# The Finance Act, 1982, Section 40: Amendment of Act 45 of 1974

- Act: The Finance Act, 1982 (Act 14 of 1982)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1982/section/40/

## Text

Interest-tax Amendment of Act 45 of 1974. 40. In section 2 of the Interest-tax Act, 1974, in clause (7), after sub-clause (iii), the following sub-clauses shall be inserted with effect from the 1st day of April, 1983, namely:— "(iv) interest on any deferred credit (that is to say, credit on the terms that the payment is to be deferred) sanctioned by a scheduled bank in connection with the export of capital plant and machinery outside India; (v) interest on any loan in foreign currency sanctioned by any corporation or bank referred to in sub-clause (a) or sub-clause (b) or sub-clause (c) or sub-clause (d) of clause (9) for the import of capital plant and machinery from a country outside India; [Finance Act, 1982] © Copyright. Taxmann Publications Pvt. Ltd.

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