{"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":"52","heading":"Amendment of section 194","text":"Amendment of section 194A. 52. In section 194A of the. Income-tax Act, in sub-section (3), for clause (vii), the following clauses shall be substituted, with effect from the 1st day of October, 1991, namely:— '(vii) to such income credited or paid in respect of deposits (other than time deposits) with a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act); (viia) to such income credited or paid in respect of,— (a) deposits with a primary agricultural credit society or a primary credit society or a co-operative land mortgage bank or a co-operative land development bank; (b) deposits (other than time deposits) with a co-operative society other than a cooperative society or bank referred to in sub-clause (a), engaged in carrying on the business of banking. Explanation.—For the purposes of clauses (vii) and (viia), \"time deposits\" means deposits (excluding recurring deposits) repayable on the expiry of fixed periods.'. [Finance (No. 2) Act, 1991] © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 194A.</b></p><p><b>52.</b> In section 194A of the. Income-tax Act, in sub-section (<i>3</i>), for clause (<i>vii</i>), the following clauses shall be substituted, with effect from the 1st day of October, 1991, namely:—</p><p>'(<i>vii</i>) to such income credited or paid in respect of deposits (other than time deposits) with a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act);</p><p>(<i>viia</i>) to such income credited or paid in respect of,—</p><p>(<i>a</i>) deposits with a primary agricultural credit society or a primary credit society or a co-operative land mortgage bank or a co-operative land development bank;</p><p>(<i>b</i>) deposits (other than time deposits) with a co-operative society other than a cooperative society or bank referred to in sub-clause (<i>a</i>),</p><p>engaged in carrying on the business of banking.</p><p><i>Explanation.</i>—For the purposes of clauses (<i>vii</i>) and (<i>viia</i>), \"time deposits\" means deposits (excluding recurring deposits) repayable on the expiry of fixed periods.'.</p><p>[Finance (No. 2) Act, 1991]</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":176,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1991/section/52/","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."}