Amendment of Act 57 of 1972
Section 86 of the Finance Act, 1988 deals with amendment of Act 57 of 1972. Amendment of Act 57 of 1972 86. After section 35 of the General Insurance Business (Nationalisation) Act, 1972, the following section shall be inserted with effect from the 1st day of June, 1988, namely:— Deduction of income-tax not to be made on interest or dividend payable to the Corportion, etc "
Amendment of Act 57 of 1972
86. After section 35 of the General Insurance Business (Nationalisation) Act, 1972, the following section shall be inserted with effect from the 1st day of June, 1988, namely:—
Deduction of income-tax not to be made on interest or dividend payable to the Corportion, etc
"35A. Notwithstanding anything contained in section 193 or section 194 of the Income-tax Act, 1961 (43 of 1961), no deduction of income-tax shall be made on any interest or dividend payable to the Corporation or to any of the four new companies formed by virtue of the schemes framed under sub-section (I) of section 16, in respect of any securities or shares owned by the Corporation or such company or in which the Corporation or such company has full beneficial interest.".
[Finance Act, 1988]
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Section 86, 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.
Questions about Section 86
What does Section 86 of the Finance Act deal with?
Section 86 of the Finance Act is headed "Amendment of Act 57 of 1972". Amendment of Act 57 of 1972 86. After section 35 of the General Insurance Business (Nationalisation) Act, 1972, the following section shall be inserted with effect from the 1st day of June, 1988, namely:— Deduction of income-tax not to be made on interest or dividend payable to the Corportion, etc "
How do I find court cases under Section 86 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 86, section 86 Finance Act 1988, section 86 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 86 of the Finance Act, and has it changed?
Its own text turns on section 16 (Amendment of section 44BB), General Insurance Business (Nationalisation) Act 35 (Application of Insurance Act), Income-tax Act 194 (Dividends), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.
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
- First Schedule. First Schedule7045 words
- 2. Income-tax2162 words
- 4. Amendment of section 101079 words
- 6. Insertion of new section 10B1066 words
- 24. Amendment of section 80HHC788 words
- 40. Insertion of new section 206C687 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.