An Act to give effect to the financial proposals of the Central Government for the financial year 1994-95. Be it enacted by Parliament in the Forty-fifth Year of the Republic of India as follows:
SECTION 01: SHORT TITLE AND COMMENCEMENT
(1) This Act may be called The Finance Act, 1994.
(2) Save as otherwise provided in this Act, Sections 2- to 59- (except section 26- ). shall be deemed to have come into force on the 1st day of April, 1994.
SECTION 02: INCOME TAX
(1) Subject to the provisions of sub-sections (2) and (3). for the assessment year commencing on the 1st day of April, 1994. income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax as reduced by the rebate of income-tax calculated under Chapter 8-A of the Income-tax Act, 1961 (hereinafter referred to as the Income-tax Act) shall be increased.---
(a) in the cases to which Paragraphs A, B, c and D of that Part 'apply, by a surcharge. for purposes of the Union; and (b) in the cases to which Paragraph E of that Part applies, by a surcharge, calculated in each case in the manner provided therein.
(2) In the cases to which Sub-Paragraph I or Sub-Paragraph II of Paragraph A of Part I of the First Schedule applies, where the assessee has, in the previous year, any net agricultural income exceeding six hundred rupees, in addition to total income, and the total income exceeds,---
(i) in a case to which said Sub-Paragraph I applies, thirty thousand rupees, and
(ii) in a case to which the said Sub-Paragraph II applies, eighteen thousand rupees, then,-
(a) the net agricultural income shall be taken into account, in the manner provided in clause (b) [that is to say, as if the net agricultural income were comprised in the total income after.---
(i) in a case to which the said Sub-Paragraph I applies, the first thirty thousand rupees, and
(ii) in a case to which the said Sub -Paragraph II applies, the first eighteen thousand rupees, of the total income but without being liable to tax], only for the purpose of charging income-tax in respect of the total income; and (b) the income-tax chargeable shall be calculated as follows: -
(i) the total income and the net agricultural, income shall be aggregated and the amount of income-tax shall be determined in respect of the aggregate income at the rates specified in Sub -Paragraph I or, as the case may be, Sub-Paragraph II of the said Paragraph A. as if such aggregate income were the total income;
(ii) the net agricultural income shall be increased-
(A) in a case to which the said Sub-Paragraph I applies, by a sum of thirty thousand rupees; and
(B) in a case to which the said Sub-Paragraph II applies, by a sum of eighteen thousand rupees, and the amount of income-tax shall be determined in respect of the net a gricultural income as so increased at the rates specified in Sub -Paragraph I or, as the case may be, Sub-Paragraph II of the said Paragraph A. as if the net agricultural income as so increased were the total income; (iii) the amount of income-tax determined in accordance with sub-clause (i) shall be reduced by the amount of income -tax determined in accordance with sub- clause (ii) and the sum so arrived at shall be the income -tax in respect of the total income. Provided that.the amount of income-tax so arrived at. as reduced by the rebate of income-tax calculated under Chapter 8-A of the Income-tax Act, 1961 shall, in the case of every person having a total income exceeding one hundred thousand rupees, be increased by a surcharge for purposes of the union calculated at the rate of twelve per cent. of such income-tax and the sum so arrived at shall be the income -tax in respect of the total income.
(3) In cases to which the provisions of Chapter XII or Chapter XII -A or sub-section (IA) of section 161 or section 164 or section 164A or section 167B of the Income-tax Act, 1961 apply the tax chargeable shall be determined as provided in that Chapter or that section, and with reference to the rate imposed by sub-section (1) or the rates as specified in that Chapter or section, as the case may be : Provided that the amount of income-tax computed in accordance with the provisions of section 112 shall be increased by a surcharge for purposes of the Union or surcharge as provided in Paragraph A, B, C, D or E, as the case may -be, of Part I of the First Schedule: Provided further that in respect of any income chargeable to tax under section 115B or Section 115BB of the Income-tax Act,
(a) the income-tax computed under section 115B shall be increased by a surcharge calculated at the rate of fifteen per cent of such income-tax; and,
(b) the income-tax computed under section 115BB shall be increased,-
(i) in the case of a person other than a company, being a resident in India, by a surcharge for purposes of the Union calculated at the rate of twelve per cent of such income -tax: and
(ii) in the case of a domestic company, by a surcharge calculated at the rate of fifteen per cent. of such income-tax.
(4) In cases in which tax has to be deducted under sections 193 , 194 , 194A , 194B , 194BB , 194D and 195 of the Income-tax Act, at the rates in force, the deduction shall be made at the rates specified in Part II of the First Schedule and shall be increased in the cases to which the provisions of sub-item (a) of item 2 of that Part apply, by a surcharge, calculated, in the manner provided therein.
(5) In cases in which tax has to be deducted under Sections 194C , 194EE , 194F , 194G and 194-1 of the Income-tax Act, the deduction shall be made at the rates specified in those sections and shall be increased in the case of an assessee, being a domestic company, by a surcharge calculated at the rate of fifteen per cent, of such deduction.
(6) In cases in which tax has to be collected under Section 206C of the Income-tax Act, the collection shall be made at the rate specified in that section and shall be increased in the case of a buyer, being a domestic company, by a surcharge calculated at the rate of fifteen per cent. of such collection.
(7) Subject to the provisions of sub-section (8) in cases in which income-tax has to be calculated under the first proviso to sub-section (5) of section 132 of the Income-tax Act or charged under sub-section (4) of section 172 or sub -section (2) of section 174 or section 175 or sub-section (2) of section 176 of the said Act or deducted under section 192 of the said Act from income chargeable under the head "Salaries" or in which the "advance tax" payable under Chapter XVII-C of the said Act has to be computed, at the rate or rates in force, such income-tax or, as the case may be, "advance tax" shall be so calculated, charged deducted or computed at the rate or rates specified in Part III of the First Schedule and such tax shall be increased, in the cases to which Paragraph E of that Part applies, by a surcharge, calculated in the manner provided therein : Provided that in cases to which the provisions of Chapter XII or Chapter XIIA or sub- section (IA) of section 161 or section 164 or section 164A or section 167B of the Income-tax Act apply, "advance tax" shall be computed with reference to the rates imposed by this sub-section or the rates as specified in that Chapter or section, as the case may be; Provided further that amount of income-tax computed in accordance with the provisions of section 112 shall be increased by a surcharge as provided in Paragraph E of Part III of the First Schedule: Provided also that in respect of any income chargeable to under section 115B or in the case of a domestic company, under section 115BB of the Income-tax Act , the "advance tax" computed under the first proviso shall be increased by a surcharge calculated at the rate of fifteen per cent. of such "advance tax".
(8) In the cases to which Sub -Paragraph I or Sub-Paragraph II of Paragraph A of Part III of the First Schedule applies, where the assessee has, in the previous year or, if by virtue of any provision of the Income-tax Act, income tax is to be charged in respect of the income of a period other than the previous year, in such other period, any net agricultural income, exceeding six hundred rupees, in addition to total income and the total income exceeds,-
(i) in a case to which the said Sub-Paragraph I applies, thirty -five thousand rupees, and
(ii) in a case to which the said Sub-Paragraph II applies, eighteen thousand rupees: then, in calculating income-tax under the First proviso to sub-section (5) of section 132 of the income-tax Act or in charging income-tax under sub-section (2) of section 174 or section 175 or sub-section (2) of section 176 of the said Act or in computing the "advance tax" payable under Chapter XVII-C of the said Act, at the rate or rates in force. -
(a) the net agricultural income shall be taken into account, in the manner provided in clause (b) [that is to say, as if the net agricultural income were comprised in the total income after -
(i) in a case to which the said Sub-Paragraph I applies, the first thirty-five thousand rupees, and
(ii) in a case to which the said Sub-Paragraph .11 applies, the First eighteen thousand rupees, of the total income but without being liable to tax], only for the purpose of calculating, charging or computing such income-tax or, as the case may be, "advance tax" in respect of the total income: and
(b) such income-tax or.as the case may be. "advance tax" shall be so calculated, charged or computed as follows :---
(i) the total income and the net agricultural income shall be aggregated and, the amount of income-tax or "advance tax" shall be determined in respect of the aggregate income at the rates specified in Sub -Paragraph I or, as the case may be, Sub-Paragraph II of the said Paragraph A, as if such aggregate income were the total income:
(ii) the net agricultural income shall be increased,-
(A) in a case to which the said Sub-Paragraph I applies, by a sum of thrity-five thousand rupees: and
(B) in a case to which the said Sub-Paragraph II applies, by a sum of eighteen thousand rupees, and the amount of income-tax or "advance tax" shall be determined in respect of the net agricultural income as so increased at the rates specified in the said Sub-Paragraph I or. as the case may be, the said Sub-Paragraph II, as if the net agricultural income as so increased were the total income:
(iii) the amount of income-tax or "advance tax" determined in accordance with sub- clause (i) shall be reduced by the amount of incometax or. as the case may be, "advance tax" determined in accordance with sub-clause (ii) and the sum so arrived at shall be the income-tax or, as the case may be, "advance tax" in respect of the total income.
(9) For the purposes of this section and the First Schedule.__
(a) "company in which the public are substantially interested" means a company within the meaning ofclause (18) of Section 2 of the Income-tax Act and includes, a subsidiary of such company if the whole of the share capital of such subsidiary company has been held by the parent company or by its nomineesthroughout the previous year;
(b) "domestic company" means an Indian company, or any other company which, in respect of its incomeliable to income-tax under the Income-tax Act for the assessment year commencing on the 1st day of April, 1994, has made the prescribed arrangements for the declaration and payment within India of the dividends (including dividends on preference shares) payable out of such income in accordance with the provisions ofsection 194 of that Act:
(c) "incusrance commission" means any remuneration or reward, whether by way of commission or otherwise, for soliciting or procuring insurance business (including business relating to 'the continuance, renewal or revial of policies of insurance);
(d) "net'agricultural income", in relation to a person means the total amount of agricultural income, from whatever source derived, of that person computed in accordance with the rules contained in Part IV of the First Schedule:
(e) all other words and expressions used in this section or in the- First Schedule but not defined in this subsection and defined in the Income-tax Act, shall have the meanings, respectively, assigned to them in that Act.
SECTION 03: 3-50
- Of this Act, amended following sections of the Income-tax Act, which are being incorporated in the Principal Act and hence not printed hereat: sections affected are; 2 ; 5A (ins.): 6 , 10 ; 10B ; 12A ; 13 : 17 : 24 : 33AB : 35 : 36 : 37 : 44AD : and 44AE (ins.); 44D : 55 ; 57 : 64 ; 71 : 71A (subst.): 80E (ins.): 80G : 80HHD : 80HHE : 801A ; 80V (omitted.): 88 : 88B ; 112 : 115A ; 115K : 115N : 116 : 139 : 143 : 154 : 1941 (ins.): 196A : 197 : 198 to 200 and 202 to 205 ; 211 ; 234C : 246 : 269 : 273A : 296 : Section 50 made consequential amendments in certain sections.
Explanation 2.-- For the purposes of this clause, the expression "security" shall have meaning assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 ;
4. Insertion of new section 5A.--- After section 5 of the Income-tax Act the following section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1963, namely:--
SECTION 51: AMENDMENT OF SECTION 2
-- -[Incorporated in the Wealth-tax Act, 1957 (hereinafter referred to as the Wealth tax Act),---
(i) in cluase (ea). in the Explanation, in clause (b), for the words "period of three years", the words "period of five years" shall be substituted with effect from the 1st day of April, 1995:
(ii) in clause (s), after the word "Director", the words and brackets "Additional Director of Income-tax", "Additional Commissioner of Income-tax", "Additional Commissioner of Incometax (Appeals)", "Deputy Director", shall be inserted with effect from the 1st day of June 1994.
SECTION 52: AMENDMENT OF SECTION 4
- In section 4 of the Wealth-tax Act , in sub-section (1), in clause (a), in sub-clause (ii), after the words "not being", the words, figures and letter "a minor child suffering from any disability of the nature specified in section 80U of the Income- tax Act or" shall be inserted with effect from the 1st day of April, 1995.
SECTION 53: AMENDMENT OF SECTION 46
- In section 46 of the Wealth-tax Act , in sub-section (4), after the words "every rule made under this Act", the words, brackets, figures and letter "and the rules of procedure framed-by the Settlement Commission under sub-section (7) of section 22F" shall be inserted with effect from the 1st day of June, 1994.
SECTION 54: 54-55
- [Incorporated in the Gift-tax Act, 1958 ].
SECTION 56: AMENDMENT OF SECTION 3 OF ACT 45 OF 1974
- [Amendments incorporated in the Interest-tax Act, 1974].
SECTION 57: 57-59
- [Amendments incorporated in the Expenditure-tax, Act, 1987 ].
SECTION 60: AMENDMENTS OF ACT 52 OF 1962
- In the Customs Act, 1962 , (hereinafter referred to as the Customs Act),---
(1) for section 20- . the following section shall be substituted, namely:- "20. Re-importation of goods.- - If goods are imported into India after exportation there form, such goods shall be liable to duty and be subject to all the conditions and restrictions, if any, to which goods of the like kind and value are liable or subject, on the importation thereof: Provided that if such importation (other than importation of goods exported in bond or of goods produced or manufactured in a free trade zome) takes place within three years after the exportation of such goods and it is shown to the satisfaction of the Assistant Collector of Customs that the goods are the same which were exported, the goods may be admitted-
(a) in any case where at the time of exportation of the goods, drawback of any customs or excise duty levied by the Union or both was allowed, on payment of customs duty equal to the amount of such drawback;
(b) in any case where at the time of exportation of the goods, drawback of any excise duty levied by a State was allowed, on payment of customs duty equal to such excise duty leviable at the time and place of importation of the goods:
(c) in any other case, without payment of duty: Provided further that if the Central Government is satisfied that it is necessary in the public interest so to do, it may, by order in each case, extend the aforesaid period of three years for such further period as it may deem fit.
Explanation 1.- Where in respect of any goods produced or manufactured in a free trade zone, any duty leviable under this sub-section is leviable at different rates, then, such duty shall be leviable at the highest of those rates.
Explanation 2.- For the purposes of this section, "free trade zone" has the same meaning as in Explanation 2 to sub-section (1) of section 3 of the Central Excises and Salt Act, 1944 .
(2) in section 23- , for sub-section (2), the following sub-section shall be substituted, namely:- "(2) The owner of any imported goods may, at any time before an order for clearance of goods for home consumption under section 47- or an order for permitting the deposit of goods in a warehouse under section 60- has been made, relinquish his title to the goods and thereupon he shall not be liable to pay the duty thereon".
(3) in section 59- , in sub-section (1), the words, brackets and letter "clause (a) of shall omitted;
(4) section 59A- shall be omitted;
(5) in sections 60- , 72- , and 73- , the words, figures and letter "or section 59A- " shall be omitted;
(6) for section 61- , the following section shall besubstituted, namely:--
SECTION 61 Period for which goods may remain warehoused
(1) Any warehoused goods may be left in the warehouse in which they are deposited or in any warehouse to which they may be removed- (a) in the case of capital goods intended for use in any hundred per cent. export oriented undertaking, till the expiry of five years, and (b) in the case of any other goods, till the expiry of one year, after the date on which the proper officer has made an order under section 60- permitting the deposit of the goods in a warehouse: Provided that -
(i) in the case of any goods which are not likely to deteriorate, the period specified in sub-section (1) may, on sufficient cause being shown, be extended by the Collector of Customs for a period not exceeding six months and by the principal Collector of Customs for such further period as he may deem fit:
(ii) in the case of any goods referred to in clause (b), if they are likely to deteriorate, the aforesaid period of one year may be reduced by the Collector of Customs to such shorter period as he may deem fit: Provided further that when the licence for any private warehouse is cancelled, the owner of any goods warehoused therein shall, within seven days from the date on which notice of such cancellation is given or within such extended period as the proper officer may allow, remove the goods from such warehouse to another warehouse or clear them for home consumption or exportation.
(2) Where any warehoused goods remain in a warehouse beyond the period specified in sub-section ( 1 ) by reason of extension of the aforesaid period or otherwise, interest at such rate as is specified in section 47- shall be payable, on the amount of duty payable at the time of clearance of the goods in accordance with the provisions of section 15- on the warehoused goods, for the period from the expiry of the said warehousing period till the date of payment of duty on the warehoused goods: Provided that the Board may, if it considers it necessary so to do in the public interest, by order and under circumstances of an exceptional nature, to be specified in such order, waive the whole or part of any interest payable under this section in respect of any warehoused goods: Provided further that the Board may, if it is satisfied that it is necessary so to do in the public interest, by notification in the Official Gazette, specify the class of goods in respect of which no interest shall be charged under this section.
Explanation.-- For the purposes of this section, "hundred per cent. export oriented undertaking" has the same meaning as in Explanation 2 to sub-section (1) of section 3 of the Central Excises and Salt Act, 1944 .
61. Amendment of Act 51 of 1975.--- The Customs Tariff Act, 1975 (hereinafter referred to as the Customs Tariff Act) shall be amended in the manner specified in the Second Schedule.
SECTION 62: AMENDMENT OF ACT 5 OF 1986
--The Central Excise Tariff Act,1985 (hereinafterreferred to as the Central Excise Tariff Act),---
(a) shall be amended in the manner specified in the Third Schedule; and
(b) shall, with effect from such date as the Central Government may, by notification in the Official Gazette, appoint, be also amended in the manner specified in the Fourth Schedule.
SECTION 63: AMENDMENT OF ACT 58 OF 1957
--- In the Additional Duties of Excise (Goods of Special Importance) Act, 1957 (hereinafter referred to as the Additional Duties of Excise Act),---
(a) in section 3- , for sub-section (3), the following sub-section shall be substituted, namely:- "(3) The provisions of the Central Excises and Salt Act, 1944 and the rules made thereunder, including those relating to refunds, exemptions from duty, offences and penalties, shall, so far as may be, apply in realtion to levy and collection of the additional duties as they apply in relation to the levy and collection of the duties of excise on the goods specified in sub-section (1)".
(b) the First Schedule shall be amended in the manner specified in the Fifth Schedule.
SECTION 64: EXTENT, COMMENCEMENT AND APPLICATION
(1) This Chapter extends to the whole of India except the State of Jammu and Kashmir,
(2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
(3) It shall apply to taxable services provided on or after the commencement of this Chapter.
SECTION 65: DEFINITIONS
1 In this Chapter, unless the context otherwise requires,-
(1) "actuary" has the meaning assigned to it in clause (1) of Section 2 of the Insurance Act, 1938 (4 of 1938);
(2) "advertisement" includes any notice, circular, label, wrapper, document, hoarding or any other audio or visual representation made by means of light, sound, smoke or gas;
(3) "advertising agency" means any commercial concern engaged in providing any service connected with the making, preparation, display or exhibition of advertisement and includes an advertising consultant;
(4) "air travel agent" means any person engaged in providing any service connected with the booking of passage for travel by air;
(5) "Appellate Tribunal" means the Customs, Excise and Gold (Control) Appellate Tribunal constituted under Section 129 of the Customs Act, 1962 (52 of 1962);
(6) "architect" means any person whose name is, for the time being, entered in the register of architects maintained under Section 23 of the Architects Act, 1972 (20 of 1972) and also includes any commercial concern engaged in any manner, whether directly or indirectly, in rendering services in the field of architecture;
(7) "assessee" means a person liable to pay the service tax and includes his agent;
(8) "authorised service station" means any service station or centre, authorised by any motor vehicle manufacturer, to carry out any service or repair of any motor car or two wheeled motor vehicle manufactured by such manufacturer;
(9) "banking" and "banking company" shall have the meanings assigned to them in clauses (b) and (c) of Section 5 of the Banking Regulation Act, 1949 (10 of 1949), respectively;
(10) "banking and other financial services" means, the following services provided by a banking company or a financial institution including a non-banking financial company, namely:- (i) financial leasing services including equipment leasing and hire- purchase by a body corporate; (ii) credit card services; (iii)merchant banking services; (iv) securities and foreign exchange (forex) broking; (v) asset management including portfolio management, all forms of fund management, pension fund management, custodial depository and trust services, but does not include cash management; (vi) advisory and other auxiliary financial services including investment and portfolio research and advice, advice on mergers and acquisitions and advice on corporate restructuring and strategy; and (vii)provision and transfer of information and data processing;
(11) "Board" means the Central Board of Excise and Customs constituted under the Central Boards of Revenue Act, 1963 (54 of 1963);
(12) "body corporate" shall have the meaning assigned to it in clause (7) of Section 2 of the Companies Act, 1956 (1 of 1956);
3(13) "broadcasting" has the meaning assigned to it in clause (c) of Section 2 of the Prasar Bharati (Broadcasting Corporation of India) Act, 1990 (25 of 1990) and also includes programme selection, scheduling or presentation of sound or visual matter on a radio or a television channel that is intended for public listening or viewing, as the case may be; and in the case of a broadcasting agency or organisation, having its head office situated in any place outside India, includes the activity of selling of time slots or obtaining sponsorships for broadcasting of any programme or collecting the broadcasting charges on behalf of the said agency or organisation, by its branch office or subsidiary or representative in India or any agent appointed in India or by any person who acts on its behalf in any manner;
4(13A)"broadcasting agency or organisation" means any agency or organisation engaged in providing service in relation to broadcasting in any manner and, in the case of a broadcasting agency or organisation, having its head office situated in any place outside India, includes its branch office or subsidiary or representative in India or any agent appointed in India or any person who acts on its behalf in any manner, engaged in the activity of selling of time slots for broadcasting of any programme or obtaining sponsorships for programme or collecting broadcasting charges on behalf of the said agency or organisation."
(14) "cab" means a motor cab or maxi cab;
(15) "caterer" means any person who supplies, either directly or indirectly, any food, edible preparations, alcoholic or non-alcoholic beverages or crockery and similar articles or accoutrements for any purpose or occasion;
(16) "clearing and forwarding agent" means any person who is engaged in providing any service, either directly or indirectly, connected with the clearing and forwarding operations in any manner to any other person and includes a consignment agent;
(17) "computer network" has the meaning assigned to it in clause (F) of sub-section (1) of Section 2 of the Information Technology Act, 2000 (21 of 2000);
(18) "consulting engineer" means any professionally qualified engineer or an engineering firm who, either directly or indirectly, renders any advice, consultancy or technical assistance in any manner to a client in one or more disciplines of engineering;
(19) "convention" means a formal meeting or assembly which is not open to the general public, and does not include a meeting or assembly the principal purpose of which is to provide any type of amusement, entertainment or recreation;
(20) "courier agency" means a commercial concern engaged in the door- to-door transportation of time-sensitive documents, goods or articles utilising the services of a person, either directly or indirectly, to carry or accompany such documents, goods or articles;
(21) "credit rating agency" means any commercial concern engaged in the business of credit rating of any debt obligation or of any project or programme requiring finance, whether in the form of debt or otherwise, and includes credit rating of any financial obligation, instrument or security, which has the purpose of providing a potential investor or any other person any information pertaining to the relative safety of timely payment of interest or principal;
(22) "custom house agent" means a person licensed, temporarily or otherwise, under the regulations made under sub-section (2) of Section 146 of the Customs Act, 1962 (52 of 1962);
(23) "data" has the meaning assigned to it in clause (o) of sub-section (1) of Section 2 of the Information Technology Act, 2000 (21 of 2000);
(24) "electronic form" has the meaning assigned to it in clause (r) of sub section (1) of Section 2 of the Information Technology Act, 2000 (21 of 2000);
(25) "facsimile (FAX)" means a form of telecommunication by which fixed graphic images, such as printed texts and pictures are scanned and the information converted into electrical signals for transmission over the telecommunication system;
(26) "financial institution" has the meaning assigned to it in clause (c) of Section 45-1 of the Reserve Bank of India Act, 1934 (2 of 1934);
(27) "general insurance business" has the meaning assigned to it in clause (g) of Section 3 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972);
(28) "goods" has the meaning assigned to it in clause (7) of Section 2 of the Sale of Goods Act, 1930 (3 of 1930);
(29) "information" has the meaning assigned to it in clause (y) of sub- section (1) of Section 2 of the Information Technology Act, 2000 (21 of 2000);
(30) "Insurance Agent" has the meaning assigned to it in clause (10) of Section 2 of the Insurance Act, 1938 (4 of 1938);
(31) "insurance auxiliary service" means any service provided by an actuary, an intermediary or insurance intermediary or an insurance agent in relation to general insurance business and includes risk assessment, claim settlement, survey and loss assessment;
(32) "intermediary or insurance intermediary" has the meaning assigned to it in sub-clause (f) of clause (1) of Section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(33) "insurer" means any person carrying on the general insurance business in India;
(34) "interior decorator" means any person engaged, whether directly or indirectly, in the business of providing by way of advice, consultancy, technical assistance or in any other manner, services related to planning, design or beautification of spaces, whether man- made or otherwise and includes a landscape designer;
(35) "leased circuit" means a dedicated link provided between two fixed locations for exclusive use of the subscriber and includes a speech circuit, data circuit or a telegraph circuit;
(36) "magnetic storage device" includes wax blanks, discs or blanks, strips or films for the purpose of original sound recording;
(37) "management consultant" means any person who is engaged in providing any service, either directly or indirectly, in connection with the management of any organisation in any manner and includes any person who renders any advice, consultancy or technical assistance, relating to conceptualising, devising, development, modification, rectification or upgradation of any working system of any organisation;
(38) "mandap" means any immovable property as defined in Section 3 of the Transfer of Property Act, 1882 (4 of 1882) and includes any furniture, fixtures, light fittings and floor coverings therein let out for consideration for organising any official, social or business function;
(39) "mandap keeper" means a person who allows temporary occupation of a mandap for consideration for organising any official, social or business function;
(40) "manpower recruitment agency" means any commercial concern engaged inproviding any service, directly or indirectly, in any manner for recruitment of manpower, to a client;
(41) "market research agency" means any commercial concern engaged in conducting market research in any manner, in relation to any product, service or utility, including all types of customised and syndicated research services;
(42) "maxi cab" has the meaning assigned to it in clause (22) of Section 2 of the Motor Vehicles Act, 1988 (59 of 1988);
(43) "motor cab" has the meaning assigned to it in clause (25) of Section 2 of the Motor Vehicles Act, 1988 (59 of 1988);
(44) "non-banking financial company" has the meaning assigned to it in clause (f) of Section 45-1 of the Reserve Bank of India Act, 1934 (2 of 1934);
(45) "on-line information and database access or retrieval" means providing data or information, retrievable or otherwise, to a customer, in electronic form through a computer network;
(46) "pager" means an instrument, apparatus or appliance which is a non- speech, one way personal calling system with alert and has the capability of receiving, storing and displaying numeric or alpha- numeric messages;
(47) "photography" includes still photography, motion picture photography, laser photography, aerial photography and fluorescent photography;
(48) "photography studio or agency" means any professional photographer or a commercial concern engaged in the business of rendering service relating to photography;
(49) "policy holder" has the meaning assigned to it in clause (2) of Section 2 of the Insurance Act, 1938 (4 of 1938);
(50) "port" has the meaning assigned to it in clause (q) of Section 2 of the Major Port Trusts Act, 1963 (38 of 1963);
(51) "port services" means any service rendered by a port or any person authorised by the port, in any manner, in relation to a vessel or goods;
(52) "practising chartered accountant" means a person who is a member of the Institute of Chartered Accountants of India and is holding a certificate of practice granted under the provisions of the Chartered Accountants Act, 1949 (38 of 1949) and includes any concern engaged in rendering services in the field of chartered accountancy;
(53) "practising cost accountant" means a person who is a member of the Institute of Cost and Works Accountants of India and is holding a certificate of practice granted under the provisions of the Cost and Works Accountants Act, 1959 (23 of 1959) and includes any concern engaged in rendering services in the field of cost accountancy;
(54) "practising company secretary" means a person who is a member of the Institute of Company Secretaries of India and is holding a certificate of practice granted under the provisions of the Company Secretaries Act, 1980 (56 of 1980) and includes any concern engaged in rendering services in the field of company secretaryship;
(55) "prescribed" means prescribed by rules made under this Chapter;
(56) "real estate agent" means a person who is engaged in rendering any service in relation to sale, purchase, leasing or renting of real estate and includes a real estate consultant;
(57) "real estate consultant" means a person who renders in any manner, either directly or indirectly, advice, consultancy or technical assistance, in relation to evaluation, conception, design, development, construction, implementation, supervision, maintenance, marketing, acquisition or management of real estate;
(58) "recognised stock exchange" has the meaning assigned to it in clause (f) of Section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);
(59) "rent-a-cab scheme operator" means any person engaged in the business of renting of cabs;
(60) "scientific or technical consultancy" means any advice, consultancy or scientific or technical assistance rendered in any manner, either directly or indirectly, by a scientist or a technocrat or any science or technology institution or organisation, to a client, in one or more disciplines of science or technology;
(61) "securities" has the meaning assigned to it in clause (h) of Section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);
(62) "security agency" means any commercial concern engaged in the business ofrendering services relating to the security of any property, whether movable or immovable, or of any person, in any manner and includes the services of investigation, detection or verification, of any fact or activity, whether of a personal nature or otherwise, including the services of providing security personnel;
(63) "service tax" means tax leviable under the provisions of this Chapter;
(64) "ship" means a sea-going vessel and includes a sailing vessel;
(65) "shipping line" means any person who owns or charters a ship and includes an enterprise which operates or manages the business of shipping;
(66) "sound recording" means recording of sound on a magnetic storage device and editing thereof, in any manner;
(67) "sound recording studio or agency" means any commercial concern engaged in the business of rendering any service relating to sound recording;
(68) "steamer agent" means any person who undertakes, either directly or indirectly,-
(a) to perform any service in connection with the ship's husbandry or dispatch including the rendering of administrative work related thereto; or
(b) to book, advertise or canvass for cargo for or on behalf of a shipping line; or
(c) to provide container feeder services for or on behalf of a shipping line;
(69) "stockbroker" means a stockbroker who has either made an application for registration or is registered as a stockbroker in accordance with the rules and regulations made under the Securities and Exchange Board of India Act, 1992 (15 of 1992);
(70) "sub-broker" means a sub-broker who has either made an application for registration or is registered as a sub-broker in accordance with the rules and regulations made under the Securities and Exchange Board of India Act, 1992 (15 of 1992);
(71) "subscriber" means a person to whom any service of a telephone connection or a facsimile or a leased circuit or a pager or a telegraph or a telex has been provided by the telegraph authority;
(72) "taxable service" means any service provided,-
(a) to an investor, by a stockbroker in connection with the sale or purchase of securities listed on a recognized stock exchange;
(b) to a subscriber, by the telegraph authority in relation to a telephone connection;
(c) to a subscriber, by the telegraph authority in relation to a pager;
(d) to a policy holder, by an insurer carrying on general insurance business in relation to general insurance
business;
(e) to a client, by an advertising agency in relation to advertisement, in any manner;
(f) to a customer, by a courier agency in relation to door-to -door transportation of time-sensitive documents, goods or articles;
(g) to a client, by a consulting engineer in relation to advice, consultancy or technical assistance in anymanner in one or more disciplines of engineering;
(h) to a client, by a custom house agent in relation to the entry or departure of conveyances or the import or export of goods;
(i) to a shipping line, by a steamer agent in relation to a ship's husbandry or dispatch or any administrative work related thereto as well as the booking, advertising or canvassing of cargo, including container feeder services;
(j) to a client, by a clearing and forwarding agent in relation to clearing and forwarding operations, in any manner;
(k) to a client, by a manpower recruitment agency in relation to the recruitment of manpower, in anymanner;
(l) to a customer, by an air travel agent in relation to the booking of passage for travel by air;
(m) to a client, by a mandap keeper in relation to the use of mandap in any manner including the facilities provided to the client in relation to such use and also the services, if any, rendered as a caterer;
(n) to any person, by a tour operator in relation to a tour;
(o) to any person, by a rent-a-cab scheme operator in relation to the renting of a cab;
(p) to a client, by an architect in his professional capacity, in any manner;
(q) to a client, by an interior decorator in relation to planning, design or beautification of spaces, whether man - made or otherwise, in any manner;
(r) to a client, by a management consultant in connection with the management of any organisation, in any manner;
(s) to a client, by a practising chartered accountant in his professional capacity, in any manner;
(t) to a client, by a practising cost accountant in his professional capacity, in any manner;
(u) to a client, by a practising company secretary in his professional capacity, in any manner;
(v) to a client, by a real estate agent in relation to real estate;
(w) to a client, by a security agency in relation to the security of any property or person, by providingsecurity personnel or otherwise and includes the provision of services of investigation, detection or verification of any fact or activity;
(x) to a client, by a credit rating agency in relation to credit rating of any financial obligation, instrument or security;
(y) to a client, by a market research agency in relation to market research of any product, service or utility,in any manner;
(z) to a client, by an underwriter in relation to underwriting, in any manner;
(za) to a client, by a scientist or a technocrat, or any science or technology institution or organisation, in relation to scientific or technical consultancy;
(zb) to a customer, by a photography studio or agency in relation to photography, in any manner;
(zc) to a client, by any commercial concern in relation to holding of convention, in any manner;
(zd) to a subscriber, by the telegraph authority in relation to a leased circuit;
(ze) to a subscriber, by the telegraph authority in relation to a communication through telegraph;
(zf) to a subscriber, by the telegraph authority in relation to a communication through telex;
(zg) to a subscriber, by the telegraph authority in relation to a facsimile communication;
(zh) to a customer, by a commercial concern, in relation to on-line information and database access or retrieval or both in electronic form through computer network, in any manner;
(zi) to a client, by a video production agency in relation to video- tape production, in any manner;
(zj) to a client, by a sound recording studio or agency in relation to any kind of sound recording;
5(zk) to a client, by a broadcasting agency or organisation in relation to broadcasting in any manner and, in the case of a broadcasting agency or organisation, having its head office situated in any place outside India, includes service provided by its branch office or subsidiary or representative in India or any agentappointed in India or by any person who acts on its behalf in any manner, engaged in the activity of selling of time slots for broadcasting of any programme or obtaining sponsorships for programme or collecting broadcasting charges on behalf of the said agency or organisation.
Explanation.—For the removal of doubts, it is hereby declared that so long as the radio or television programme broadcast is received in India and intended for listening or viewing, as the case may be, by the public, such service shall be a taxable service in relation to broadcasting, even if the encryption of the signals or beaming thereof through the satellite might have taken place outside India;".
(zl) to a policy holder or insurer, by an actuary or intermediary or insurance intermediary or insurance agent, in relation to insurance auxiliary services;
(zm) to a customer, by a banking company or a financial institution including a non-banking financial company, in relation to banking and other financial services;
(zn) to any person, by a port or any person authorised by the port, in relation to port services, in any manner;
(zo) to a customer, by an authorised service station, in relation to any service or repair of motor cars or two wheeled motor vehicles, in any manner; and the term "service provider" shall be construed accordingly;
(73) "telegraph" has the meaning assigned to it in clause (1) of Section 3 of the Indian Telegraph Act, 1885 (13 of 1885);
(74) "telegraph authority" has the meaning assigned to it in clause (6) of Section 3 of the Indian Telegraph Act, 1885 (13 of 1885) and includes a person who has been granted a licence under the first proviso to sub-section (1) of Section 4 of that Act;
(75) "telex" means a typed communication by using teleprinters through telex exchanges;
(76) "tour" means a journey from one place to another irrespective of the distance between such places;
(77) "tourist vehicle" has the meaning assigned to it in clause (43) of Section 2 of the Motor Vehicles Act, 1988 (59 of 1988);
(78) "tour operator" means any person engaged in the business of operating tours in a tourist vehiclecovered by a permit granted under the Motor Vehicles Act, 1988 (59 of 1988) or the rules made thereunder;
(79) "underwriter" has the meaning assigned to it in clause (f) of Rule 2 of the Securities and Exchange Board of India (Underwriters) Rules, 1993;
(80) "underwriting" has the meaning assigned to it in clause (g) of Rule 2 of the Securities and Exchange Board of India (Underwriters) Rules, 1993;
(81) "vessel" has the meaning assigned to it in clause (z) of Section 2 of the Major Port Trusts Act, 1963 (38 of 1963);
(82) "video production agency" means any professional videographer or any commercial concern engaged in the business of rendering services relating to video-tape production;
(83) "video-tape production" means the process of any recording of any programme, event or function on a magnetic tape and includes editing thereof, in any manner;
(84) words and expressions used but not defined in this Chapter and defined in the Central Excise Act, 1944 (1 of 1994) or the rules made thereunder, shall apply, so far as may be in relation to service tax as they apply in relation to aduty of excise.';
SECTION 66: CHARGE OF SERVICE TAX
(1) On and from the date of commencement of this Chapter, there shall be levied a tax (hereinafter referred to as the service tax), at the rate of five per cent of the value of the taxable services referred to in sub-clauses (a), (b) and (a) of clause (72) of Section 65 and collected in such manner as may be prescribed.
(2) With effect from the date notified under Section 85 of the Finance (No. 2) Act, 1996 (33 of 1996), there shall be levied a service tax at the rate of five per cent of the value of the taxable services referred to in sub-clauses (c), (e) and (f) of clause (72) of Section 65 and collected in such manner as may be prescribed.
(3) With effect from the date notified under Section 88 of the Finance Act, 1997 (26 of 1997) , there shall be levied a service tax at the rate of five per cent of the value of the taxable services referred to in sub-clauses (g), (h), (i), (j), (k), (l), (m), (n) and (o) of clause (72) of Section 65 and collected in such manner as may be prescribed.
(4) With effect from the date notified under Section 116 of the Finance (No. 2) Act, 1998 (21 of 1998), there shall be levied a service tax at the rate of five per cent of the value of the taxable services referred to in sub-clauses (p), (q), (r), (s), (t), (u), (v), (w), (x), (y) and (z) of clause (72) of Section 65 and collected in such manner as may be prescribed.
(5) With effect from the date notified under Section 137 of the Finance Act, 2001 , there shall be levied a service tax at the rate of five per cent of the value of the taxable services referred to in sub-clauses (za), (zb), (zc), (zd), (ze), (zf), (zg), (zh), (zi), (zj), (zk), (zl), (zm), (zn) and (zo) of clause (72) of Section 65 and collected in such manner as may be prescribed.";
SECTION 67: VALUATION OF TAXABLE SERVICES FOR CHARGING SERVICE TAX
2 For the purposes of this Chapter, the value of any taxable service shall be the gross amount charged by the service provider for such service rendered by him.
Explanation.-For the removal of doubts, it is hereby declared that the value of a taxable service, as the case may be, includes,-
(a) the aggregate of commission or brokerage charged by a broker on the sale or purchase of securities including the commission or brokerage paid by the stock-broker to any sub-broker;
(b) the adjustments made by the telegraph authority from any deposits made by the subscriber at the time of application for telephone connection or pager or facsimile or telegraph or telex or for leased circuit;
(c) the amount of premium charged by the insurer from the policy holder;
(d) the commission received by the air travel agent from the airline;
(e) the commission, fee or any other sum received by an actuary, or intermediary or insurance intermediary or insurance agent from the insurer; and
(f) the reimbursement received by the authorised service station from manufacturer for carrying out any service of any motor car or two wheeled motor vehicle manufactured by such manufacturer, but does not include,-
(a) initial deposit made by the subscriber at the time of application for telephone connection or pager or facsimile or telegraph or telex or for leased circuit;
(b) the cost of unexposed photography film, unrecorded magnetic tape or such other storage devices if any, sold to the client during the course of providing the service; and
(c) the cost of parts or accessories, if any, sold to the customer during the course of service or repair ofmotor cars or two wheeled motor vehicles.";
SECTION 68: PAYMENT OF SERVICE TAX
(1) Every person providing taxable service to any person shall pay service tax at the rate specified in section 66 in such manner and within such period as may be prescribed.
(2) Notwithstanding anything contained in sub-section (1), in respect of any taxable service notified by the Central Government in the Official Gazette, the service tax thereon shall be paid by such person and in such manner as may be prescribed at the rate specified in section 66 and all the provisions of this Chapter shall apply to such person as if he is the person liable for paying the service tax in relation to such service.
SECTION 69: REGISTRATION
- Every person liable to pay the service tax under this Chapter or the rules made thereunder shall, within such time and in such manner and in such form as may be prescribed, make an application for registration to the 2 Superintendent of Central Excise.
SECTION 70: FURNISHING OF RETURNS.
2 -Every person liable to pay the service tax shall himself assess the tax due on the services provided by him and shall furnish to the Superintendent of Central Excise, a return in such form and in such manner and at such frequency as may be prescribed.
SECTION 71: VERIFICATION OF TAX ASSESSED BY THE ASSESSEE, ETC.
- 2 (1) The Superintendent of Central Excise may, on the basis of information contained in the return filed by the assessee under Section 70, verify the correctness of the tax assessed by the assessee on the services provided.
(2) The Superintendent of Central Excise may require the assessee to produce any accounts, documents or other evidence as he may deem necessary for such verification as and when required.
(3) If on verification under sub-section (2), the Superintendent of Central Excise is of the opinion that service tax on any service provided has escaped assessment or has been underassessed, he may refer the matter to the Assistant Commissioner of Central Excise or, as the case may be, the Deputy Commissioner of Central Excise, who may pass such order of assessment as he thinks fit.";
SECTION 72: BEST JUDGMENT ASSESSMENT
--- If---
(a) any person fails to make the return required by any notice given under sub-section (2) of section 70- and has not made a return or a revised return under sub-section (3) of that section, or
(b) any person having made a return fails to comply with all the terms of a notice issued under sub-section (1) of section 71- , or
(c) the Central Excise Officer is not satisfied with the correctness or the completeness of the accounts of the assessee, the Central Excise Officer, after taking into account all the relevant material which he has gathered, shall by an order in writing, make the assessment of the value of taxable service to the best of his judgment and determine the sum payable by the assessee or refundable to the assessee on the basis of such assessment.
SECTION 73: VALUE OF TAXABLE SERVICES ESCAPING ASSESSMENT
--- If---
"(a) the Assistant Commissioner of Central Excise or, as the case may be, the Deputy Commissioner of Central Excise has reason to believe that by reason of omission or failure on the part of the assessee, to make a return under Section 70 for any prescribed period or to disclose wholly or truly all material facts required for verification of the assessment under Section 71, the value of taxable service has escaped assessment or has been underassessed or any sum has erroneously been refunded, or";
(b) notwithstanding that there has been no omission or failure as mentioned in clause (a) on the part of the assessee. the Central Excise Officer has. in consequence of infor- mation in his possession, reason to believe that the value of any taxable service assessable in any quarter has escaped assessment or has been under-assessed, he may, in cases falling under clause (a), at any time within five years, and in cases falling, under clause (b), at any time within six months from the date for filing the return, serve in the assessee a notice containing all or any of the requirements which may be included in a notice under sub-section (2) of section 70- and may proceed to assess or re-assess the value of taxable service, and the provisions of this Chapter shall, so far as may be. apply, as if the notice were a notice issued under that sub-section.
7 ["Explanation.-Where the service of the notice is stayed by an order of a court, the period of such stay shall be excluded in computing the aforesaid period of five years or six months, as the case may be.";]
SECTION 74: RECTIFICATION OF MISTAKE
(1) With a view to rectifying any mistake apparent from the record, the Central Excise Officer who passed any order under the provisions of this Chapter may, within two years of the date on which such order was passed, amend the order.
(2) Where any matter has been considered and decided in any proceeding by way of appeal or revision relating to an order referred to in sub-section (1), the Central Excise Officer passing such order may, notwithstanding anything contained in any law for the time being in force, amend the order under that sub-section in relation to any matter other than the matter which has been so considered and decided.
(3) Subject to the other provisions of this section, the Central Excise Officer concerned-
(a) may make an amendment under sub-section (1) of his own motion: or
(b) shall make such amendment if any mistake is brought to his notice by the assessee or the Collector of Central Excise or the Collector of Central Excise (Appeals).
(4) An amendment, which has the effect of enhancing an assessment or reducing a refund or otherwise increasing the liability of the assessee. shall not be made under this section unless the Central Excise Officer concerned has given notice to the assessee of his intention so to do and has allowed the assessee a reasonable opportunity of being heard.
(5) Where an amendment is made under this section, an order shall be passed in writing by the Central Excise Officer concerned.
(6) Subject to the other provisions of this Chapter where any such amendment has the effect of reducing the assessment, the Central Excise Officer shall make any refund which may be due to such assessee.
(7) Where any such amendment has the effect of enhancing the assessment or reducing the refund already made. the Central Excise Officer shall make an order specifying the sum payable by the assessee and the provisions of this Chapter shall apply accordingly.
SECTION 75: INTEREST ON DELAYED PAYMENT OF SERVICE TAX
- Every person, liable to pay the tax in accordance with the provisions of section 68 or rules made thereunder, who fails to credit the tax or any part thereof to the account of the Central Government within the period prescribed, shall pay simple interest at the rate of one and one-half per cent. for every month or part of the month by which such crediting of the tax or any part thereof is delayed.
SECTION 75A: PENALTY FOR FAILURE OF REGISTRATION
-Any person, liable to pay service tax in accordance with the provisions of Section 68 or the rules made thereunder, fails to make an application for registration under Section 69, shall pay, by way of penalty, a sum of five hundred rupees.";
SECTION 76: PENALTY FOR FAILURE TO PAY SERVICE TAX
- Any person, liable to pay service tax in accordance with the provisions of section 68 or the rules made thereunder, who fails to pay such tax shall pay in addition to paying such tax, and interest on that tax in accordance with the provisions of section 75, a penalty which shall not be less than one hundred rupees but which may extend to two hundred rupees for every day during which such failure continues, so, however, that the penalty under this clause shall not exceed the amount of service tax that he failed to pay.
SECTION 77: PENALTY FOR FAILURE TO FURNISH PRESCRIBED RETURN
- If a person fails to furnish in due time the return which he is required to furnish under section 70 or the rules made thereunder, he shall pay, by way of penalty, a sum which shall not be less than one hundred rupees but which may extend to two hundred rupees for every week or part thereof during which such failure continues.";
(8) in section 82, for the words "if the Central Excise Officer has reason to believe", the words "If the Commissioner of Central Excise has reason to believe" shall be substituted;
(9) in section 83, after the figures and letter "11B", the figures and letters "11BB, 12A" shall be inserted; (10) sections 87 to 92 shall be omitted; (11) for section 93, the following section shall be substituted, namely:-
"93. Power to grant exemption from service tax.- (1) If the Central Government is satisfied that it is necessary in the public interest so to do, it may, by notification in the Official Gazette, exempt generally or subject to such conditions as may be specified in the notification, taxable service of any specified descrip- tion from the whole or any part of the service tax leviable thereon. (2) If the Central Government is satisfied that it is necessary Å in the public interest so to do, it may, by special order in each case, exempt any taxable service of any specified description from the payment of whole or any part of the service tax leviable thereon, under circumstances of exceptional nature to be stated in such order."; (12) In section 94, for sub-section (2), the following sub-section shall be substituted, namely:- "(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:- (a) collection and recovery of service tax under sections 66 and 68; (b) the time and manner and the form in which application for registration shall be made under section 69; (c) the form, manner and frequency of the returns to be furnished under section 70; (d) the form in which appeal under section 85 or under sub-section (6) of seion 86 may be filed and the manner in which they may be verified; (e) the manner in which the memorandum of cross-objections under sub-section (4) of section 86 may be verified; (f) any other matter which by this Chapter is to be or may be prescribed.".
SECTION 78: PENALTY FOR SUPPRESSING VALUE OF TAXABLE SERVICE
--- If the Central Excise Officer in the course of any proceedings under this Chapter is satisfied that any person has. with intent to evade payment of service tax, suppressed or concealed the value of taxable service or has furnished inaccurate value of such taxable service, he may direct that such person shall pay by way of penalty, in addition lo service tax and interest, if any. payable by him, a sum which shall not be less than. but which shall not exceed twice, the amount of service tax sought to be evaded by reason of suppression or concealment of the value of taxable service or the furnishing of inaccurate value of such taxable service: Provided that if the value of taxable service (as determined by the Central Excise Officer on assessment) in respect of which value has been suppressed or concealed or inaccurate value has been furnished exceeds a sum of twenty-five thousand rupees, the Central Excise Officer shall not issue any direction for payment by way of penalty without the previous approval of the Collector of Central Excise.
SECTION 79: PENALTY FOR FAILURE TO COMPLY WITH NOTICE
--- If the Central Excise Officer in the course of any proceedings under this Chapter is satisfied that any person has failed to comply with a notice under sub-section (1) of section 71 - he may direct that such person shall pay, by way of penalty, in addition to any service tax and interest, if any, payable by him, a sum which shall not be less than ten per cent., but which shall not exceed fifty per cent., of the amount of the service tax, if any, which would have been avoided if the value of taxable service stated in the return by such person had been accepted as the correct value of taxable service.
SECTION 80: PENALTY NOT TO BE IMPOSED IN CERTAIN CASES
- Notwithstanding anything contained in the provisions of section 76 - , section 77 - , section 78 - or section 79 - , no penalty shall be imposable on the assessee for any failure referred to in the said provisions if the assessee proves that there was reasonable cause for the said failure.
SECTION 81: OFFENCES BY COMPANIES
(1)Where an offence under this Chapter has been committed by a company, every person who at the time the offence was committed was in charge of, and was responsible to, the company for the conduct of the business of the company as well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly: Provided that nothing contained in this sub-section shall render any such person liable to any punishment provided in this Chapter, if he proves that the offence was committed without his knowledge and that he had exercised all due diligence to prevent the commission of such offence.
(2) Notwithstanding anything contained in sub-section (1), where an offence under this Chapter has been committed by a company and it is proved that the offence has been committed with the consent or connivance of. or is attributable to any negelect on the part of, any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall also be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly.
Explanation.--- For the purposes of this section,---
(a) "company" means any body corporate and includes a firm or other association of individuals; and
(b) "director" in relation to a firm means a partner in the firm.
SECTION 82: POWER TO SEARCH PREMISES
(1) If the Central Excise Officer has reason to believe that any documents or books or things which in his opinion will be useful for or relevant to any proceeding under this Chapter are secreted in any place, he may authorise any other Central Excise Officer to search or may himself search for such documents or books or things..
(2) The provisions of the Code of Criminal Procedure, 1973 , relating to searches, shall, so far as may be. apply to searches under this section as they apply to searches under that Code.
SECTION 83: APPLICATION OF CERTAIN PROVISIONS OF ACT 1 OF 1944
- The provisions of the following sections of the Central Excises and Salt Act, 1944 , as in force from time to time. shall apply, so far as may be, in relation to service tax as they apply in relation to a duty of excise:---- 9C, 9D. II. 11B, 12B, 12C, 12D. 12E, 14, 15. 35F to 350 (both inclusive), 35Q, 36, 36A, 36B, 37A, 37B, 37C, 37D and 40.
SECTION 84: REVISION OF ORDERS BY THE COLLECTOR OF CENTRAL EXCISE
(1) The Collector of Central Excise may call for the record of a proceeding under this Chapter which has been taken by the Central Excise Officer subordinate to him and may make such inquiry or cause such inquiry to be made and, subject to the provisions of this Chapter, pass such order thereon as he thinks fit.
(2) No order which is prejudicial to the assessee shall be passed under this section unless the assessee has given an opportunity of being heard.
(3) The Collector of Central Excise shall communicate the order passed by him under sub-section
(1) to the assessee, the Central Excise Officer and the Board.
(4) No order under this section shall be passed by the Collector of Central Excise in respect of any issue if an appeal against such issue is pending before the Collector of Central Excise (Appeals).
(5) No order under this section shall be passed after the expiry of two years from the date on which the order sought to be revised has been passed.
SECTION 85: APPEALS TO THE COLLECTOR OF CENTRAL EXCISE (APPEALS)
(1) Any person aggrieved by any assessment order passed by the Central Excise Officer under section 71- , section 72- or section 73- . or denying his liability to be assessed under this Chapter, or by an order levying interest or penalty under this Chapter, may appeal to the Collector of Central Excise (Appeals),
(2) Every appeal shall be in the prescribed from and shall be verified in the prescribed manner.
(3) An appeal shall be presented within three months from the date of receipt of the decision or order of the Central Excise Officer, relating to service tax, interest or penalty under this Chapter: Provided that the Collector of Central Excise (Appeals) may, if he is satisfied that the appellant was prevented by sufficient cause from presenting the appeal within the aforessaid period of three months, allow it to be presented within a further period of three months.
(4) The Collector of Central Excise (Appeals) shall hear and determine the appeal and, subject to the provisions of this Chapter, pass such orders as he thinks fit and such orders may include an order enhancing the service tax, interest or penalty: Provided that an order enhancing the service tax. interest or penalty shall not be made unless the person affected thereby has been given a reasonable opportunity of showing cause against such enhancement.
(5) Subject to the provisions of this Chapter, in hearing the appeals and making order under this section, the Collector of Central Excise (Appeals) shall exercise the same powers and follow the same procedure as he exercises and follows in hearing the appeals and making orders under the Central Excises and Salt Act, 1944 .
SECTION 86: APPEALS TO APPELLATE TRIBUNAL
(1) Any assessee aggrieved by an order passed by a Collector of Central Excise under section 84- ; or any order passed by a Collector of Central Excise (Appeals) under Section 85- . may appeal to the Appellate Tribunal against such order.
(2) The Board may, if it objects to any order passed by the Collector of Central Excise under section 84- , or the Collector of Central Excise may, if he objects to any order passed by the Collector of Central Excise (Appeals) under section 85- , direct the Central Excise Officer to Appeal to the Appellate Tribunal against the order.
(3) Every appeal under sub-section (1) or sub-section (2) shall be filed within three months of the date on which the order sought to be appealed against is received by the assessee. the Board or by the Collector of Central Excise, as the case may be.
(4) The Central Excise Officer or the assessee, as the case may be, on receipt of a notice that an appeal against the order of the Collector of Central Excise or the Collector of Central Excise (Appeals) has been preferred under sub-section (1) or sub-section (2) by the other party may, notwithstanding that he may not have appealed against such order or any part thereof, within forty-five days of the receipt of the notice, file a memorandum of cross- objections, verified in the prescribed manner, against any part of the order of the Collector of Central Excise or the Collector of Central Excise (Appeals), and such memorandum shall be disposed of by the Appellate Tribunal as if it were an appeal presented within the time specified in sub-section (3).
(5) The Appellate Tribunal may admit an appeal or permit the Filing of a memorandum of crossobjections after the expiry of the relevant period referred to in sub-section (3) or sub- section (4) if it is satisfied that there was sufficient cause for not presenting it within that period.
(6) An appeal to the Appellate Tribunal shall be in the prescribed form and shall be verified in the precribed manner and shall, except in the case of an appeal referred to in sub-section (2) or a memorandum of cross objections referred to in sub-section (4), be accompanied by a fee to two hundred rupees.
(7) Subject to the provisions of this Chapter, in hearing the appeals and making orders under this section, the Appellate Tribunal shall exercise the same powers and follow the same procedure as it exercises and follows in hearing the appeals and making orders under the Central Excises and Salt Act, 1944 .
SECTION 87: WILFUL ATTEMPT TO EVADE SERVICE TAX, ETC
If a person wilfully attempts in any manner whatsover to evade collection or payment of any service tax, interest or penalty chargeable or imposable under this Chapter, or to suppress or conceal the total value of taxable services, he shall, without prejudice to any penalty that may be imposable on him under any other provisions of this Chapter, be punishable with imprisonment for a term which may extend to seven years and with fine.
Explanation.--- For the purposes of this section, a wilful attempt to evade payment of any service tax, interest or penalty chargeable or imposable under this Chapter shall include a case where any person---
(i) has in his possession or control any books of account or other documents (being books of account orother documents relevant to any proceeding under this Chapter) containing a false entry or statement: or
(ii) makes or causes to be made any false entry or statement in such books of account or other document: or
(iii) wilfully omits or causes to be omitted any relevant entry or statement in such books of account or other documents: or
(iv) causes any other circumstances to exist which will have the effect of enabling such person to evade payment of any service tax, interest or penalty chargeable or imposable under this Chapter.
SECTION 88: FAILURE TO FURNISH PRESCRIBED RETURNS
If a person fails to furnish the return which he is required to furnish by a notice given under sub-section (2) of section 70 - , he shall, without prejudice to any penalty that may be imposable on him under any other provision of this Chapter, be punishable with imprisonment for a term which may extend to three years and with Fine.
SECTION 89: FALSE STATEMENT IN VARIFICATION, ETC
If a person makes a statement in any verification under this Chapter or any rule made thereunder, or delivers an account or statement, which is false, and which he either knows or 'believes to be false, or does not believe to betrue, he shall be punishable with imprisonment for a term which may extend to three years and with fine.
SECTION 90: ABETMENT OF FALSE RETURN, ETC
If a person abets or induces in any manner another person to make and deliver an account or a statement or declaration relating to any taxable service which is false and which he either knows to be false or does not believe to be true or to commit an offence under section 87 - , he shall be punishable with imprisonment for a term which may extend to seven years and with fine.
SECTION 91: CERTAIN OFFENCES TO BE NON-COGNIZABLE
Notwithstanding anything contained in the Code of Criminal Procedure, 1973 , an offence punishable under section 87 - or section 88 - or section 89 - or section 90 - shall be deemed to be non-cognizable within the meaning of that Code.
SECTION 92: INSTITUTION OF PROCEEDINGS
A person shall not be proceeded against or any offence under section 87 - or section 88 - or section 89 - or section 90 - except with the previous sanction of the Principal Collector of Central Excise.
SECTION 93: POWER TO GRANT EXEMPTION FROM SERVICE-TAX
The Central Government may, if it is satisfied that it is necessary so to do in the public interest, by notification in the Official Gazette, exempt generally or subject to such conditions as may be specified in the notification, taxable service of any specified description from the whole or any part of service tax leviable thereon.
SECTION 94: POWER TO MAKE RULES
(1) The Central Government may, by notification in the Official Gazette, make rules for carrying out the provisions of this Chapter.
(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:
(a) the time and manner and the form in which application for registration may be made under sub -section(1)
of section 69- and. the form in which the certificate of registration may be granted under sub-section (4) of
section 69- ;
(b) the form in which returns under section 70- may be furnished, the manner in which they may be verified and other particulars which a form may contain:
(c) the form in which appeal under section 85- or under sub-section (6) of section 86- may be filed and the manner in which they may be verified:
(d) the manner in which a memorandum of cross-objections under sub-section (4) of section 86- may be verified;
(e) any other matter which by this Chapter is to be or may be prescribed.
(3) The power to make rules conferred by this section shall on the first occasion of the exercise thereof include the power to give retrospective effect to the rules or any of them from a date not earlier than the date on which the provisions of this Chapter come into force.
(4) Every rule made under this Chapter and every notification issued under section 93- shall be laid, as soon as may be, after it is made or issued, before each House of Parliament, while it is in session for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if. before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or notification or both Houses agree that the rule should not be made or the notiFication should not be issued, the rule or notification shall thereafter have effect only in such modified form or be of no effect, as the case may be: so: however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule or notification.
SECTION 95: POWER TO REMOVE DIFFICULTIES
(1) If any difficulty arises in giving effect to the provisions of this Chapter, the Central Government may, by order published in the Official Gazette, not inconsistent with the provisions of this Chapter, remove the difficulty: Provided that no such order shall be made after the expiry of a period of two years from the date on which the provisions of this Chapter come into force.
SECTION 96: CONSEQUENTIAL AMENDMENT
-In the Economic Offences (Inapplicability of Limitation) Act, 1974 , in the Schedule, after entry 7 relating to the Central Excises and Salt Act,1944 , the following entry shall be inserted, namely :--- "7A. Chapter 5 of the Finance Act, 1994."
SECTION 97: AMENDMENT OF ACT 21 OF 1979
[Amendments incorporated in the Finance Act, 1979].
SECTION 99: AMENDMENT OF ACT 2 OF 1899
[Incorporated in the Indian Stamp Act, 1899 ],
SCHEDULE FIRST SCHEDULE
(See section 2- ) PART 1 INCOME-TAX Paragraph A Sub-Paragraph 1 In the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not. or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act . not being a case to which Sub-Paragraph II of this Paragraph or any other paragraph of this Part applies. Rates of income-tax (1) where the total income does not exceed Nil; Rs. 30,000 (2) where the total income exceeds Rs. 30,000 20 per cent. of the amount by which the total income but does not exceed Rs. 50.000 exceeds Rs. 30.000: (3) where the total income exceeds Rs. 50.000 Rs. 4,000 plus 30 per cent. of the amount by which but does not exceed Rs. 1,00,000 the total income exceeds Rupees 50.000: (4) where the total income exceeds Rs. 1.00,000 Rs. 19,000 plus 40 per cent. of the amount by which the total income exceeds Rupees 1.00.000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Sub-Paragraph of section 112 shall.--- (i) in the case of every individual or Hindu undivided family having a total income exceeding one hundred thousand rupees, be reduced by the amount of rebate of income-tax calculated under Chapter VIII- A. and the income-tax as so reduced, (ii) in the case of every person, other than those mentioned in item (i), having a total income exceeding one hundred thousand rupees, be increased by a surcharge for purposes of the union calculated at the rate of twelve per cent. of such income-tax: Provided that no such surcharge shall be payable by a non-resident. Sub-Paragraph II In the case of every Hindu undivided family which at any lime during the previous year has at least one member whose total income of the previous year relevant lo the assessment year commencing on the 1st day of April. 1994 exceeds Rs. 30,000.- Rates of income-tax (1) where the total income does not Nil: exceed Rs. 18,000 (2) where the total income exceeds Rs. 18.000 30 per cent. of the amount by which the total income but does not exceed Rs. 1,00,000 exceeds RS: 18,000 (3) where the total income exceeds Rs. 1,00.000 Rs. 24.600 plus 40 per cent. of the amount by which the total income exceeds Rupees 1.00.000. Sarcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Sub-Paragraph or section 112 shall, in the case of every person having a total income exceeding one hundred thousand rupees, be reduced by the amount of rebate of income-tax calculated under .Chapter VII-A and the income- tax as so reduced, be increased by a surcharge for purposes of the Union calculated at the rate of twelve per cent. of such income-tax. Provided that no such surcharge shall be payable by a non-residednt. Paragraph B In the case of every co-operative society. --- Rates of income-tax (1) where the total income docs not exceeds 10 per cent. of the total income: Rs. 10.000 (2) where the total income exceeds Rs. 10,000 Rs.1,000 plus 20 per cent. of the amount by which but does not exceed Rs. 20.000 the total income exceeds Rupees 10.000, (3) where the total income exceeds Rs. 20.000 Rs. 3.000 plus 35 per cent. of the amount by which the total income exceeds Rupees 20,000. Surcharge on income-tax The amount of income-tax computed in accordance with the proceeding provisions of this Paragraph or section 112 sahll, in the case of every person having a total income exceeding one hundred thousand rupees, be increased by a surcharge for purposes of the Union calculated at the rate of twelve per cent. of such income-tax. Paragraph C In the case of every firm, -- Rates of income-tax On the whole of the total income 40 per cent.; Surcharge on income-tax The amount of income-tax computed at the rate hereinbefore specified or in section 112 shall in the case of every firm having a total income exceeding one hundred thousand rupees, be increased by a surcharge for purposes of the Union calculated at the rate of twelve per cent. of such income-tax. Paragraph D In the case of every local authority,- _ Rate of income-tax On the whole of the total income 30 per cent.; Surcharge on income-tax The amount of income-tax computed at the rate hereinbefore or in section 112 . shall, in the case of every person having a total income exceeding one hundred thousand rupees, be increased by a surcharge for purposes of the Union calculated at the rate of twelve per cent. of such income-tax. Paragraph E In the case of a company.--- Rates of income-tax I. In the case of a domestic company,- (1) where the company is a company 45 per cent. of the total income: in which the public are substantially interested,- (2) where the company is not a company 50 per cent. of the total income: in which the public are substantially interested- II. In the case of a company other than a domestic company.- (i) on so much of the total income as consists of--- (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Govern- ment or the Indian concern after the 31st day of March. 1961 but before the 1st day of April, 1976. or (b) fees for rendering technical services re- ceived from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February. 1964 but before the 1st day of April, 1976, and where such agreement has. in 50 pur cent.: either case. been approved by the Central Government (ii) on the balance, if any. of the total income 65 per cent. Surcharge on income-tax The amount of inconic-tax computed in accordance with the provisions of this Paragraph or section 112 shall, in the case of every domestic company having a total income exceeding seventy-five thousand rupees, be increased by a surcharge calculated at the rate of fifteen per cent. of such income-tax. PART II RATES FOR DEDUCTION OF TAX AT SOURCE IN CERTAIN CASES In every case in which under the provisions of sections 193 , 194 , 194A , 194B , 194BB , 194D and 195 of the Income-tax Act , tax is to be deducted at the rates in force, deduction shall be made from the income subject to deduction at the following rates :--- ____________________________________________________________________________ Rate of Income-lax ____________________________________________________________________________ 1. In the case of a person other than a company.--- (a) where the person is resident inindia--- (i) on income by way of interest 10 per cent.: other than "Interest on securities" (ii) on income by way of winnings 40 per cent.: from lotteries and crossword puzzles (iii) on income by way of winnings 40 per cent.: from horse races (iv) on income by way of insurance 10 per cent.: commission (v) on income by way of interest 10 per cent.: payable on --- (A) any security, of the Central or a Slate Government. (B) any debentures or other securities for money issued by or on behalf of any local authority or a corporation established by a Central State or Provincial Act: (C) any debentures issued by a company where such debentures are listed on a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act. 1956 and any rules made thereunder: (vi) on any other income 20 per cent.: (b) where the person is not resident in India- (i) in the case of a non-resident Indian- (A) on investment income and 20 per cent.: long-term capital gains (B) on income by way of dividends 20 per cent.: and interest payable by Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency (C) on income by way of winnings 40 per cent.: from lotteries and crossword puzzles (D) on income by way of winnings 40 per cent.: from horse races (E) on the whole or other income . income-tax at 30 per cent. of the amount of income, or income-tax in respect of the income at the rates prescribed in Sub-Paragraph I of Paragraph A of Part III of this Schedule, if such income had been the total income, whichever is higher: (ii) in the case of any other person--- (A) on income by way of dividends. 20 per cent.; inierest payable by Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency, and income payable in respect of units (not being income payable to an individual). purchased in foreign currency, of the Unit Trust of India. (B) on income by way of winnings 40 per cent.: from lotteries and crossword puzzles (C) on income by way of winnings 40 per cent., from horse races (D) on income by way of long-term 20 per cent., capital gains (E) on the whole of the other income income-tax at 30 per cent. of the amount of income. or income-lax in respect of the income at the rates prescribed in Sub-Paragraph I of Paragraph A of Part III of this Schedule, if such income had been the total income. whichever is higher; 2. In the case of a company--- (a) where the company is a domestic company- (i) on income by way of interest 20 per cent.: other than "Interest on securities" (ii) on income by way of winnings 40 per cent.: from lotteries and crossword puzzles (iii) on income by way of winnings 40 per cent- from horse races (iv) on any other income 21.5 per cent.; (b) where the company is not a domestic company-- (i) on income by way of dividends 20 per cent.: payable by any domestic company (ii) on income by way of winnings from 40 per cent.: lotteries and crossword puzzles (iii) on income by way of winnings 40 per cent.: from horse races (iv) on income by way of interest payable 20 per cent.: by Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency (v) on income by way of royalty payable 30 per cent.: by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March. 1976. where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject referred to in the first proviso to sub-section (IA) of Section 115A of the Income-tax Act. to the Indian concern, or in respect of any computer software referred lo in the second proviso to sub-section (IA) of section 115A of the Income-tax Act, to a person resident in India.. (vi) on income by way ot royalty [not being royalty of the nature referred to in sub-item (b) (v)] payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agree- ment is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force. of the Government of India, the agreement is in accordance with that policy.--- (A) where the agreement is made 50 per cent.: after the 31st day of March, 1961 but before the 1st day of April. 1976 (B) where the agreement is made 30 per cent.: after the 31st day of March, 1976--- (vii) on income by way of fees for technical services payable by Government or an Indian concern in pursuance of an Agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agree- ment is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force. of the Government of India, the agreement is in accordance with that policy-- (A) where the agreement is 50 per cent.: made after the 29th day of February. 1964 but before the 1st day of April. 1976 (B) where the agreement is made 30 per cent.: after the 31st day of March. 1976 (viii) on income payable in respect of 20 per cent.: units, purchased in foreign currency, of the Unit Trust of India (ix) on income by way of long term capital 20 per cent.: gains (x) on any other income 55 per cent.: Explanation.- For the purposes of item I (b) (i) of this Part, "investment income" and "non-resident Indian" shall have the meanings assigned to them in chapter XII-A of the Income-Tax Act. Surcharge on income-tax The amount of income-tax deducted in accordance with the provisions of sub-item (a) of item 2 of this Part shall be increased by a surcharge calculated at the rate of Fifteen per cent. of such income tax. PART III BATES FOR CALCULATING ON CHARGING INCOME-TAX IN CERTAIN CASES, DEDUCTING INCOME-TAX FROM INCOME CHARGEABLE UNDER THE HEAD "SALARIES" AND COMPUTING "ADVANCE TAX" In cases in which income-tax has to be calculated under the first proviso to sub-section (5) of section 1 of the Income-tax Act or charged under sub-section (4) of Section 172 or sub-section (2) of section 174 or section 175 or sub-section (2) of Section 176 of the said Act or deducted under Section 192 of the said Act from income chargeable under the head "Salaries" or in which the "advance tax" payable under Chapter XVII-C of the said Act has to be computed at the rate or rates in force, such income-tax or, as the case may be, "advance tax" (not being "advance tax" in respect of any income chargeable to tax under Chapter XII or Chapter XII-A or Section (IA) of section 161 or section 164 or Section 164A or Section 167B of the income-tax Act at the rates as specified in that Chapter or section or surcharge on such "advance tax" in respect of any income chargeable to tax under section 115B ], shall be calculated, charged, deducted or computed at the following rate or rates :--- Paragraph A Sub-Paragraph I In the case of every individual or Hindu undivided family or association of persons or body of individuals. whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act , not being a case lo which Sub-Paragraph II of this Paragraph or any other Paragraph of this Part applies.--- Rates of income-tax (1) where the total income does not exceed Nil: Rs. 35.000 (2) where the total income exceeds Rs. 35.000 20 per cent. of the amount by which the total income but does not exceed Rs. 60.000 exceeds Rs. 35,000: (3) where the total income exceeds Rs. 60.000 Rs. 5,000 plus 30 per cent. of the amount by which but does not exceed Rs. 1,20.000 the total income exceeds Rupees 60.000: (4) where the total income exceeds Rs. 1.20.000 Rs. 23,000 plus 40 per cent. of the amount by which the total income exceeds Rupees 1.20.000. Sub-Paragraph II In the case of every Hindu undivided family which at any lime during the previous year has at least one member whose total income of the previous year relevant to the assessment year commencing on the 1st day of April, 1995 exceeds Rs. 35.000.--- Rates of income-tax (1) where the total income does not exceed Nil: Rs. 18.000 (2) where the total income exceeds Rs. 18.000 30 per cent. of the amount by which the total income but does not exceed Rs. 1.00,000 -exceeds Rs. 18,000: (3) where the total income exceeds Rs. 1,00,000 Rs. 24,600 plus 40 per cent. of the amount by which the total income exceeds Rupees 1,00,000. Paragraph B In the case of every co-operative society,--- Rates of income-tax (1) where the total income does not exceed 10 per cent. of the total income. Rs. 10,000 (2) where the total income exceeds Rs. 10,000 Rs. 1,000 plus 20 per cent. of the amount by which but does not exceed Rs. 20,000 total income exceeds Rupees 10,000: (3) where the total income exceeds Rs. 20.000 Rs. 3,000 plus 35 per cent. of the amount by which the total income exceeds Rupees 20.000. Paragraph C In the case of every firm.--- Rates of income-tax On the whole of the total income 40 per cent., Paragraph D In the case of every local authority,--- Rates of income-tax On the whole of the total income 30 per cent.: Paragraph E In the case of a company.--- I. In the case of a domestic company 40 per cent.: II. In the case of a company other than a domestic company.--- (i) on so much of the total income as consists of (a) royalties received from Government of an Indian concern in pursuance of an agree- ment made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976, or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February 1964 but before the 1st day of April, 1976, and where such agreement has. in 50 per cent.: either case, been approved by the Central Government (ii) on the balance, if any. 55 per cent.: of the total income, Surcharge on income-tax The amount of income-tax computed in accordance with the provisions of this Paragraph or section 112 shall, in the case of every domestic company having a total income exceeding seventy-five thousand rupees, be increased by a surcharge calculated at the rate of fifteen per cent. of such income-tax. PART IV [See section 2 (9) (d)- ] RULES FOR COMPUTATION OF NET AGRICULTURAL INCOME Rule 1. - Agricultural income of the nature referred to in sub-clause (a) of clause (1A) of section 2 of the Income-tax Act shall be computed as if it were income chargeable to income-tax under that Act under the head "Income from other sources" and the provisions of sections 57 , 58 & 59 of that Act shall. so far as may be. apply accordingly : Provided that sub-section (2) of section 58 shall apply subject to the modification that the reference to section 40A therein shall be construed as not including a reference to sub-sections (3) and (4) of section 40A . Rule 2. - Agricultural income of the nature referred to in sub-clause (b) or sub-clause (c) of clause (1A) of section 2 of the Income-tax Act [other than income derived from any building required a dwelling house by the receiver of the rent or revenue or the cultivator or the receiver of rent-in-kind referred to in the said sub-clause (c)] shall be computed as if it were income chargeable to income-tax under that Act under the head "Profits and gains of business or profession" and the provisions of section 30 , 31 , 32 , 36 , 37 , 38 , 40 , 40A [other than sub-sections (3) and (4) there of, 41 , 43 , and 43A , 43B and 43C of the Income-tax Act shall, so far as may be, apply accordingly. Rule 3. - Agricultural income of the nature referred to in sub-clause (c) of clause (IA) of section 2 of the Income-tax Act , being income derived from any building required as a dwelling house by the receiver of the rent or revenue or the cultivator or the receiver of renl-in-kind referred to in the said sub-clause (c) shall be computed as if it were income chargeable to income-tax under that Act under the head "Income from house property" and the provisions of sections 23 to 27 of that Act shall, so far as may be, apply accordingly. Rule 4. - Notwithstanding anything contained in any other provisions of these rules, in a case where the assessee derives income from sale of tea grown and manufactured by him in India, such income shall be computed in accordance with rule 8 of the income-tax Rules. 1962 , and sixty per cent. of such income shall be regarded as the agricultural income of the assessee. Rule 5. - Where the assessee is a member of an association of persons or a body of individuals (other than a Hindu undivided family, a company or a firm) which in the previous year has either no income chargeable to tax under the Income-tax or has total income not exceeding the maximum amount not chargeable to tax in the case of an association of persons or a body of individuals (other than a Hindu undivided family, a company or a firm) but has any agricultural income, then. the agricultural income or loss of the association or body shall be computed in accordance with these rules and the share of the assessee in the agricultural income or loss so computed shall be regarded as the agricultural income or loss of the assessee. Rule 6. - Where the result of the computation for the previous year in respect of any source of agricultural income is a loss, such loss shall be set off against the income of the assessee. if any. for that previous year from any other source of agricultural income : Provided that where the assessee is a member of an association of persons or a body of individuals and the Share of the assessee in the agricultural income of the association or body. as the case may be, is a loss, such loss shall not be set off against any income of the assessee from any other source of agricultural income. Rule 7.- Any sum payable by the assessee on account of any tax levied by the State Government on the agricultural income shall be deducted in computing the agricultural income. Rule 8. - (1) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 1994. any agricultural income and the net result of the computation of the agricultural income of the assessee for any one or more of the previous years relevant to the assessment years commencing on the 1st day of April. 1986. or the 1st day of April. 1987. or the 1st day of April. 1988, or the 1st day of April, 1989. or the 1st day of April. 1990, or the 1st day of April. 1991. or the 1st day of April. 1992, or the 1st day of April 1993 is a loss. then, for the purposes of sub-section (2) of section 2- of this Act,--- (i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April. 1986. to the extent, if any. such loss has not been set off against the agricultural income for the previous year relevant lo the assessment year commencing on the 1st day of April. 1987, or the 1st day of April. 1988. or the 1st day of April. 1989. or the 1st day of April. 1990. or the 1st day of April. 1991. or the 1st day of April. 1992. or the 1st day of April 1993, (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1987. to the extent, if any. such loss has not been set off against the agricultural income lor the previous year relevant to the assessment year commencing on the 1st day of April. 1988, or the 1st day of April, 1989. or the 1st day of April. 1990. or the 1st day of April. 1991. or the 1st day of April. 1992. or the 1st day of April, 1993. (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April. 1988. to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 1989. or the 1st day of April, 1990. or the 1st day of April. 1991. or the 1st day of April. 1992. or the 1st day of April. 1993. (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April. 1989. to the extent, if any, such loss has not been set Off'against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April. 1990, or the 1st day of April, 1991, or the 1st day of April. 1992. or the 1st day of April. 1993. (v) the loss so computed for the previous year relevant to the assessment year comencing on the 1st day of April. 1990. to the extent, if any.such loss has not been set off against the agricultural income for the previous .year relevant to the assessment year commencing on the lst day of April, 1991. or the 1st day of April. 1992. or the 1st day of April. 1993. (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1991, to the extent, if any. such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 1992, or the 1st day of April. 1993. (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April. 1992, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 1993 and (viii)the loss so computed for the previous year relevant to the assessment year commending on the 1st day of April. 1993. shall be set off against the agricultural income of the assessee for the previous year relevent to the assessment year commencing on the 1st day of April. (2) Where the assessee has. in the previous year relevant to the assessment year commencing on the 1st day of April, 1995. or if by virtue of any provision of the Income-tax Act, income-tax is to be charged. in respect of the income of a period other than that previous year. in such other period, any agricultural income and the net result of the compulation of the agricultural income of the- assessed for any one or more of the previous years relevant to the assessment years commencing on the 1st day of April, 1987, or the 1st day of April. 1988, or the 1st day of April. 1989, or the 1st day of April. 1990, or the 1st day of April. 1991. or the 1st day of April. 1992. or the 1st day of April. 1993. or the 1st day of April. 1994 is a loss. then. for the purposes of sub-section (8) of section 2- of this Act.--- (i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April. 1987. to the extent, if any. such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April. 1988. or the 1st day of April. 1989. or the 1st day of April. 1990. or the 1st day of April. 1991. or the 1st day of April. 1992. or the 1st day of April. 1993, or the 1st day of April..1994. (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April. 1988. to the extent, if any. such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April. 1989 or the 1st day of April. 1990, or the 1st day of April, 1991. or the 1st day of April. 1992. or the 1st day of April. 1993. or the 1st day of April. 1994, (iii) the loss so computed for the previous year relevant lo the assessment year commencing on the 1st day of April, 1989. to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April. 1990. or the 1st day of April. 1991, or the 1st day of April. 1992 or the 1st day of April. 1993. or the 1st day of April. 1994. (iv) the loss so computed for lhe previous year relevant to the assessment year commencing on the 1st day of April, 1990. to the extent, if any. such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 1991. or the 1st day of April. 1992. or the 1st day of April. 1993. or the 1st day of April. 1994. (v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April. 1991. to the extent if any such loss has not been set off against the agricultural income for the previous year relevant of the assessment year commencing on the 1st day of April, 1992. or the 1st day of April. 1993. or the 1st day of April. 1994. (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April. 1992. to the extent, if any. such loss has not been set off against the agricultural' income for the previous year relevant to the assessment year commencing on the 1st day of April. 1993, or the 1st day of April. 1994. (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1993. to the extent, if any. such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April. 1994. and (viii)the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1994, shall be set off against the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of April 1995. (3) Where any person deriving any agricultural income from any source has been succeeded in such capacity by another person, otherwise than by inheritance, nothing in sub-rule (1) or sub-rule (2) shall entitle any person, other than the person incurring the loss, to have it set off under sub-rule (1) or. as the case may be, sub-rule (2). (4) Notwithstanding anything contained in this rule, no loss which has not been determined by the Assessing Officer under the provisions of these rules, or the rules contained in Part 4 of the First Schedule to the Finance Act, 1986 (23 of 1986) , or of the First Schedule to the Finance Act, 1987 (11 of 1987) , or of the First Schedule to the Finance Act, 1988 (26 of 1988) . or of the First Schedule to the Finance Act, 1989 (13 of 1989) , or of the First Schedule to the Finance Act, 1990 (12 of 1990) , or of the First Schedule to the Finance (No. 2) Act, 1991 (49 of 1991) . or of the First Schedule to the Finance Act, 1992 (18 of 1992) , or of the First Schedule to the Finance Act, 1993 (38 of 1993) , shall be set off under sub-rule (1) or, as the case may be. sub-rule (2). Rule 9. - Where the net result of the computation made in accordance with these rules is a loss, the loss so computed shall be ignored and the net agricultural income shall be deemed to be nil. Rule 10. - The provisions of the Income-tax Act relating to procedure for assessment (including the provisions of section 288A relating to rounding off of income) shall, with the necessary modifications. apply in relation to the computation of the net agricultural income of the assessee as they apply in relation to the assessment of the total income. Rule 11.--- For the purposes of computing the net agricultural income of the assessee, the Assessing Officer shall have the same powers as he has under the Income-tax Act for the purposes of assessment of the total income.
SCHEDULE SECOND SCHEDULE
[See section 61- ] In the first Schedule to the Customs Tariff Act,--- (1) in Chapter I, for the entry in column (4) occurring against all the sub-heading Nos., the entry "65%" shall be substituted: (2) in Chapter 2, for the entry in column (4) occurring against all the sub-heading Nos.. the entry "10%" shall be substituted: (3) in Chapter 3, for the entry in column (4) occurring against all the sub-heading Nos.. the entry "10%" shall be substituted: (4) in Chapter 4, for the entry in column (4) occurring against all the sub-heading Nos., the entry "65%" shall be substituted; (5) in Chapter 5,- (i) for the entry in column (4) occurring against all the sub-heading Nos. (except sub-heading No. 0507.10). the entry "10%" shall be substituted: (ii) in sub-heading No. 0507.10, for the entries in column (4) and column (5), the entries "10%" and "10%" shall respectively be substituted: (6) in Chapter 6. for the entry in column (4) occurring against all the sub-heading Nos.. the entry "10%" shall be substituted: (7) in Chapter 7, for the entries in column (4) and column (5) occurring against all the sub-heading Nos., the entries "10%" and "10%" shall respectively be substituted: (8) in chapter 8, for the entries in column (4) and column (5) occurring against all the sub-heading Nos. (except sub-heading Nos. 0802.11. 0802.12 and 0802.20). the entries "65%" and "55%" shall respectively by substituted: (9) in Chapter 9.--- (i) in sub-heading Nos. 0901.11, 0901.12, 0901.21, 0901.22. 0901.30 and 0901.40, for the entries in column (4) and column (5) occurring against each of them. the entries "10%" and "10% less 13 paise per Kg." shall respectively be substituted: (ii) in sub-headmg Nos. 0902.10, 0902.20. 0902.30 and 0902.40. for the entries in column (4) and column (5) occurring against each of them. the entries "10%" and "10% less 26 paise per Kg." shall respectively be substituted: (iii) in sub-heading Nos. 0903.00, for the entries in column (4) and column (5), the entries "65%" and "65% less 26 pasise per Kg." shall respectively be substituted: (iv) ill sub-heading Nos 0904.11, 0904.12, lor the entries in column (4) and column (5) occurring against each of them. the entries "65%" and "57.5%" shall respectively be substituted: (v) in sub-heading Nos. 0904.20. 0905.00. lor the entry in column (4) occurring against each of them. the entry "65%" shall be substituted: (vi) in sub-heading Nos. 0906.10. 0908.10 and 0908.30. for the entries in column (4) and column (5) occurring against each of them. the entries "65%" and "57.5%" shall respectively be substituted; (vii)in sub-heading Nos 0908.20, 0909.10. 0910.40. 0910.50, 0910.91 .and 0910.99. for the entry in column (4) occurring against each of them. the entry "65%" shall be substituted: (10) in Chapter II for the entry in column (4) occurring against all the sub-heading Nos.. the entry "10%" shall be substituted; (11) in Chapter 12.--- (i) in sub-heading Nos. 1201.00. 1207.91. 1207.92 and 1207.99. for the entries in column (4) and column (5) occurring against each of them. the entries "65%" and "55%" shall respectively be substituted; (ii) in sub-heading Nos. 1208.10. l?.1213.00. 1214.10 and l214.90. for the entries in column (4) occurring against each of them. the entries "65%" shall be substituted: (12) in Chapter 13,--- (i) for the entry in column (4) occurring against all the sub-heading Nos. (except sub-heading No 1301.20). the entry "65%" shall be substituted: (ii) in sub-heading No. 1301.20. for the entries in columns (4) and (5). the entries "65%" and "55%" shall respectively be substituted (13) in Chapter 14. for the entry in column (4) occurring againsi all tile sub-heading Nos.. the entry "10%" shall be substituted: (14) in Chapter 15.--- (i) for the entries in column (4) occurring against all the sub-heading Nos. (except sub-heading Nos. 1507.10. 1507.90, 1508.10. 1515.60 and 1515.90). the entry "65%" shall be substituted: (ii) in sub-heading Nos 1507.10. 1515.50. 1515.60 and 1515.90. for the entries in column (4) and column (5) occurring against each of them. the entries "65%" and "55%" shall respectively be substituted: (15) in Chapler 16. tor the entry in column (4) occurring against all the sub-heading Nos., the entry "65%" shall be substituted. (16) in Chapter 17,-- (i) for the entry in column (4) occurring against all the sub-heading Nos. (except sub-heading No. 1702.10). the entry "65%" shall be substituted: (ii) in sub-heading No. 1702.10. for the entries in column (4) the entry "25%" shall be substituted: (17) in Chapter 18. for the entry in column (4) occurring against all the sub-heading Nos.. the entry "65%" shall be substituted: (18) in Chapler 19, for the entry in column (4) occurring against all the sub-heading Nos. the entry "65%" shall he substituted: (19) in Chapter 20. for the entry in column (4) occurring against all the sub-heading Nos. the entry "65%" shall be substituted: (20) in Chapter 21. for the entry in column (4) occurring againsi all the sub-heading Nos. the entry "65%" shall be substituted: (21) in Chapter 22, in sub-heading Nos 2201.10. 2202.90 and 2209.00.' for the entry in column (4) occurring againsi each of them. the entry "65%" shall be substituted: (22) in Chapter 23. tor the entry in column (4) occurring against all the sub-heading Nos. the entry "65%" shall be substiluled: (23) in Chapter 24. for the entry in column (4) occuring against all the sub-heading Nos. the entry "65%" shall be substituted: (24) in Chapter 25.- (i) for the entry in column (4) occurring against all the sub-heading Nos. (except sub-heading Nos. 2504.10. 2504.90 and 2527.00). the entry "65%" shall be substituted; (ii) in sub-heading Nos. 2504.10. 2504.90 and 2527.00. for the entries in column (4) and column (5) occurring against each of them. the entries "55%" and "55%" shall respectively be substituted: (25) in Chapter 26,--- (i) for the entry in column (4) occurring against all the sub-heading Nos. (except sub-heading Nos. 2620.11. 2620.50, 2620.90 and 2621.00). the entry "10%" shall be substituted: (ii) in sub-heading Nos. 2620.11, 2620.19, 2620.20 2620.30 2620.40. 2620.50 and 2620.90, for the entry and column (4) occurring against each of them the entry "50%" shall be substituted: (iii) in sub-heading No. 2621.00, for the entry in column (4). the entry "25%" shall be substituted: (26) in Chapter 27. for the entry in column (4) occurring against all the sub-heading Nos. (except sub- heading No. 2716.00). the entry "40%" shall he substituted (27) in Chapter 28. for the entry in column (4) occurring against all the sub-heading NOs. the entry "65%" shall be substituted: (28) in Chapter 29.--- (i) for the entry in column (4) occurring against all the sub-heading Nos. (except sub-heading Nos. 2917.37) 2933.71. 2941.40, 2941.50 and 2941.90). the entry "65%" shall be substituted: (ii) in sub-heading Nos. 2917.37. 2937.99, 2939.40 and 2939.50. for the entries in column (4) and column (5) occurring against each of them. the entries "65%" and "65%" shall respectively be substituted: (iii) in sub-heading Nos. 2936.10. 2941.40 2941.50 and 2941.90. tor the entries in column (4) and column (5) occurring against each of them. the entries "65%" and "59%" shall respectively be substituted: (29) in Chapter 30,--- (i) for the entries in column (4) and column (5) occurring against all the sub-heading Nos. (except sub-heading Nos. 3005.10. 3006.40. 3006.50 and-3006.60). the entries "65%" and "55%" shall respectively be substituted: (ii) in sub-heading Nos. 3005.10. 3006.40. 3006.50 and 3006.60 the entry in column (4) occurring against each of them. the entry "65%' shall be substituted: (30) in Chapter 3.1 for the entry in column (4) occurring against all the sub-heading Nos. (except sub- heading Nos. 3102.21. 3105.20. 3105.51, 3105.59, 3105.60 and 3105.90). the entry "65%" shall be substituted: (31) in Chapter 32,--- (i) for the entry in column (4) occurring against all the sub-heading Nos. except sub-heading No. 3201.90). the entry "65%" shall be substituted: (ii) in sub-heading No. 3201.90. for the entries in column (4) and column (5). the entries "65%" and "55%" shall respectively be substituted; (32) in Chapter 33. for the entry in column (4) occurring against all the sub-heading Nos.. the entry "65%" shall be substituted: (33) in Chapter 34,--- (i) for the entry in column (4) occurring against all the sub-heading Nos. (except sub-heading Nos. 3402.11. 3402.12. 3402.13 and 3402.19), the entry "65%" shall be substituted: (ii) in sub-heading Nos. 3402.11. 3402.12. 3402.13 and 3402.19. for the entries in column (4) and column (5) occurring against each of them. the entries "65%' and "55"/o" shall respectively be substituted: (34) in Chapter 35. for the entry in column (4) occurring against all the sub-heading Nos.. the entry "65%" shall be substituted: (35) in Chapter 36. for the entry in column (4) occurring against all the sub-heading Nos.. the entry "65%" shall be substituted: (36) in Chapter 37. for the entry in column (4) occurring against all the sub-heading Nos.. the entry "65%" shall be substituted, (37) in Chapter 38,-- (i) for the entry in column (4) occurring against all the sub-heading Nos. (except sub-heading Nos. 3801.10, 3802.10, 3812.10. 3815.11 and 3815.12), the entry "65%" shall be substituted: (ii) in sub-heading Nos. 3801.10, 3802.10, 3812.10, 3815.11 and 3815.12, for the entries in column (4) and column (5) occurring against each of them, the entries "65%" and "55%" shall respectively be substituted; . (38) in Chapter 39, for the entry in column (4) occurring against all the sub-heading Nos., the entry "65%" shall be substituted: : (39) in Chapter 40. for the entry in column (4) occurring against all the sub-heading Nos., the entry "65%" shall be substituted; . " (40) in Chapter 41. for lhe entry in column (4) occurring against all the sub-heading Nos., (except, sub- heading Nos. 4101.10. 4101.21, 4101.22. 4101.29, 4.101.30, 4101.40. 4102.10, 4102.21. 4102.29, 4103.10, 4103.20 and 4103.90), the entry "65%" shall be substituted; (41) in Chapter 42, for the entry in column. (4) occurring against all the sub-heading Nos., the.entry "65%" shall be substituted; (42) in Chapter 43, for the entry in column (4) occurring against all the sub-heading Nos.. the entry "65%" shall be substituted: ' (43) in Chapter 44, for the entry in column (4) occurring against all the sub-heading Nos.. the entry "65%" shall be substituted; , (44) in Chapter 45, for the entry in column (4) occurring against all the sub-heading Nos., the 'entry "65%" shall be substituted; (45) in Chapter 46, for the entry in column (4) occurring against all the sub-heading Nos., the entry "65%" shall be substituted; ... (46) in Chapter 47, for the entry in column (4) occurring against all the sub-heading Nos, the entry "65%" shall be substituted; (47) in Chapter 48, for the entry in column (4) occurring against all the sub-heading Nos., the entry "65%" shall be substituted: (48) in Chapter 49, in sub-heading Nos. 4907.00 4908.10, 4908.90. 4909.00. 4910.00, 4911.10.4911.91 and 4911.99 for the entry in column (4) occurring against each of them, the entry "45%" shall be Substituted; (49) in Chapter 50.--- ' _, . (i) for the entry in column (4) occurring against all the sub-heading Nos. except sub-heading Nos. 5001.00 and 5002.00), the entry "65%" shall be substituted; (ii) in sub-heading No, 5001.00 for the entry in column (4), the entry "30%" shall besubstituted: (50) in Chapter 51.--- '_ (i) for the entry in column (4) occurring against all the sub-heading Nos. (except sub-heading Nos. 5101.11. 5101.19, 5101.29 and 5101.30), the entry "65%" shall be substituted; (ii) in sub-heading Nos. 5101.11, 5101.19, 5101.21, 5101.29 and 5101.30. for the entry in column (4) occurring against each of them, the entry "25%" shall be substituted; (51) in Chapter 52, for the entry in column (4) occurring against all the sub-heading Nos. (except sub- heading Nos. 5201.00). the entry "65%" shall be substituted; (52) in Chapter 53, for the entry in column (4) occurring against all the sub-heading Nos. the entry "65%" shall be substituted: (53) in Chapter 54, for the entry in column (4) occurring against all the sub-heading Nos. the entry "65%" shall be substituted; ; (54) in Chapter 55, for the entry in column (4) occurring against all the sub-heading Nos. the entry "65%" shall be substituted; (55) in Chapter 56, for the entry in column (4) occurring against all the sub-heading Nos. the entry "65%" shall be substituted: (56) in Chapter 57. for the entry in column (4) occurring against all the sub-heading Nos. the entry "65%" shall be substituted; (57) in Chapter 58, for the entry in column (4) occurring against all the sub-heading Nos. the entry "65%" shall be substituted: (58) in Chapter 59, for the entry in,column (4) occurring against all the sub-heading Nos. the entry "65%" shall be substituted; (59) inchapter 60. for the entry in column (4) occurring against all the sub-heading Nos. the entry '"65%" shall be Substituted; (60) in Chapter 61, for the entry in column (4) occurring against all the sub-heading Nos. the entry "65%" shall be substituted: (61) in Chapter 62, for the entry in column (4) occurring against all the sub-heading Nos. the entry "65%" shall be substituted: (62) in Chapter 63. for the entry in column (4) occurring against all the sub-heading Nos. the entry "65%" shall be substituted: (63) in Chapter 64, for the entry in column (4) occurring against all the sub-heading Nos. the entry "65%" shall be substituted: (64) in Chapter 65. for the entry in column (4) occurring against all the sub-heading Nos. the entry "65%" shall be substituted: (65) in Chapter 66, for the entry in column (4) occurring against all the sub-heading Nos. the entry "65%" shall be substituted; (66) in Chapter 67. for the entry in column (4) occurring against all the sub-heading Nos. the entry : "65%" shall be substituted: (67) in Chapter 68. for the entry in column (4) occurring against all the sub-heading Nos. the entry "65%" shall be substituted: (68) in Chapter 69, for the entry in column (4) occurring against all the sub-heading Nos. the entry _ "65%" shall be substituted: (69) in Chapter 70. for the entry in column (4) occurring against all the sub-heading Nos. the entry "65%" shall be substituted: (70) in Chapter 71. for "the entry in column (4) occurring against all the sub-heading Nos. the entry "65%" shall be substituted: (71) in Chapter 72, for the entry in column (4) occurring against all the sub-heading Nos. the entry "65%" shall be substituted: (72) in Chapter 73, for the entry in column (4) occurring against all the sub-heading Nos. the entry "50%" shall be substituted; (73) in Chapter 74, for . ie entry in column (4) occurring against all the sub-heading Nos. the entry "50%" shall be substituted; (74) in Chapter 75, - (i) for the entry in column (4) occurring against all the sub-heading Nos. except sub-heading Nos. 7501.10, 7501.20, 7502.10 and 7502.20). the entry "50%" shall be substituted. (ii) in sub-heading Nos. 7501.10, 7501.20, 7502.10 and 7502.20. for the entry in column (4) occurring against each of them, the entry "30%" shall be substituted: (75) in Chapter 76,--- (i) for the entry in column (4) occurring against all the sub-heading Nos. (except sub-heading Nos. 7601.10, 7601.20, and 7602.00). the entry "50%" shall be substituted: (ii) in sub-heading Nos. 7601.10. 7601.20 and 7602.00, for the entry in column (4) occurring against each of them, the entry "25%" shall be substituted: (76) in Chapter 78.--- (i) for the entry in column (4) occurring against all the sub-heading Nos. (except sub-heading Nos. 7801.10. 7801.91, 7801.99 and 7802.00). the entry "60%" shall be substituted: (ii) in sub-heading Nos. 7801.10, 7801.91. 7801.99 and 7802.00 for, the entry in column (4) occurring against each of them, the entry "50%" shall be substituted; (77) in Chapter 79,--- (i) for the entry in column (4) occurring against all the sub-heading Nos. (except sub-heading Nos. 7901.11. 7901.12. 7901.20 and 7902.00). the entry "60%" shall be substituted: (ii) in sub-heading Nos. 7901.11. 7901.12. 7901.20 and 7902.00, for the entry in column (4) occurring against each of them. the entry "50%" shall be substituted: (78) in Chapter 80,--- (i) for the entry in column (4) occurring against all the sub-heading Nos. (except sub-heading Nos. 8001.10. 8001.20 and 8002.00), the entry "50%" shall be substituted; (ii) in sub-heading Nos 8001.10. 8001.20. and 8002.00. for the entry in column (4) occurring against each of them. the entry "30%" shall be substituted, (79) in Chapter 81.--- (i) for the entry in column (4) occurring against all the sub-heading Nos. (except sub-heading Nos. 8101.10, 8101.91. 8102.10, 8102.91, 8103.10, 8104.11, 8104.19. 8112.30, 8112.40 and 8112.91), the entry "50%" shall be substituted; (ii) in sub-heading Nos. 8101.10. 8111.00. 8112.11, 8112.20, 8112.30, 8112.40 and 8112.91, for the entry in column (4) occurring against each of them. the entry "35%" shall be substituted: (80) in Chapter 82.-- (i) for the entry in column (4) occurring against all the sub-heading Nos. (except sub-heading Nos. 8212.10, 8212.20. 8215.91 and 8215.99), the entry "35%" shall be substituted, (ii) in sub-heading Nos. 8212.10, 8212.20, 8212.90. 8214.90, 8215.10, 8215.20, 8215.91 and 8215.99 for the entry in column (4) occurring against each of them, the entry "65%" shall be substituted, (81) in Chapter 83. for the entry in column (4) occurring against all the sub-heading Nos.. entry "65%" shall be substituted: (82) in Chapter 84.--- (i) for the entry in column (4) occurring against all the sub-heading Nos. (except sub-heading Nos. 8442.50. 8482.91 and 8482.99). the entry "65%" shall be substituted; (ii) in sub-heading Nos. 8482.10, 8482.20. 8482.50. and 8482.80, lor the entry in column (4) occurring against each of 'them. the entry "65% plus Rs. 250 per bearing" shall be substituted, (iii) in sub-heading Nos. 8482.91 and 8482.99. for the entry in column (4) occurring against each of them. the entry "65% plus Rs. 250 per paise" shall be substituted. (83) in Chapter 85, for the entry in column (4) occurring against all the sub-heading Nos. (except sub- heading Nos. 8514.40 and 851490), the entry "65%" shall be substituted: (84) in Chapter 86,--- (i) for the entry in column (4) occurring against all the sub-heading Nos. (except sub-heading Nos. 8601.10. 8601.20, 8602.10, 8602.90 and 8608.00), the entry "65%" shall be substituted: (ii) in sub-heading No. 8608.00. for the entry in column (4) the entry "65%" shall be substituted: (85) in Chapter 87. for the entry in column (4) occurring against all the sub-heading Nos. (except sub- heading No. 871000), the entry "65%" shall be substituted: (86) in Chapter 88. for the entry in column (4) occurring against all the sub-heading Nos., the entry "65%" shall be substituted: (87) in Chapter 89.--- (i) note 2 shall be omitted: (ii) for the entry in column (4) occurring against all the sub-heading Nos. (except sub-heading No. 8908.00). the entry "65%" shall be substituted: (iii) in sub-heading No. 8908.00. for the entry in column (4), the entry "15%" shall be substituted: (88) in chapter 90,--- (i) for the entry in column (4) occurring against all the sub-heading Nos. (except sub-heading Nos. 9021.11, 9021.19, 9021.21. 9021.50, 9021.90, 9023.00 and sub-heading Nos. specified against sub-items (ii) and (iii) of this item), the entry "65%" shall be substituted: (ii) in sub-heading Nos. 9018.11. 9022.11 an 9022.21. for the entry in column (4) occurring against each of them. the entry "40%" shall he substituted: (iii) in sub-heading Nos. 9011.10. 9032.20. 9032.81 and 9032.89, for the entry, in column (4) occurring against each of them, the entry "60%" shall be substituted; (89) in Chapter 91, for the entry in column (4) occurring against all the sub-heading Nos., the entry "65%" shall be substituted; (90) in Chapter 92, for the entry in column (4) occurring against all the sub-heading Nos., the entry "65%" shall be substituted; (91 ) in Chapter 93, for the entry in column (4) occurring against all the sub-heading Nos., the entry "65%" shall be substituted; (92) in Chapter 94, for the entry in column (4) occurring against all the sub-heading Nos., the entry "65%" shall be substituted; (93) in Chapter 95, for the entry in column (4) occurring against all the sub-heading Nos., the entry "65%" shall be substituted; (94) in Chapter 96, for the entry in column (4) occurring against all the sub-heading Nos., the entry "65%" shall be substituted; (95) in Chapter 97, for the entry in column (4) occurring against all the sub-heading Nos., (except sub- heading Nos. 9704.00 and 9705.00), the entry "65%" shall be substituted; (96) in Chapter 98,--- (i) for the entry in column (4) occurring against all the sub-heading Nos. (except sub-heading Nos. 9803.00), the entry "65%" shall be substituted; (ii) in sub-heading No. 9803.00, for the entry in column (4), the entry "200%" shall be substituted.
SCHEDULE THIRD SCHEDULE
(See section 62(a)- ) In the Schedule to the Central Excise Tariff Act,--- (1) in Chapter 15, in sub-heading Nos. 1505.00 and 1508.10, for the entry in column (4) occurring against each of them, the entry "20%" shall be substituted; (2) in Chapter 17,--- (a) in sub-heading Nos. 1702.19 and 1702.21, for the entry in column (4) occurring against each of them, the entry "10%" shall be substituted; (b) in sub-heading No. 1703.10, for the entry in column (4), the entry "20%" shall be substituted; (3) in chapter 19, in sub-headings Nos. 1902.10, 1903.10 and 1904.10, for the entry in column (4) occurring against each of them, the entry "10%" shall be substituted; (4) in Chapter 21,--- (a) in sub-headings Nos. 2102.10, and 2102.90, for the entry in column (4) occurring against each of them, the entry "10%" shall be substituted; (b) in sub-headings Nos. 2106.11, 2106.19 and 2106.90, for the entry in column (4) occurring against each of them, the entry "50%" shall be substituted; (5) in Chapter 22,--- (a) in sub-headings. Nos. 2201.11, 2201.12, 2201.19, 2202.11, 2202.12, 2202.13, 2202.14 and 2202.19, for the entry in column (4) occurring against each of them, the entry "50%" shall be substituted; (b) in sub-heading No. 2201.90, for the entry in column (4) the entry "10%" shall be substituted; (c) in sub-heading No. 2204.00, for the entry in column (4), the entry "20%" shall be substituted; (6) in Chapter 24,--- (a) in sub-headings Nos. 2403.11, 2403.12, 2403.21 and 2403.22, for the entry in column (4) occurring against each of them, the entry "Rs 1,000 per thousand" shall be substituted; (b) in sub-headings Nos. 2404.41, 2404.49, 2404.50 and 2404.60, for the entry in column (4) occurring against each of them, the entry "30%" shall be substituted; (7) In Chapter 25,--- (a) in heading No. 25.02, in column (3), for the entry "Portland cement", the entry "Portland cement (including ordinary Portland cement, Portland Pozzolana cement and Portland slag cement):" shall be substituted; (b) in sub-heading No. 2502.10, for the entry in column (4), the entry "Rs. 250 per tonne" shall be substituted; (c) in sub-headings Nos. '2504.21 and 2505.31, for the entry in column (4) occurring against each of them, the entry "Rs. 20 per square metre" shall be substituted; (8) in Chapter 27,--- (a) for the entry in column (4) occurring against all the sub-headings Nos. (except sub-headings Nos. 2705.00, 2706.00, 2707.10, 2707.20, 2707.30, 2707.40, 2707.50, 2707.60, 2707.90, 2710.11, 2710.12, 2710.13, and 2710.19), the entry "10ø/o" shall be substituted; (b) in sub-headings Nos. 2707.10, 2707.20, 2707.30, 2707.40, 2707.50, 2707.60, 2707.90, 2710.11, 2710.12. 2710.13 and 2710.19, for the entry in column (4) occurring against each of them, the entry "20%" shall be substituted; (9) in Chapter 28, lor the column (4) occurring against all the sub-heading Nos., the entry "20ø/o" shall be substituted; (10) in Chapter 29, for the column (4) occurring against all the sub-heading Nos., the entry "20%" shall be substituted; (11) in Chapter 31, for the entry in column (4) occurring against all the sub-heading Nos. (except sub- heading No. 3101.00), the entry "20ø/o" shall be substituted; (12) in chapter 32,--- (a) tor the entry in column (4) occurring against all the sub-headings Nos: (except sub-heading Nos. 3205.00, 3208.20, 3208.30, 3208.90, 3209.20, 3209.90 and 3212.90). the entry "20%" shall be substituted; (b) in sub-headings Nos. 3208.10, 3208.20, 3208.30, 3208.90, 3209.10, 3209.20 and 3209.90, for the entry in column (4) occurring against each of them, the entry "30%" shall be substituted; (13) in Chapter 33,--- (a) in sub-headings Nos. 3301.00 3302.10, 3302.90, 3303.00, 3306.00 and 3307.49 for the entry in column (4) occurring against each of them, the entry "30%" shall be substituted; (b) in sub-headings Nos. 3304.00, 3305.90, 3307.10, 3307.20, 3307.30 and 3307.90. for the entry in column (4) occurring against each of them, the entry "50%" shall be substituted; (14) in chapter 34,--- (a) after Note 5, the following Note shall be inserted, namely:--- "6. In relation to products of sub-heading No. 3402.90, packing or repacking into smaller packs, including packing or repacking of bulk packs to retail packs or adoption of any other treatment to render the product marketable to the consumer shall amount to "manufacture"; (b) in sub-headings Nos. 3401.10 and 3403.00, for the entry in column (4) occurring against each of them, the entry "20%" shall be substituted; (c) in sub-heading No. 3402.90,. for the entry in column (4), the entry "30%" shall be substituted; (15) in Chapter 352, in sub-headings Nos. 3505.10 and 3506.00, for the entry in column (4) occurring against each of them, the entry "20%" shall be substituted; (16) in Chapter 36, in sub-headings Nos. 3602.00, 3604.00, 3604.10, 3604.90 and 3606.00, for the entry in column (4) occurring against each of them, the entry "20%" shall be substituted. (17) in Chapter 37,--- (a) after Note 2. the following Note shall be inserted, namely:--- "3. In relation to products of headings Nos. 37.01, 37.02, 37.03, the process of cutting, slitting, perforation or any one or more of these processes shall amount to "manufacture"; (b) in sub-headings Nos. 3701.10, 3701.20, 3701.90, 3702.10, 3702.20, 3702.90, 3703.10, 3703.20, 3704.10, 3704.20 and 3707.00, for the entry in column (4) occurring against each of them, the entry "20%" shall be substituted; (c) in sub-headings Nos. 3706.31, 3706.32, 3706.39, 3706.4,1, 37.06.42, 3706.43. 3706.44, 3706.91 and '3706.92 for the entry in column (4) occurring against each of them, the entry "Nil" shall he substituted; (18) in Chapter 38. for the entry in column (4) occurring against the sub-heading No, the entry "20%" shall be substituted: (19) in Chapter 39,--- (a) In Note II, for clause (a), the following clause shall be substituted, namely:--- "(a) Reservoirs, tanks (including septic tanks), volts and similar containers, of a capacity exceeding 300L,"; (b) for the entry in column (4) occurring against all the sub-headings Nos. (except sub-headings Nos. 3922.10, 3922.20, 3922.90, 3924.19, 3924.90, 3925.10, 3925.20,3925.30 and 3925.99), the entry "30%" shall be substituted; (20) in Chapter 40,---- (a) in sub-headings Nos. 4006.90, 4008.29, 4009.10, 4009.91, 4009.99, 4016.19, 4016.91, 4016.99, 4017.10 and 4017.20, for the entry in column (4) occurring against each of them, the entry "20%" shall be substituted; (b) in sub-headings Nos. 4008.11, 4008.19 and 4016.11, for the entry in column (4) occurring against each of them, the entry "30%" shall be substituted; (21) in Chapter 44,--- (a) in sub-headings Nos. 4401.00, 4403.00 and 4410.90, for the entry in column (4) occurring against each of them, the entry "Nil" shall be substituted; (b) in sub-headings Nos. 4402.00, 4405.00, 4408.10, 4408.20, 4408.30, 4408.40, 4408.90, 4409.00 and 4410.10, for the entry in column (4) occurring against each of them, the entry "20%" shall be substituted; (22) in Chapter 47, in sub-heading No. 4702.00, for the entry in column (4). the entry "20%" shall be substituted; (23) in Chapter 48,--- (a) in sub-headings Nos. 4801.10 and 4801.90, for the entry in column (4) occurring against each of them, the entry "10%" shall be substituted; (b) in sub-headings Nos. 4802.20, 4802.91, 4802.99, 4803.00, 4804.19, 4804.29, 4804.30, 4805.11, 4805.19, 4805.20, 4805.30, 4805.90, 4806.10, 4806.20, 4806.90, 4807.10, 4807.91, 4807.92, 4807.99, 4808.10, 4808.90, 4809.10, 4809.20, 4809.90, 4810.10, 4810.20, 4810.90, 4811.10, 4811.20, 4811.40, 4811.90, 4812.00, 4813.00, 4814.00, 4816.00, 4818.00, 4819.12, 4819.19, 4819.90, 4822.00, 4823.11, 4823.14 and 4823.19, for the entry in column (4) occurring against each of them, the entry "20%" be substituted; (c) in sub-headings Nos. 4811.30 and 4823.90, for the entry in column (4) occurring against each of them, the entry "30%" shall be substituted; (d) in sub-headings Nos. 4817.00, 4820.00, and 4821.00, for the entry in column (4) occurring against each of them, the entry "Nil" shall be substituted; (24) in Chapter 50, sub-heading Nos. 5001.20, for the entry in column (4), the entry "15%" shall be substituted; (25) in Chapter 51,--- (a) in sub-headings 5101.00, 5102.11, 5102.12, 5107.24, 5107.42 and 5107.92 for the entry in column (4) occurring against each of them, the entry "Nil" shall be substituted; (b) in sub-headings Nos. 5103.10, 5103.21, 5103.29 and 5107.99, for the entry in column (4) occurring against each of them, the entry "15%" shall be substituted; (c) in sub-headings Nos. 5107.39, 5107.41 and 5107.91 for the entry in column (4) occurring against each of them, the entry "10%" shall be substituted; (26) in Chapter 52,--- (a) in sub-heading No. 5203.00, for the entry in column (4), the entry "10%" shall be substituted; (b) in sub-headings Nos. 5204.21 and 5204.29, for the entry in column (4) occurring against each of them, the entry "20%" shall be substituted; (27) in Chapter 53,--- (a) in sub-headings Nos. 5301.10 and 5303.10 for the entry in column (4) occurring against each of them, the entry "Nil" shall be substituted; (b) in sub-headings NOB. 5301.31, 5302.20, 5303.31 and 5306.29, for the entry in column. (4) occurring against each of them, the entry "10%" shall be substituted; (c) in sub-heading Nos. 5301.32, 5303.32 and 5303.39, for the entry in column (4) occurring against each of them, the entry "20%" shall be substituted; (28) in Chapter 54,--- (a) in sub-headings Nos. 5202.00 and 5403.00, for the entry in column (4) occurring against each of them, the entry "70%" shall be substituted; (b) in sub-headings Nos. 5404.00, 5405.00, 5406.11, 5406.12, 5406.19, 5406.90 and 5407.00, for. the entry in column (4) occurring against each of them, the entry "40%" shall he substituted; (29) in Chapter 55, sub-headings Nos. 5501.10, 5501.20, 5501.30, 5501.90, 5502.00, 5504.10, 5504.21, 5504.22, 5504.29, 5504.31, 5504.32, 5504.90, 5505.00, 5506.21 and 5506.29, for the entry in column (4) occurring against each of them, the entry "20%" shall be substituted; (30) in Chapter 56,--- (a) in sub-heading No. 5605.10, for the entry in column (4), the entry "70%"" shall be substituted; (b) in sub-heading No. 5607.19, for the entry in column (4), the entry "10%" shall be substituted; (31 ) in Chapter 57,--- (a) in sub-headings Nos. 5701.11, 5701.12 and 5702.90, for the entry in column (4) occurring against each of them, the entry "30%" shall be substituted; (b) in sub-heading No 5702.20, for the entry in column (4), the entry "10%" shall be substituted; (32) in chapter 58,--- (a) in sub-headings Nos. 5803.00, 5805.11, 5805.12, 5805.13, 5805.14 and 5805.19, for the entry in column (4) occurring against each of them, the entry "10%" shall be substituted; (b) in sub-heading No. 5805.90, for the entry in column (4), the entry "Nil" shall be substituted; (33) in Chapter 59,--- (a) in sub-headings Nos. 5902.10, 5902.20, 5902.30, 5906.11, 5906.12 and 5906.19, for the entry in column (4) occurring against each of them, the entry "20%" shall be substituted: (b) in sub-headings Nos. 5903.11, 5903.21, and 5903.91, for the entry in column (4) occurring against each of them, the entry "5%" shall be substituted; (c) in sub-headings Nos. 5903.19, 5903.29,5903.99, 5904.10, 5904.90, 5906.90 and 5908.00, for the entry in column (4) occurring against each of them, the entry "30%" shall be substituted; (34) in Chapter 64, for the entry in column (4) occurring against all the sub-headings Nos. (except sub-headings No. 6402.00), the entry "15%" shall be substituted; (35) in Chapter 65, in sub-heading No. 6501.10, for the entry in column (4), the entry "10%" shall be substituted; (36) in Chapter 66, in sub-heading No. 6601.00, for the entry in column (4), the entry "10%" shall be substituted; (37) in Chapter 68,--- (a) in sub-headings Nos. 6801.10, 6801.90, 6802.00, 6803.00, 6805.10, 6806.10 and 6806.90, for the entry, in column (4) occurring against each of them, the entry "20%" shall be substituted; (b) in sub-heading No. 6807.00, for the entry in column (4), the entry "30%" shall be substituted; (38) in Chapter 69,--- (a) in sub-heading No. 6901.00, in the entry in column (3) for the word "sheets", the word "sheaths" shall be substituted; (b) in sub-headings Nos. 6905.00, 6909.90, 6908.10, 6909.10, 6909.20, 6909.30, 6909.90 and 6911.00, for the entry in column (4) occurring against each of them, the entry "30%" shall be substituted; (c) in sub-heading No. 6906.10, for the entry in column (4), the entry "40%" shall be substituted; (39) in Chapter 70,--- (a) for the entry in column (4) occurring against all the sub-headings Nos. (except sub-headings Nos. 7007.90, 7009.00 and 7011.10), the entry "20%" shall be substituted; (b) in sub-heading No. 7007.90, for the entry in column (4), the entry "30%" shall be substituted; (c) for the entry in column (3) against heading No. 70.11 the entry "Clock or watch glasses and similar glasses, glasses for non-corrective or corrective spectacles, curved, bent hollowed or the like, not optically worked; hollow glass spheres and their segments, for the manufacture of such glasses" shall be substituted; (d) in sub-heading No. 7011.10, for the entry in column (3), the following entry shall be substituted, namely,--- "Glass for corrective spectacles", (40) In Chapter 71, for Note 4, the following Note shall be substituted, namely:- "4. For the purposes of this Chapter, any alloy (including a sintered mixture and an inter metallic compound) containing precious metal is to be treated as an alloy of precious metal it any one precious metal constitutes as much as 2%, by weight, of the alloy, alloys of precious metal are to be classified according to the following rules:--- (a) An alloy containing 2% or more, by weight, of platinum is to be treated as an alloy of platinum,, (b) An alloy containing 2% or more, by weight, of gold but no platinum, or less than 2%, by weight, of platinum is to be treated as an alloy of gold; (c) Other alloys containing "2% or more, by weight, of silver are to be treated as alloys of silver", (41) in Chapter 72,--- (a) for the entry in column (4) occurring against all the sub-headings Nos. (except sub-heading No 7230 00) the entry "15%" shall be substituted; (b) heading No. 72.30 and the entries relating thereto shall be omitted; (42) in Chapter 73,--- (a) for the entry in column (4) occurring against all the sub-headings Nos. (except sub-headings Nos 7302.90, 7307.00. 7308.10, 7308.20, 7308.30. 7308.40, 7308.90, 7309.00, 7312.10, 7313.90, 731300 7314.00, 7315.00, 7316.00, 7317.00, 7318.10, 7318.21, 7318.29, 7318.90 7319.00 7320.00 7321.90 7322.00, 7323.00, 7324.00, 7326.11, 7326.11, 7326.19, 7326.20, 7326.90 and 7327. 00), the entry "15%" shall be substituted; (b) heading No. 73.27 and the entries relating thereto shall be omitted; (43) in Chapter 76, for the entry in column (4) occurring against all the sub-headings Nos the entry "20%" shall be substituted; (44) in Chapter 83,--- (a) for the entry in column (4) occurring against all the sub-headings Nos. (except sub-headings Nos 8303.00, 8306.00, 8307.00, 8310.00 8311.00 and 8312.00) the entry "20%" shall be substituted; (b) in sub-heading No. 8303.00, for the entry in column (4), the entry "30%" shall be substituted; (45) in Chapter 84,--- (a) in sub-headings Nos. 8414.10, 8414.91, 8415.00, 8418.00, 8419.00, 8476.11, 8476.91, 8481.10 and 8481.91, for the entry in column (4) occurring against each of them, the entry "60%" shall be substituted; (b) in sub-headings Nos. 8414.20 and 8469.00, for the entry in column (4) occurring against each of them, the entry "15%" shall he substituted; (c) in cub-heading No. 8485.00, for the entry in column (4), the entry "25%" shall be substituted; (46) in Chapter 85,--- (a) in sub-headings Nos. 8506.00, 8523.II, 8523.12, 8523.13,8523.14,8523.19 8523.20 8523.90 8524.21, 8524.22, 8524.23, 8524.24, 8544.00 and 8546.00, for the entry in column (4), occurring against each of them the entry "30%" shall be substituted; (b) in sub-headings Nos. 8518.00, 8519.00, 8520.00, 8521.00, 8522.00, 8525.00, 8527.00 8528.00, 8529.00, 8532.00 and 8540.11. for the entry in column (4) occurring against each of them, the entry "20%" shall he substituted; (c) in sub-heading No 8536.10 for the entry in column (4), the entry "60%" shall be substituted; (d) in sub-heading No. 8539.00, for the entry in column (4), the entry "15%" shall be substituted; (e) in sub-heading No. 8548.00, for the entry in column (4), the entry "25%" shall be substituted; (47) in Chapter 87,--- (a) in sub-headings Nos. 8702.00, 8703.00, 7804.00, 8706.00, 8706.20, 8706.30 and 8706.40, for the entry in column (4) occurring against each of them, the entry "40%" shall be substituted; (b) in sub-headings Nos. 8705.00, 8706.00 8709.00, 8710.00 and 8716.00, for the entry in column (4) occurring against each of them, the entry "15%" shall be substituted; (c) in sub-heading No. 8708.00, for the entry in column (4), the entry "20%" shall be substituted; (48) in Chapter 89,--- (a) Note 2 shall be omitted; (b) heading No. 89.08 and the entries relating thereto shall be omitted; (49) in Chapter 90,--- (a) in sub-headings Nos. 9006.00, 9007.00, 9008.00 and 9009.00, for the entry in column (4) occurring against each of them, the entry "20%" shall be substituted; (b) in sub-headings Nos. 9011, 9012.00, 9013.00, 9014.00 9015.00, 9016.10, 9016.90, 9017.00, 9018.00, 9019.00, 9020.00, 9021.00, 9022.00, 9023.00, 9024.00, 9025.00, 9026.00, 9027.00. 9028.00, 9029.00, 9030.00, 9031.00, 9032.12, 9032.80, 9032.99 and 9033.00, for the entry in column (4) occurring against each of them, the entry "10%" shall be substituted; (c) in sub-headings Nos. 9032.11 and 9032.91, for the entry in column (4) occurring against each of them, the entry "60%" shall be substituted; (50) in Chapter 91, for the entry in column (4) occurring against all the sub-headings Nos., the entry "10%" shall be substituted; (51 ) In Chapter 92, for the entry in column (4) occurring against all the sub-headings Nos. the entry "10%" shall be substituted; (52) in chapter 94,-- (a) in sub-headings Nos. 9401.00, 9402.00, 9403.00 and 9405.00, for the entry in column (4) occurring against each of them, the entry "20%" shall he substituted; (b) n sub-heading No. 9404.00, for the entry in column (4), the entry "30%" shall be substituted, (53) in Chapter 95, in sub-heading No. 9504.00, for the entry in column (4), the entry "15%" shall be substituted; (54) in Chapter 96,--- (a) in sub-headings Nos. 9604.00, 9606.00, 9608.00 9611.00. 9612.00. 9613.10 and 9613.90. for the entry in column (4) occurring against each of them the entry "20%" shall he substituted. (b) in sub-heading No. 9605.10. for the entry in column (4) the entry "50%" shall he substituted.
SCHEDULE FOURTH SCHEDULE
[See section 62(b)- ] ____________________________________________________________________________ Heading Sub-heading Description of Goods Rate No. No. ____________________________________________________________________________ (1) (2) (3) (4) ____________________________________________________________________________ In the Schedule to the Central Excise Tariff Act, in Chapter 40,-- (a)for hearing No. 40.11 and the entries relating thereto, the following shall he substituted, namely:-- "40.11 PNEUMATIC TYRES, OF RUBBER 4011.10 -Of a kind used on bicycles, cycle-rick-shaws and three- Ni; wheeled powered cycle rickshaws 4011.20 -Of a kind used on two-wheeled motor vehicles or 25% as rear tyres on tractors, including agricultural tractors 4011.90 -Others 45% (b) in sub-heading No. 4012.19, for the entry in column (4), the entry "45%" shall he substituted; (c) for heading No. 40.13 and the entries relating thereto, the following shall he substituted, namely:- "40.13 INNER TUBES, OF RUBBER, FOR TYRES 4013.10 -Of a kind used in tyhres of sub-heading Nil No. 4011.10 4013.20 -Of a kind' used in tyres of sub-heading:, 25% No. 4011.20 4013.90 -Others 54%. ____________________________________________________________________________
SCHEDULE FIFTH SCHEDULE
(See section 63(b)- ] In the First Schedule to the Additional Duties of Excise (Goods of Special Importance) Act,- (1) in sub-heading Nos. 2403.11 and 2403.21, for the entry in column (4) occurring against each of them. the entry "Rs. 350 per thousand" shall be substituted; (2) in sub-heading Nos. 2404.49 and 2404.60, for the entry in column (4) occurring against each of them, the entry "l0%" shall be substituted; (3) in sub-heading Nos. 5107.24, 5107.32, 5107.42 and 5107.92, for the entry in column (4) occurring against each of them, the entry, "Nil" shall he substituted; (4) in sub-heading Nos. 5107.39, 5107.41 and 5107.49, for the entry in column (4) occurring against each of them, the entry "5%" shall be substituted; (5) in sub-heading Nos. 5206.00, 5207.00, 5208.00, 5209.00, 5210.00 and 5211.00, for the entry in column (4) occurring against each of them, the entry "20%" shall be substituted; (6) in sub-heading Nos. 5409.00, 5410.00 5411.00 and 5412.00, for the entry in column (4) occurring against each of them, the entry "20%" shall be substituted; (7) in sub-heading Nos. 5508.00, 5509.00, 5510.00, 5511.00 and 5512.00 for the entry in column (4) occurring against each of them, the entry "20%" shall be substituted; (8) in sub-heading Nos. 5801.30, 5802.14 and 5804.12, for the entry in column (4) occurring against each of them, the entry "20%" shall be substituted; (9) in sub-heading Nos. 5805.11, 5805.12, 5805.13 and 5805.14, for the entry in column (4) occurring against each of them, the entry "Nil" shall be substituted; (10) in sub-heading No. 5901.20, for the entry in column (4), the entry "20%" shall be substituted; (11) in sub-heading Nos. 5902.10, 5902:20, 5902.30, 5903.19, 5903.29, 5906.11 and 5906.12, for the entry in column (4) occurring against each of them, the entry "5%" shall he substituted; (12) in sub-heading No. 6001.12, for the entry in column (4), the entry "20%" shall be substituted.
Footnotes:
1. Substituted for Section 65 by The Finance Act, 2001, w.e.f. 1/4/2001.
2. Substituted by The Finance Act, 2001, w.e.f. 1/4/2001.
3. In Section 65, Clause (13) shall be substituted by Finance Act, 2002,(20 of 2002), Published in Gazette of India, Extra, Part II, Section 1, dated May 13, 2002, No.23.
4. In Section 65, Clause (13A) shall be inserted by Finance Act, 2002,(20 of 2002), Published in Gazette of India, Extra, Part II, Section 1, dated May 13, 2002, No.23.
5. In Section 65, Clause (72), sub-clause (zk) shall be substituted by Finance Act, 2002,(20 of 2002), Published in Gazette of India, Extra, Part II, Section 1, dated May 13, 2002, No.23.
7. Inserted vide The Finance Act, 1999 (27 Of 1999), Dt. May 11, 1999 Published in Received the assent of the President on May 11, 1999 and published in the Gazette of India, Extra., Pan II, Section I, dated 11th May, 1999, pp. 1-98, No. 33
