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Section16
The Finance Act, 1968

Amendment of Section 214

In force Act 19 of 1968 As on 17 Oct 2026

Act 19 of 1968 Ministry Finance Enacted 11 May 1968 Cited by 1 provision

Section 16 of the Finance Act, 1968 deals with amendment of Section 214. Amendment of Section 214 16. In section 214 of the Income-tax Act,— (i) to sub-section (1), the following proviso shall be added, namely:— "Provided that in respect of any amount refunded on a provisional assessment under section 141A, no interest shall be paid for any period after the date of such The Act was enacted on 11 May 1968.

Amendment of Section 214

16. In section 214 of the Income-tax Act,—

(i) to sub-section (1), the following proviso shall be added, namely:—

"Provided that in respect of any amount refunded on a provisional assessment under section 141A, no interest shall be paid for any period after the date of such provisional assessment.";

(ii) after sub-section (1), the following sub-section shall be inserted, namely:—

"(1A) Where on completion of the regular assessment the amount on which interest was paid under sub-section (1) has been reduced, the interest shall be reduced accordingly and the excess, if any, paid shall be deemed to be tax payable by the assessee and the provisions of this Act shall apply accordingly.".

[Finance Act, 1968]

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Section 16, 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.

This section refers to

  1. Income-tax Act s. 214 Interest payable by Government

Referred to by 1

  1. s. 32 Amendment of Act 27 of 1957

Questions about Section 16

What does Section 16 of the Finance Act deal with?

Section 16 of the Finance Act is headed "Amendment of Section 214". Amendment of Section 214 16. In section 214 of the Income-tax Act,— (i) to sub-section (1), the following proviso shall be added, namely:— "Provided that in respect of any amount refunded on a provisional assessment under section 141A, no interest shall be paid for any period after the date of such

How do I find court cases under Section 16 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 16, section 16 Finance Act 1968, section 16 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 16 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 214 (Interest payable by Government), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was Section 16 of the Finance Act enacted?

Section 16 of the Finance Act, cited as Finance Act 1968 16, 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

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.