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Section3
The Finance Act, 1991

Amendment of section 2

In force Act 49 of 1991 As on 06 Oct 2026

Act 49 of 1991 Ministry Finance Cited by 8 provisions

Section 3 of the Finance Act, 1991 deals with amendment of section 2. CHAPTER III Direct taxes Income-tax Amendment of section 2.

CHAPTER III

Direct taxes

Income-tax

Amendment of section 2.

3. In section 2 of the Income-tax Act,—

(a) in clause (29C), after the words "in the case of an individual", the words, ".association of persons or, as the case may be, body of individuals" shall be inserted;

(b) in clause (37A), with effect from the 1st day of October, 1991,—

(i) in sub-clause (ii), for the figures, letter and word ", 194D and 195" the word, figures and letter "and 194D" shall be substituted;

(ii) after sub-clause (ii), the following sub-clause shall be inserted, namely: —

" (iii) for the purposes of deduction of tax under section 195, the rate or rates of income-tax specified in section 115A or the rate or rates of income-tax specified in this behalf in the Finance Act of the relevant year, whichever is applicable;".

[Finance (No.

2) Act, 1991]

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Section 3, 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

  1. s. 2 Income-tax
  2. Income-tax Act s. 2 Definitions

Referred to by 8

  1. s. 14 Amendment of section 36
  2. s. 15 Insertion of new section 43D
  3. s. 91 Amendment of section 2
  4. s. 92 Amendment of section 3
  5. s. 114 Amendment of section 2
  6. s. 115 Substitution of new sections for sections 3 to 5
  7. s. 116 Substitution of new section for section 7
  8. s. 119 Amendment of section 31

Questions about Section 3

What does Section 3 of the Finance Act deal with?

Section 3 of the Finance Act is headed "Amendment of section 2". CHAPTER III Direct taxes Income-tax Amendment of section 2.

How do I find court cases under Section 3 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 3, section 3 Finance Act 1991, section 3 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 3 of the Finance Act, and has it changed?

Its own text turns on section 2 (Income-tax), Income-tax Act 2 (Definitions), so none of them can safely be read on its own. 8 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

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.