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Section24
The Finance Act, 1995

Insertion of new section 113

In force Act 22 of 1995 As on 14 Oct 2026

Act 22 of 1995 Ministry Finance

Section 24 of the Finance Act, 1995 deals with insertion of new section 113. Insertion of new section 113. 24. After section 112 of the Income-tax Act the following section shall be inserted, with effect from the 1st day of July, 1995, namely:— Tax in the case of block assessment of search cases.

Insertion of new section 113.

24. After section 112 of the Income-tax Act the following section shall be inserted, with effect from the 1st day of July, 1995, namely:—

Tax in the case of block assessment of search cases.

"113. The total undisclosed income of the block period, determined under section 158BC, shall be chargeable to tax at the rate of sixty per cent.".

[Finance Act, 1995]

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Section 24, The Finance Act, 1995 (Act 22 of 1995).

Cross-references

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

This section refers to

  1. Income-tax Act s. 112 Tax on long-term capital gains

Questions about Section 24

What does Section 24 of the Finance Act deal with?

Section 24 of the Finance Act is headed "Insertion of new section 113". Insertion of new section 113. 24. After section 112 of the Income-tax Act the following section shall be inserted, with effect from the 1st day of July, 1995, namely:— Tax in the case of block assessment of search cases.

How do I find court cases under Section 24 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 1995 24, section 24 Finance Act 1995, section 24 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 24 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 112 (Tax on long-term capital gains), so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 1995 as Act 22 of 1995. 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

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.