Amendment of section 153
Section 12 of the Finance Act, 1968 deals with amendment of section 153. Amendment of section 153 12. In section 153 of the Income-tax Act, in sub-section (1), for clause (a), the following clause shall be substituted, namely:— "(a) the expiry of— (i) four years from the end of the assessment year in which the income was first assessable, where such assessment year is an The Act was enacted on 11 May 1968.
Amendment of section 153
12. In section 153 of the Income-tax Act, in sub-section (1), for clause (a), the following clause shall be substituted, namely:—
"(a) the expiry of—
(i) four years from the end of the assessment year in which the income was first assessable, where such assessment year is an assessment year commencing on or before the 1st day of April, 1967;
(ii) three years from the end of the assessment year in which the income was first assessable, where such assessment year is the assessment year commencing on the 1st day of April, 1968;
(iii) two years from the end of the assessment year in which the income was first assessable, where such assessment year is an assessment year commencing on or after the 1st day of April, 1969; or".
[Finance Act, 1968]
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Section 12, The Finance Act, 1968 (Act 19 of 1968).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 12
What does Section 12 of the Finance Act deal with?
Section 12 of the Finance Act is headed "Amendment of section 153". Amendment of section 153 12. In section 153 of the Income-tax Act, in sub-section (1), for clause (a), the following clause shall be substituted, namely:— "(a) the expiry of— (i) four years from the end of the assessment year in which the income was first assessable, where such assessment year is an
How do I find court cases under Section 12 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 1968 12, section 12 Finance Act 1968, section 12 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 12 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 153 (Time limit for completion of assessment, reassessment and recomputation), so none of them can safely be read on its own.
When was Section 12 of the Finance Act enacted?
Section 12 of the Finance Act, cited as Finance Act 1968 12, was enacted on 11 May 1968 as Act 19 of 1968. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule6299 words
- 32. Amendment of Act 27 of 1957957 words
- 7. Insertion of new section 40A932 words
- 2. Income-tax845 words
- 5. Insertion of new sections 35B and 35C732 words
- 11. Insertion of new section 141A500 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.