{"act":{"id":"finance-act-1977","short_title":"The Finance Act, 1977","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 1977-1978.","act_number":"11","act_year":1977,"enact_date":"1977-08-06","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":37,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-1977/"},"unit":"section","section":{"number":"24","heading":"Amendment of section 194","text":"Amendment of section 194 24. In section 194 of the Income-tax Act, with effect from the 1st day of October, 1977 — (a) in the proviso, for the words \"Provided that\", the words \"Provided further that\" shall be substituted; (b) before the proviso as so amended, the following proviso shall be inserted, namely: — \"Provided that no such deduction shall be made in the case of any shareholder, not being a company, if— (a) the shareholder is resident in India; (b) the amount of such dividend does not exceed two hundred and fifty rupees; and (c) the shareholder furnishes to the person responsible for paying the dividend a statement in writing in the prescribed form and verified in the prescribed manner declaring that his estimated total income of the previous year in which such dividend is to be included under the provisions of section 8 will be less than the minimum liable to income-tax:\". [Finance (No. 2) Act, 1977] © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 194</b></p><p><b>24.</b> In section 194 of the Income-tax Act, with effect from the 1st day of October, 1977 —</p><p>(<i>a</i>) in the proviso, for the words \"Provided that\", the words \"Provided further that\" shall be substituted;</p><p>(<i>b</i>) before the proviso as so amended, the following proviso shall be inserted, namely: —</p><p>\"Provided that no such deduction shall be made in the case of any shareholder, not being a company, if—</p><p>(<i>a</i>) the shareholder is resident in India;</p><p>(<i>b</i>) the amount of such dividend does not exceed two hundred and fifty rupees; and</p><p>(<i>c</i>) the shareholder furnishes to the person responsible for paying the dividend a statement in writing in the prescribed form and verified in the prescribed manner declaring that his estimated total income of the previous year in which such dividend is to be included under the provisions of section 8 will be less than the minimum liable to income-tax:\".</p><p>[Finance (No. 2) Act, 1977]</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":165,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1977/section/24/","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."}