Insertion of new section 194DA
Section 57 of the Finance Act, 2014 deals with insertion of new section 194DA. Insertion of new section 194DA. 57. After section 194D of the Income-tax Act, the following section shall be inserted with effect from the 1st day of October, 2014, namely:— "194DA.
Insertion of new section 194DA.
57. After section 194D of the Income-tax Act, the following section shall be inserted with effect from the 1st day of October, 2014, namely:—
"194DA. Payment in respect of life insurance policy.— Any person responsible for paying to a resident any sum under a life insurance policy, including the sum allocated by way of bonus on such policy, other than the amount not includible in the total income under clause (10D) of section 10, shall, at the time of payment thereof, deduct income-tax thereon at the rate of two per cent:
Provided that no deduction under this section shall be made where the amount of such payment or, as the case may be, the aggregate amount of such payments to the payee during the financial year is less than one hundred thousand rupees.".
© Copyright. Taxmann Publications Pvt. Ltd.
Section 57, The Finance Act, 2014 (Act 25 of 2014).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Questions about Section 57
What does Section 57 of the Finance Act deal with?
Section 57 of the Finance Act is headed "Insertion of new section 194DA". Insertion of new section 194DA. 57. After section 194D of the Income-tax Act, the following section shall be inserted with effect from the 1st day of October, 2014, namely:— "194DA.
How do I find court cases under Section 57 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 2014 57, section 57 Finance Act 2014, section 57 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 57 of the Finance Act, and has it changed?
Its own text turns on section 10 (Amendment of section 24), Income-tax Act 194D (Insurance commission), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 2014 as Act 25 of 2014. 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. THE FIRST SCHEDULE7973 words
- 2. Income-tax3522 words
- 114. Amendment of Act 32 of 19941078 words
- 3. Amendment of section 21041 words
- Seventh Schedule. THE SEVENTH SCHEDULE908 words
- 76. Substitution of new section for section 285BA878 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.