Section 43: Provisions relating to income-tax and super-tax.

The State Financial Corporations Act, 1951Central Act · Act 63 of 1951

For the purposes of the [Income-tax Act, 1961(43 of 1961)], the Financial Corporation shall be deemed to be a company within the meaning of that Act and shall be liable to income-tax and super-tax accordingly on its income, profits and gains:

Provided that any sum paid by the State Government under the guarantee given in pursuance of*** [section 7 or section 8] shall not be treated as the income, profits and gains of the Financial Corporation and any interest on debentures, [bonds or deposits] paid by the Financial Corporation out of such sum shall not be treated as expenditure incurred by it:

Provided further that in the case of any shareholder such portion of a dividend as has been paid out of any such sum advanced by the State Government shall be deemed to be [his] income from "interest on securities" [and the income-tax shall be payable thereon as if it were the interest receivable on any security of a State Government issued income-tax free] within the meaning of section 8 of that Act.

Where this provision sits

Act	The State Financial Corporations Act, 1951
Section	43
Marginal note	Provisions relating to income-tax and super-tax.
Jurisdiction	Central
Status	In force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

substituted, Act 43 of 1985. . Subs. by Act 43 of 1985, s. 26, for "Indian Income-tax Act, 1922 (11 of 1922)" (w.e.f. 21-8-1985).
omitted, Act 39 of 2000. . The words and figure "section 6 or" omitted by Act 39 of 2000, s. 31 (w.e.f. 5-9-2000).
substituted, Act 6 of 1962. . Subs. by Act 6 of 1962, s. 22, for certain words (w.e.f. 16-4-1962).
substituted. . Subs. by s. 22, ibid., for "or bonds" (w.e.f. 16-4-1962).
substituted, Act 48 of 1952. . Subs. by Act 48 of 1952, s. 3 and second Schedule, for "its" (w.e.f. 2-8-1952).
substituted, Act 6 of 1962. . Subs. by Act 6 of 1962, s. 22, for "Declared to be income-tax free" (w.e.f. 16-4-1962).

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