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TypeBare Act JurisdictionCentral Government

Finance Act, 2007

Complete Act - all sections

~9 min read
https://sooperkanoon.com/act/133556

Bare act · Research

About this act

Finance Act, 2007 (2007) is Central state legislation published on SooperKanoon in full. Use this page to read the bare act and jump to judgments that cite it.

Research copy - verify against official government publications before filing or court use.

Act Text

Preamble1 - Finance Act, 2007
Section1 - Short title and commencement
Section2 - Income-tax
Chapter3 - : DIRECT TAXES:
Section7 - In section 7 of the Income-tax Act, in clause
Section9 - In section 9 of the Income-tax Act, after sub-section
Section10 - In section 10 of the Income-tax Act,
Section12A - In section 12A of the Income-tax Act, with effect from the 1st day of June, 2007,
Section13 - In section 13 of the Income-tax Act, in sub-section
Section17 - In section 17 of the Income-tax Act,
Section35 - Section In section 35 of the Income-tax Act, in sub-section
Section36 - In section 36 of the Income-tax Act, in sub-section
Section40A - In section 40A of the Income-tax Act, for sub-section
Section15 - Insertion of new section 44DB: After section 44DA of the Income-tax Act, the following section shall be inserted with
Section47 - In section 47 of the Income-tax Act, after clause
Section49 - In section 49 of the Income-tax Act, with effect from the 1st day of April, 2008,
Section18 - Amendment of section 54EC: In section 54EC of the Income-tax Act,
Section56 - In section 56 of the Income-tax Act, in sub-section
Section72A - In section 72A of the Income-tax Act, for sub-section
Section21 - Insertion of new section 72AB: After section 72AA of the Income-tax Act, the following section shall be inserted with
Section80A - In section 80A of the Income-tax Act, in sub-section
Section23 - Amendment of section 80AC: In section 80AC of the Income-tax Act, after the word, figures and letters "section 80-IC",
Section80C - In section 80C of the Income-tax Act, in sub-section
Section25 - Amendment of section 80CCD: In section 80CCD of the Income-tax Act,
Section80D - In section 80D of the Income-tax Act, in sub-section
Section80E - In section 80E of the Income-tax Act, with effect from the 1st day of April, 2008,
Section28 - Amendment of section 80-IA: In section 80-IA of the Income-tax Act,
Section29 - Amendment of section 80-IB: In section 80-IB of the Income-tax Act, in sub-section
Section30 - Amendment of section 80-IC: In section 80-IC of the Income-tax Act, in sub-section
Section31 - Insertion of new section 80- ID: After section 80-IC of the Income-tax Act, the following section shall be inserted
Section32 - Insertion of new section 80-IE: After section 80-ID as so inserted in the Income-tax Act, the following section shall
Section33 - Amendment of section 92CA: In section 92CA of the Income-tax Act, with effect from the 1st day of June, 2007,
Section34 - Amendment of section 115 JB: In section 115JB of the Income-tax Act, after sub-section
Section115R - In section 115R of the Income-tax Act, in sub-section
Section37 - Amendment of Explanation to Chapter XII-E: In Chapter XII-E of the Income-tax Act, after section 115T, in the
Section38 - Amendment of section 115 WB: In section 115WB of the Income-tax Act, with effect from the 1st day of April, 2008
Section39 - Amendment of section 115 WC: In section 115WC of the Income-tax Act, in sub-section
Section40 - Amendment of section 115 WJ: In section 115 WJ of the Income-tax Act, for sub-sections
Section41 - Insertion of new section 115 WKA: After section 115WK of the Income-tax Act, the following section shall be inserted,
Section120 - In section 120 of the Income-tax Act, in sub-section
Section132B - In section 132B of the Income-tax Act, in sub-section
Section139 - In section 139 of the Income-tax Act, in sub-section
Section45 - Insertion of new sections 139C and 139D: After section 139B of the Income-tax Act, the following sections shall be
Section142 - In section 142 of the Income-tax Act,
Section143 - In section 143 of the Income-tax Act, in sub-section
Section153 - In section 15 3 of the Income-tax Act, with effect from the 1st day of June, 2007,
Section153B - In section 153B of the Income-tax Act, in sub-section
Section153D - In the Income-tax Act, after section 153C, the following section shall be inserted with effect from the 1st day of
Section172 - In section 172 of the Income-tax Act, after sub-section
Section193 - In section 193 of the Income-tax Act, in the proviso, in clause
Section194A - In section 194A of the Income-tax Act, in sub-section
Section194C - In section 194C of the Income-tax Act, for sub-section
Section194H - In section 194H of the Income-tax Act, with effect from the 1st day of June, 2007,
Section194J - In section 194J of the Income-tax Act, in sub-section
Section197A - In section 197A of the Income-tax Act, in sub-section
Section201 - In section 201 of the Income-tax Act, in sub-section
Section206A - In section 206A of the Income-tax Act, in sub-section
Section206C - In section 206C of the Income-tax Act, in sub-section
Section245A - In section 245 A of the Income-tax Act, with effect from the 1st day of June, 2007,
Section245 - In section 245C of the Income-tax Act, with effect from the 1st day of June, 2007
Section245D - In section 245D of the Income-tax Act;
Section65 - Amendment of section 245DD: In section 245DD of the Income-tax Act, in sub-section
Section245E - In section 245E of the Income-tax Act, after the proviso, the following proviso shall be inserted with effect from the
Section245F - In section 245F of the Income-tax Act, in sub-section
Section245H - In section 245H of the Income-tax Act, in sub-section
Section69 - Insertion of new sections 245HA and 245HAA: After section 245H of the Income-tax Act, the following sections shall be
Section70 - Substitution of new section for
Section245K - For section 245K of the Income-tax Act, the following section shall be substituted with effect from the 1st day of
Section71 - Amendment of section 246 A: In section 246A of the Income-tax Act, with effect from the 1st day of June, 2007,
Section72 - Substitution of new section for
Section248 - For section 248 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of June,
Section249 - In section 249 of the Income-tax Act, in sub-section
Section253 - In section 253 of the Income-tax Act, in sub-section
Section254 - In section 254 of the Income-tax Act, in sub-section
Section271 - In section 271 of the Income-tax Act, in sub-section
Section77 - Insertion of new section 271 AAA: In the Income-tax Act, after section 271AA, the following section shall be inserted,
Section292C - After section 292B of the Income-tax Act, the following section shall be inserted and shall be deemed to have been
Section295 - In section 295 of the Income-tax Act, in sub-section
Section296 - In section 296 of the Income-tax Act, with effect from the 1st day of June, 2007, for the words, brackets, figures and
Section81 - Amendment of Second Schedule: In the Second Schedule to the Income-tax Act, with effect from the 1st day of April, 2008
Section82 - Amendment of Fourth Schedule: In the Fourth Schedule to the Income-tax Act, in Part A,
Section22A - In section 22A of the Wealth-tax Act, with effect from the 1st day of June, 2007,
Section22C - In section 22C of the Wealth-tax Act, with effect from the 1st day of June, 2007,
Section22D - In section 22D of the Wealth-tax Act
Section22E - In section 22E of the Wealth-tax Act, after the proviso, the following proviso shall be inserted with effect from the
Section22F - In section 22F of the Wealth-tax Act, in sub-section
Section22H - In section 22H of the Wealth-tax Act, in sub-section
Section91 - Insertion of new sections 22HA and 22HAA: After section 22H of the Wealth-tax Act, the following sections shall be
Section92 - Substitution of new section for
Section22K - For section 22K of the Wealth-tax Act, the following section shall be substituted with effect from the 1st day of June,
Section42D - After section 42C of the Wealth-tax Act, the following section shall be inserted and shall be deemed to have been
Chapter4 - : INDIRECT TAXES:
Section95 - Substitution of new section for
Section14 - For section 14 of the Customs Act, the following section shall be substituted with effect from such date as the Central
Section27 - In section 27 of the Customs Act, in sub-section
Section28E - In section 28E of the Customs Act, in clause
Section75A - In section 75 A of the Customs Act, for sub-section
Section99 - Omission of Chapter XA: Chapter XA of the Customs Act shall be omitted
Section127A - In section 127A of the Customs Act, with effect from the 1st day of June, 2007, for clause
Section127B - In section 127B of the Customs Act, with effect from the 1st day of June, 2007, for sub-section
Section102 - Substitution of new section for
Section127C - For section 127C of the Customs Act, with effect from the 1st day of June, 2007, the following section shall be
Section127E - In section 127E of the Customs Act, after the proviso, the following proviso shall be inserted with effect from the 1st
Section127F - In section 127F of the Customs Act, in sub-section
Section127H - In section 127H of the Customs Act, with effect from the 1st day of June, 2007,
Section127J - In section 127J of the Customs Act, for the brackets and figure "
Section127K - In section 127K of the Customs Act, for the brackets and figure "
Section127L - Section 127L of the Customs Act shall be renumbered as sub-section
Section109 - Omission of section 127MA: Section 127MA of the Customs Act shall be omitted with effect from the 1st day of June, 2007
Section129 - In section 129 of the Customs Act, after sub-section
Section129D - In section 129D of the Customs Act,
Section135 - In section 135 of the Customs Act, for sub-section
Section156 - In section 156 of the Customs Act, in sub-section
Section114 - Amendment of First Schedule and Second Schedule: In the Customs Tariff Act, 1975
Section3 - In section 3 of the Central Excise Act, 1944
Section5B - After section 5A of the Central Excise Act, the following section shall be inserted, namely- "5B. Non-reversal of
Section11B - In section 11B of the Central Excise Act, in the Explanation, in clause
Section23A - In section 23A of the Central Excise Act, in clause
Section32A - In section 32A of the Central Excise Act, after the proviso to sub-section
Section32E - In section 32E of the Central Excise Act, with effect from the 1st day of June, 2007, for sub-section
Section122 - Substitution of new section for
Section32F - For section 32F of the Central Excise Act, with effect from the 1st day of June, 2007, the following section shall be
Section32H - In section 32H of the Central Excise Act, after the proviso, the following proviso shall be inserted with effect from
Section124 - Amendment of section 32-I: In section 32-1 of the Central Excise Act, in sub-section
Section32K - In section 32K of the Central Excise Act, with effect from the 1st day of June, 2007
Section32M - In section 32M of the Central Excise Act, for the brackets and figure "
Section32N - In section 32N of the Central Excise Act, for the brackets and figure "
Section128 - Amendment of section 32-O: Section 32-O of the Central Excise Act shall be renumbered as sub-section
Section35E - In section 35E of the Central Excise Act,
Section35F - In section 35F of the Central Excise Act, after the second proviso, the following Explanation shall be inserted,
Section133 - Amendment of Third Schedule: In the Central Excise Act,
Section134 - Amendment of First Schedule to Act 5 of 1986: In the Central Excise Tariff Act, 1985, the First Schedule shall be
Chapter5 - : SERVICE TAX:
Section136 - Secondary and Higher Education Cess
Section138 - Secondary and Higher Education Cess on excisable goods
Section140 - Secondary and Higher Education Cess on taxable services
Section141 - Amendment of Act 23 of 2004: In the Finance
Chapter7 - : MISCELLANEOUS:
Section144 - Amendment of section 94 of Act 18 of 2005: In Chapter VII of the Finance Act, 2005, in section 94, with effect from the
Schedule1 - : FIRST SCHEDULE: Schedule SECTION 1 TABLE SCHEDULE 2: SECOND SCHEDULE: Schedule SECTION 2 TABLE SCHEDULE 3: THIRD SCHED

Frequently asked questions

What is the Finance Act, 2007?

The Finance Act, 2007, enacted in 2007, is Central state legislation available in full text on SooperKanoon. It is commonly used for legal research alongside judgments that interpret and apply its provisions.

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