Amendment of section 7
Section 96 of the Finance Act, 1991 deals with amendment of section 7. Amendment of section 7. 96. In section 7 of the Interest-tax Act, with effect from the 1st day of October, 1991,— (a) for sub-sections (1) and (2), the following sub-sections shall be substituted, namely: — "(1) In the case of every credit institution, its principal officer, or where in the case of
Amendment of section 7.
96. In section 7 of the Interest-tax Act, with effect from the 1st day of October, 1991,—
(a) for sub-sections (1) and (2), the following sub-sections shall be substituted, namely: —
"(1) In the case of every credit institution, its principal officer, or where in the case of a non-resident credit institution any person has been treated as its agent under section 163 of the Income-tax Act, such person, shall furnish a return of the chargeable interest of the credit institution of the previous year in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed, before the 31st day of December of the assessment year.
(2) Without prejudice to the provisions of sub-section (1), the Assessing Officer may, before the end of the relevant assessment year, serve a notice upon the principal officer of any credit institution, or where in the case of a non-resident credit institution any person has been treated as its agent under section 163 of the income-tax Act, upon such person, requiring him to furnish within thirty days from the date of service of the notice a return of the chargeable interest of the credit institution of the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed.";
(b) in sub-section (3), for the words "before the assessment is made", the words "before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier" shall be substituted.
[Finance (No.
2) Act, 1991]
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Section 96, 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 96
What does Section 96 of the Finance Act deal with?
Section 96 of the Finance Act is headed "Amendment of section 7". Amendment of section 7. 96. In section 7 of the Interest-tax Act, with effect from the 1st day of October, 1991,— (a) for sub-sections (1) and (2), the following sub-sections shall be substituted, namely: — "(1) In the case of every credit institution, its principal officer, or where in the case of
How do I find court cases under Section 96 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 96, section 96 Finance Act 1991, section 96 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 96 of the Finance Act, and has it changed?
Its own text turns on section 7 (Amendment of section 12 A), Income-tax Act 163 (Who may be regarded as agent), Interest-tax Act 7 (Return 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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