Payment of claims
Section 124 of the Finance Act, 2015 deals with payment of claims. Payment of claims 124. (1) Any person claiming to be entitled to the unclaimed amount transferred to the Fund may apply to the respective Institution with which the amount due was originally lying or deposited, at any time before the right to the amount is extinguished as provided in section 126.
Payment of claims
124. (1) Any person claiming to be entitled to the unclaimed amount transferred to the Fund may apply to the respective Institution with which the amount due was originally lying or deposited, at any time before the right to the amount is extinguished as provided in section 126.
(2) The person making the application shall bear the onus of establishing his right to receive the amount to which the application relates.
(3) The Institution shall consider the application as expeditiously as possible, and make payment along with the eligible interest, in any case, within sixty days of the receipt of the application.
(4) Any payment under this section shall discharge the Institution from liability in respect of the amount credited to the Fund.
(5) The interest payable, if any, on the money transferred to the Fund shall be determined and notified by the Central Government.
Section 124, 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
Referred to by 1
Made under this section, and citing it
1 instrument names this provision in its title or its text without being made under it.
Questions about Section 124
What does Section 124 of the Finance Act deal with?
Section 124 of the Finance Act is headed "Payment of claims". Payment of claims 124. (1) Any person claiming to be entitled to the unclaimed amount transferred to the Fund may apply to the respective Institution with which the amount due was originally lying or deposited, at any time before the right to the amount is extinguished as provided in section 126.
How do I find court cases under Section 124 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 124, section 124 Finance Act 2015, section 124 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 124 of the Finance Act, and has it changed?
Its own text turns on section 126 (Escheat to the Central Government), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it. One instrument names it without being made under it, most recently notification for senior citizens' welfare fund rules (2016).
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
- First Schedule. First Schedule8029 words
- Fifth Schedule. Fifth Schedule4392 words
- 2. Income-tax3525 words
- 94. Substitution of new section for section 11AC1125 words
- 6. Insertion of new section 9A1095 words
- 5. Amendment of section 91039 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.