Substitution of new section for section 9
Section 98 of the Finance Act, 1991 deals with substitution of new section for section 9. Substitution of new section for section 9.
Substitution of new section for section 9.
98. For section 9 of the Interest-tax Act, the following section shall be substituted, with effect from the 1st day of October, 1991, namely:—
"9. Self-assessment.—(1) Where interest-tax is payable on the basis of any return required to be furnished under section 7 or section 10, after taking into account the amount of interest-tax, if any, already paid under any provision of this Act, the assessee shall be liable to pay such interest-tax, together with interest payable under any provision of this Act for any delay in furnishing the return or any default or delay in payment of advance interest-tax, before furnishing the return and the return shall be accompanied by proof of payment of such interest-tax and interest.
Explanation.—Where the amount paid by the assessee under this sub-section falls short of the aggregate of the interest-tax and interest as aforesaid, the amount so paid shall first be adjusted towards the interest payable as aforesaid and the balance, if any, shall be adjusted towards the interest-tax payable.
(2) After the assessment under section 8 has been made, any amount paid under sub-section (1) shall be deemed to have been paid towards such assessment.
(3) If any assessee fails to pay the whole or any part of interest-tax or interest or both in accordance with the provisions of subsection (I), he shall, without prejudice to any other consequences which he may incur, be deemed to be an assessee in default in respect of the interest-tax or interest or both remaining unpaid, and all the provisions of this Act shall apply accordingly.".
[Finance (No.
2) Act, 1991]
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Section 98, 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 98
What does Section 98 of the Finance Act deal with?
Section 98 of the Finance Act is headed "Substitution of new section for section 9". Substitution of new section for section 9.
How do I find court cases under Section 98 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 98, section 98 Finance Act 1991, section 98 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 98 of the Finance Act, and has it changed?
Its own text turns on section 7 (Amendment of section 12 A), section 8 (Amendment of section 13), section 9 (Amendment of section 17), section 10 (Amendment of section 29), and on 1 further provision, 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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