# The Finance Act, 2001, Section 79: Amendment of section 234B

- Act: The Finance Act, 2001
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2001/section/79/

## Text

Amendment of section 234B. 79. In section 234B of the Income-tax Act,— (a) in sub-section (1),— (i) for the words "one and one-half per cent", the words "one and one-fourth per cent" shall be substituted with effect from the 1st day of June, 2001; (ii) for Explanation 1, the following  Explanation  shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1989, namely:— ‘Explanation 1.—In this section, "assessed tax" means the tax on the total income determined under sub-section (1) of section 143 or on regular assessment as reduced by the amount of tax deducted or collected at source in accordance with the provisions of Chap­ter XVII on any income which is subject to such deduction or collection and which is taken into account in computing such total income.’; (b) in sub-section (3), for the words "one and one-half per cent", the words "one and one-fourth per cent" shall be substi­tuted with effect from the 1st day of June, 2001. © Copyright. Taxmann Publications Pvt. Ltd.

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