Section 29 - Amendment of section 88 - Finance Act, 1994

29. Amendment of section 88. In section 88 of the Income-tax Act, the following amendments [except amendment by sub-clause (iii) of clause (1)] shall be made and shall be deemed to have been made with effect from the 1st day of April, 1991, namely:- (1) in sub-section (2),- (i) in clause (xii), for the words by any person , the words in the name of any person shall be substituted; (ii) in clause (xiii), for the words by any individual , the words, brackets and figure in the name of any person specified in sub-section (4) shall be substituted; (iii) in clause (xiiic), after the word and figures section 10 , the words and figures or by the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963) shall be inserted with effect from the 1st day of April, 1995; (2) in sub-section (4),- (i) for clause (a), the following clause shall be substituted, namely:- (a) for the purposes of clauses (i), (v), (xii) and (xiii) of that sub-section.- (i) in the case of an individual, the individual, the wife or husband and any child of such individual, and (ii) in the case of a Hindu undivided family, any member thereof; ; (ii) in clause (b), sub-clause (ii) shall be omitted; (iii) in clause (c),- (a) for the words, brackets and figures clauses (v) and (viii) , the word, brackets and figures clause (viii) shall be substituted; (b) sub-clause (iii) shall be omitted; (iv) clause (d) shall be omitted.