THE FINANCE ACT, 1977 [Act No. 11 of 1977] [6th April 1977] PREAMBLE An Act to continue for the financial year 1977-78 the existing rates of income-tax with certain modifications and to provide for the continuance of the provisions relating to auxiliary duties of customs and excise and the discontinuance of the duty on salt for the said year Be it enacted by Parliament in the Twenty-eighth Year of the Republic of India as follows :-
View Complete Act List Judgments citing this section(1) This Act may be called the Finance Act, 1977. (2) Save as otherwise provided in this Act, it shall be deemed to have come into force on the 1st day of April, 1977.
View Complete Act List Judgments citing this section(1) This Act may be called the Finance (No. 2) Act, 1977. (2) Save as otherwise provided in this Act, sections 2 to 30 and sections 34 to 39 shall be deemed to have come into force on the 1st day of April, 1977.
View Complete Act List Judgments citing this section(1) This Act may be called the Finance (No. 2) Act, 1977. (2) Save as otherwise provided in this Act, sections 2 to 30 and sections 34 to 39 shall be deemed to have come into force on the 1st day of April, 1977.
View Complete Act List Judgments citing this sectionIn section 2 of the Income-tax Act, in cl. (42A), for the words "sixty months", the words "thirty-six months" shall be substituted with effect from the 1st day of April, 1978.
View Complete Act List Judgments citing this sectionIn section 10 of the Income-tax Act, - (a) in cl. (6), in sub-cl. (i), after item (a), the following item shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1972, namely :- "(aa) from his employer, for his children having full time education in any educational institution outside India, in connection with their proceeding to India during vacation;"; (b) in cl. (26A), for the figures, letters and words "1st day of April, 1975", the figures, letters and words "1st day of April, 1980" shall be substituted and shall be deemed to have been substituted w.e.f. the 1st day of April, 1975.
View Complete Act List Judgments citing this sectionIn section 11 of the Income-tax Act, in cl. (b) of sub-section (2), w.e.f. the 1st day of April, 1978, - (a) for sub-cl. (ii), the following sub-clause shall be substituted, namely :- "(ii) deposited in any account with the Post Office Saving Bank [including deposits made under the Post Office (Time Deposits) Rules, 1970] or a scheduled bank or a co-operative society enganged in carrying on the business of banking (including a co-operative land mortgage bank or a co-operative land development bank) : Provided that the money so accumulated or set apart may also be deposited, or continue to remain deposited, during any previous year commencing before the 1st day of April, 1981 with any other banking company, being company to which the Banking Regulation Act, 1949 (19 of 1949) applies, or"; (b) after sub-clause (iii), the following Explanation shall be inserted, namely : Explanation : For the purposes of sub-clause (ii), "scheduled bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955) a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959) a corresponding new bank constituted under.....
View Complete Act List Judgments citing this sectionIn section 13 of the Income-tax Act, w.e.f. the 1st day of April, 1978, - (a) in sub-section (1), in cl. (d), - (i) for the figures, letter and words "1st day of April, 1979", the figures, letters and words "1st day of April, 1982" shall be substituted; (ii) for the figures, letters and words "1st day of April, 1978", the figures, letters and words "1st day of April, 1981" shall be substituted; (b) in sub-section (5), in clause (a), for sub-clause (iii), the following sub-clause shall be substituted, namely :- (iii) deposit in any account with a scheduled bank or a co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank or a co-operative land development bank). Explanation : In this sub-clause "scheduled bank" shall have the same meaning as in the Explanation at the end of clause (b) of sub-section (2) of section 11'.
View Complete Act List Judgments citing this sectionIn section 24 of the Income-tax Act, in sub-section (1), - (a) in clause (ix), the word "and" occurring at the end shall be omitted; (b) after clause (ix) as so amended, the following Explanation shall be inserted, namely :- Explanation : The deduction under this clause shall be made irrespective of whether the period during which the property or, as the case may be, part of the property was vacant precedes or follows the period during which it is let,".
View Complete Act List Judgments citing this sectionIn section 36 of the Income-tax Act, in sub-section (1), for sub-clause (b) of clause (viii), the following sub-clause shall be substituted with effect from the 1st day of April, 1978, namely :- (b) in the case of any other financial corporation, twenty-five per cent.,.
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