Insertion of new section 194L
Section 74 of the Finance Act, 1999 deals with insertion of new section 194L. Insertion of new section 194L. 74. After section 194K of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 1999, namely :— "194L.
Insertion of new section 194L.
74. After section 194K of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 1999, namely :—
"194L. Payment of compensation on acquisition of capital asset.—Any person responsible for paying to a resident any sum being in the nature of compensation or the enhanced compensation or the consideration or the enhanced consideration on account of compulsory acquisition, under any law for the time being in force, of any capital asset shall, at the time of payment of such sum in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to ten per cent of such sum as income-tax on income comprised therein :
Provided that no deduction shall be made under this section where the amount of such payment or, as the case may be, the aggregate amount of such payments to a resident during the financial year does not exceed one hundred thousand rupees.".
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Section 74, The Finance Act, 1999.
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Questions about Section 74
What does Section 74 of the Finance Act deal with?
Section 74 of the Finance Act is headed "Insertion of new section 194L". Insertion of new section 194L. 74. After section 194K of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 1999, namely :— "194L.
How do I find court cases under Section 74 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 1999 74, section 74 Finance Act 1999, section 74 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 74 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 194K (Income in respect of units), 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 1999. 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
- 50. Substitution of new section for section 80-IA5311 words
- First Schedule. First Schedule5092 words
- 2. Income-tax1942 words
- 6. Amendment of section 101681 words
- 3. Amendment of section 21112 words
- 38. Substitution of new section for section 72A903 words
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