{"act":{"id":"finance-act-1991","short_title":"The Finance Act, 1991","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 1991-1992.","act_number":"49","act_year":1991,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":120,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-1991/"},"unit":"section","section":{"number":"50","heading":"Amendment of section 193","text":"Amendment of section 193. 50. In section 193 of the Income-tax Act, with effect from the 1st day of October, 1991,— (a) for the words \"Provided that1', the following shall be substituted, namely:— \"Provided that where, in the case of a scheduled bank, the Central Government is satisfied that the total income of the bank justifies deduction of income-tax at a lower rate, it may, by notification in the Official Gazette, specify the rate at which deduction of income-tax shall be made in the case of such bank under this section and such notification shall, at any one time, have effect for such assessment year or years, not exceeding three assessment years, as may be specified in the notification: Provided further that\"; (b) the existing Explanation shall be renumbered as Explanation 1 and after Explanation 1 as so renumbered, the following Explanation shall be inserted, namely:— 'Explanation 2.—For the purposes of this section, the expression \"scheduled bank\" shall have the meaning assigned to it in clause (ii) of the Explanation to clause (viia) of sub-section (1) of section 36.'. [Finance (No. 2) Act, 1991] © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 193.</b></p><p><b>50.</b> In section 193 of the Income-tax Act, with effect from the 1st day of October, 1991,—</p><p>(<i>a</i>) for the words \"Provided that<sup>1</sup>', the following shall be substituted, namely:—</p><p>\"Provided that where, in the case of a scheduled bank, the Central Government is satisfied that the total income of the bank justifies deduction of income-tax at a lower rate, it may, by notification in the Official Gazette, specify the rate at which deduction of income-tax shall be made in the case of such bank under this section and such notification shall, at any one time, have effect for such assessment year or years, not exceeding three assessment years, as may be specified in the notification:</p><p>Provided further that\";</p><p>(<i>b</i>) the existing <i>Explanation</i> shall be renumbered as <i>Explanation 1</i> and after <i>Explanation 1</i> as so renumbered, the following <i>Explanation</i> shall be inserted, namely:—</p><p><i>'Explanation 2.</i>—For the purposes of this section, the expression \"scheduled bank\" shall have the meaning assigned to it in clause (<i>ii</i>) of the <i>Explanation</i> to clause (<i>viia</i>) of sub-section (<i>1</i>) of section 36.'.</p><p>[Finance (No. 2) Act, 1991]</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":190,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1991/section/50/","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."}