Amendment of section 195
Section 49 of the Finance Act, 1987 deals with amendment of section 195. Amendment of section 195 49. In section 195 of the Income-tax Act, with effect from the 1st day of June, 1987,— (a) for sub-section (2), the following sub-section shall be substituted, namely:— '(1)Any person responsible for paying to a non-resident, not being a company, or to a foreign company, any
Amendment of section 195
49. In section 195 of the Income-tax Act, with effect from the 1st day of June, 1987,—
(a) for sub-section (2), the following sub-section shall be substituted, namely:—
'(1)Any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest (not being interest on securities) or any other sum chargeable Under the provisions of this Act (not being income chargeable under the head "Salaries" or dividends) shall at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or draft or by any other mode whichever is earlier, deduct income-tax thereon at the rates in force.
Explanation—For the purposes of this section where any interest or other sum as aforesaid is credited to any account, whether called "Interest payable account" or "Suspense account" or by any other name, in the books of account of the person liable to pay such income, such crediting shall be deemed to be credit of such income to the account of the payee and the provisions of this section shall apply accordingly.';
(b) in sub-section (2),—
(i)for the words "by general or special order", the words "in the prescribed manner" shall be substituted;
(ii)the following proviso shall be inserted at the end, namely:—
"Provided that this sub-section shall not apply to any payment to a foreign company by way of interest referred to in clause (v), or royalty referred to in clause (vi), or fees for technical services referred to in clause (vii), of sub-section (1) of section 9.".
[Finance Act, 1987]
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Section 49, 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.
This section refers to
Referred to by 2
Questions about Section 49
What does Section 49 of the Finance Act deal with?
Section 49 of the Finance Act is headed "Amendment of section 195". Amendment of section 195 49. In section 195 of the Income-tax Act, with effect from the 1st day of June, 1987,— (a) for sub-section (2), the following sub-section shall be substituted, namely:— '(1)Any person responsible for paying to a non-resident, not being a company, or to a foreign company, any
How do I find court cases under Section 49 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 49, section 49 Finance Act 1987, section 49 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 49 of the Finance Act, and has it changed?
Its own text turns on section 9 (Amendment of section 36), Income-tax Act 195 (Other sums), 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 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.