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TypeBare Act JurisdictionCentral Government

Finance Act, 1986 Section 32

Amendment of Section 204

~1 min read
https://sooperkanoon.com/act/13356

Bare act section · Research

About this section

Finance Act, 1986 Section 32 is part of Finance Act, 1986 - Amendment of Section 204. Read the section text below and explore Indian court judgments that cite it.

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Section Text

In section 204 of the Income-tax Act, with effect from the 1st day of June, 1986, -

(a) after clause (ii), the following clause shall be inserted, namely :-

"(iia) in the case of any sum payable to a non-resident Indian, being any sum representing consideration for the transfer by him of any foreign exchange asset, which is not a short-term capital asset, the authorised dealer responsible for remitting such sum to the non-resident Indian or for crediting such sum to his Non-resident (External) Account maintained in accordance with the Foreign Exchange Regulation Act, 1973 (46 of 1973) and any rules made thereunder;";

(b) the following Explanation shall be added at the end, namely :-

'Explanation: For the purposes of this section, -

(a) "non-resident Indian" and "foreign exchange asset" shall have the meanings assigned to them in Chapter XII-A;

(b) "authorised dealer" shall have the meaning assigned to it in clause (b) of section 2 of the Foreign Exchange Regulation Act, 1973 (46 of 1973).'.

Frequently asked questions

What does Finance Act, 1986 Section 32 provide?

Section Section 32 of the Finance Act, 1986 (Amendment of Section 204) is reproduced on this page as part of the Finance Act, 1986. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Finance Act, 1986 Section 32?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 1986 Section 32. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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