 the finance bill, 1957(as introduced in lolt sabha)  the finance bill, 1957 (as introduced in lok sabra)                                   a                                  bill to continue for the financial year 1957-58 the existing rates of      income-tax and super-tax, other than super-tax on com-     panies for which provision is made in section 8 of the      finance (no3) act, 1956, and the existing additional      duties of customs and excise, and to provide for the con-     tinuance of certain commitments under the                                                                general      agreement on tariffs and trade and the discontinuance     of the duty on salt for the said year    be it enacted by parliament in the eighth year of the republic of india as follows:-1 this act may be called the finance act, 1957                                                                                                     short title 2 the provisions of section 2 of, and the" first schedule to, the inc::od1c-ta iii 11/1956 s finance act, 1956, shall apply in relation to income-tax and super- ~ iupep                            tax for the financial year 1957-e: as they apply in relation to income-[0 "'7 of 1956 tax and super-tax for the financial year 1956-57, with the modification that-(i) in section 2, for the figures "1955", "1956" and "1957", wherever they occur, the figures "1956", "1957" and "1958" shall respectively be substituted; (ii) the rates of super-tax 9n companies shall be !egulated by section 8 of the finance (no3) act, 1956, and not by paragraph d of part ii of the first schedule above referred to t i of 1922 is 3 in the indian incomtax act, 1922, section 36 shall be <mitted omission of iec:don 36 amendment 4 hi the indian tariff (amendment) act, 1949, in sections 4 and 5, of soctiod~ 4 for the figures "1957" the figures "1958" shall be substituted and s '  18 of 1956 additioml 5 the provisions of sections 81 and 87 of, and the third and fourth duties of d schedules to, the finance act, 1956, shall continue in force up to the custom 1ft escise 31st day of march, 1958, and accordingly in each of the said sections, s for the figures "1957", the figures "1958" shall be suj)stituted 1 of 1944 32 of 1934 discodtinu-6 for the year beginning on the 1st day of april, 1957, no duty :stice iii salt under the central excises and salt act, 1944, or the indian tarift uty act, 1934, shall be levied in respect of salt manufactlll'ed in, or imported into, india 10  statement of objects and reasonsgovernment do not at present intend to make any changes in the existing tax structure in relation to the next financial yeat" the object of this simple bill is to ensure the levy of income-tax and super-tax and the additional duties of customs and excise for that year at the rates at which they are now being levied under the finance act, 1956, subject to the modification that the rates of supertax on companies shall be as laid down ill the finance (no3) act, 1956 2 clause 2 continues the existing rates of income-tax and supertax other than super-tax on companies which will be regulated by the finance (no3) act, 1956 3 clause 3 omits section 36 of the indian income-tax act, h122, which deals with the rounding off of fractions of an anna, as the matter will be regulated on and from the 1st of april, 1957, by section 14 of the indian coinage act, 1906" 4 clause 4 seeks to maintain for another year the status quo in regard to commitments under the general agreement on tariffs and trade 5 clause 5 will have the effect of continuing for another year the existing additional dut:es of customs and excise on certain gt)ocls chargeable to duty under the first schedule to the indian tariff act, 1934, or the central excises and salt act, 1944 6 clause 6, like section 38 of the finance act, 1956, provides that salt shall be duty-free for" another year new dam:; t: t" krishnamacharj the 19th march, 19~7  billto continue for the financial year 1957-58 the existing rates of 'income-tax and super-tax, other than super-tax on companies for which provision is made in section 8 of the finance (no3) act, 1956, and the existing additional duties of customs and excise, and to provide for the continuance of certain commitments under the general agreement on tariffs and trade and the discontinuance of the duty on salt for the said year the president has, in pursuance of clauses (i) and (3) of article ii7 and clause (1) of article 274 of the constitution of india recommended to lok sabha, the introuuction and consideration of the bill m n kaul, secretary (smi t t krishnamachari, minister for finance) 