{"act":{"id":"finance-act-2004","short_title":"The Finance Act, 2004","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2004-2005.","act_number":null,"act_year":2004,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":68,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2004/"},"unit":"section","section":{"number":"38","heading":"Insertion of new section 194LA","text":"Insertion of new section 194LA. 38. After section 194L of the Income-tax Act, the following section shall be inserted with effect from the 1st day of Octo­ber, 2004, namely:— ‘194LA. Payment of compensation on acquisition of certain immova­ble property.—Any person responsible for paying to a resident any sum, being in the nature of compensation or the enhanced compen­sation or the consideration or the enhanced consideration on account of compulsory acquisition, under any law for the time being in force, of any immovable property (other than agricultur­al land), shall, at the time of payment of such sum in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to ten per cent of such sum as income-tax thereon: Provided that no deduction shall be made under this section where the amount of such payment or, as the case may be, the aggregate amount of such payments to a resident during the financial year does not exceed one hundred thousand rupees. Explanation.—For the purposes of this section,— (i ) \"agricultural land\" means agricultural land in India including land situate in any area referred to in items (a) and (b) of sub-clause (iii) of clause ( 14) of section 2; (ii ) \"immovable property\" means any land (other than agri­cultural land) or any building or part of a building.’. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Insertion of new section 194LA.</b></p><p><b>38.</b> After section 194L of the Income-tax Act, the following section shall be inserted with effect from the 1st day of Octo­ber, 2004, namely:—</p><p>‘194LA. <i>Payment of compensation on acquisition of certain immova­ble property</i>.—Any person responsible for paying to a resident any sum, being in the nature of compensation or the enhanced compen­sation or the consideration or the enhanced consideration on account of compulsory acquisition, under any law for the time being in force, of any immovable property (other than agricultur­al land), shall, at the time of payment of such sum in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to ten per cent of such sum as income-tax thereon:</p><p><b>Provided</b> that no deduction shall be made under this section where the amount of such payment or, as the case may be, the aggregate amount of such payments to a resident during the financial year does not exceed one hundred thousand rupees.</p><p><i>Explanation.</i>—For the purposes of this section,—</p><p>(<i>i</i> ) \"agricultural land\" means agricultural land in India including land situate in any area referred to in items (<i>a</i>) and (<i>b</i>) of sub-clause (<i>iii</i>) of clause ( <i>14</i>) of section 2;</p><p>(<i>ii</i> ) \"immovable property\" means any land (other than agri­cultural land) or any building or part of a building.’.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":233,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2004/section/38/","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."}