{"act":{"id":"finance-act-2001","short_title":"The Finance Act, 2001","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2001-2002.","act_number":null,"act_year":2001,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":102,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2001/"},"unit":"section","section":{"number":"31","heading":"Amendment of section 54EC","text":"Amendment of section 54EC. 31. In section 54EC of the Income-tax Act, in the Explanation  occurring at the end, for clause (b), the following clause shall be substituted with effect from the 1st day of April, 2002, namely:— ‘(b)\"long-term specified asset\" means any bond redeemable after three years, issued,— (i) on or after the 1st day of April, 2000, by the National Bank for Agriculture and Rural Development established under section 3 of the National Bank for Agriculture and Rural Develop­ment Act, 1981 (61 of 1981) or by the National Highways Authority of India constituted under section 3 of the National Highways Au­thority of India Act, 1988 (68 of 1988); (ii) on or after the 1st day of April, 2001, by the Rural Electrification Corporation Limited, a company formed and regis­tered under the Companies Act, 1956 (1 of 1956).’. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 54EC.</b></p><p><b>31.</b> In section 54EC of the Income-tax Act, in the <i>Explanation </i> occurring at the end, for clause (<i>b</i>), the following clause shall be substituted with effect from the 1st day of April, 2002, namely:—</p><p>‘(<i>b</i>)\"long-term specified asset\" means any bond redeemable after three years, issued,—</p><p>(<i>i</i>) on or after the 1st day of April, 2000, by the National Bank for Agriculture and Rural Development established under section 3 of the National Bank for Agriculture and Rural Develop­ment Act, 1981 (61 of 1981) or by the National Highways Authority of India constituted under section 3 of the National Highways Au­thority of India Act, 1988 (68 of 1988);</p><p>(<i>ii</i>) on or after the 1st day of April, 2001, by the Rural Electrification Corporation Limited, a company formed and regis­tered under the Companies Act, 1956 (1 of 1956).’.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":145,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2001/section/31/","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."}