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Section40
The Finance Act, 1990

Insertion of new section 194F

In force Act 12 of 1990 As on 14 Oct 2026

Act 12 of 1990 Ministry Finance Cited by 1 provision

Section 40 of the Finance Act, 1990 deals with insertion of new section 194F. Insertion of new section 194F 40. After section 194E of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 1991, namely: — "194F.

Insertion of new section 194F

40. After section 194E of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 1991, namely: —

"194F. Payments on account of repurchase of units by Mutual Fund or Unit Trust of India.—The person responsible for paying to any person any amount referred to in sub-section (2) of section 80CCB shall, at the time of payment thereof, deduct income-tax thereon at the rate of twenty per cent.".

[Finance Act, 1990]

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Section 40, The Finance Act, 1990 (Act 12 of 1990).

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. 194E Payments to non-resident sportsmen or sports associations

Referred to by 1

  1. s. First Schedule First Schedule

Questions about Section 40

What does Section 40 of the Finance Act deal with?

Section 40 of the Finance Act is headed "Insertion of new section 194F". Insertion of new section 194F 40. After section 194E of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 1991, namely: — "194F.

How do I find court cases under Section 40 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 1990 40, section 40 Finance Act 1990, section 40 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 40 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 194E (Payments to non-resident sportsmen or sports associations), 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 1990 as Act 12 of 1990. 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.