{"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":"3","heading":"Amendment of section 2","text":"CHAPTER III Direct taxes Income-tax Amendment of section 2. 3. In section 2 of the Income-tax Act,— (a) in clause (18), after sub-clause (ac), the following sub-clause shall be inserted with effect from the 1st day of April, 1993, namely:— \"(ad) if it is a company, wherein shares (not being shares entitled to a fixed rate of dividend whether with or without a further right to participate in profits) carrying not less than fifty per cent, of the voting power have been allotted unconditionally to, or acquired unconditionally by, and were throughout the relevant previous year beneficially held by, one or more cooperative societies;\"; (b) in clause (24), after sub-clause (vd), the following sub-clause shall be inserted with effect from the 1st day of April, 1993, namely: — \"(ve) any sum chargeable to income-tax under clause (v) of section 28;\"; (c) in clause) (37A), for sub-clause (iii), the following sub-clause shall be substituted with effect from the 1st day of June, 1992, namely: — \" (iii) for the purposes of deduction of tax under section 195, the rate or rates of income-tax specified in this behalf in the Finance Act of the relevant year or the rate or rates of income-tax specified in an agreement entered into by the Central Government under section 90, whichever is applicable by virtue of the provisions of section 90;\"; (d) clause (39) shall be omitted with effect from the 1st day of April, 1993; (e) clause (48) shall be omitted with effect from the 1st day of April, 1993. [Finance Act, 1992] © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p>CHAPTER III</p><p>Direct taxes</p><p><i>Income-tax</i></p><p>Amendment of section 2.</p><p><b>3.</b> In section 2 of the Income-tax Act,—</p><p>(<i>a</i>) in clause <i>(18),</i> after sub-clause <i>(ac),</i> the following sub-clause shall be inserted with effect from the 1st day of April, 1993, namely:—</p><p><i>\"(ad)</i> if it is a company, wherein shares (not being shares entitled to a fixed rate of dividend whether with or without a further right to participate in profits) carrying not less than fifty per cent, of the voting power have been allotted unconditionally to, or acquired unconditionally by, and were throughout the relevant previous year beneficially held by, one or more cooperative societies;\";</p><p>(<i>b</i>) in clause (<i>24</i>), after sub-clause (<i>vd</i>), the following sub-clause shall be inserted with effect from the 1st day of April, 1993, namely: —</p><p>\"(<i>ve</i>) any sum chargeable to income-tax under clause (<i>v</i>) of section 28;\";</p><p>(<i>c</i>) in clause) <i>(37A),</i> for sub-clause <i>(iii),</i> the following sub-clause shall be substituted with effect from the 1st day of June, 1992, namely: —</p><p>\" (<i>iii</i>) for the purposes of deduction of tax under section 195, the rate or rates of income-tax specified in this behalf in the Finance Act of the relevant year or the rate or rates of income-tax specified in an agreement entered into by the Central Government under section 90, whichever is applicable by virtue of the provisions of section 90;\";</p><p>(<i>d</i>) clause (<i>39</i>) shall be omitted with effect from the 1st day of April, 1993;</p><p>(<i>e</i>) clause (<i>48</i>) shall be omitted with effect from the 1st day of April, 1993.</p><p>[Finance Act, 1992]</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":264,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1992/section/3/","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."}