Substitution of new section for section 71
Section 29 of the Finance Act, 1987 deals with substitution of new section for section 71. Substitution of new section for section 71 29.
Substitution of new section for section 71
29. For section 71 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 1988, namely:-
Setoff of loss from one Head against income from another
"71. Where in respect of any assessment year the net result of the computation under any head of income is a loss, the assesses shall, subject to the provisions of this Chapter, be entitled to have the amount of such loss set off against his income if any, assessable for that assessment year under any other head.".
[Finance Act, 1987]
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Section 29, The Finance Act, 1987 (Act 11 of 1987).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 29
What does Section 29 of the Finance Act deal with?
Section 29 of the Finance Act is headed "Substitution of new section for section 71". Substitution of new section for section 71 29.
How do I find court cases under Section 29 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 1987 29, section 29 Finance Act 1987, section 29 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 29 of the Finance Act, and has it changed?
Its own text turns on section 71 (Omission of sections 285 and 286), Income-tax Act 71 (Set off of loss from one head against income from another), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 1987 as Act 11 of 1987. 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 Schedule6061 words
- 2. Income-tax1675 words
- 32. Amendment of section 80C1059 words
- 24. Insertion of new section 54G901 words
- 59. Insertion of new sections 245BA to 245BD752 words
- 79. Insertion of new sections 22BA to 22BD748 words
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.