{"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":"42","heading":"Amendment of section 80CCA","text":"Amendment of section 80CCA. 42. In section 80CCA of the Income-tax Act, with effect-from' the 1st day of April, 1993,— (a) in sub-section (1), after the proviso, the following proviso shall be inserted, namely:— \"Provided further that no deduction under this sub-section shall be allowed in relation to any amount deposited or place under clauses (i) and (ii) on or after the 1st day of April, 1992.\"; (b) in sub-section (2), the following proviso shall be inserted at the end, namely: — \"'Provided that nothing contained in this sub-section shall apply to any amount received by the assessee on account of the surrender of the policy in accordance with the terms of the annuity plan of the Life Insurance Corporation where the assessee elects to surrender before the 1st day of October, 1992, the said annuity plan in respect of which he had paid any amount under clause (ii) of sub-section (1) before the 1st day of April, 1992.\". [Finance Act, 1992] © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p>Amendment of section 80CCA.</p><p><b>42.</b> In section 80CCA of the Income-tax Act, with effect-from' the 1st <b>day</b> of April, 1993,—</p><p>(<i>a</i>) in sub-section (<i>1</i>), after the proviso, the following proviso shall be inserted, namely:—</p><p>\"Provided further that no deduction under this sub-section shall be allowed in relation to any amount deposited or place under clauses (<i>i</i>) and (<i>ii</i>) on or after the 1st day of April, 1992.\";</p><p>(<i>b</i>) in sub-section (<i>2</i>), the following proviso shall be inserted at the end, namely: —</p><p>\"'Provided that nothing contained in this sub-section shall apply to any amount received by the assessee on account of the surrender of the policy in accordance with the terms of the annuity plan of the Life Insurance Corporation where the assessee elects to surrender before the 1st day of October, 1992, the said annuity plan in respect of which he had paid any amount under clause (<i>ii</i>) of sub-section (<i>1</i>) before the 1st day of April, 1992.\".</p><p>[Finance Act, 1992]</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":168,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1992/section/42/","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."}