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Section32
The Finance Act, 1986

Amendment of section 204

In force Act 23 of 1986 As on 17 Oct 2026

Act 23 of 1986 Ministry Finance Cited by 2 provisions

Section 32 of the Finance Act, 1986 deals with amendment of section 204. Amendment of section 204. 32. In section 204 of the Income-tax Act, with effect from the 1st day of June, 1986,—- (a) after clause (ii), the following clause shall be inserted, namely: — "(iia) in the ease of any sum payable to a non-resident Indian, being any sum representing consideration for the

Amendment of section 204.

32. In section 204 of the Income-tax Act, with effect from the 1st day of June, 1986,—-

(a) after clause (ii), the following clause shall be inserted, namely: —

"(iia) in the ease of any sum payable to a non-resident Indian, being any sum representing consideration for the transfer by him of any foreign exchange asset, which is not a short-term capital asset, the authorised dealer responsible for remitting such sum to the non-resident Indian or for crediting such sum to his Non-resident (External) Account maintained in accordance with the Foreign Exchange Regulation Act, 1973 (46 of 1973.) and any rules made thereunder; ";

(b) the following Explanation shall be added at the end, namely:—

Explanation.— For the purposes of this section,—

(a) "non-resident Indian" and foreign exchange asset" shall have the meanings assigned to them in Chapter XII-A;

(b) "authorised dealer" shall have the meaning assigned to it in clause (b) of section 2 of the Foreign Exchange Regulation Act, 1973 (46 of 1973).'.

[Finance Act, 1986]

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Section 32, The Finance Act, 1986 (Act 23 of 1986).

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. 204 Meaning of "person responsible for paying"

Referred to by 2

  1. s. 8 Insertion of new section 32AB
  2. s. First Schedule First Schedule

Questions about Section 32

What does Section 32 of the Finance Act deal with?

Section 32 of the Finance Act is headed "Amendment of section 204". Amendment of section 204. 32. In section 204 of the Income-tax Act, with effect from the 1st day of June, 1986,—- (a) after clause (ii), the following clause shall be inserted, namely: — "(iia) in the ease of any sum payable to a non-resident Indian, being any sum representing consideration for the

How do I find court cases under Section 32 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 32, section 32 Finance Act 1986, section 32 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 32 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 204 (Meaning of "person responsible for paying"), 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 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

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.