Amendment of section 36

In force As on 09 Oct 2026

Ministry Finance

Section 7 of the Finance Act, 2013 deals with amendment of section 36. Amendment of section 36. 7. In section 36 of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2014,— (a) | in clause (vii), the Explanation shall be numbered as Explanation 1 thereof and after Explanation 1 as so numbered, the following Explanation shall be inserted, na

Amendment of section 36.
7. In section 36 of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2014,—
(a) in clause (vii), the Explanation shall be numbered as Explanation 1 thereof and after Explanation 1 as so numbered, the following Explanation shall be inserted, namely:—
"Explanation 2.—For the removal of doubts, it is hereby clarified that for the purposes of the proviso to clause (vii) of this sub-section and clause (v) of sub-section (2), the account referred to therein shall be only one account in respect of provision for bad and doubtful debts under clause (viia) and such account shall relate to all types of advances, including advances made by rural branches;";
(b) after clause (xv), the following clause shall be inserted, namely:—
'(xvi) an amount equal to the commodities transaction tax paid by the assessee in respect of the taxable commodities transactions entered into in the course of his business during the previous year, if the income arising from such taxable commodities transactions is included in the income computed under the head "Profits and gains of business or profession".
Explanation.—For the purposes of this clause, the expressions "commodities transaction tax" and "taxable commodities transaction" shall have the meanings respectively assigned to them under Chapter VII of the Finance Act, 2013.'.
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Section 7, The Finance Act, 2013.

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Questions about Section 7

What does Section 7 of the Finance Act deal with?

Section 7 of the Finance Act is headed "Amendment of section 36". Amendment of section 36. 7. In section 36 of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2014,— (a) | in clause (vii), the Explanation shall be numbered as Explanation 1 thereof and after Explanation 1 as so numbered, the following Explanation shall be inserted, na

How do I find court cases under Section 7 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 2013 7, section 7 Finance Act 2013, section 7 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 7 of the Finance Act, and has it changed?

Its own text turns on section 36 (Amendment of section 139), Income-tax Act 36 (Other deductions), so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 2013. India Code records no commencement date for it. It is in force as at the date shown on this page.

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(a)		in clause (vii), the Explanation shall be numbered as Explanation 1 thereof and after Explanation 1 as so numbered, the following Explanation shall be inserted, namely:—
		"Explanation 2.—For the removal of doubts, it is hereby clarified that for the purposes of the proviso to clause (vii) of this sub-section and clause (v) of sub-section (2), the account referred to therein shall be only one account in respect of provision for bad and doubtful debts under clause (viia) and such account shall relate to all types of advances, including advances made by rural branches;";
(b)		after clause (xv), the following clause shall be inserted, namely:—
		'(xvi) an amount equal to the commodities transaction tax paid by the assessee in respect of the taxable commodities transactions entered into in the course of his business during the previous year, if the income arising from such taxable commodities transactions is included in the income computed under the head "Profits and gains of business or profession".
		Explanation.—For the purposes of this clause, the expressions "commodities transaction tax" and "taxable commodities transaction" shall have the meanings respectively assigned to them under Chapter VII of the Finance Act, 2013.'.