Section 120 of Finance Act 2018 : Amendment of section 4A

By | April 1, 2018
(Last Updated On: April 20, 2018)

Section 120 of Finance Act 2018

[Section 120 of Finance Act 2018 deals with Amendment of section 4A and is covered in CHAPTER VIII MISCELLANEOUS]

Amendment of section 4A

120. In section 4A of the principal Act,—

(a)after sub-section (3), the following sub-section shall be inserted, namely:—
“(3A) Where the deposit belongs to a minor or to a person of unsound mind who dies and there is no nominee immediately before the date of commencement of Part I of Chapter VIII of the Finance Act, 2018, the deposit shall be paid to the guardian.”;
(b)in sub-section (4),—
(i)in clause (a), for the words “deceased; and”, the words “deceased in accordance with such procedure as may be prescribed.” shall be substituted;
(ii)clause (b) shall be omitted;
(c)sub-section (5) shall be omitted.

Finance Act 2018 : Assented by President : Download Print Notification

 

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