Amendment of Act 54 of 1953
Section 38 of the Finance Act, 1966 deals with amendment of Act 54 of 1953. CHAPTER IV OTHER DIRECT TAXES Amendment of Act 54 of 1953 38. The Act was enacted on 13 May 1966.
CHAPTER IV
OTHER DIRECT TAXES
Amendment of Act 54 of 1953
38. In the Estate Duty Act, 1953,—
(a) in section 9, in sub-section (1), for the words "one year", the words "two years" shall be substituted;
(b) in section 10, in the proviso, for the words "one year", the words "two years" shall be substituted;
(c) in section 11, in sub-section (2), for the words "one year", wherever they occur, the words "two years" shall be substituted;
(d) in section 12, in the proviso to sub-section (1), for the words "one year", the words "two years" shall be substituted;
(e) in section 22, for the words "one year", the words "two years" shall be substituted;
(f) in section 33, in sub-section (1),-
(i) in clause (b), for the words "one year", the words "two years" shall be substituted;
(ii) after clause (m), the following clause shall be, and shall be deemed) to have been, inserted with effect from the 1st day of April, 1965, namely: —
"(mm) property belonging to the deceased who was a member of any police force (including a border security force) and was killed in any action in protecting the border;";
(g) in section 34, in clause (a) of sub-section (1), after the brackets and letter "(m)", the brackets and letters "(mm)" shall be, and shall be deemed to have been, inserted with effect from the 1st day of April, 1965;
(h) in section 40, in sub-section (2), for the Words "one year", the words "two years" shall be substituted;
(i) in the Second Schedule, for Part I, the following Part shall be substituted, namely:—
"PART I
In the case of any property which passes or is deemed to pass on the death of the deceased.—
(1) where the principal value of the estate does not exceed Rs. 50,000 Nil; (2) where the principal value of the estate exceeds Rs. 50,000 but does not exceed Rs. 1,00,000 4 per cent of the amount by which the principal value of the estate exceeds Rs, 50,000; (3) where the principal value of the estate exceeds Rs. 1,00,000 but does not exceed Rs. 2,0,000 Rs. 2,000 plus 10 per cent of the amount by which the principal value of the estate exceeds Rs. 1,00,000 ; (4) where the principal value of the estate exceeds Rs. 2,00,000 but does not exceed Rs. 3,50,000 Rs. 12,000 plus 15 per cent of the amount by which the principal value of the estate exceeds Rs. 2,00,000; (5) where the principal value of the estate exceeds Rs. 3,50,000 but does not exceed Rs. 5,00,000 Rs. 34,500 plus 25 per cent of the amount by which the principal value of the estate exceeds Rs. 3,50,000 ; (6) where the principal value of the estate exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs. 72,000 plus 30 per cent of the amount by which the principal value of the estate exceeds Rs. 5,00,000 ; (7) where the principal value of the estate exceeds Rs. 10,00,000 but does not exceed Rs. 15,00,000. Rs. 2,22,000 plus 40 per cent of the amount by which the principal value of the estate exceeds Rs. 10,00,000 ; (8) where the principal value of the estate exceeds Rs. 15,00,000 but does not exceed Rs. 20,00,000 Rs. 4,22,000 plus 50 per cent of the amount by which the principal value of the estate exceeds Rs. 15,00,000 ; (9) where the principal value of the estate exceeds Rs. 20,00,000 Rs. 6,72,000 plus 85 per cent of the amount by which the principal value of the estate exceeds Rs. 20,00,000.". [Finance Act, 1966]
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Section 38, The Finance Act, 1966 (Act 13 of 1966).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Referred to by 1
Questions about Section 38
What does Section 38 of the Finance Act deal with?
Section 38 of the Finance Act is headed "Amendment of Act 54 of 1953". CHAPTER IV OTHER DIRECT TAXES Amendment of Act 54 of 1953 38.
How do I find court cases under Section 38 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1966 38, section 38 Finance Act 1966, section 38 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 38 of the Finance Act, and has it changed?
Its own text turns on section 9 (Amendment of section 34), section 10 (Insertion of new section 35A), section 11 (Amendment of section 36), section 12 (Amendment of section 43), and on 4 further provisions, so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.
When was Section 38 of the Finance Act enacted?
Section 38 of the Finance Act, cited as Finance Act 1966 38, was enacted on 13 May 1966 as Act 13 of 1966. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule3424 words
- 2. Income-tax1599 words
- 10. Insertion of new section 35A687 words
- 30. Substitution of new sections for 280O and 280P634 words
- 41. Amendment of Act 18 of 1958558 words
- 15. Amendment of chapter VIA501 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.