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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Bill 2015 amends Section 65B of the Finance Act 1994, revising definitions and clarifying scope for lotteries and chit funds.</h1> Clause 105 of the Finance Bill, 2015 proposes amendments to section 65B of the Finance Act, 1994. The amendments include omitting clauses (9), (24), and (49), and specific terms in clause (40), effective from a date appointed by the Central Government. New definitions are introduced, such as 'foreman of chit fund' and 'lottery distributor or selling agent.' Additionally, the definition of 'Government' is clarified, excluding entities not required to maintain accounts per Article 150 of the Constitution. The scope of 'transaction in money or actionable claim' is also refined to exclude certain activities related to lotteries and chit funds.
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