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Section12
The Finance Act, 2005

Amendment of section 36

In force Act 18 of 2005 As on 07 Oct 2026

Act 18 of 2005 Ministry Finance Enacted 13 May 2005

Section 12 of the Finance Act, 2005 deals with amendment of section 36. Amendment of section 36. 12. In section 36 of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2006,— (a ) after clause (iii), the following shall be inserted, namely:— ‘(iiia) the pro rata amount of discount on a zero coupon bond having regard to the period of life of The Act was enacted on 13 May 2005.

Amendment of section 36.

12. In section 36 of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2006,—

(a ) after clause (iii), the following shall be inserted, namely:—

‘(iiia) the pro rata amount of discount on a zero coupon bond having regard to the period of life of such bond calculated in the manner as may be prescribed.

Explanation.—For the purposes of this clause, the expressions—

(i ) "discount" means the difference between the amount received or receivable by the infrastructure capital company or infrastructure capital fund or public sector company issuing the bond and the amount payable by such company or fund or public sector company on maturity or redemption of such bond;

(ii ) "period of life of the bond" means the period commencing from the date of issue of the bond and ending on the date of the maturity or redemption of such bond;

(iii ) "infrastructure capital company" and "infrastructure capital fund" shall have the same meanings respectively assigned to them in clauses (a) and ( b) of Explanation 1 to clause ( 23G) of section 10;’;

( b) after clause (xii) , the following shall be inserted, namely:—

‘(xiii) any amount of banking cash transaction tax paid by the assessee during the previous year on the taxable banking transactions entered into by him.

Explanation.—For the purposes of this clause, the expressions "banking cash transaction tax" and "taxable banking transaction" shall have the same meanings respectively assigned to them under Chapter VII of the Finance Act, 2005.’.

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Section 12, The Finance Act, 2005 (Act 18 of 2005).

Cross-references

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

This section refers to

  1. s. 10 Amendment of section 35
  2. s. 36 Amendment of section 115VD
  3. Income-tax Act s. 36 Other deductions

Questions about Section 12

What does Section 12 of the Finance Act deal with?

Section 12 of the Finance Act is headed "Amendment of section 36". Amendment of section 36. 12. In section 36 of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2006,— (a ) after clause (iii), the following shall be inserted, namely:— ‘(iiia) the pro rata amount of discount on a zero coupon bond having regard to the period of life of

How do I find court cases under Section 12 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 2005 12, section 12 Finance Act 2005, section 12 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 12 of the Finance Act, and has it changed?

Its own text turns on section 10 (Amendment of section 35), section 36 (Amendment of section 115VD), Income-tax Act 36 (Other deductions), so none of them can safely be read on its own.

When was Section 12 of the Finance Act enacted?

Section 12 of the Finance Act, cited as Finance Act 2005 12, was enacted on 13 May 2005 as Act 18 of 2005. 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.