{"act":{"id":"finance-act-2021","short_title":"The Finance Act, 2021","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2021-2022.","act_number":null,"act_year":2021,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":180,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2021/"},"unit":"section","section":{"number":"167","heading":"Amendment of section 97","text":"Amendment of section 97. 167. In section 97 of the Finance (No. 2) Act, 2004 (23 of 2004), (hereafter in this Part referred to as the Principal Act),— (i) | in clause (13), in sub-clause (b), for the words \"Mutual Fund;\", the following shall be substituted, namely:— \"Mutual Fund; or (ba) sale or surrender or redemption of a unit of an equity oriented fund to an insurance company, on maturity or partial withdrawal, with respect to unit linked insurance policy issued by such insurance company on or after the 1st day of February, 2021;\"; (ii) | after clause (13), the following clause shall be inserted, namely:— '(13A) \"unit linked insurance policy\" shall have the meaning assigned to it in Explanation 3 of clause (10D) of section 10 of the Income-tax Act, 1961 (43 of 1961);'.","html":"<p><b>Amendment of section 97.</b></p><p><b>167.</b> In section 97 of the Finance (No. 2) Act, 2004 (23 of 2004), (hereafter in this Part referred to as the Principal Act),—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in clause (<i>13</i>), in sub-clause (<i>b</i>), for the words \"Mutual Fund;\", the following shall be substituted, namely:—</td></tr><tr><td></td><td></td><td>\"Mutual Fund; or</td></tr><tr><td></td><td></td><td>(<i>ba</i>) sale or surrender or redemption of a unit of an equity oriented fund to an insurance company, on maturity or partial withdrawal, with respect to unit linked insurance policy issued by such insurance company on or after the 1st day of February, 2021;\";</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>after clause (<i>13</i>), the following clause shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>'(<i>13A</i>) \"unit linked insurance policy\" shall have the meaning assigned to it in <i>Explanation 3</i> of clause (<i>10D</i>) of section 10 of the Income-tax Act, 1961 (43 of 1961);'.</td></tr></table></div>","words":135,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2021/section/167/","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."}