{"act":{"id":"finance-act-1962","short_title":"The Finance Act, 1962","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 1962-1963.","act_number":"20","act_year":1962,"enact_date":"1962-06-22","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":16,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-1962/"},"unit":"section","section":{"number":"8","heading":"Amendment of section 87","text":"Amendment of section 87 8. \"In section 87 of the Income-tax Act,- (i) in sub-section (1), after clause (e), the following clause shall be inserted, namely: - \"(f) where the assessee is an individual, any sums deposited, in the previous year by the assessee out of his income chargeable to tax, in a ten-year account or a fifteen-year account under the Post Office Savings Bank (Cumulative Time Deposits) Rules, 1959, as amended from time to time.\"; (ii) in sub-section (3),- (a) in clause (ii), for the words \"eight thousand rupees\", the words \"ten thousand rupees\" shall be substituted; (b) in clause (iii), for the words \"sixteen thousand rupees\", the words \"twenty thousand rupees\" shall be sub stituted. [Finance (No. 2) Act, 1962] © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><strong>Amendment of section 87</strong></p><p><strong>8.</strong> \"In section 87 of the Income-tax Act,-</p><p>(<i>i</i>) in sub-section (<i>1</i>), after clause (<i>e</i>), the following clause shall be inserted, namely: -</p><p>\"(<i>f</i>) where the assessee is an individual, any sums deposited, in the previous year by the assessee out of his income chargeable to tax, in a ten-year account or a fifteen-year account under the Post Office Savings Bank (Cumulative Time Deposits) Rules, 1959, as amended from time to time.\";</p><p>(<i>ii</i>) in sub-section (<i>3</i>)<i>,</i>-</p><p>(<i>a</i>) in clause (<i>ii</i>), for the words \"eight thousand rupees\", the words \"ten thousand rupees\" shall be substituted;</p><p>(<i>b</i>) in clause (<i>iii</i>), for the words \"sixteen thousand rupees\", the words \"twenty thousand rupees\" shall be sub stituted.</p><p>[Finance (No. 2) Act, 1962]</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":128,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1962/section/8/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}