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Section121
The Finance Act, 2015

Definitions

In force Act 20 of 2015 As on 07 Oct 2026

Act 20 of 2015 Ministry Finance

Section 121 of the Finance Act, 2015 deals with definitions. Definitions 121. In this Chapter, unless the context otherwise requires,— (1) | "Committee" means the Inter-Ministerial Committee constituted under section 123;

Definitions

121. In this Chapter, unless the context otherwise requires,—

(1)"Committee" means the Inter-Ministerial Committee constituted under section 123;
(2)"eligible interest" means an interest on the principal transferred to the Fund at the rate notified by the Central Government;
(3)"Financial Year" means the period commencing on the 1st day of April and ending on the 31st day of March every year;
(4)"Fund" means the Fund established under section 122;
(5)"inoperative account" means an account under any of the schemes specified by or under sub-section (2) of section 122 and not operated upon for a period of three years if operable on regular basis, or if there is a date of maturity, from the date of maturity, as the case may be;
(6)"Institution" means any bank, Post Office or any other institution notified by the Central Government which is holding the inoperative accounts having unclaimed amounts;
(7)"notification" means a notification published in the Official Gazette;
(8)"prescribed" means prescribed by rules made by the Central Government under this Chapter;
(9)"senior citizen" means a citizen of India who has attained the age of sixty years or above;
(10)"unclaimed amount" means the amount as referred to in sub-section (2) of section 122.
Section 121, The Finance Act, 2015 (Act 20 of 2015).

Cross-references

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

This section refers to

  1. s. 122 Establishment of Fund
  2. s. 123 Constitution of a Committee for administration of fund

Questions about Section 121

What does Section 121 of the Finance Act deal with?

Section 121 of the Finance Act is headed "Definitions". Definitions 121. In this Chapter, unless the context otherwise requires,— (1) | "Committee" means the Inter-Ministerial Committee constituted under section 123;

How do I find court cases under Section 121 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 2015 121, section 121 Finance Act 2015, section 121 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 121 of the Finance Act, and has it changed?

Its own text turns on section 122 (Establishment of Fund), section 123 (Constitution of a Committee for administration of fund), so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 2015 as Act 20 of 2015. 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

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.