Insertion of new section 194LA
Section 38 of the Finance Act, 2004 deals with insertion of new section 194LA. Insertion of new section 194LA. 38. After section 194L of the Income-tax Act, the following section shall be inserted with effect from the 1st day of October, 2004, namely:— ‘194LA.
Insertion of new section 194LA.
38. After section 194L of the Income-tax Act, the following section shall be inserted with effect from the 1st day of October, 2004, namely:—
‘194LA. Payment of compensation on acquisition of certain immovable property.—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 immovable property (other than agricultural land), 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 thereon:
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.
Explanation.—For the purposes of this section,—
(i ) "agricultural land" means agricultural land in India including land situate in any area referred to in items (a) and (b) of sub-clause (iii) of clause ( 14) of section 2;
(ii ) "immovable property" means any land (other than agricultural land) or any building or part of a building.’.
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Section 38, The Finance Act, 2004.
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Questions about Section 38
What does Section 38 of the Finance Act deal with?
Section 38 of the Finance Act is headed "Insertion of new section 194LA". Insertion of new section 194LA. 38. After section 194L of the Income-tax Act, the following section shall be inserted with effect from the 1st day of October, 2004, namely:— ‘194LA.
How do I find court cases under Section 38 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 2004 38, section 38 Finance Act 2004, section 38 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 38 of the Finance Act, and has it changed?
Its own text turns on section 2 (Income-tax), 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 2004. 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
- 30. Insertion of new Chapter XII-G7139 words
- First Schedule. First Schedule5961 words
- 2. Income-tax2336 words
- 50. Amendment of section 206C1334 words
- 18. Amendment of section 80IB1046 words
- 5. Amendment of section 10930 words
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