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Section43
The Finance Act, 1976

Amendment of Act 38 of 1974

In force Act 66 of 1976 As on 07 Oct 2026

Act 66 of 1976 Ministry Finance Enacted 27 May 1976 Cited by 1 provision

Section 43 of the Finance Act, 1976 deals with amendment of Act 38 of 1974. Amendment of Act 38 of 1974 43. In the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974,— (a) in section 3, in sub-section (1), for the words, figures and letters "and the assessment year commencing on the 1st day of April, 1976.", the words, figures and letters ", the assessment year commenc The Act was enacted on 27 May 1976.

Amendment of Act 38 of 1974

43. In the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974,—

(a) in section 3, in sub-section (1), for the words, figures and letters "and the assessment year commencing on the 1st day of April, 1976.", the words, figures and letters ", the assessment year commencing on the 1st day of April, 1976 and the assessment year commencing on the 1st day of April, 1977. "shall be substituted;

(b) in section 4. in sub-section (1), for the words "a compulsory deposit for that assessment year at the rates specified in the Schedule.", the following shall be substituted, namely:—

"a compulsory deposit,—

(i) for the assessment year commencing on the 1st day of April, 1975 and the assessment year commencing on the 1st day of April, 1976, at the rates specified in Paragraph A of the Schedule; and

(ii) for the assessment year commencing on the 1st day of April, 1977, at the rates specified in Paragraph B of the Schedule.";

(c) in the Schedule,—

(i) below the words "RATES OF COMPULSORY DEPOSIT "the word and letter "Paragraph A" shall be inserted; and

(ii) for the provisos, the following shall be substituted, namely:—

"Paragraph B

(1) Where the current income exceeds Rs. 15,000 but does not exceed Rs. 25,0004 per cent, of the current income;
(2) Where the current income exceeds Rs. 25,000 but does nor exceed Rs. 70,000Rs. 1,000 plus 10 per cent, of the amount by which the current income exxeeds Rs. 25 000;
(3) Where the current income exceeds Rs. 70,000Rs. 5,500 plus 12, per cent, of the amount by which the current income exceeds Rs. 7,0,000:

Provided that in a case (whether falling under Paragraph A or Paragraph B)—

(a) where, the current income exceeds Rs. 15,000 but does not, exceed Rs. 15,620, the compulsory deposit shall in no case exceed the amount by which the current income exceeds Rs. 15,000;

(b) where the amount of compulsory deposit calculated in accordance with the foregoing provisions is less than Rs. 100, it shall not be necessary for the depositor concerned to make such deposit.".

[Finance Act, 1976]

© Copyright. Taxmann Publications Pvt. Ltd.

Section 43, The Finance Act, 1976 (Act 66 of 1976).

Cross-references

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

This section refers to

  1. s. 3 Amendment of section 2
  2. s. 4 Amendment of section 9

Referred to by 1

  1. s. 1 Short title and commencement

Questions about Section 43

What does Section 43 of the Finance Act deal with?

Section 43 of the Finance Act is headed "Amendment of Act 38 of 1974". Amendment of Act 38 of 1974 43. In the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974,— (a) in section 3, in sub-section (1), for the words, figures and letters "and the assessment year commencing on the 1st day of April, 1976.", the words, figures and letters ", the assessment year commenc

How do I find court cases under Section 43 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 1976 43, section 43 Finance Act 1976, section 43 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 43 of the Finance Act, and has it changed?

Its own text turns on section 3 (Amendment of section 2), section 4 (Amendment of section 9), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was Section 43 of the Finance Act enacted?

Section 43 of the Finance Act, cited as Finance Act 1976 43, was enacted on 27 May 1976 as Act 66 of 1976. 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.