Insertion of new section 194EE
Section 54 of the Finance Act, 1991 deals with insertion of new section 194EE. Insertion of new section 194EE. 54. After section 194E of the Income-tax Act, the following section shall be inserted, with effect from the 1st day of October, 1991, namely:— "194EE.
Insertion of new section 194EE.
54. After section 194E of the Income-tax Act, the following section shall be inserted, with effect from the 1st day of October, 1991, namely:—
"194EE. Payments in respect of deposits under National Savings Scheme, etc.—The person responsible for paying to any person any amount referred to in clause (a) of sub-section (2) of section 80CCA shall, at the time of payment thereof, deduct income-tax thereon at the rate of twenty per cent.: '
Provided that no deduction shall be made under this section where the amount of such payment or, as the case may be, the aggregate amount of such payments to the payee during the financial year is less than two thousand five hundred rupees:
Provided further that nothing contained in this section shall apply to the payment of the said amount to the heirs of the assessee,".
[Finance (No.
2) Act, 1991]
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Section 54, 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
Referred to by 2
Questions about Section 54
What does Section 54 of the Finance Act deal with?
Section 54 of the Finance Act is headed "Insertion of new section 194EE". Insertion of new section 194EE. 54. After section 194E of the Income-tax Act, the following section shall be inserted, with effect from the 1st day of October, 1991, namely:— "194EE.
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 1991 54, section 54 Finance Act 1991, 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 Income-tax Act 194E (Payments to non-resident sportsmen or sports associations), so none of them can safely be read on its own. 2 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
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.