{"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":"7","heading":"Amendment of section 13","text":"Amendment of section 13 7. In section 13 of the Income-tax Act, with effect from the 1st day of April, 1978,— (a) in sub-section (1), in clause (d),— (i) for the figures, letters and words \"1st day of April, 1979\", the figures, letters and words \"1st day of April, 1982\" shall be Substituted; (ii) for the figures, letters and words \"1st day of April, 1978\", the figures, letters and words \"1st day of April. 1981\" shall be substituted; (b) in sub-section (5), in clause (a), for sub-clause (iii), the following sub-clause shall be substituted, namely: — ' (iii) deposit in any account with a scheduled bank or a co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank or a cooperative land development bank). Explanation.—In this sub-clause, \"scheduled bank\" shall have the same meaning as in the Explanation at the end of clause (b) of sub-section (2) of section 11.'. [Finance (No. 2) Act, 1977] © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 13</b></p><p><b>7.</b> In section 13 of the Income-tax Act, with effect from the 1st day of April, 1978,—</p><p>(<i>a</i>) in sub-section (<i>1</i>), in clause (<i>d</i>),—</p><p>(<i>i</i>) for the figures, letters and words \"1st day of April, 1979\", the figures, letters and words \"1st day of April, 1982\" shall be Substituted;</p><p>(<i>ii</i>) for the figures, letters and words \"1st day of April, 1978\", the figures, letters and words \"1st day of April. 1981\" shall be substituted;</p><p>(<i>b</i>) in sub-section (<i>5</i>), in clause (<i>a</i>), for sub-clause (<i>iii</i>), the following sub-clause shall be substituted, namely: —</p><p>' (<i>iii</i>) deposit in any account with a scheduled bank or a co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank or a cooperative land development bank).</p><p><i>Explanation.</i>—In this sub-clause, \"scheduled bank\" shall have the same meaning as in the <i>Explanation</i> at the end of clause (<i>b</i>) of sub-section (<i>2</i>) of section 11.'.</p><p>[Finance (No. 2) Act, 1977]</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":167,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1977/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."}