# The Finance Act, 1996, Section 3: Amendment of section 2

- Act: The Finance Act, 1996 (Act 33 of 1996)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1996/section/3/

## Text

CHAPTER III Direct taxes Income-tax Amendment of section 2. 3. In section 2 of the Income-tax Act, with effect from the 1st day of October, 1996,— (a) in clause (7A), for the words "Assistant Commissioner" and "Deputy Commissioner", the words "Assistant Commissioner" or "Assistant Director" and "Deputy Commissioner" or "Deputy Director" shall respectively be substituted; (b) in clause (24), after sub-clause (x), the following sub-clause shall be inserted, namely:— '(xi) any sum received under a Keyman insurance policy including the sum allocated by way of bonus on such policy. Explanation.—For the purposes of this clause, the expression "Keyman insurance policy" shall have the meaning assigned to it in the Explanation to clause (10D) of section 10;', [Finance (No. 2) Act, 1996] © Copyright. Taxmann Publications Pvt. Ltd.

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