Amendment of section 80C
Section 16 of the Finance Act, 2006 deals with amendment of section 80C. Amendment of section 80C. 16. In section 80C of the Income-tax Act, in sub-section (2), with effect from the 1st day of April, 2007,— (a ) in clause (xi), for the words, brackets, figures and letter "notified under clause (23D)", the words, brackets, figures and letter "referred to in clause (23D)"
Amendment of section 80C.
16. In section 80C of the Income-tax Act, in sub-section (2), with effect from the 1st day of April, 2007,—
(a ) in clause (xi), for the words, brackets, figures and letter "notified under clause (23D)", the words, brackets, figures and letter "referred to in clause (23D)" shall be substituted;
(b ) in clause (xiii), for the words, brackets, figures and letter "notified under clause (23D)", the words, brackets, figures and letter "referred to in clause (23D)" shall be substituted;
(c ) in clause (xiv), for the words, brackets, figures and letter "notified under clause (23D)", the words, brackets, figures and letter "referred to in clause (23D)" shall be substituted;
(d ) after clause (xx), the following shall be inserted, namely:—
‘(xxi) as term deposit—
for a fixed period of not less than five years with a scheduled bank; and
which is in accordance with a scheme framed and notified by the Central Government, in the Official Gazette for the purposes of this clause.
Explanation.—For the purposes of this clause, "scheduled bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), or a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), or a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), or any other bank, being a bank included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934).’.
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Section 16, The Finance Act, 2006.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
- Banking Companies (Acquisition and Transfer of Undertakings) Act s. 3 Establishment of corresponding new banks and business thereof
- Banking Companies (Acquisition and Transfer of Undertakings) Act s. 3 Establishment of corresponding new banks and business thereof
- Income-tax Act s. 80C Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc
Questions about Section 16
What does Section 16 of the Finance Act deal with?
Section 16 of the Finance Act is headed "Amendment of section 80C". Amendment of section 80C. 16. In section 80C of the Income-tax Act, in sub-section (2), with effect from the 1st day of April, 2007,— (a ) in clause (xi), for the words, brackets, figures and letter "notified under clause (23D)", the words, brackets, figures and letter "referred to in clause (23D)"
How do I find court cases under Section 16 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 2006 16, section 16 Finance Act 2006, section 16 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 16 of the Finance Act, and has it changed?
Its own text turns on Banking Companies (Acquisition and Transfer of Undertakings) Act 3 (Establishment of corresponding new banks and business thereof), Banking Companies (Acquisition and Transfer of Undertakings) Act 3 (Establishment of corresponding new banks and business thereof), Income-tax Act 80C (Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 2006. 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
- First Schedule. First Schedule7285 words
- 2. Income-tax2665 words
- 4. Amendment of section 10604 words
- 3. Amendment of section 2556 words
- 20. Insertion of new section 90A531 words
- 33. Insertion of new section 139B512 words
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.