{"act":{"id":"finance-act-2018","short_title":"The Finance Act, 2018","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2018-2019.","act_number":"13","act_year":2018,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":227,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2018/"},"unit":"section","section":{"number":"119","heading":"Amendment of section 4","text":"Amendment of section 4 119. In section 4 of the principal Act,— (a) | for sub-section (1), the following sub-section shall be substituted, namely:— \"(1) The depositors shall designate one or more individuals, as nominee or nominees, who shall be entitled, in the event of the death of the depositor of a single account, or all the depositors of a joint account, as the case may be, to receive the sum due, as an owner or a trustee, and to the extent, as may be specified by the depositor at the time of making nomination: Provided that if the depositor is a minor or a person of unsound mind, the nominee shall be designated by the guardian.\"; (b) | after sub-section (3), the following sub-section shall be inserted, namely:— \"(4) The transfer of deposit, if permitted under a Savings Scheme, shall automatically cancel a nomination previously made.\".","html":"<p><b>Amendment of section 4</b></p><p><b>119. </b>In section 4 of the principal Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>for sub-section (1), the following sub-section shall be substituted, namely:—</td></tr><tr><td></td><td></td><td>\"(<i>1</i>) The depositors shall designate one or more individuals, as nominee or nominees, who shall be entitled, in the event of the death of the depositor of a single account, or all the depositors of a joint account, as the case may be, to receive the sum due, as an owner or a trustee, and to the extent, as may be specified by the depositor at the time of making nomination:</td></tr><tr><td></td><td></td><td><b>Provided</b> that if the depositor is a minor or a person of unsound mind, the nominee shall be designated by the guardian.\";</td></tr><tr><td>(<i>b</i>)</td><td></td><td>after sub-section (3), the following sub-section shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"(<i>4</i>) The transfer of deposit, if permitted under a Savings Scheme, shall automatically cancel a nomination previously made.\".</td></tr></table></div>","words":147,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2018/section/119/","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."}