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Section50
The Finance Act, 1972

Amendment of section 45

In force Act 16 of 1972 As on 16 Oct 2026

Act 16 of 1972 Ministry Finance Enacted 28 May 1972

Section 50 of the Finance Act, 1972 deals with amendment of section 45. Amendment of section 45. 50. In section 45 of the Wealth-tax Act,— (a) for the words "The provisions of this Act shall not apply to—", the words "No tax shall be levied under this Act in respect of the net wealth of-" shall be substituted; The Act was enacted on 28 May 1972.

Amendment of section 45.

50. In section 45 of the Wealth-tax Act,—

(a) for the words "The provisions of this Act shall not apply to—", the words "No tax shall be levied under this Act in respect of the net wealth of-" shall be substituted;

(b) after clause (f), the following clause shall be, and shall be deemed always to have been, inserted, namely:—

"(g) any co-operative society.".

[Finance Act, 1972]

© Copyright. Taxmann Publications Pvt. Ltd.

Section 50, The Finance Act, 1972 (Act 16 of 1972).

Cross-references

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

This section refers to

  1. s. 45 Amendment of section 5
  2. Wealth-tax Act s. 45 Act not to apply in certain cases

Questions about Section 50

What does Section 50 of the Finance Act deal with?

Section 50 of the Finance Act is headed "Amendment of section 45". Amendment of section 45. 50. In section 45 of the Wealth-tax Act,— (a) for the words "The provisions of this Act shall not apply to—", the words "No tax shall be levied under this Act in respect of the net wealth of-" shall be substituted;

How do I find court cases under Section 50 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 1972 50, section 50 Finance Act 1972, section 50 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 50 of the Finance Act, and has it changed?

Its own text turns on section 45 (Amendment of section 5), Wealth-tax Act 45 (Act not to apply in certain cases), so none of them can safely be read on its own.

When was Section 50 of the Finance Act enacted?

Section 50 of the Finance Act, cited as Finance Act 1972 50, was enacted on 28 May 1972 as Act 16 of 1972. 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.