Amendment of Act 45 of 1974

Section 40 of the Finance Act, 1982 deals with amendment of Act 45 of 1974. Interest-tax Amendment of Act 45 of 1974.

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]

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Section 40, The Finance Act, 1982 (Act 14 of 1982).