{"act":{"id":"finance-act-1976","short_title":"The Finance Act, 1976","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 1976-1977.","act_number":"66","act_year":1976,"enact_date":"1976-05-27","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":32,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-1976/"},"unit":"section","section":{"number":"7","heading":"Amendment of section 32","text":"Amendment of section 32. 7. In section 32 of the Income-tax Act, in sub-section (1),— (1) in clause (iv), for the words \"seven thousand five hundred rupees\", the words \"ten thousand rupees \"shall be substituted with effect from the 1st \"day of April, 1977; (2) in clause (vi),--- (a) for the words any one or more of the articles or things specified in the list in the Ninth Schedule\", the words, figures and brackets \"any one or more of the articles or things specified in items 1 to 24 (both inclusive) in the list in the Ninth Schedule \"shall be substituted; (b) in the second proviso,— (i) in clause (a), the word \"and \"shall be omitted; (ii) in clause (b), the word \"and \"shall be inserted at the end; (iii) after clause (b), the following: clause shall be inserted, namely:— \"(c) any ship or aircraft acquired after the 31st day of March, 1976 or any machinery or plant installed after that date.\". [Finance Act, 1976] © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 32.</b></p><p><b>7.</b> In section 32 of the Income-tax Act, in sub-section (<i>1),</i>—</p><p>(<i>1</i>) in clause (<i>iv</i>), for the words \"seven thousand five hundred rupees\", the words \"ten thousand rupees \"shall be substituted with effect from the 1st \"day of April, 1977;</p><p>(<i>2</i>) in clause (<i>vi),---</i></p><p>(<i>a</i>) for the words any one or more of the articles or things specified in the list in the Ninth Schedule\", the words, figures and brackets \"any one or more of the articles or things specified in items 1 to 24 (both inclusive) in the list in the Ninth Schedule \"shall be substituted;</p><p>(<i>b</i>) in the second proviso,—</p><p>(<i>i</i>) in clause (<i>a</i>), the word \"and \"shall be omitted;</p><p>(<i>ii</i>) in clause (<i>b</i>), the word \"and \"shall be inserted at the end;</p><p>(<i>iii</i>) after clause (<i>b</i>), the following: clause shall be inserted, namely:—</p><p>\"(<i>c</i>) any ship or aircraft acquired after the 31st day of March, 1976 or any machinery or plant installed after that date.\".</p><p>[Finance Act, 1976]</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":171,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1976/section/7/","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."}