(1) This Act may be called the Finance Act, 1989. (2) Save as otherwise provided in this Act, sections 2 to 33 shall be deemed to have come into force on the 1st day of April, 1989.
View Complete Act List Judgments citing this section(1) This Act may be called the Finance Act, 1989. (2) Save as otherwise provided in this Act, sections 2 to 33 shall be deemed to have come into force on the 1st day of April, 1989.
View Complete Act List Judgments citing this sectionIn section 2 of the Income-tax Act [as amended by section 3 of the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988)], in clause (1A), the following Explanation shall be inserted at the end and shall be deemed to have been inserted with effect from the 1st day of April, 1970, namely :- "Explanation : For the removal of doubts, it is hereby declared that revenue derived from land shall not include and shall be deemed never to have included any income arising from the transfer of any land referred to in item (a) or item (b) of sub-clause (iii) of clause (14) of this section;".
View Complete Act List Judgments citing this sectionIn section 16 of the Income-tax Act, with effect from the 1st day of April, 1990, - (a) in clause (i), - (i) the proviso shall be omitted; (ii) for the word and figure "Explanation 1", the word "Explanation" shall be substituted; (iii) Explanation 2 shall be omitted; (b) after clause (ii), the following clause shall be inserted, namely :- "(iii) a deduction of any sum paid by the assessee on account of a tax on employment within the meaning of clause (2) of article 276 of the Constitution, leviable by or under any law."
View Complete Act List Judgments citing this sectionIn section 17 of the Income-tax Act, in clause (2), in sub-clause (iii), the following Explanation shall be inserted at the end with effect from the 1st day of April, 1990, namely :- "Explanation : For the removal of doubts, it is hereby declared that the use of any vehicle provided by a company or an employer for journey by the assessee from his residence to his office or other place of work, or from such office or place to his residence, shall not be regarded as a benefit or amenity granted or provided to him free of cost or at concessional rate for the purposes of this sub-clause.".
View Complete Act List Judgments citing this section.....undertaking, other than a small-scale industrial undertaking, as defined in section 80HHA, for the purposes of business of construction, manufacture or production of any article or thing specified in the list in the Eleventh Schedule."; (e) in sub-section (5A), - (i) for the words "scheme and", the words "scheme or" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1987; (ii) the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1987, namely :- "Explanation : For the removal of doubts, it is hereby declared that nothing contained in this sub-section shall affect the operation of the provisions of sub-section (5AA) or sub-section (6) in relation to any withdrawals made from the deposit account either before or after the expiry of a period of five years from the date of deposit."; (f) after sub-section (5A), the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1987, namely :- "(5AA) Where any amount, standing to the credit of the assessee in the deposit account, is.....
View Complete Act List Judgments citing this sectionIn section 36 of the Income-tax Act, in sub-section (1), after clause (ix) and the provisos thereto, the following clause shall be inserted, namely :- '(x) any sum paid by a public financial institution by way of contribution towards any fund specified under clause (23E) of section 10. Explanation : For the purposes of this clause, "public financial institution" shall have the meaning assigned to it in section 4A of the Companies Act, 1956 (1 of 1956).'.
View Complete Act List Judgments citing this section.....shall be substituted, namely :- "Provided further that no deduction shall, in respect of any sum referred to in clause (b), be allowed unless such sum has actually been paid in cash or by issue of a cheque or draft or by any other mode on or before the due date as defined in the Explanation below clause (va) of sub-section (1) of section 36, and where such payment has been made otherwise than in cash, the sum has been realised within fifteen days from the due date."; (b) after Explanation 1, the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1984, namely :- 'Explanation 2 : For the purposes of clause (a), as in force at all material times, "any sum payable" means a sum for which the assessee incurred liability in the previous year even though such sum might not have been payable within that year under the relevant law.'; (c) Explanation 2 and Explanation 3 shall be renumbered as Explanation 3 and Explanation 4 respectively.
View Complete Act List Judgments citing this sectionIn section 57 of the Income-tax Act, after clause (ii), the following clause shall be inserted, with effect from the 1st day of April, 1990, namely :- '(iia) in the case of income in the nature of family pension, a deduction of a sum equal to thirty-three and one-third per cent. of such income or twelve thousand rupees, whichever is less. Explanation : For the purposes of this clause, "family pension" means a regular monthly amount payable by the employer to a person belonging to the family of an employee in the event of his death;'
View Complete Act List Judgments citing this sectionIn section 80CC of the Income-tax Act, with effect from the 1st day of April, 1990, - (i) in sub-section (1), for the words and figures "section 10 if such fund subscribes", the words and figures "section 10 or units issued under any scheme of the Unit Trust of India established under section 3 of the Unit Trust of India Act, 1963 (52 of 1963), if the amount of subscription to any units, issued by the Mutual Fund or, as the case may be, the Unit Trust of India under such scheme, is subscribed" shall be substituted; (ii) in sub-section (3), in clause (a), - (a) in sub-clause (ii), in the proviso, the word "or" shall be inserted at the end; (b) after sub-clause (ii), as so amended, the following sub-clause shall be inserted, namely :- "(iia) a hospital; or".
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