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TypeBare Act JurisdictionCentral Government

Finance Act 1976 Section 23

Amendment of First Schedule

~1 min read
https://sooperkanoon.com/act/9916

Bare act section · Research

About this section

Finance Act 1976 Section 23 is part of Finance Act 1976 - Amendment of First Schedule. Read the section text below and explore Indian court judgments that cite it.

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Section Text

In the First Schedule to the Income-tax Act, with effect from the 1st day of April, 1977, -

(a) for rule 2, the following rule shall be substituted, namely :-

"2. Computation of profits of life insurance business. - The profits and gains of life insurance business shall be taken to be the annual average of the surplus arrived at adjusting the surplus or deficit disclosed by the actuarial valuation made in accordance with the Insurance Act, 1938 (4 of 1938), in respect of the last inter-valuation period ending before the commencement of the assessment year, so as to exclude from it any surplus or deficit included therein which was made in any earlier inter-valuation period.";

(b) rule 3 shall be omitted;

(c) in rule 7, in sub-rule (1), clauses (i) and (iii) shall be omitted.

Frequently asked questions

What does Finance Act 1976 Section 23 provide?

Section Section 23 of the Finance Act 1976 (Amendment of First Schedule) is reproduced on this page as part of the Finance Act 1976. 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 1976 Section 23?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act 1976 Section 23. 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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