eCourtsIndia
IndiaCode Laws
Section3
The Finance Act, 1973

Amendment of section 2

In force Act 21 of 1973 As on 18 Oct 2026

Act 21 of 1973 Ministry Finance Enacted 11 May 1973

Section 3 of the Finance Act, 1973 deals with amendment of section 2. CHAPTER II DIRECT TAXES Income-tax Amendment of section 2 3. The Act was enacted on 11 May 1973.

CHAPTER II

DIRECT TAXES

Income-tax

Amendment of section 2

3. In section 2 of the Income-tax Act,—

(a) in clause (37A), in sub-clause (ii), after the figures and letter "194B", the figures and letter ", 194D" shall be inserted;

(b) in clause (42A), for the portion beginning with the words ' "short-term capital asset" means a capital asset' and ending with the words "notwithstanding that such capital asset has been held by the assessee for not more than twenty-four months immediately preceding the date of its transfer.", the following shall be substituted with effect from the 1st day of April, 1974, namely; —

"short-term capital asset" means a capital asset held by an assessee for not more than sixty months immediately preceding the date of its transfer.'.

[Finance Act, 1973]

© Copyright. Taxmann Publications Pvt. Ltd.

Section 3, The Finance Act, 1973 (Act 21 of 1973).

Cross-references

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

This section refers to

  1. s. 2 Rates of Income-Tax
  2. Income-tax Act s. 2 Definitions

Questions about Section 3

What does Section 3 of the Finance Act deal with?

Section 3 of the Finance Act is headed "Amendment of section 2". CHAPTER II DIRECT TAXES Income-tax Amendment of section 2 3.

How do I find court cases under Section 3 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 1973 3, section 3 Finance Act 1973, section 3 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 3 of the Finance Act, and has it changed?

Its own text turns on section 2 (Rates of Income-Tax), Income-tax Act 2 (Definitions), so none of them can safely be read on its own.

When was Section 3 of the Finance Act enacted?

Section 3 of the Finance Act, cited as Finance Act 1973 3, was enacted on 11 May 1973 as Act 21 of 1973. 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.