{"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":"32","heading":"Amendment of section 112A","text":"Amendment of section 112A. 32. In section 112A of the Income-tax Act, in the Explanation, in clause (a),— (i) | in the opening portion, after the word and figures \"section 10\", the words, brackets, figures and letter \"or under a scheme of an insurance company comprising unit linked insurance policies to which exemption under clause (10D) of the said section does not apply on account of the applicability of the fourth and fifth provisos thereof\" shall be inserted; (ii) | after the proviso, the following proviso shall be inserted, namely:— \"Provided further that in case of a scheme of an insurance company comprising unit linked insurance policies to which exemption under clause (10D) of section 10 does not apply on account of the applicability of the fourth and fifth provisos thereof, the minimum requirement of ninety per cent or sixty-five per cent, as the case may be, is required to be satisfied throughout the term of such insurance policy.\".","html":"<p><b>Amendment of section 112A.</b></p><p><b>32.</b> In section 112A of the Income-tax Act, in the <i>Explanation,</i> in clause (<i>a</i>),—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in the opening portion, after the word and figures \"section 10\", the words, brackets, figures and letter \"or under a scheme of an insurance company comprising unit linked insurance policies to which exemption under clause (<i>10D</i>) of the said section does not apply on account of the applicability of the fourth and fifth provisos thereof\" shall be inserted;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>after the proviso, the following proviso shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"<b>Provided further </b>that in case of a scheme of an insurance company comprising unit linked insurance policies to which exemption under clause (<i>10D</i>) of section 10 does not apply on account of the applicability of the fourth and fifth provisos thereof, the minimum requirement of ninety per cent or sixty-five per cent, as the case may be, is required to be satisfied throughout the term of such insurance policy.\".</td></tr></table></div>","words":159,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2021/section/32/","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."}