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Section3
The Finance Act, 1996

Amendment of section 2

In force Act 33 of 1996 As on 16 Oct 2026

Act 33 of 1996 Ministry Finance

Section 3 of the Finance Act, 1996 deals with amendment of section 2. CHAPTER III Direct taxes Income-tax Amendment of section 2.

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]

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Section 3, The Finance Act, 1996 (Act 33 of 1996).

Cross-references

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

This section refers to

  1. s. 2 Income-tax
  2. s. 10 Amendment of section 28
  3. Income-tax Act s. 2 Definitions

Questions about Section 3

What does Section 3 of the Finance Act deal with?

Section 3 of the Finance Act is headed "Amendment of section 2". CHAPTER III Direct taxes Income-tax Amendment of section 2.

How do I find court cases under Section 3 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 1996 3, section 3 Finance Act 1996, section 3 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 3 of the Finance Act, and has it changed?

Its own text turns on section 2 (Income-tax), section 10 (Amendment of section 28), Income-tax Act 2 (Definitions), so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 1996 as Act 33 of 1996. 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.