Amendment of section 97

In force As on 07 Oct 2026

Ministry Finance

Section 167 of the Finance Act, 2021 deals with amendment of section 97. Amendment of section 97. 167. In section 97 of the Finance (No.

Amendment of section 97.
167. In section 97 of the Finance (No.
2) Act, 2004 (23 of 2004), (hereafter in this Part referred to as the Principal Act),—
(i) in clause (13), in sub-clause (b), for the words "Mutual Fund;", the following shall be substituted, namely:—
"Mutual Fund; or
(ba) sale or surrender or redemption of a unit of an equity oriented fund to an insurance company, on maturity or partial withdrawal, with respect to unit linked insurance policy issued by such insurance company on or after the 1st day of February, 2021;";
(ii) after clause (13), the following clause shall be inserted, namely:—
'(13A) "unit linked insurance policy" shall have the meaning assigned to it in Explanation 3 of clause (10D) of section 10 of the Income-tax Act, 1961 (43 of 1961);'.
Section 167, The Finance Act, 2021.

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Questions about Section 167

What does Section 167 of the Finance Act deal with?

Section 167 of the Finance Act is headed "Amendment of section 97". Amendment of section 97. 167. In section 97 of the Finance (No.

How do I find court cases under Section 167 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 2021 167, section 167 Finance Act 2021, section 167 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 167 of the Finance Act, and has it changed?

Its own text turns on section 97 (Amendment of section 139), Income-tax Act 10 (Incomes not included in total income), so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 2021. India Code records no commencement date for it. It is in force as at the date shown on this page.

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First Schedule. First Schedule9574 words
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130. Substitution of new section for section 43513 words
131. Substitution of new section for section 52699 words

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(i)		in clause (13), in sub-clause (b), for the words "Mutual Fund;", the following shall be substituted, namely:—
		"Mutual Fund; or
		(ba) sale or surrender or redemption of a unit of an equity oriented fund to an insurance company, on maturity or partial withdrawal, with respect to unit linked insurance policy issued by such insurance company on or after the 1st day of February, 2021;";
(ii)		after clause (13), the following clause shall be inserted, namely:—
		'(13A) "unit linked insurance policy" shall have the meaning assigned to it in Explanation 3 of clause (10D) of section 10 of the Income-tax Act, 1961 (43 of 1961);'.