{"act":{"id":"finance-act-2006","short_title":"The Finance Act, 2006","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2006-2007.","act_number":null,"act_year":2006,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":66,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2006/"},"unit":"section","section":{"number":"16","heading":"Amendment of section 80C","text":"Amendment of section 80C. 16. In section 80C of the Income-tax Act, in sub-section (2), with effect from the 1st day of April, 2007,— (a ) in clause (xi), for the words, brackets, figures and letter \"notified under clause (23D)\", the words, brackets, figures and letter \"referred to in clause (23D)\" shall be substituted; (b ) in clause (xiii), for the words, brackets, figures and letter \"notified under clause (23D)\", the words, brackets, figures and letter \"referred to in clause (23D)\" shall be substituted; (c ) in clause (xiv), for the words, brackets, figures and letter \"notified under clause (23D)\", the words, brackets, figures and letter \"referred to in clause (23D)\" shall be substituted; (d ) after clause (xx), the following shall be inserted, namely:— ‘(xxi) as term deposit— for a fixed period of not less than five years with a scheduled bank; and which is in accordance with a scheme framed and notified by the Central Government, in the Official Gazette for the purposes of this clause. Explanation.—For the purposes of this clause, \"scheduled bank\" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), or a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), or a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), or any other bank, being a bank included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934).’. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 80C.</b></p><p><b>16.</b> In section 80C of the Income-tax Act, in sub-section (2), with effect from the 1st day of April, 2007,—</p><p>(<i>a</i> ) in clause (<i>xi</i>), for the words, brackets, figures and letter \"notified under clause (<i>23D</i>)\", the words, brackets, figures and letter \"referred to in clause (<i>23D</i>)\" shall be substituted;</p><p>(<i>b</i> ) in clause (<i>xiii</i>), for the words, brackets, figures and letter \"notified under clause (<i>23D</i>)\", the words, brackets, figures and letter \"referred to in clause (<i>23D</i>)\" shall be substituted;</p><p>(<i>c</i> ) in clause (<i>xiv</i>), for the words, brackets, figures and letter \"notified under clause (<i>23D</i>)\", the words, brackets, figures and letter \"referred to in clause (<i>23D</i>)\" shall be substituted;</p><p>(<i>d</i> ) after clause (<i>xx</i>), the following shall be inserted, namely:—</p><p>‘(<i>xxi</i>) <i>as term deposit—</i></p><p><i>for a fixed period of not less than five years with a scheduled bank; and</i></p><p><i>which is in accordance with a scheme framed and notified by the Central Government, in the Official Gazette for the purposes of this clause.</i></p><p><i> Explanation.</i>—For the purposes of this clause, \"scheduled bank\" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), or a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), or a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), or any other bank, being a bank included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934).’.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":283,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2006/section/16/","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."}