Substitution of new section for section 5
Section 94 of the Finance Act, 1991 deals with substitution of new section for section 5. Substitution of new section for section 5.
Substitution of new section for section 5.
94. For section 5 of the Interest-tax Act, the following section shall be substituted, with effect from the 1st day of October, 1991, namely:—
"5. Scope of chargeable interest.—Subject to the provisions of this Act, the chargeable interest of any previous year of a credit institution shall be the total amount of interest (other than interest on loans and advances made to other credit institutions) accruing or arising to the credit institution in that previous year;
Provided that any interest in relation to categories " of bad or doubtful debts referred to in section 43D of the Income-tax Act shall be deemed to accrue or arise to the credit institution in the previous year in which it is credited by the credit institution to its profit and loss account for that year or, as the case may be, in which it is actually received by the credit institution, whichever is earlier.".
[Finance (No.
2) Act, 1991]
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Section 94, 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.
Questions about Section 94
What does Section 94 of the Finance Act deal with?
Section 94 of the Finance Act is headed "Substitution of new section for section 5". Substitution of new section for section 5.
How do I find court cases under Section 94 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 94, section 94 Finance Act 1991, section 94 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 94 of the Finance Act, and has it changed?
Its own text turns on section 5 (Amendment of section 10), Income-tax Act 43D (***] etc), Interest-tax Act 5 (Scope of chargeable interest), so none of them can safely be read on its own.
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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