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of <h1>Finance Act 1992: Amendments to Income-tax Act Section 64, Changes on Minor Children's Income Inclusion and Spousal Transfers.</h1> The Finance Act, 1992, amends section 64 of the Income-tax Act, effective April 1, 1993. Key changes include the omission of certain clauses and specific phrases related to minor children in subsections (1) and (2). New explanations redefine the inclusion of income from assets transferred to a spouse or son's wife, specifying conditions for income inclusion based on investments in business or firm partnerships. Subsection (1A) is introduced to include a minor child's income in a parent's total income, with exceptions for income from manual work or skilled activities, and guidelines for determining which parent's income includes the child's income.
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