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TypeBare Act JurisdictionCentral Government

Finance Act 1999 Section 74

Insertion of New Section 194l

~1 min read
https://sooperkanoon.com/act/5541

Bare act section · Research

About this section

Finance Act 1999 Section 74 is part of Finance Act 1999 - Insertion of New Section 194l. Read the section text below and explore Indian court judgments that cite it.

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Section Text

After section 194K of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 1999, namely :-

"194L. Payment of compensation on acquisition of capital asset.

Any person responsible for paying to a resident any sum being in the nature of compensation or the enhanced compensation or the consideration or the enhanced consideration on account of compulsory acquisition, under any law for the time being in force, of any capital asset shall, at the time of payment of such sum in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to ten per cent. of such sum as income-tax on income comprised therein :

Provided that no deduction shall be made under this section where the amount of such payment or, as the case may be, the aggregate amount of such payments to a resident during the financial year does not exceed one hundred thousand rupees. ".

Frequently asked questions

What does Finance Act 1999 Section 74 provide?

Section Section 74 of the Finance Act 1999 (Insertion of New Section 194l) is reproduced on this page as part of the Finance Act 1999. 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 1999 Section 74?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act 1999 Section 74. 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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