{"act":{"id":"finance-act-2002","short_title":"The Finance Act, 2002","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2002-2003.","act_number":null,"act_year":2002,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":124,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2002/"},"unit":"section","section":{"number":"73","heading":"Amendment of section 194","text":"Amendment of section 194. 73. In section 194 of the Income-tax Act, for the first and second provisos, the following provisos shall be substituted with effect from the 1st day of June, 2002, namely:— \"Provided that no such deduction shall be made in the case of a shareholder, being an individual, if— (a ) the dividend is paid by the company by an account payee cheque; and (b ) the amount of such dividend or, as the case may be, the aggregate of the amounts of such dividend distributed or paid or likely to be distributed or paid during the financial year by the company to the shareholder, does not exceed one thousand rupees: Provided further that the provisions of this section shall not apply to such income credited or paid to— (a ) the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956), in respect of any shares owned by it or in which it has full beneficial interest; (b ) the General Insurance Corporation of India (hereafter in this proviso referred to as the Corporation) or to any of the four companies (hereafter in this proviso referred to as such company), formed by virtue of the schemes framed under sub-section (1) of section 16 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972), in respect of any shares owned by the Corporation or such company or in which the Corporation or such company has full beneficial interest; ( c) any other insurer in respect of any shares owned by it or in which it has full beneficial interest.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 194.</b></p><p><b>73.</b> In section 194 of the Income-tax Act, for the first and second provisos, the following provisos shall be substituted with effect from the 1st day of June, 2002, namely:—</p><p><b>\"Provided </b>that no such deduction shall be made in the case of a shareholder, being an individual, if—</p><p>(<i>a</i> ) the dividend is paid by the company by an account payee cheque; and</p><p>(<i>b</i> ) the amount of such dividend or, as the case may be, the aggregate of the amounts of such dividend distributed or paid or likely to be distributed or paid during the financial year by the company to the shareholder, does not exceed one thousand rupees:</p><p><b>Provided further </b>that the provisions of this section shall not apply to such income credited or paid to—</p><p>(<i>a</i> ) the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956), in respect of any shares owned by it or in which it has full beneficial interest;</p><p>(<i>b</i> ) the General Insurance Corporation of India (hereafter in this proviso referred to as the Corporation) or to any of the four companies (hereafter in this proviso referred to as such company), formed by virtue of the schemes framed under sub-section (1) of section 16 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972), in respect of any shares owned by the Corporation or such company or in which the Corporation or such company has full beneficial interest;</p><p>( <i>c</i>) any other insurer in respect of any shares owned by it or in which it has full beneficial interest.\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":275,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2002/section/73/","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."}