{"act":{"id":"finance-act-1992","short_title":"The Finance Act, 1992","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 1992-1993.","act_number":"18","act_year":1992,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":109,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-1992/"},"unit":"section","section":{"number":"103","heading":"Amendment of section 2","text":"Interest-tax Amendment of section 2. 103. In section 2 of the Interest-tax Act, 1974,(45 of 1974) with effect from the 1st day of April, 1993 — (i) in clause (5A), in sub-clause (i), the words \"or a co-operative society engaged in carrying on the business of banking not being a co-operative society providing credit facilities to farmers or village artisans\" shall be omitted; (ii) in clause (5B),— (a) in sub-clause (v) the word \"or\", occurring at the end, shall be omitted; (b) after sub-clause (v), the following sub-clause shall be inserted, namely: — \"(va) a residuary non-banking company [other than a financial company referred to in sub-clause (i), (ii), (iii), (iv) or (v\")], that is to say, a company which receives any deposit under any scheme or arrangement, by whatever name called, in one lumpsum or in instalments by way of contributions or subscriptions or by sale of units or certificates or other instruments or in any other manner; or\". [Finance Act, 1992] © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><i>Interest-tax</i></p><p>Amendment of section 2.</p><p><b>103.</b> In section 2 of the Interest-tax Act, 1974,(45 of 1974) with effect from the 1st day of April, 1993 —</p><p>(<i>i</i>) in clause (<i>5A</i>), in sub-clause (<i>i</i>), the words \"or a co-operative society engaged in carrying on the business of banking not being a co-operative society providing credit facilities to farmers or village artisans\" shall be omitted;</p><p>(<i>ii</i>) in clause <i>(5B),</i>—</p><p>(<i>a</i>) in sub-clause (<i>v)</i> the word \"or\", occurring at the end, shall be omitted;</p><p>(<i>b</i>) after sub-clause <i>(v),</i> the following sub-clause shall be inserted, namely: —</p><p>\"(<i>va</i>) a residuary non-banking company [other than a financial company referred to in sub-clause (<i>i</i>), (<i>ii</i>), <i>(iii</i>), (<i>iv</i>) or (<i>v</i>\")], that is to say, a company which receives any deposit under any scheme or arrangement, by whatever name called, in one lumpsum or in instalments by way of contributions or subscriptions or by sale of units or certificates or other instruments or in any other manner; or\".</p><p>[Finance Act, 1992]</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":169,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1992/section/103/","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."}