuing these corrections. * The corrigenda are to be uploaded by the Manager, Government of India Press, Minto Road, New Delhi, and published by the Controller of Publications, Delhi. * The date of effect is retroactive, applying to the original Finance Act, 2021, published on March 28, 2021. **8. Expected Outcomes / Impact of Changes:** The intended outcome of these specific changes is to ensure: * Accurate interpretation and application of The Finance Act, 2021. * Reduced ambiguity and potential legal challenges arising from errors in the original text. * Improved clarity for all stakeholders involved in financial transactions and tax compliance. * Greater confidence in the legal framework governing financial matters. **9. Conclusion:** The corrigenda to The Finance Act, 2021, are essential for maintaining the integrity and clarity of the law. While the changes primarily address typographical and grammatical errors, their impact is significant as they ensure accurate interpretation and application of the Act. These corrections are crucial for all stakeholders involved in financial activities and tax compliance. The significance lies in safeguarding the law from misinterpretations arising from errors.

Key Entities Referenced