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Section221
The Finance Act, 2016

Amendment of section 2

In force As on 10 Oct 2026

Ministry Finance Enacted 27 Jun 2016

Section 221 of the Finance Act, 2016 deals with amendment of section 2. Amendment of section 2 221 . In section 2 of the principal Act,— (i) | after clause (b), the following clause shall be inserted, namely:— '(bva) "Consumer Price Index" means the Consumer Price Index Combined published by the Government of India from time to time;'; The Act was enacted on 27 Jun 2016.

Amendment of section 2

221 . In section 2 of the principal Act,—

(i)after clause (b), the following clause shall be inserted, namely:—
'(bva) "Consumer Price Index" means the Consumer Price Index Combined published by the Government of India from time to time;';
(ii)after clause (c), the following clauses shall be inserted, namely:—
'(ci) "inflation" means the year wise change in monthly Consumer Price Index expressed in terms of percentage;
(cii) "inflation target" means the inflation target determined in accordance with sub-section (1) of section 45ZA;';
(iii)after clause (cc), the following clauses shall be inserted, namely:—
'(cci) "Monetary Policy Committee" means the Committee constituted under sub-section (1) of section 45ZB;';
(iv)after clause (cccc), the following clause shall be inserted, namely:—
(cccci) "Policy Rate" means the rate for repo-transactions under sub-section (12AB) of section 17;'.
Section 221, The Finance Act, 2016.

Cross-references

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

This section refers to

  1. s. 2 Income-tax
  2. s. 17 Amendment of section 35AC

Questions about Section 221

What does Section 221 of the Finance Act deal with?

Section 221 of the Finance Act is headed "Amendment of section 2". Amendment of section 2 221 . In section 2 of the principal Act,— (i) | after clause (b), the following clause shall be inserted, namely:— '(bva) "Consumer Price Index" means the Consumer Price Index Combined published by the Government of India from time to time;';

How do I find court cases under Section 221 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 2016 221, section 221 Finance Act 2016, section 221 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 221 of the Finance Act, and has it changed?

Its own text turns on section 2 (Income-tax), section 17 (Amendment of section 35AC), so none of them can safely be read on its own.

When was Section 221 of the Finance Act enacted?

Section 221 of the Finance Act, cited as Finance Act 2016 221, was enacted on 27 Jun 2016. 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.