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TypeBare Act JurisdictionCentral Government

Finance Act, 1993 Section 28

Insertion of New Section 196d

~1 min read
https://sooperkanoon.com/act/49665

Bare act section · Research

About this section

Finance Act, 1993 Section 28 is part of Finance Act, 1993 - Insertion of New Section 196d. Read the section text below and explore Indian court judgments that cite it.

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Section Text

After section 196D of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 1993, namely :-

"196D. Income of Foreign Institutional Investors from securities. - (1) Where any income in respect of securities referred to in clause (a) of sub-section (1) of section 115AD is payable to a Foreign Institutional Investor, the person responsible for making the payment shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of twenty per cent.

(2) No deduction of tax shall be made from any income, by way of capital gains arising from the transfer of securities referred to in section 115AD, payable to a Foreign Institutional Investor."

Frequently asked questions

What does Finance Act, 1993 Section 28 provide?

Section Section 28 of the Finance Act, 1993 (Insertion of New Section 196d) is reproduced on this page as part of the Finance Act, 1993. 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, 1993 Section 28?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 1993 Section 28. 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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