{"act":{"id":"finance-act-2005","short_title":"The Finance Act, 2005","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2005-2006.","act_number":"18","act_year":2005,"enact_date":"2005-05-13","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":70,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2005/"},"unit":"section","section":{"number":"48","heading":"Amendment of section 194A","text":"Amendment of section 194A. 48. In section 194A of the Income-tax Act, in sub-section (3), with effect from 1st day of June, 2005,— (i ) after clause (ix), the following clause shall be inserted, namely:— \"(x) to such income which is paid or payable by an infrastructure capital company or infrastructure capital fund or a public sector company in relation to a zero coupon bond issued on or after the 1st day of June, 2005 by such company or fund or public sector company;\"; (ii ) for the Explanation, the following Explanations shall be substituted, namely:— \" Explanation 1.— For the purposes of clauses (i), (vii)  and (viia) , \"time deposits\" means deposits (excluding recurring deposits) repayable on the expiry of fixed periods. Explanation 2.—For the purposes of clause (x), \"infrastructure capital company\" and \"infrastructure capital fund\" shall have the meanings respectively assigned to them in clauses (a) and (b)  of Explanation 1 to clause (23G)  of section 10.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 194A.</b></p><p><b>48. </b>In section 194A of the Income-tax Act, in sub-section (3), with effect from 1st day of June, 2005,—</p><p>(<i>i</i> ) after clause (<i>ix</i>), the following clause shall be inserted, namely:—</p><p>\"(<i>x</i>) to such income which is paid or payable by an infrastructure capital company or infrastructure capital fund or a public sector company in relation to a zero coupon bond issued on or after the 1st day of June, 2005 by such company or fund or public sector company;\";</p><p>(<i>ii</i> ) for the <i>Explanation, </i>the following <i>Explanations </i>shall be substituted, namely:—</p><p>\" <i>Explanation 1.</i>— For the purposes of clauses (<i>i</i>), (<i>vii</i>)<i> </i> and (<i>viia</i>) <i>, </i>\"time deposits\" means deposits (excluding recurring deposits) repayable on the expiry of fixed periods.</p><p><i>Explanation 2.</i>—For the purposes of clause (<i>x</i>), \"infrastructure capital company\" and \"infrastructure capital fund\" shall have the meanings respectively assigned to them in clauses (<i>a</i>) and (<i>b</i>)<i> </i> of <i>Explanation 1 </i>to clause (<i>23G</i>)<i> </i> of section 10.\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":165,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2005/section/48/","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."}