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Section38
The Finance Act, 1971

Amendment of Act 7 of 1964

In force Act 32 of 1971 As on 17 Oct 2026

Act 32 of 1971 Ministry Finance Enacted 10 Aug 1971 Cited by 1 provision

Section 38 of the Finance Act, 1971 deals with amendment of Act 7 of 1964. Amendment of Act 7 of 1964. 38. In the Companies (Profits) Surtax Act, 1964,— (a) in section 18, for the figures and brackets "2(44)", the figures, brackets, letter and word "2(43B) and (44)" shall be substituted with effect from the 1st day of January, 1972; The Act was enacted on 10 Aug 1971.

Amendment of Act 7 of 1964.

38. In the Companies (Profits) Surtax Act, 1964,—

(a) in section 18, for the figures and brackets "2(44)", the figures, brackets, letter and word "2(43B) and (44)" shall be substituted with effect from the 1st day of January, 1972;

(b) for the Third Schedule, the following Schedule shall be substituted with effect from the 1st day of April, 1972, namely: —

"THE THIRD SCHEDULE

[See section 4]

RATES OF SURTAX

Surtax shall be charged on the amount (hereinafter referred to as the chargeable amount) by which the chargeable profits exceed the amount of the statutory deduction at the following rates, namely:—

(i) on so much of the chargeable amount as does not exceed five per cent of the amount of capital as computed in accordance with the Second Schedule: 25 per cent.;
(ii) on the balance, if any, of the chargeable amount: 30 per cent.";

[Finance (No.

2) Act, 1971]

© Copyright. Taxmann Publications Pvt. Ltd.

Section 38, The Finance Act, 1971 (Act 32 of 1971).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. s. 4 Amendment of section 10
  2. s. 18 Amendment of section 80M

Referred to by 1

  1. s. 1 Short title and commencement

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 7 of 1964". Amendment of Act 7 of 1964. 38. In the Companies (Profits) Surtax Act, 1964,— (a) in section 18, for the figures and brackets "2(44)", the figures, brackets, letter and word "2(43B) and (44)" shall be substituted with effect from the 1st day of January, 1972;

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 1971 38, section 38 Finance Act 1971, 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 4 (Amendment of section 10), section 18 (Amendment of section 80M), 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 1971 38, was enacted on 10 Aug 1971 as Act 32 of 1971. 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.