Insertion of new section 196D

In force Act 38 of 1993 As on 15 Oct 2026

Act 38 of 1993 Ministry Finance Cited by 1 provision

Section 28 of the Finance Act, 1993 deals with insertion of new section 196D. Insertion of new section 196D. 28. After section 196C of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 1993, namely:— "196D.

Insertion of new section 196D.
28. After section 196C of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 1993, namely:—
"196D. Income of Foreign Institutional Investors, from securities.—(1) Where any income in respect of securities referred to in clause (a) of sub-section (1) of section 115AD is payable to a Foreign Institutional Investor, the person responsible for making the payment shall, at the time of credit of such income to the account of the payee-or at the time of payment thereof in cash or by issue of! a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of twenty per cent.
(2) No deduction of tax shall be made from any income, by way of capital gains arising from the transfer of securities referred to in section 115AD, payable to a Foreign Institutional Investor."
[Finance Act, 1993]
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Section 28, The Finance Act, 1993 (Act 38 of 1993).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

Income-tax Act s. 196C Income from foreign currency bonds or shares of Indian company

Referred to by 1

s. 21 Amendment of section 88B

Questions about Section 28

What does Section 28 of the Finance Act deal with?

Section 28 of the Finance Act is headed "Insertion of new section 196D". Insertion of new section 196D. 28. After section 196C of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 1993, namely:— "196D.

How do I find court cases under Section 28 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 1993 28, section 28 Finance Act 1993, section 28 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 28 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 196C (Income from foreign currency bonds or shares of Indian company), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was the Finance Act enacted?

Finance Act was enacted in 1993 as Act 38 of 1993. 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 Schedule5968 words
2. Income-tax2352 words
42. Amendment of Schedule II2037 words
31. Insertion of new Chapter XIX-B1169 words
3. Amendment of section 10825 words
22. Amendment of section 115K470 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.