Insertion of new section 43D
Section 15 of the Finance Act, 1991 deals with insertion of new section 43D. Insertion of new section 43D. 15. After section 43C of the Income-tax Act, the following section shall be inserted, namely:— '43D.
Insertion of new section 43D.
15. After section 43C of the Income-tax Act, the following section shall be inserted, namely:—
'43D. Special provision in case of income of public financial institutions, etc.—Notwithstanding anything to the contrary contained in any other provision of this Act, in the case of a public financial institution or a scheduled bank or a State financial corporation or a State industrial investment corporation, the income by way of interest in relation to such categories of bad or doubtful debts as may be prescribed having regard to the guidelines issued by the Reserve Bank of India in relation to such debts, shall be chargeable to tax in the previous year in which it is credited by the public financial institution or the scheduled bank or the State financial corporation or the State industrial investment corporation to its profit and loss account for that year or, as the case may be, in which it is actually received by that institution or bank or corporation, whichever is earlier.
Explanation.— For the purposes of this section,—
(a) "public financial institution" shall have the meaning assigned to it in section 4A of the Companies Act, 1956 (1 of 1956);
(b) "scheduled bank" shall have the meaning assigned to it in clause (ii) of the Explanation to clause (viia) of subsection (1) of section 36;
(c) "State financial corporation" means a financial corporation established under section 3 or section 3A or an institution notified under section 46 of the State Financial Corporations Act, 1951 (63 of 1951);
(d) "State industrial investment corporation" means a Government company within the meaning of section 617 of the Companies Act, 1956 (1 of 1956), engaged in the business of providing long-term finance for industrial projects and approved by the Central Government under clause (viii) of sub-section (1) of section 36.'.
[Finance (No.
2) Act, 1991]
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Section 15, The Finance Act, 1991 (Act 49 of 1991).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Questions about Section 15
What does Section 15 of the Finance Act deal with?
Section 15 of the Finance Act is headed "Insertion of new section 43D". Insertion of new section 43D. 15. After section 43C of the Income-tax Act, the following section shall be inserted, namely:— '43D.
How do I find court cases under Section 15 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 1991 15, section 15 Finance Act 1991, section 15 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 15 of the Finance Act, and has it changed?
Its own text turns on section 3 (Amendment of section 2), section 36 (Amendment of section 80QQA), Income-tax Act 43C (Special provision for computation of cost of acquisition of certain assets), State Financial Corporations Act 46 (Power to apply Act to certain financial institutions in existence at commencement of Act), so none of them can safely be read on its own. 6 other provisions in this corpus refer back to it.
When was the Finance Act enacted?
Finance Act was enacted in 1991 as Act 49 of 1991. 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 Schedule7022 words
- 2. Income-tax2374 words
- 32. Insertion of new section 80-IA2233 words
- 101. Substitution of new sections for sections 11 to 131889 words
- 5. Amendment of section 101415 words
- 28. Amendment of section 80HHC1101 words
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