{"act":{"id":"finance-act-1963","short_title":"The Finance Act, 1963","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 1963-1964.","act_number":"13","act_year":1963,"enact_date":"1963-04-28","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":22,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-1963/"},"unit":"section","section":{"number":"6","heading":"Amendment of section 40","text":"Amendment of section 40 6. In section 40 of the Income-tax Act, in clause (c),— (1) before the Explanation, the following sub-clause shall be inserted, namely: — \"(iii) any expenditure which results directly or indirectly in the provision of any remuneration or benefit or amenity to an employee who is a citizen of India, to the extent such expenditure exceeds the amount calculated at the rate of five thousand rupees per month for any period of his employment after the 28th day of February, 1963: Provided that in computing the aforesaid expenditure, any payments by way of gratuity or any sums comprised in the transferred balance of an employee participating in a recognised provident fund referred to in clause (vii) of sub-section (1) of section 17, or the amount of any compensation referred to in clause (i) or any payment referred to in clause (ii) of sub-section (3) of that section shall not be taken into account,\". (2) In the Explanation after the words, brackets and figure \"referred to in sub-clause (i)\", the words, brackets and figures \"or in sub-clause (iii)\" shall be inserted. [Finance Act, 1963] © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><strong>Amendment of section 40</strong></p><p><strong>6.</strong> In section 40 of the Income-tax Act, in clause (<i>c</i>),—</p><p>(<i>1</i>) before the <i>Explanation, </i>the following sub-clause shall be inserted, namely: —</p><p><i>\"(iii</i>) any expenditure which results directly or indirectly in the provision of any remuneration or benefit or amenity to an employee who is a citizen of India, to the extent such expenditure exceeds the amount calculated at the rate of five thousand rupees per month for any period of his employment after the 28th day of February, 1963: Provided <i>that </i>in computing the aforesaid expenditure, any payments by way of gratuity or any sums comprised in the transferred balance of an employee participating in a recognised provident fund referred to in clause (<i>vii</i>) of sub-section (<i>1</i>) of section 17, or the amount of any compensation referred to in clause (<i>i</i>) or any payment referred to in clause (<i>ii</i>) of sub-section (3) of that section shall not be taken into account,\".</p><p>(<i>2</i>) In the <i>Explanation </i>after the words, brackets and figure \"referred to in sub-clause (<i>i</i>)\", the words, brackets and figures \"or in sub-clause (<i>iii)\" </i>shall be inserted.</p><p>[Finance Act, 1963]</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":193,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1963/section/6/","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."}