Amendment of section 21
Section 26 of the Finance Act, 1981 deals with amendment of section 21. Wealth-tax Amendment of section 21. 26. In section 21 of the Wealth-tax Act, 1957 (27 of 1957)(hereinafter referred to as the Wealth-tax Act),— (a) in sub-section (i), the following Explanation shall be inserted, namely:— "Explanation.—A trust which is not declared by a duly executed instrument in w
Wealth-tax
Amendment of section 21.
26. In section 21 of the Wealth-tax Act, 1957 (27 of 1957)(hereinafter referred to as the Wealth-tax Act),—
(a) in sub-section (i), the following Explanation shall be inserted, namely:—
"Explanation.—A trust which is not declared by a duly executed instrument in writing (including a valid deed of wakf) shall be deemed, for the purposes of this sub-section, to be a trust declared by a duly executed instrument in writing if a statement in writing, signed by the trustee or trustees, setting out the purpose or purposes of the trust, particulars as to the trustee or trustees, the beneficiary or beneficiaries and the trust property, is forwarded to the Wealth-tax Officer,—
(i) where the trust has been declared before the 1st day of June, 1981, within a period of three months from that day, and
(ii) in any other case, within three months from the date of declaration of the trust.";
(b) in sub-section (4),—
(i) for the words "Notwithstanding anything contained in this section", the words "Notwithstanding anything contained in the foregoing provisions of this section" shall be substituted;
(ii) in Explanation 2, (for the words "for the purposes of this sub-section in any case, not being a case referred to in the proviso", the words, brackets, figure and letter "for the purposes of this sub-section or sub-section (4A) in any case, not being a case referred to in the proviso to this sub-section" shall be substituted;
(c) after sub-section (4), the following sub-section shall be inserted, namely:—
'(4A) Notwithstanding anything contained in this section, where the assets chargeable to tax under this Act are held by a trustee under an oral trust, the wealth-tax shall be levied upon and recovered from such trustee in the like manner and to the same extent as it would be leviable upon and recoverable from an individual who is a citizen of India and resident in India for the purposes of this Act, and—
(a) at the rates specified in Part I of Schedule I; or
(b) at the rate of three per cent.,
whichever course would be more beneficial to the revenue.
Explanation.—For the purposes of this sub-section, "oral trust" means a trust which is not declared by a duly executed instrument in writing (including a valid deed of wakf) and which is not deemed under the Explanation to sub-section (1) to be a trust declared by a duly executed instrument in writing.'.
[Finance Act, 1981]
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Section 26, 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.
Questions about Section 26
What does Section 26 of the Finance Act deal with?
Section 26 of the Finance Act is headed "Amendment of section 21". Wealth-tax Amendment of section 21. 26. In section 21 of the Wealth-tax Act, 1957 (27 of 1957)(hereinafter referred to as the Wealth-tax Act),— (a) in sub-section (i), the following Explanation shall be inserted, namely:— "Explanation.—A trust which is not declared by a duly executed instrument in w
How do I find court cases under Section 26 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 26, section 26 Finance Act 1981, section 26 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 26 of the Finance Act, and has it changed?
Its own text turns on section 21 (Amendment of section 269G), Wealth-tax Act 21 (Assessment when assets are held by courts of wards, administrators-general, etc), so none of them can safely be read on its own. 2 other provisions in this corpus refer back to it.
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
- First Schedule. First Schedule7383 words
- 36. Insertion of new sections 7A to 7D2293 words
- 2. Income-tax1988 words
- 3. Insertion of new section 10A1080 words
- 37. Insertion of new sections 9A858 words
- 27. Insertion of new section 21AA541 words
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