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Section15
The Finance Act, 1981

Insertion of new section 164A

In force Act 16 of 1981 As on 18 Oct 2026

Act 16 of 1981 Ministry Finance

Section 15 of the Finance Act, 1981 deals with insertion of new section 164A. Insertion of new section 164A. 15. After section 164 of the Income-tax Act, the following section shall be inserted, namely:— '164A.

Insertion of new section 164A.

15. After section 164 of the Income-tax Act, the following section shall be inserted, namely:—

'164A. Charge of tax in case of oral trust.—Where a trustee receives or is entitled to receive any income on behalf or for the benefit of any person under an oral trust, then, notwithstanding anything contained in any other provision of this Act, tax shall be charged on such income at the maximum marginal rate.

Explanation.—For the purposes of this section,—

(i) "maximum marginal rate" shall have the meaning assigned to it in Explanation 2 below sub-section (3) of section 164;

(ii) "oral trust" shall have the meaning assigned to it in Explanation 2 below sub-section (1) of section 160.'.

[Finance Act, 1981]

© Copyright. Taxmann Publications Pvt. Ltd.

Section 15, The Finance Act, 1981 (Act 16 of 1981).

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. 164 Charge of tax where share of beneficiaries unknown

Questions about Section 15

What does Section 15 of the Finance Act deal with?

Section 15 of the Finance Act is headed "Insertion of new section 164A". Insertion of new section 164A. 15. After section 164 of the Income-tax Act, the following section shall be inserted, namely:— '164A.

How do I find court cases under Section 15 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 1981 15, section 15 Finance Act 1981, section 15 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 15 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 164 (Charge of tax where share of beneficiaries unknown), so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 1981 as Act 16 of 1981. India Code records no commencement date for it. 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.