Amendment of section 58
Section 14 of the Finance Act, 1986 deals with amendment of section 58. Amendment of section 58. 14. In section 58 of the Income-tax Act, after sub-section (3), the following sub-section shall be inserted with effect from the 1st day of April, 1987, namely:— '(4) In the case of an assessee having income chargeable under the head "Income from other sources", no deduction
Amendment of section 58.
14. In section 58 of the Income-tax Act, after sub-section (3), the following sub-section shall be inserted with effect from the 1st day of April, 1987, namely:—
'(4) In the case of an assessee having income chargeable under the head "Income from other sources", no deduction in respect of any expenditure or allowance in connection with such income shall be allowed under any provision of this Act in computing the income by way of any winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any form or nature, whatsoever:
Provided that nothing contained in this sub-section shall apply in computing the income of an assessee, being the owner of horses maintained by him for running in horse races, from the activity of owning and maintain such horses.
Explanation.—For the purposes of this sub-section, "horse race" means a horse race upon which wagering or betting may be lawfully made.'.
[Finance Act, 1986]
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Section 14, The Finance Act, 1986 (Act 23 of 1986).
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Questions about Section 14
What does Section 14 of the Finance Act deal with?
Section 14 of the Finance Act is headed "Amendment of section 58". Amendment of section 58. 14. In section 58 of the Income-tax Act, after sub-section (3), the following sub-section shall be inserted with effect from the 1st day of April, 1987, namely:— '(4) In the case of an assessee having income chargeable under the head "Income from other sources", no deduction
How do I find court cases under Section 14 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 1986 14, section 14 Finance Act 1986, section 14 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 14 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 58 (Amounts not deductible), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 1986 as Act 23 of 1986. 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 Schedule6118 words
- 34. Insertion of new Chapter XXC4226 words
- 2. Income-tax1794 words
- 8. Insertion of new section 32AB1467 words
- 5. Amendment of section 2538 words
- 40. Amendment of Act 27 of 1957366 words
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