{"act":{"id":"finance-act-2015","short_title":"The Finance Act, 2015","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2015-2016.","act_number":"20","act_year":2015,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":165,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2015/"},"unit":"section","section":{"number":"121","heading":"Definitions","text":"Definitions 121. In this Chapter, unless the context otherwise requires,— (1) | \"Committee\" means the Inter-Ministerial Committee constituted under section 123; (2) | \"eligible interest\" means an interest on the principal transferred to the Fund at the rate notified by the Central Government; (3) | \"Financial Year\" means the period commencing on the 1st day of April and ending on the 31st day of March every year; (4) | \"Fund\" means the Fund established under section 122; (5) | \"inoperative account\" means an account under any of the schemes specified by or under sub-section (2) of section 122 and not operated upon for a period of three years if operable on regular basis, or if there is a date of maturity, from the date of maturity, as the case may be; (6) | \"Institution\" means any bank, Post Office or any other institution notified by the Central Government which is holding the inoperative accounts having unclaimed amounts; (7) | \"notification\" means a notification published in the Official Gazette; (8) | \"prescribed\" means prescribed by rules made by the Central Government under this Chapter; (9) | \"senior citizen\" means a citizen of India who has attained the age of sixty years or above; (10) | \"unclaimed amount\" means the amount as referred to in sub-section (2) of section 122.","html":"

Definitions

121. In this Chapter, unless the context otherwise requires,—

(1)\"Committee\" means the Inter-Ministerial Committee constituted under section 123;
(2)\"eligible interest\" means an interest on the principal transferred to the Fund at the rate notified by the Central Government;
(3)\"Financial Year\" means the period commencing on the 1st day of April and ending on the 31st day of March every year;
(4)\"Fund\" means the Fund established under section 122;
(5)\"inoperative account\" means an account under any of the schemes specified by or under sub-section (2) of section 122 and not operated upon for a period of three years if operable on regular basis, or if there is a date of maturity, from the date of maturity, as the case may be;
(6)\"Institution\" means any bank, Post Office or any other institution notified by the Central Government which is holding the inoperative accounts having unclaimed amounts;
(7)\"notification\" means a notification published in the Official Gazette;
(8)\"prescribed\" means prescribed by rules made by the Central Government under this Chapter;
(9)\"senior citizen\" means a citizen of India who has attained the age of sixty years or above;
(10)\"unclaimed amount\" means the amount as referred to in sub-section (2) of section 122.
","words":218,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2015/section/121/","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."}