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Section54
The Finance Act, 1988

Consequential amendments

In force Act 26 of 1988 As on 17 Oct 2026

Act 26 of 1988 Ministry Finance

Section 54 of the Finance Act, 1988 deals with consequential amendments. Consequential amendments 54. The following amendments (being amendments of a consequential nature) shall be made in the Income-tax Act, namely: — (i) in section 2, in clause (24), sub-clause (viii) shall be omitted;

Consequential amendments

54. The following amendments (being amendments of a consequential nature) shall be made in the Income-tax Act, namely: —

(i) in section 2, in clause (24), sub-clause (viii) shall be omitted;

(ii) in section 18, in sub-section (1), in clause (i), the words, figures and letters "not being interest payable under section 280D in respect of any annuity deposit made under Chapter XXIIA" shall be omitted;

(iii) in section 29 [as amended by the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988)], for the words, figures and letter "sections 30 to 43B", the words, figures and letter "sections 30 to 43C" shall be substituted;

(iv) in section 33, in sub-section (2) and the Explanation thereunder, the words, figures and letter "or section 280-O" shall be omitted;

(v) in section 33A, in sub-section (2) and the Explanation thereunder, the words, figures and letter "or section 280-O" shall bo omitted;

(vi) in section 80B, in clause (5), the words, figures and letter "or under section 280-O" shall be omitted;

(vii) in section 80J, in sub-section (3), the words, figures and letter "or section 280-O" shall be omitted;

(viii) in section 80L, in sub-section (1), in clause (i) the brackets, words, figures and letters "(not being interest payable under section 280D in respect of any annuity deposit made under Chapter XXIIA)" shall be omitted;

(ix) in section 194A, in sub-section (1), for the words 'chargeable under the head "Interest on securities'", the words "by way of interest on securities" shall be substituted with effect from the 1st day of April, 1989;

(x) in section 253, in sub-section (1), in clause (c), the words, figures and letter "or under section 285A" shall be omitted.

[Finance Act, 1988]

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Section 54, The Finance Act, 1988 (Act 26 of 1988).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. s. 2 Income-tax
  2. s. 18 Amendment of section 56
  3. s. 29 Amendment of section 89
  4. s. 30 Omission of section 112A
  5. s. 33 Amendment of section 131

Questions about Section 54

What does Section 54 of the Finance Act deal with?

Section 54 of the Finance Act is headed "Consequential amendments". Consequential amendments 54. The following amendments (being amendments of a consequential nature) shall be made in the Income-tax Act, namely: — (i) in section 2, in clause (24), sub-clause (viii) shall be omitted;

How do I find court cases under Section 54 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 1988 54, section 54 Finance Act 1988, section 54 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 54 of the Finance Act, and has it changed?

Its own text turns on section 2 (Income-tax), section 18 (Amendment of section 56), section 29 (Amendment of section 89), section 30 (Omission of section 112A), and on 1 further provision, so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 1988 as Act 26 of 1988. 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.