1 at piice(il), lnclaue48, !2r"a  !!!!! ,,~ 2 at page 11, in lim s, for "to, iidjtbidi auacjaed &0 tbe eartil" !!!!! "to iid,jtlddc att8cbcl to, the euth" 4 at imp ee lji lu 20 - !2t "1hoolatlaa" read "1imoclaual"  the finan"e hili, 1983(as introduced in lok sabra)  ciiaptbr n3 am  of eatlclll 2 "- am-aa-t of eetlglli 5 ameadm_t of ectlclll 10 8 amendment of bectlcjd 11 7 alil8jlclmedt of ectlclll 13 8 am8ddmeat of eetloa 18 9 am8dclmedt of ectlclll m 10 aiii8ilcimedt of eatlclll 32 11 ameaciaaeat of eatloa ua 12 am-wtmut of eatlclll 36 18 ameadm_ of eetlgll ub 14 ameadme of •• a 3&c 16 ameddmedt of eaugil 3icc 18 ameddmeat of eatloa 3&cca 17 ameadmedt of eetlgll 37 18 ldaertloa of dew  augil ab 18 am  _ of eatloa 440 20 ameddmeat of eotloll 541:, 21 ameadmeat of matlcid 8oc 22 ame  of ectlgll bogg 23 ameadmedt of •• otigll 8ogga 24 l_ruoa of dew aeotlclll 8obbc 25 ameddm_t of •• otloll 80-1 18 oidlaalea of ectloll 8q,jj 27 ~ •• lea of eatloa 800tja 28 amendme of eauciil iol 29 oidielea of eotloa 80101 30 ameadm_t of metlea lop clauses 31 amendmelll of seotlon 80r 32 insertion of new chapter vib 33 omission of section 89a 34 amendment of sectlm 109 35 amendment of sectlm usa 36 luertfon of new chapter ma 37 amendment of section 164 38 amendment of seetlon 280za 39 colwequellllal amendments to certain seotlona w,altb-ttix 40 revival of levy of wealth-tax in the cue of c1oaely-held compldl_ 41 amendment of section 5 gift-tax 42 amendment of section 5 43 amendment of section 4  chapter iv (ndiuct tales clauses customs44 amendment of act 51 of 1975 45 auxlllary dutlel of customs 46 amendmelll of section 2 47 amendment of lection 7 48 amandment of section 23 49 amendmelll of section 25 50 amendment of lectlon 61 51 amendment of section 74 52 amendment of sectlon 75 53 amendment of section 76 excise 54 amendment of act 1 of 1944 55 special dua  of exclae 56 amendment of act 58 of 1957 57 ·amendment of act 40 of 1978  chapter v mi scilian 100 s58 amendment of act 6 of 1898 59 amendment of act 38 of 1974 the firsr schedule the second schedule the third schedule the fourth schedule the frfth schedltle  the finance billi 1983 billto giw effect to the /i",,,,cilll proposills of the ce"tral gow",,,e,,t /01' tbe firuz"ciai year 198j-84 81: it _acted by parliament in the thirty-fourth year of the republio of lddla as fo1101'l81- chapi'er ipaluminour 5 i (1) this act may be oalled the finance act, 1983 (2) save as otherwise provided in this act, sections 2 to 43 and  etlan 59 shall be c:leemed to have come into foroe an the 1st day of apru, 1983  chapl'er dru'l:i 0  iifcdmi:· tax lacome  10 2 (1) subject to the pl'ovlal0d8 of aub-aect1od11 (2) add (j), for the  aeujlledt year commendng on the lat day of aprtl 1983 inoome-tu ahall be charged at the ratea apeolfled in part i of the firat schedule and ahall be lncreued-(a) in the cu to which paragrapha a, b c aad d fa that part 15 apply, by a aurcharge for ~ea of the udlon; and (b) in the cu to whlch paragraph e of that part appllea, by a auroharge calculated in each cue in the mlu1d8r provided therein (2) in the cues to whlch sub-parqraph i or sub-paragraph d of 20 paragraph a of part i of the firat schedule appll, where the uaa  hu, in the prevtoua year, any net agrloulturallncome exoeedlng alx hundred rupe, in iddltlon to totallucome add the totallncame exoeeda,-(i) in a cue to which the aald sub-paragraph i applles flfteen 25 thousand rupeeii, and (ii) tn a cue to wblch the sald sub-paragraph u applies, twelve thouaud rupees, then- (a) the net agrlculturallncome shall be taken into account, tn the manner provtded tn clause (b) (that ls to say, as if the net 5 agricultural income were comprlaed in the total lncmne after,-(i) in a cue to which the sald sub-paragraph i appllu, the first naeen thousand rupees, and (ii) in a case to which the said sub-paragraph u applles, the nrst eight thouaud rupees, 10 of the totallnoome but without being llable to tax), only for the purpcmle of charging income-tax in respect of the total income; and (b) the income-tax chargeable shall be calculated u follows:-ii) the total lncome ud the net qrlcultural lncome shall be agrepted and the amount of lncome-tu sball be determln-15 ed in respect of the aggregate tncome at the rates spec1f1ed tn sub-paragraph lor, as the cue may be, sub-paragraph n of the sald paragraph a u if such aggregate lncome were the totallncome: provided that tn a cue referred to in the sald sub-paragraph 20 n, for the purpoee of determlnlng the amount of lncome-tax in accordance with this sub-clauae, the provisions of clauae (;i) of the proviso below sub-paragraph ii and the provtslod8 relatlng to surcharp on income-tax in the sald sub-paragraph ii shall dot apply; 25 (n) the net agrlculturallncome shall be lncroued,-(a) in a cue to which the sald sub-paragraph i applies, by a sum of flfteen thowaand rupees; and (8) in a cue to wblch the sald sub-paragraph ii applies, by a sum of eight thowtand rupeee, 30 and the amount of lncome-tax shall be determined in respect of the net agrlcultural income as so increased at the rate8 speclfled in sub-paragraph lor, u the cue may be, sub-paragraph ii of the 8ald paragraph a, as if the net agricultural income as so increased were the total income: 35 provided that in a case referred to in the sald sub-paragraph ii, for the purpoee8 of determining the amount of income- tax in accorduce with thli sub-claljle, the provlslolll of claljle (io of the provllo·below the sald sub-paragraph ii and the provl8lodl relating to surcharge on income-tax in the lald sub-paragraph 40 ii shall not apply; (;,i) the amount of income-tax determlded in accordance with 8ub-clau8e (i) shall be reduced by the amount of incometax determined in accordance with lub-clause (n): provided that in a cue referred to in the sald sub-paragraph 45 ii, where the 8wn 80 arrived at exceed8 8ixty per cent of the amount by whtch the totallncome exceed, twelve thousand rupe __ - the exce88 shall be d18rega~; (iv) the amount of income-tax determined in accordance with 8ub-clause  (;;;) hall be lncreued by a lurcharge for purposu 50 of the union calculated at the rate of ten per cent of 8uch incometax and the lum 10 arrived at ,hall be the lncome-tax in respect of the total income (heretaafter referred to  the income -tax act) apply, the tax cha rgeable sball be determined as provided in that chapter or that section, and with reference to tbe rates imposed by aub  ection (i) or the rates as specified in that chapter or section, as the case may be 5 (4) in cues in whlcb tax bu to be deducted under sections 193, 194, 194a, 1mb, 194bb, 1941> am 195 of the income-tax act at the rates in force, the deduotlon shall be made at the rates specified in part it of the firat schedule 10 15 20 (5) subject to the prov181ana of sub-sectlon (6), in cues in which income-tax bu to be calculated under the flnt prov18o to 8ub-aectlon (5) of section 132 of the income-tax act or charged under 8ub-sectlon (4) of 8ectlon 172 or 8ub-aectlon (2) of section 174 or section 175 or lub-sectlon (2) of seetlon 176 of the sald act or deducted under seetlon 192 of the 8ald act from lncame chargeable under the head "salaries" or deducted under sub-sectlon (9) of sectlon 80e of the 8ald act from any payment referred to in the 8ald sub-section (9) 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 lpeclfled in part m of the flr8t scbedule: 25 provided tbat in cases to which the provisions of chapter x"1 or chapter xiia or section 164 or sectlod 164a or section 167 a of the income-tax act apply, "advance tax" lhall be computed with reference to the ratel lmposed by thl8 8~ectlon or the rates  spectfled in that chapter or 8ectlon, 88 the cue may be: 30 provided further that an  ses8ee, being a company, may, in lieu of payment of one-half of the amount of aurcharge on income-tax at the rate 8peclfled in paragraph e of part m of the flr8t schedule, make a deposit under the scheme framed under sub-sectlon (7) before the lut lnatalment of "  iuivance tax 18 due in its c  e, and where it don 10, the 8urcharge on income-tax payable by it lhall be reduced,-35 (i) in a cue where the amount of the deposit so made is equal to, or exceedl, onhalf of the amount of 8urcharge on income-tax payable by it, by one-half of the amount of lurcharge payable by it; and (ii) in a cue where the amount of the deposit 10 made falll 8hort of one-half of the amount of surcharge on income-tax payable by it, by the amount of the deposit (6) in the cues to whloh sub-paragraph i or sub-paragraph d of 40 paragraph a of part m of the first schedule applle8, where the  e88ee has, in the previous year or, if by virtue of any provlslon of the income-tax act, income-tax is to be charged in reapect of the income of a pertod other than the previous year, in such other perlod, any net agrlculturallncome exceedldg six hundred rupees, in addltlon 45 to total income and the total income exceeds,-(i) in a cue to which the laid sub-paragraph i applies, fifteen thousand rupees, and (ii) in a case to which the sald sub-paragraph d applies, twelve thousand rupees, 50 then in calculatldg income-tax under the brat provl80 to sub-sectlon (5i of section 132 of the income-tax act or in charging income-tax under sub-sectlod (2) of laotlon 174 ol' 8ectlon 175 or 1ub-8ectlon (2) of section 176 of the 8ald act or in computlng the "advance tax" payable under '  chapter xvn-c of the laid act, at the rate or ratea ld foroe,-(a) the net agrlculturallnoome ihall be taken ldto account, ld the manner provided ld clauae (b) (that la to aay, as if the net agrtcu1turilldoome were compr18ed in the totalldcome after,-(i) in a cue to wblch the lald sub-paragraph i appllee, the 6 fll'llt flfteen thouaand rupeee, aad (ii) in a cue to wblch the ald sub-paragraph n appllee, the flrlt ellbt thouaand ropeea, of the total lncame blt without being llable to tax), only for the purpoee of cllculatlng, charglng or computing iuch ldoome-tax or, 10 u the cue may be, "advance tax" in relpect of the total lucame; and (b) uch income-tax or, u the cue may be, "advuce tax" lhall be 10 calculated, charged or oomputed u followl:-m the total income and the net agricultural income hall be aggregated and the amount of lnaome-tax or "advuce tax" ihall 16 be determined in relpet't of the aggregate income at the ratel peclfled in bub-paragraph i or,u the cue may be, sub-paragraph n of the ald paragraph a, u 11 och aggregate luoome were the total incmne: provided that in a cue referred to in the ald bub-paragraph 20 n, for the purpale of determlnlng the amount of income-tax or "advance tax" in accordance with thla ub- claule, the provlalodl of clauae (ii) of the provlao below the aald sub-paragr,h n and the provlalodl relatldg to lurcharge on lnoome-tax in the laid sub-paragraph n lhall dot applyi 25 (ir) the net agricultural lncome ihall be lncreuec:l,-(a) in a cue to wblch the aald sub-paragraph i appllee, by a lum of flfte_ thouiand rupee8; and (8) in a cue to wblch the laid bub-paragraph j[ applle, by a auld of eight thouaand rupeeii, 30 and the amount of lncome-tax or "advu08 tax" lhall be determlned in reapect of the net agricultural ldcome u 10 lncreuec:l at the rate apeclfled in the aald bub-paragraphl or, u the cue may be, the ald bub-paragraph n, u if the net iiii'lculturll income  0 lncreasett were the total inccbde: 35 provided that in a cue referred to in the lald bub-parlgl'aph n, for the purpoml of determlnlng the amount of ldoome-tax or "advance tax" lu acoordadoe with wi iilb-claule, the provlalcma of claule (ii) of the provllo below the lald sub-paragraph n &lid the provlalou relating to iurcharge on ldcome-tax in the laid 4:0 8ub-paragraph d lhall dot apply; (iii) the amount of income-tax or "advaace tax" determined in accorduce with ub-clauae (i) lhall be reduoec:l by the amount of lnomne-tax or, u the cue ma, be, "advance tax" determlded in accordance with lub-clauae (i;): 4:& provided that lu a cue referred to in the aid sub-parqraph d, wbere the lum 10 arrived at exoeec:ll itxty per cat of the amount by whlch the total incom ex0eed8 twelve tbouand rupe_, the excess hall be dlaregarded; (m the amount of lncome-tax or "advance tax" determined in accordance with ub-clause (iii) shall be increased by a aurcharge 5 for purposes of the union calculated at the rate of twelve and onehaif per cent of inch income-tax or, as the case may be, "advance tax" and the sum so arrived at shall be the income-tax or, aa the cue may be ''advance tax" in reapect of the total income (7) where an  a  e being a company, makes, during the ftnanclai 10 year commencing on the 1st day of april, 1983, any deposit with the industrial development bank of india established under the industrial 18 0' 1964 development bank of india act, 1964 under any such scheme u the central government may, by notification in the offtclal gazettd, frame in this behalf, then the surcharge on income-tax payable by 15 the company for the usessment year commencing on the 1st day of april, 1984 shllll be reduced-(i) in a c  e where the amount of the deposit so made is equal toorexceeda,one-half of the amount of surcharge on lnoome-tax payable by it, by one-half of the amount of surcharge payable by 20 it; and (ii) in a cue where the amount of the deposit so made falla hort of one-half of the amount of surcharge on lncome-tax payable by it, by the amount of the deposit (8) for the purposes of this lectlon and the firat schedule,-25 (a) "company in which the public are substantially interested" means a company whlch la such a company u is referred to in ledlon 108 of the income-tax act; 30 (b) "domeatlc company" means an indian company, or any other company whlch, in respect of ita income hable to income-tax udder the income-tax act for the  selsment year commencing on the 1t day of aprll, 1983, h  made the prescribed arrangementa for the declaration and payment within india of the c:llvldenda (lneludtdl dlvldends on preference sharel) payable out of iuch lnoome in accordance with the provlslodl of seetlon 194 of that act; 35 (c) "industrial company" meana a company whlch la mainly engaged in the buslneas of generation or distribution of electricity or any other form of power or in the construction of shlps or in the manufacture or processing of goods or in mining 45 expulnation -for the purposes of this clawle a company ahall be deemed to be mainly engaged in the bwllnea of generation or dlatrlbutton of electricity or any other form of power or in the conatructlon ot ships or in the manufacture or processing of goods or in mlnlng, if the income attributable to any one or more of the aforenid activities lncluded in ita total income of the prevlou8 year (u computed before maldog any deduction under chapter via of the income-tax act) la not less than ftfty-one per cent of uch totallnoome: so provided that thl clause ,hall not apply for the purpoa_ of paragraph e of part m of the firt schedule, and for the~  of that paragraph, the expression "lnduatrial company" hall have the meantng  signed to it io the explanaton at the end of that paragraph; (d) "ldiiurance evwnm1lllcld" melull any remuneration or reward, whether by way of cammlallon or otherwlh, for so1lcltldg or procur-ing iiurance bulln8l1 (1nc1llcllng balneal relatlng to the contlnuance renewal or revival 01 poucle8 of lniurlldce); (e) "net agrlculturalldcome" in re1at101l to a penon, me2d8 the 5 total amount of agricultural income from whatever lource den ved of that person computed in accordance with the ruln contained in part iv of the flrat schedule; (f) "tax-free lecurlty" means any lecurity of the cedtral government isued or declared to be lncome-tax free, or any security of a 10 state government laiued lnccllde-tax free, the income-tax whereon la payable by the state government; (g) all other worda and 8xpl'8l8lod1 uaed in thla section or in the flrlt schedule but dot defined in this sub-section and defided in the inoome-tax act lhall have the meanlngs respectively  lgnoo to 15 them in that act  chapter m diuct tales i"come-tax20 aii  dlmbt of 3 in section 2 of the income-tax act-eectloa 2 (a) in claue (15), the worda "not lnvolvlng the carrying on of ildf actlvlty for proftt" ihall be omitted with effect from the 1st day of aprll, 1984; (h) in clause (18), in sub-clause (h), for item (m, the following item ihall be substituted with effect from the 2nd day of aprll 1983 - 25 namely:-- (b) lhares in the company (dot being sharea entitled to a axed rate of dlvldead whether with or without a further right to pajtlclpate in profits) carrying not lea than nfty per cent of the 90tlng power have been allotted unconditionally to or acquired uncondl-30 tlonally by, add were throughout the relevant previous year bedeflclally held by-(a) the government, or (h) a corporatlon established by a central, state or provlnclal act, or (c) any company to which thll clause appllel or any ubeldlary company of such compldy where uch lubeldlary company fulnil the coooltlodi lald down in dause (h) of lection 108 expl(l1fatio" -in ita appllcatlon to an indlan company whoae bullne1 cod8lat malnly in the conatructlon of ihlpe or in the 40 manufacture or processing of good or in mining or in the generation or distribution of electricity or any other form of power, item (b) lhall have effect  u for the words "not ie •• than nfty per cent " the worda "not leu than forty per cent" had been lubatltuted;' 45  4 in eetlon 9 of the idooide-tu aat, in ab-uetlod (i ),-ra) in claue w in the expujnation, after clauae (h), the following clauae shall be inserted and shall be deemed always to have been iderted, namely:-5 "te) in the c  e « a non-realdent, being a perscll engapd in the business of rannlng a newt agency or of pabl18blng oewspapers, magazine or journals, no lnoome tball be deemed to &ccl'iie or arise in ida to hlm through or from actlvw wblch are oonflned to the collectlon of new add view in iadla for trldlml_loo out 10 of india;"; (b) to clause (i;), the following fixplajflztitm ball be added and ball be deemed to have been added with effect from the lit day of aprll, 1979, namely:-15 l'expltmatioff- for the removal of doubtl, it 11 hereby deal-ed that income of the nature referred to in tbli clauh payable for service readered in iodla hall be regarded u lnoome eanaeclln i  "  5 in section 10 of the income-tax act-eec:tica 10 (a) after claue (6), the followlng c1aue hall be lnaerted wuj:a effect frem the 1t day of april, 1984 name1y:-20 '(6a) where in the cue of a forelp company derlvlng ldcame by way of roymty or feee for tedmlca1ervlca reoelftd from government or 0 inclto ooacern in parau8d08 of iii ip'eement made by the forelp company with government or the iddlan oodeerd after the 3l8t day of march, 1976 and approved by the central oovernmeat, 25 the tax on iiicb inccme 18 payable, under the terma of ach agreenumt, by government or the indio conoerd to the centrll governmeat, the tax 80 paid expltmation- for the parpoml of wi c1  e-(a) "feel for teohdlcal lervioel" lball have the ildle mellllldg 30  in explapultio" 2 to clause (m) of _"action (j) of lectlclll 9: (h) "forelp ociiilpany" ihall bave the lame meanidg in leatlca 8ob; (e) "royalty" lball bave the ladle meldldg u in expltlpultioff 2 to olauae (vi) of ab-ectlon (i) of lectlclll 9:': 35 (11) in c1auae (10),-(i) for the words "thirty thouiand rupeeiilt, at the thne p1808ll where they oooiil', the word8 "thlrty-llx thouand rupeea"ball be lubstituted add lhall be deemed to have been iiib1tibltild wlth deal from the lilt day of april, 1982i 40 (ii) after the provlla ad before the exp/tlpllltion the followlag provlloi lhall be lnhrted aocl shad be deemed to have been tuerted with effect tram the lit day of april, 1982, namely:-45 'provided 1110 that the central ooverament may, having regard to the maxlmum amount whlch may for the time biljii be exempt under ab-c1  e (i), inoreue, by notlftoltlon in the offldal gazette, the llmlt of thlrty-i1x tboaaaocl rupeel, for all the tj:aree purpoa_ for wblch lt baa been mentloned in the foregolng prov181oaa of thla clauae up to such maxlmum amount: provided also that in relatlon to cues in wblch the event (that ls to say retirement of the employee or his becoming lncapacltated or terminatlon of his employment or hla death as 5 the cue may be) on wbleh gratulty la recelved bad taken pl~ before the 31st day of january 1982 the provlso immedlately preceding tbla provlao shall dot apply and the remaining prov1sl0d8 of ws clause shill have effect u if for the worda "thlrty  lx thousand rupees", at the three places where they occur the 10 worda "thlrty thousand rupees" bad been subatltuted '; (c) 1n clause (15),--14 of 1982 15 (i) in sub-clauae (jib) ,la'lrected to be lnserted by clause (dj of secuon 4 of the finance act 19827 for the words "lnterest on such capltal investment bonds" the words ''in the cue of an lndlvldual or a hindu undlvlded famuy 1nterest on such capltallnveatment bonds" shall be subatltuted;  (ir) in sub-clause (iv),-(i) in ltem (aj, after the worda "moneys borrowed" the worda "or debt lncurred" shall be lnserted; 20 (2) in item (c)-(a) after the words "raw mater1als" the worda "or componenta" shall be inserted; (8) the followlng explanatton shall be inserted at the end, namely:-25 'explanation-for the purposes of tbls ltem "purchase of capltal plant and machlnery" lncludes the purchase of such capltal plant and machinery under a hire-purchase agreement or a lease agreement wlth an option to purchase 8uch plant and macblnery;'; 30 (3) in ltem (d) after the words and figures ''1ndustrlal development bank of indla act, 1964" the words and figures "or the export-18 of 1964 import bank of iddla e8tabushed under the export-import bank of indla act 1981" shall be 1nserted; 28 of 1981 (4) after ltem (j) and before the explanatton, the following item 35 8hall be inserted namely:-"(g) by a public company formed and registered in indla wlth the maln object of carrying on the buslness of provlding long-term finance for construction or purchase of hou8e8 in india for resldenual purpose8 being a company approved by the central govern-40 ment for the purposea of cl~u8e (viii) of 8ub-aectlon (j) of section 36 on any moneys borrowed by it in forelgn currency from sources outalde indla under a loan agreement approved by the central government to the extent to wblch 8uch intere8t does not exceed the amount of lnterest calculated at the rate approved by the 45 central government in thls behalf, bavlng regard to the terms of the loan and ita repayment "; (5) in the explanation, for the worda "th18 ltem", the worda brackets and letters "items (i and (g)" shall be substituted; ,:~, (dj ld cl  e (21), the following proviso mall be inaerted at the end with effect from the 1st day of april, 1984, namely:-''provided that notbldg contained ld this clause mall apply if for any period during the previous year -5 (i) any sums by way 01 contributions received by the  soelatlon are ldvhted or depoalted after the 28th day of febl'wll'y 1983 otherwlae than in any one or more of the forms or modes specifted in sub-secuoo (5) of section 11; or 10 (ii) any fund8 of the  aclatlon invested or depoalted before the 1st day of march 1983 otherwise than in anyone or more of the forms or modes peolfled in ub-sectlon (5) of section 11 continue to remain so invested or deposited after the 30th day of november 1983; or 15 (iii) any shares in a company (dot being a government company  defined in section 617 of the companies act, 1956 or a corporation established by or wider a central stile or provlnclal act) are held by the ulioclatlon after the 30th day of november,1983:"; (e)ln clause (2jc) , after the proviso, the following proviso shall be inserted with effect from the 1st day of aprll, 1984, namely:-20 25 "provided further that nothing in this clause shall app~y in relation to the profits and gains of any business which is carried oil, on behalf of, or by, any fwld or institution referred to in sub -clause (;'0) or any trust or inatltution referred to in sub-clause (fi) or to the profits and gains of any business undertaking held under trust for the purposes of any fund or institution referred to in sub-clause (if1j or for the purposes of any trust or institution referred to in subclause (v)," j ({j in clause (26a), -30 (i) for the figures, letters ,nd words "let day of april, 1983 ii , the figures, letters and words "1st day of aprll, 1986" shall be soostltuted ; 35 (ii) the explarration shall be numbered aad shall be deemed to have been numbered with effect from the 1st day of april, 1980 as expkl7lation 1 and after expiaution i as so numbered, the following explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of april, 1980, namely:-"explarration 2-in this clause, references to the district of ladakh shall be codstrued as references to the areas comprised in the said district 011 the 30th day of june, 1979 " 40 6 in section 11 of the income-tsx act, -amendmeat of 88ctioa 11 (a) in 8\lb-sectlon (2), for clause (b), the following clause shall be substituted, namely:-" (h) the money 80 accumulated or set apart is invested or deposited in the forms or modes specified ill soo-sectlon (5) i"; &5 (b) for sub-sectlon (4), the following sub-section shall be substituted with effect from the 1st day of april, 1984, namely:-,,(4) nothing contained in sub-section (1) or sub-section(2)or - 8ub  ection (3) or lub-eectlon (3l1) aba1l apply in relation to any income beidl profits and pida of buable8l "; (c) after sub-section (4), the following eub-eeotlon lball be luerted, o&mely:-, (5) the forms and modes of inyesttag or depositing the moaey 5 referred to in clause (11) of sub-section (1) lhall be the followllll, 0&jd81y:-46 oilt" (i) invmbdedt in layinp certillcatn as defined in clause (e) of lecticlll 2 olthe goyernment sayings certificates act, 1969, and any other hcurwe8 or certlflcate issued by the central 10 government udder the small savinp scheme8 of that goyernment; (ii) depoeit in any accow& with the poet office savtap bulk; (ij,) deposit in any &oco&lnt with a sob  led  or a cooperative soolety enppcl 1a carryinl oil the busldeas of badddl 15 (tncluding a co-operatlve land mortpge badk or a oo~tl" land developmellt bank) | 23    | of    ||-------|-------|| 31    |       || of    |       || 1959 |       || 5     |       || of    |       || 197a |       || 4001  | 1_    |explanation -in this sub-clause, "scheduled bank" meau the state bank of india conat1tuted under the state ba of lddia act,195s, a 8ubaldiary bank as defined in the state but of lddia 20 (subsidiary banks) act, 1959, a corresponding dew baiik coutitated under sectioo 3 of the banktng companies (acquiitlon add transfer of uddertakinp) act, 1970, or under lectton 3 of the b&iiidac companiel (acqu1attton add transfer of undertak1dp) act, 1980, or any other bank betlll a bank included in the secoad schedule to 25 the reeerve bank of india act, 1934; 2 01 1934 52 0i1961 (rj) investment in units of the unit trust of india eetabusbed under the unit trust of !ddia act 1983; (ti) investment in any security for mouey created and 1aaued by the central government or a state governmaat; 30 (tit) investment in debentures 1iaued by or on behalf of, any company or corporation both the principal whereof and the interest whereon are fully and udooadltloaally paranteed by the central governmmt or by a state government; 35 lof 1956 (vii) investment or depoelt in any government company as defined in section 617 of the companie8 act 1956; (viii) deposit in any account with a flnancial corporation wblch 18 engaged in provtdidilonl-term finance for industrial development in !ddta and which 1 approved by the ceutral government for the purposes of clauh (iii;;) of sub-sectioll (i) of 8ection 36; 40 ;  fix) depoalta with or investment in any bonds 1isued by a public co~y formed and repltered in india with the mam object of carrytns on the blaine  of proyidlllllodl-term fldadce for constructiod or purchale of bouaes in indla for residential purpo188 and which l8 approved by the central governmaat for &5 the purpoaes of clause (viii) of sub  ectton (1) of hct10n 36 i (x) inftlltment in immovable propel'tj e~ -"immoftble property" doee dot include any maoh1llery or plant eftll thoa&b attached to or permanently failteded to an,thldl attached to the earth ' 7 in aection 13 of the income-tax act-(a) in ilub __ ct1on (1), -5 (i) clause (bb) ihall be omltted with effect ll'odl the 1st day of aprll19ft4, (ii) for clause (d), tbe following cluse shall be sub8ututed namely:-"(d) in the cue of a trut for charitable or reuglous pul1x>ses or a charitable or religious institution any income thereof if for 10 any period during the previoua year-15 (i) any fnndll of the trust or imtltutlon are invelted or depoalted after the 28th day of february, 1983 otberw18e than in any ode or more of the forms or modes spfclfled in sub-section (s) of section 11; or a;) any fudda of the trust or ld8tltutlon invested or depoalted before the lat day of march 1983 otberwlae thad in idy one or more of the forms or modes apedfled in aubaectlon (s) of aectlon 11 continue to remain 80 inveated or depoalted after the 30th day of november, 1983; or 20 10f 1956 (iii) anybares in a company (dot being a government company  defined in aectlon 817 of the computea act, 1956 or a corporation utabllshed by or udder a central, state or provlncl81 act) are held by the trust or 1ll8tltutloo after the 30th day of november, 1983: 25 provided that ddthing in this clauae sball apply in relation to -30 (i) any assets held by tbe trust or ldstltution where such assets constituted the orig1da1 corpus of the trust or institution as on the 1st day of jude 1973 or where such assets being ahares were allotted by way of bonus to the trust or 1dbtltutioo on or before the said date with reference to the shares by way of original corpus held by it; (ii) any trust or lnatltutton whose only source of income consists of profits aad ptaa of business "; (b) in aub-section (2), in the opening portion for the words brackets 35 and letter ''provisions of clause (c)" the words brackets and letters ''prov18101l8 of clause (c) and clause (d)" shall be aubstituted; (c) in sub-eecuon (4), m the opening porticm for the words "m a case where" the words bradc:eta and letter ''but without prejudice to the provisions contained in clause (d) of that sub-section, in a case 40 where" shall be subetltutedj (d) 8ub-sectiona (5) and (6) shall be omitted 8 in section 16 of the income-tax act in clause (;), for tbe words "five am  01 thousand rupees" tbe words "six tbousand rupees" ahall be substituted with mdioa 16 effect from the 1st day of april 1984 45 9 in section 24 of the income-tax act in sub  ection(1), to clause (pi), a  of the fouowlng explanatio" ahall be added with effect from the 1st day of april, -=tao 24-1984, damely:-"explantltio" -where the prq»erty baa been acquired or coutructed with borrowed capital the interest if any payable on sucb capital for the period prior to the previoue year in which the property haa been &ccjlired or codstructed, &8 reduced by any part thereof allowed  a ded&lct1on under any other provision of thi act, hall be deducted under this ciauh in equal lnbtalment for the said previous year and for each of the four immediately ucceedlng previous years, " 5 10 in section 32 of the income-tax act, in mb-section (1), with effect from the 1st day of april, 1984,-(ii) in clause (ii), in the first proviso, for the words "seven hundred and fifty ~ees", the words ''fl va thousand rupees" shall be ubat1tuted; (b) in clause (iv), the words, brackets and figures ''but any such sum uall not be deductible in determining the written down value for the pur-10 poees of clawle (il) of sub -section (1);" hall be omitted i (c) in clause (71) the words, brackets and figures ''but any such sum shall not be deductible in determining the written down value for the purpohs of clause~ (n), " shall be omitted ll in section 32a of the income-tax act,-15 (ii) in bub-section (2),-(;) after clause (h) and before the expltmlltion, the followiq claue shall be inserted with effect from the 1st day of april, 1984, namely:-"(c) any new machinery or plant installed after the 31st day of march, 1983, but before the 18t day of april, 1988, for the 20 purpohs of business of repa1rs to ocean -going vessels or other powered craft if the business is carried on by an lddian company and the bwllness 80 carried on is for the ti me being approved for the purposes of this clause by the central government!'; (ii) in the explllniltion, for the words, brackets, figures and letter 25 ''th1s sub-aectlon and sub-secttons (2r) and (4)" , the words, brackets, figures and letter ''this sub-section and sub-sections (28), (2(') and (4)" shall be substituted with effect from the 1st day of june, 1983; (b) after sub-section (211), the following ilub-section shall be inserted with effect from the 1st day of june, 1983, namely:-30 '(2c,1 where any new machinery or plant, belnk machinery or plant which would  lst in control of polluuon or protection of environment and which has been notified in this behalf by the cedtral government in the official gazette, is installed after the 318t day of may, 1983 in any indutrial under _ 35 taking referred to in sub-claue (i) or sub-clauae (;;) or sub-clauae (iii) of clause (b) of 8ub-section (2), the provisions of 8ub-li8ction(l)8hall have effect in relation to such machjaery or plant a8 if for the word 'twenty-five per cent ", the words ''thirty-five per cent " had been substituted ' - 40 a  tof --=tioa 35 12 in section 35 of the idcome-tax act, in sub-section (2a>, after the words ''pays any 8um", the brackets and word8 " (being any sum paid with a spec1f1c direction that the 8um &ball not be used for the acquisition of ady ladd or build •• or oonstruction of any buudinr;' shall be inserted with etrect from the lit day of april, 1984 45 i b_ld_ of 13 in section 35b ot the income-tax act, in sub-aection (i), in --=tioa 358 clawle (ii), after the words, fllures and letters "after the 29th day of february 1968" the words, figures and letters ''bilt before the 1st day of march 1983" shall be inserted amendment of seclion 3sc 14 in section 35c of the income-tax act, in sub-section (1), with effect from the 1st day of april, 1984,-5 (a) in clause (a), the words" a sum equal to one and one-fifth times" shall be omitted; (/i) in the f:'<planntron for the words "expenditure with reference to which deduction under this section is to be allowed", the words "expenditure which is to be allowed as deduction under this section" 10 shall be substituted amendment of seetion 3scc 15 in section 35cc of the income-tax act, for sub-section (3), the follcilwlng sub-section shall be subatituted,namely:-15 "(l) no deduction shall be allowed in respect of the expenditure on any programme referred to in sub-section (1' unless the following conditions are satisfied, namely:--(a) the assessee has obtained the approval of the prescl'ihed authority ~ respect of such programme under sub-section (') before the 1st day of march, 1983: (b) such programme involves work by way of codstruction of any 20 building or other structure (whether for use as a dispensary, school, training or welfare centre, workshop or for any other purpose) or the laying of any road or the construction or boring of a well or tubewell or the installation of any plant or machinery, and such work has commenced before the 1st day of march, 1983: 25 (c) the expeoditure on such programme is incurred, in a case where the approval of the prescribed authority in respect or such programme has been granted under sub-section (i) for a specified period, before the ,expiry of that period and, in any other case, before the 1st day of march, 1984; 30 (d)the assessee furnishes, along with the return of income for the assessment year for which the deduction is claimed, a statement of such expenditure in the prescribed form duly signed and verified by an accountant as defined in the i~xpla""t;nn below subsection (2) of section 288 and setting forth such particulars as may 35 be prescribed " 16 in section 35cca of the income-tax act,-amendment of section 3scca (ahn sub-section (1)-(i) in clause (b), the word "or" shall be added at the end; (ii) after clause (bl, the following clause shall be inserted, 40 namely:-" (rl to a rural devolopmont fuoo sot up and notified by the central government in this behulf, to; (blfor sub-section(2i, tile followlqg sub-sections sball be substituted, namely:-"(2) the deduction under clause (ii) of sub-section (1) shall not be allowed in respect of expenditure by way of payment of any sum to any abaoclation or institution referred to in the sald clause unlt 5 the abs  furnlhe a oertuicate from such asociatlon or institution to the affect that -(a) me programme of rural development bad been approved by the preacribed authority before the 1t day of march, 1983; and (b)such programme involve work of the nature referred to 10 in clause (&)of sub-section ('1) of section 35cc and such work has commenced before the lt day of march, 1983 (2a) the deduction under clause (b) of sub-section (1) shall not be allowed in respect of expenditure by way of payment of any sum to any association or institution unless the abs8ssee furnishes a certificate 15 from such association or inetltuuon to the effect that-(li)the prescrtbed authority had approved the abaociation or institution before the 1st day of march, 1983; and (b)the training of persons for implementing any programme of rural development had been started by the asaoclation or 1dititutlon 20 before the 1st day of march, 1983 (2blno certuicate of the nature referred to in sub-ection (2) or sub-eectlon (2,1) shall be issued by any asaoclation or inbtitution unless such asaoctation or institution has obtained from the prescribed authority authorisation in writing to tssue certificate of such 25 nature " allendllent of 17 in section 37 of the income-tax act, -action 37 ((i) in sub-section (2a),-(i) for clauses (iii) and (ip), the following shall be substituted wtth effect from the 1st day of april, 1984~ namely:-30 | at                      | the      | rate    | of         ||-------------------------|----------|---------|------------|| 1/8                     | per      | cent,  |            || "(;;;) on the balance   |          |         |            || of                     |          |         |            || the                     | profits  |         |            || and                     |          |         |            || gains                   |          |         |            || of                      |          |         |            || the                     | business | or      | profebsion || (computed in the manner |          |         |            || aforesald)              |          |         |            |80, however, that the allowance sball in no case exceed rs50, 000: "; 35 (;r) the £xplanllho" shall be numbered and shall be deemed to have been numbered with effect from the 1st day of april, 1976 as £xpi1l1'ultio" i and after fxpla1llltio" 1 as 80 numbered, the following expla"ation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of april, 1976, 40 namely:-t explanllt;'jn ~_ for the removal of doubts, it is hereby declared that for the purpose8 of this sub- eection, "entertainment expebdltura" include8 expenditure on prorislon of hoipltauty of every kind by the ai8e  to any person, whether by way of 45 provision of food or beveragel or in any other manner whatsoever 5 and whether or not iluch provision is made by reuon of any exprss or implied contract or custom or usage of trade, but does not include expendtture on food or beverages provided by the uses88e to his employees in office, factory or other plaoe of their work ': (b) after sub-section (3), the followldg sub-sections shall be inserted with effect from the 1st day ai april, 1984, namely:-1(3a) notwttbataadlng anything contained in sub-section (1), where the as  s  ldcurs any expeadlture on anyone or more of 10 the items specified in sub-sectlon (38), twenty per cent of such expeadlture or, u the caae may be, aggregate expenditure iihall not be allowed as deduotion in compudag the lnoome ohargeable udder the bead ''profits and gains of business or profession " (31) the expenditure referred to in sub-section (3a) iii that 15 tnourred on -(i) advrtlsement, publ1clty and sales promotion; or (ii) travel by rail, motor car, abip, powered oraft or aircraft: or (iii) running and maintenadc8 of aircraft and motor cars: or (iti) paymente made to hotels 20 exp/tmatio"- 1'01' the purp088s of sub-sections (3a) add (3h)-(a) the expenditure specified in olause (i) to olause (iv) of sub-sectiod (jij) shall be the aggregate amount of expald1ture incurred by the as88s88 as reduoed by 10 much of such expend! 25 ture aa till dot allowed udder any other prov1alon of wa act; (b) expeadlture on advertisement publicity and salea promotion shall not lnolude remuneration paid to employees of the asss  engaged in one or more of the ald actlvltiea; (c) expenditure on rullllidg and maintenance of aircraft and 30 motor oara aball1nclude-(i) expenditure lncurred on oharterldi any aircraft &ad expendltur on b1r charges for edlagldl cars plied for hire; 3& (ii) conveyance allowance paid to employeea and where the aassee is a company conveyance allowance paid to ita directors alao (3c) noth  contained in aub-sectlon (]i\) ahall apply in respect of expenditure incurred by an aaaeaaee, being a domauc company, or a perlon (other than a company) who la realdent in india in reapect of expenditure lncurred wholly &ad exclusively on -40 (i) advertisement publicity and salea promotion outside india in respect of the goods, service or faclllues which the a •• e  deal in or provide in the course of hi buaides: (ii) traveil  outalde india for the promotion of tbe sal outaide india of 8uoh pod, services or facluu  , 1ncl  45 travelllnl outward from, add retura to, india; (iii) running and maintenance of motor cars in any branch, office or agency maintained outllde india for the promotion of the 8ale outside india of such goode, services or facilities (jd) no disallowanoe under sub-section (ja) shall be made -(i) in the case of an absessee engaged in the business of 5 operation of aircraft, in respect of expenditure inourred on running and maintenance of such aircraft; (ii) in the case of an assessm engaged in the business of' running motor oars on hire, in respect of expenditure incurred in running and maintenance of such motor cars ' ; 10 (e) after sub-section (4), the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of april, 1979, namely:-15 20 "(5) for the removal of doubts, it is hereby declared that any accommodation, by whatever name called, maintained, hired reserved or otherwise arruged by the asbesi88 for the purpole of providing lodging or boarding and lodging to any person (including any employee or where the asselsee is a oompany any director of, or the holder of any other office in, the company) on tour or visit to the place at which such acoommodation is situated, is accommodation in the nature of a guelt hollse within the meaning of sub-section (4)," 18 in the income-tax act, after section 43a, the following section shall be inserted with effect from the 1st day of april 1984, namely:-| in8elti0ll    | of     ||---------------|--------|| new           | action || 438          |        |"43b notwlthltanding anything contained in any other provision of 25 this act, a deduction otherwise allowable udder this act in respect of-certain deduction8 to be only onllddl payllmtllt (a) any sum payable by the asbesbee by way of tax or duty udder any law for the time being in force, or (b) any lum payable by' the asses bee as an employer by way of ~ntribution to any provident fund or 8uperannuation fund or 30 gratuity fund or any other fund for the welfare of employees, shall be allowed (irrespective of the previous year in whioh the liablllty to pay such sum was idcurred by the assessee according to the method of acoounting regularly employed by him) only in computing the inoome referred to in section 28 of that previous year in which 35 such sum il actually paid by him" amendment of 19 in section 44d of the income-tax aot, with effect from the 1st ilection 44d day of june~ 1983-(a) in clauses (a) and (b? for the portion beginnjdg wlth the words "from an indian concern" and ending with the words ''wlth the indian 40 concern ", the following shall be substituted, namely:-| "from           | government                                  | or    ||-----------------|---------------------------------------------|-------|| agreement       | made by the foreign company with government | or    || with the indian | concern                                     | ";    || 45              |                                             |       |(i» aftor clause (h) and before the ':'jcplanati(jn~ the following clause shan be inserted, namely:-", c) no deducuon in respect of any expenditure or allowance shall be allowed under any of the aid aeotiona in computing tncome by way of interest received from governmel1t or an indian concern on moneys borrowed or debt incurred by the govemment or the indian concern,in foreign currency ": (e) in the exfllanatim:,, in clause (d), for the portion beginning 5 with the words 'trom a:l indian concern ii and ending with the words ''with the indian conc~rn " the following shall be substituted namely:-" from government or an indian concern in pursuance of an agreement made by a foreign company with government or the iadlan oodcern " 10 20 in section 54e of the income-tax act-ec:tion 54e (a) in sub-section (1),--(ij atter clause (b) and before explanation 1, the following proviso shall be inserted, namely:-''provided that in a case where the original asset is trans-15 ferred jter the 28th day of february, 1983 the provisions of this sub-section shall not apply unless the assessee haa invested or deposited the whole or as the case may be any part of the net consideration in the new asset by initially subscribing to such new asset ": 20 (io in explt:nntion 11 -(a) in clause (h), after the words, ffgure~ adciletters itafter the 28tb day of february, 19'791t, the words, figures and letters ''but before the 1st day of march, 1983" shall be inserted: 25 (8) after clause (b), the following clause 8hall be inaerteci, namely:-"(e) in a oa8e where the original as88t is transferred after the 28th day of february, 1983, any of the following a •• ete, namely:-30 (i) securities of the central government whloh that government may, by notification in the officlal gazette, specify in this behalf: s2 m 1963 35 (ir) spectal erle of unit of the unit trust of indt etabusbed udder the udit trust of india act 1983, whlcb the central governmet may, by oouftcation in the offlclal gazette, specify ill this behalf: (ii" auch national rural development bonds as have been noufled udder clauae (/" of {:"\"pltmatron i or as may be dotifled in this behalf under thls clause by the central government: 40 1 of 1956 (iv) such debentures laslled by the housing aad urban development finadce corporation limited (a government company as defined in lectlon 617 of tht) companies act, 1956), as the central government may, by noilllcatjoll in the ()ffletal gazette, specify ill thlb behalf " 45 (i> iii sub-action (2~ the e,ttf'i4"olhfl'f hall be numbered  i:,\'plm,ation' and after f:xplt",,,tia,, i u 80 ilumbered, tile following explanation shall be inserted narne1y:-"e~pia1rlltion 2- in a oase where the original asset i transferred after the 28th day of february 1983 and the asessee invests the whole or any part of the net conlderatlon in repect d the original a8set in any new aset add such ase •• ee take any loan or advance on the 5 ecurlty of such new aset, he shall be deemed to have oonverted (otberwls than by transfer) uch new asset on the date on whlch sucb loan or advance 18 taken "; (c) in ub-sectton (3), in the expltmation~ in clause (iiia)~ after sub-clause (b), the following ub-claue shall be lnaerted namely:-10 "(c) in re1at1od to any additional compensation or additional 00il8lderauon received after the 28th day of february 1983 in any of the assets referred to in clause (c) of explanation 1 belowubsection (i) by way do iditialaubeoriptlon thereto;" ~_t of 21 in ection 80c of the income-tax act, with affect from the 1t day 15  ioc d april, 19m-(i) for olaue (b) (oocurrldc before the explanation) the follow-ide clause hall be ubatituted namely:-"(b) where the ases888 18 a hlddu uddlvtded famlly,-20 (j) any sum paid in the prevtoua year by the  ee out of 1t8 ldoome chargeable to tax -(j) to affect or to keep in force an ldburanoe od the life of any member of the famllyi or (2)  a oodtr1bution to any ,ovtdent fudd relerred to in 25 sub- clause (m of cla  (a), where 81icb oontrlbuuon i to an account tarvttdgln the name of any member of the famuyi or (ii) any 8um depolted in the prevt0u8 year by the  seasee out of its income chargeable to tax in a ted-year account or a 30 f!flam-year account udder the post (xitce vldg bank (cumulatlv time depolts) rules 1969 as amended from time to time where sucb sum are deposited in an account tandiag1n the name of any mmber of the famuy "; (;j) in th explanation below clause (b), for the word brackets 35 add letter "clause (b)" the words brackets flgur add ltter "ubclause m of clause (b)" 8hall be subtituted, (b) in ~section (4), for clauses (i) to (iv), the following claus8 hall be subtituted, namely:-"fi) in the cue do an individual belag an author playwright, 40 artist, musician actor or sportsman (ldcludlag an athlete) alxty thousand rupee; (ii) in the case of any other iddlvldual or a hlddu uddlvlded family or any sucb a8aoclation of persou or a body of iddlvlduals  is ref_red to in clause (k) of nb-aectloa (2), forty thousaad rupees " 45 22 in sectiod 80gg of the income-tax act, for the provteo, the foljowldg proviso shall be substituted with effect from the 1st day of april, 19m aamely:-"provided that nothldg in thla section shall apply to an as  ssee in 5 any oase where any resktanual aocommodatlon is, -(;) owned by the assessee or by his spouse or minor cblld or, where such ashsne18 a member of a h1ddu uadtvlded famlly,by such famuy, at the plio where he ordldarlly resides or performs duties of hts office or employment or carries on hts business or 10 profe88iod; or (i) owned by the asses888 at any other place, being acoommodation in the occupation of the usessee, the value of which 11 to be determined under olause (i) or, a8 the oase may be, clause (if) of iubsection (2) of section 23 " 23 in section 800ga of the income-tax aet, in sub-section (2),-15 (a) in clause (b) for the provl8o, the followtdg prov18o shall be substituted, namely:-''provided that the assessee furnishes the certiflcate referred to in sub-section (2) or, as the cue may be, sub-section (la) of 20 section 35cca from such association or institution "; (b) after clause (c) the following clause lhall be ln8erted, namely:-25 "(d) any sum paid by the assessee in the previous year to a rural development fa set up and notlfled by the cmtral government for the purposes of clause (c) of sub-section (1) of section s5cca n 14 of 1982 24 in the income-tax act, after section bohrb tiirectad to be inserted jaaertion of by section 18 of the finance act 1982), the following  cuon lhall be a_ aectioli inserted namely:-icifhc 30 deductioa in retipect ofnport tuftloye, 35 'borrc (1) where the 88sessee, being 1m indian company or a persod (other than a ccmpany) who il resident in india, exportl out of india during the previous year relevant to an useslment year any goods or merchandlae to wbleh this section applies, there shall, in accordance with and subject to the provlll0d8 of this section, be allowed, in ccmpuung the totallncome of the &8s88see, a deduotlon of an amount equal to flve per cent of the amount by wldch the export turnover of such goods or merchandise during the previous year exceeds the export turnover of the goods or meroluudlae during the immediately preceding previous year 40 (2) (a) 'lbla section applies to ip goods or merohandise &tber than those specified in clause (/j)/tf the sale prooeeds of such goods or mercbandlae exported out of india are receivable by the use8see in convertible foreign exchange 45 (b) 'ibe goals or merchand18e referred to tn clause (0) are the fouowtns, namly:~ ,  (i) 8p'lc11ltural primary commo:l1ttes, not betng produce 01 plantatlcllli; (it) mineral 011; (iii) miderals and ores; aj¥i (j,,) such other goods or merchaneuse as the central government may, by notiflcationin the official gazette, specify ill th1a behalf 5 (3) no deduction udder sub-section (j) sball be allowed unless the asssee bad, during the immediately preceding previous year, exported out of ladia goods or merchandiae to which this section applies explanlltion -for the purposes of this section,-10 (ii) "convertible foreign exchange" means foreign excbanp which is for the tlme being treated by the reserve bauk of india as convertible foreip exmanp for the purposes of the foreign exchange regulatlon act, 1973, and any rules made 46 of 1973 thereunder; 15 (b) "export turnover" means the sale proceeds of any goods or merchandise exported out of india, but does not include freight or insurance attributable to the transport of the goods or merchandise beyond the customs statlon as defined in the customs act, 52 of 1962 1962 ' 20 amendlllent of 25 in sectlon 80-1 of the income-tax act, with effect from the 1st section b()oi day of april, 1984-(a) in sub-section (1) j -m in the opening portion after the words "businees of a hotel" the words "or the business of repairs to ocean-going 25 vessels or other powered craft" shall be inserted; iii) in the proviso, for the words "sball bave effect" the words "shall have effect in relation to profits and gains derived from an industrial uadertaking or a ship or the business i of a hotel" shall be substituted i 30 (/1) after sub-section (4)j the following sub-section sball be inserted, namely:-"(411) this section applies to t~ business of repairs to ocean-going vessels or other powered craft whicb fulfils all the following conditions, namely:-35 (j) the business is not formed by the splitting~, or the re-construction, of a business already in existence; (il) it is not formed by the transfer to a new business of machinery or plant previously used for any purpose; (,;;) it is carried on by an indian company and the work by 40 way of repairs to ocean-~olng vessels or other powered craft bas been commenced by buch company after the 31st day of march, 1983 but before tho 18t day of aprll, 1988; and (iv) it is for the time being approved by itte centrll) gc"nordment "; 45 (c) 1d sub- ouoil (5)-5 (i) in the openidi portion, altar the words "hotel starte funotlontng", the words "or the company c)mmenoes work by wa:y of repairs to ocean-going ves  11 or other powered oraft" sball be inserted; (a) after the proviso, tha followinl pi'oymo shall be iuerted, lliudely:-'provided further that ill the oue of an uses  e carrying oil the business of repairs to ooead-goidg ve •• ale or other powered oraft, 10 the provisi0d8 of thib lub-eection ahan have effect u 11 for the worda "aeven &l888ament yeara", the worda "lour usesament y_ra" had been aubaututed'; (j) ill sub-aeotion (6) after the word "botel", at both the place a where it occurl, the wordl "or the buaillela of repairs to ocean-goinl veasell 15 or other powered craft" shall be inserted; (e) in aub-section (8), after the word i "operation of the hip", wherevr they occur, the words "or the buline  of repairs to ocean-1oin1 vealell or ocher powered craft" lhall be iilaerted; (l)1n sub-section (9' after the word "ahip", wherever it occurs, the 20 words "or the busilless of repairs to ooean-goml v  l or other powered craft" sball be idserted oiii  of eectloa 80jj 26 seotlon 80jj of the inoome-tax aot shall be omitted wltb effect from the 1at day of april, 1984 qa-oa of -=1108 iojja 27 section 80jja of the income-tax act lhall be omitted with effect from 25 the 1t day of april 19&& 28 in lectlon 80l of tbe incomeptax act, in lub-sectlon (i), with effect bom the 1st day of april 1984, -(a) after clause (pi) the following clause shall be inserted namely:-30 "(pia) interelt on depolits with any such bank, not beldl a banking company or a co-operative lociety referred to in clause (fii) but being a bank established by or under any law made by parliament, as may be approved by the central govemment for the purpohs of this clause;"; 36 14 of 2 (b) for the portion beginning: with tbe words "a deduction as specified hereundr" and endldl with the words itsball not exceed two tbouand rupee':' (directed to be lubstltuted by lectlon 19 of tbe finance act, 1982) the followl  lhall be substituted, namely:-"a deduction as specified hereunder, namely:-40 (i) in a cllse where the amount of luch income does not exceed in the aarepte seven thouund rupee the whole of such amount; and (2) in any other cue, seven thou_nd rupee •• " 29 section 80101 of the income-tax act hall be omitted with effect from a __ , tbe 1st day of april, 1984  - 30 iii ection 80p of the income-tax act in ub-ection (2), for claue (h), the followin, elauae  u be ubstltuted with effeot from the 1t day of april 19m namely:-"(ii) in the cue of  co-operative oclety, beinl" primary 80clety _p,ed in iilpplytnl milk oilaeed, fruita or veptabl  raised or grown 6 by its members to -(i)  federal co-operative soc18ty, being a society enpled in the busin  of supplytdl milk oilseeds fruits or veptablea, as the c  se may be; or (ii) the government or a local authority, or 10 lof 1956-16 (iii) a government oom  ny as def1ded in aectlon 617 of the companies act, 1966 or a corporation etabuhed by or under a ceatral, state or provincial act (beldl a company or corporation _pled in supplyinl milk, oilseeds, fruita or vegetables u the caee may be, to the public), the whole of the amount of profits and galns of such business,", aa_t of 31 in section 80r of the income-tax act, for the words "such other  ior ssoclation or body estabuhed outside iadia as may be notified in tbls behalf by the central government in the official gazette", the words "any other aslociatlon or body estabuhed outside india" shall be substituted 20 with effect from the 1t day of april, 1984 82 in the income-tax act after chapter via, the following chapter shall be inserted with effect from the 1st day of april 1984, namely:- ill"" of - , apt- vib "chapter vib| ri:stiictioif                                             | 0"                                           | catal"                               | deductions    | i"                           | tale    | casie    ||-----------------------------------------------------------|----------------------------------------------|--------------------------------------|---------------|------------------------------|---------|----------|| 25                                                        |                                              |                                      |               |                              |         |          || r-tclkla                                                 |                                              |                                      |               |                              |         |          || 011                                                       |                                              |                                      |               |                              |         |          ||                                                           |                                              |                                      |               |                              |         |          || ia                                                        |                                              |                                      |               |                              |         |          || til                                                      |                                              |                                      |               |                              |         |          || c                                                         |                                            |                                      |               |                              |         |          || of                                                        |                                              |                                      |               |                              |         |          || coiaill",                                                |                                              |                                      |               |                              |         |          || 30                                                        |                                              |                                      |               |                              |         |          || 35                                                        |                                              |                                      |               |                              |         |          || 80vv'\'                                                   |                                              |                                      |               |                              |         |          || (1)                                                       |                                              |                                      |               |                              |         |          || notwithstandlng anything contalned in any other           |                                              |                                      |               |                              |         |          || provision                                                 |                                              |                                      |               |                              |         |          || of                                                        | this act where in the                       | case                                 | of an         | assessee                     | being a |          || company, the amount                                       |                                              |                                      |               |                              |         |          || or,                                                       | as                                           | the                                  | case          | may be the aggregate amount |         |          || which, but for the provisions of this section would have |                                              |                                      |               |                              |         |          || been                                                      |                                              |                                      |               |                              |         |          || admissible                                                | as                                           | deduction for any                    | usessment     | year                         | under   | anyone   || or                                                        | more of the provisions of this act specified |                                      |               |                              |         |          || in                                                        |                                              |                                      |               |                              |         |          || sub-section                                               |                                              |                                      |               |                              |         |          || (2)                                                       |                                              |                                      |               |                              |         |          || exceeds seventy                                           | per                                          | cent of the amount of total income  |               |                              |         |          || as                                                        |                                              |                                      |               |                              |         |          || computed                                                  |                                              |                                      |               |                              |         |          || had                                                       |                                              |                                      |               |                              |         |          || no                                                        | deduction been allowed under any of the sald |                                      |               |                              |         |          || provlslods                                                |                                              |                                      |               |                              |         |          || (such                                                     |                                              |                                      |               |                              |         |          || total                                                     |                                              |                                      |               |                              |         |          || lncome being                                              | hereinafter                                  | referred                             |               |                              |         |          || to                                                        |                                              |                                      |               |                              |         |          || as                                                        | the                                          |                                      |               |                              |         |          || pre-incentive total income) tbe amount                   |                                              |                                      |               |                              |         |          || or,                                                       | as                                           | the                                  | cue           | may                          |         |          || be,                                                       |                                              |                                      |               |                              |         |          || the                                                       | "arepte                                      | tmount to be allowed                 |               |                              |         |          || as                                                        |                                              |                                      |               |                              |         |          || deduction for that                                        | year                                         |                                      |               |                              |         |          || in                                                        |                                              |                                      |               |                              |         |          || respect                                                   |                                              |                                      |               |                              |         |          || of                                                        |                                              |                                      |               |                              |         |          || anyone                                                    | or                                           | more of tbe said provisions shall be |               |                              |         |          || restricted,                                               | in                                           | the manner specified                 | in            | 8ub-section                  |         |          || (3),                                                      |                                              |                                      |               |                              |         |          || to seventy                                                |                                              |                                      |               |                              |         |          || per                                                       | cent of tbe pre-incentive total income     |                                      |               |                              |         |          || 40                                                        |                                              |                                      |               |                              |         |          |(2) the provisions referred to in sub-section (1) shall be the following, namely:-(i) clause (iii) of sub-section (1) of section 36; (ii) claum (ill) of sub-section (1) of aeetlon 36; (iii) ub-sectlon (24) of lactlon 86, to;the e~ to wbi"h ~ -; de4acuon under the said 19b-motion exc8ed the ium paid by 46 th  , (ttl) sub-section (2r) of section 36 to the extent to which tbe deduction under the said sub-section exceeds the expenditure incurred by the assess~; ('i) section 36c; 5 (vi) sectiold 35cc; (vi) section 36cca; (viii) section 35ccb; (,:ie) clause (ii) of sub-section (2) of section 33; (x) clause (it) of sub-section (1) of section 3aa; 10 (",1 clau8e (i) of 8ub-section (2) of section 33a; (xii) clause (ii) of sub-section (3) of section 32a; (xiii) clause (i) of sub-section (t) of section 32a; (rio) section 800; (xv) clause (~) of sub-section (2) of sectiold 8ogga; 15 (m) clause (c) of sub-section (2) of section 8ogga; (m) sectiod 80hk; ("-viii) section bohha; (xix) section 80hhb; (xx) section 80bbc" 20 (,m) section 80-1; (xxii) section 8011; (xxiii) section 801t; (xxitj) section 80m; (uti) section bon; 25 (xm) section 800& and (uvii) section 8oqq (3) the deduction under the provisiolds specified in sub-section (2) shall for the purposes 01 restricting under alb-section (1), tile amount or as the ca88 may be the awept amount of deduction 30 under thoae provisions, be allowed in the order in wblch the said provisions have been specified in sub-section (2), and accordldlly -(<<) deduction shall first be allowed under the provision speclfied in clause (i) of sub-section (2); and (b) if no deduction is allowable under the provtston speclfled in the said clause m or the deduct10d allowable under that provlaton is less than seventy per cent of the pre-incentive total income, deduction shall next be allowed under the provision specified in clause (ii) of sub-section (2); and (c) if no deduction is allowable under the provi8ion 8pecified, in the said clause (ii) or the deduction under that provision 5 topther with the deduction allowed under the provlaion referred to in the said clau8e w is leas than aeventy per cent of the pre-incentive total income, deduction shall next be allowed under the provision speclfled in clause (iii) of sub-section· (2) and so on unth the  resate deduction 80 allowed is equal to 10 seventy per cent of the pre-incentive total income (4) to the extent to which full deduction cannot be allowed in the aasessment year in respect of any provision 8pecified in 8ub-section (2), by vlrl4ae only of the reatriction under sub-section (1) (and not by virtue of anything contained in any other section), the amount 16 remaining unallowed shall be added to the amount, if any, to be allowed to the aasea8ee under the said provision for the next following assessment year and be deemed to be part of the deduction admissible to the a8sess88 under the said provision for that year or, if no 8uch deduction is admissible to the a88essee for that year, be 20 deemed to be the deduction admissible to the asse8see for that year and 80 on for 8ucceeding a8sessment yars it | omt                   |     ||-----------------------|--------|| of                    |        || 33,                  |        || section               |        || 89a                   |        || of the income-tax act | shall  || be                    |        || omitted with          | eflect || -=tiaa                |        || 19a                  |        || the                   | 1st    || day                   |        || of                    | april, || 1983                 |        || 25                    |        |34 in section 109 of the income-tax act, in clause (ib) for the explanation the following expl"tio" shall be substituted with effect from the 1st day of april, 1984 namely:-'explanatio"  -in this clause and in sub-clause (31 of clause (i,;h the expression "provision of technical lmow-how" mead8-m the transfer of all or any rights (including tbe granting 30 of a licence) in respect of a patent, invention, model, d  ign secret formula or procoss or simuar property; (i,) the imparting of any information concerning the working of or the use of, a patent, invention, model design 8ecret formula or process or similar property 35 (iii) the use of any patent invention, model deaian secret formula or process or 8imilar property; (if!) the impartlng of any information concerntng lndulltrlal commercial or 8clentific knowledge, axp"erience or 8k111;' -  t of " : 35 in lectlon usa of the income-tax act in aub-a:=tton (1), with 40 8ftltlaii usa ded from the 1at day of june, 1883,-(a) atter clmm (a) the followidcclaue 8ba11 be laaerted namelyt-"(aa) interest received f!"om goveramat or iiillnclan oodcerd on mod,ys borrowed or debt lnowted by ocwerdllumt or the indian ooace1'll in forelp aarrclay; or", 45 (b) for clauae (11), the followidl claue hall be aubatltuted, 1wil81j't-"(ii) royalty or feee for teclmlcll aeme  received fl"012l oovenldat or _ iadtan oodcel'llld pur8udoe of an  t made by the forelp go", with goverdld8llt or  lddiad oaaoel'll after tm s~ _ of,, 11", aad wilere reh eement 1 with an lddlan 60 ____ - iuoil apmid8dt t appl'oyed by th8 ctril ocmal'lllaat "i (c) after olaah (i), tile fouowq cl  lball be ldhrted, duiilely:-"(ia) the iidguilt of ldcome~ aalou1u1d oil tile ldoam by way fa &ater  t referred to in cl&uh (tla), if~ ldc:taded ba tile ku1 lncome lit the rate of tweaty-flve per oent :"; 6 cd) in o1  e (ivh for the worda br~ ad letter "ad o1ae (1i),i the worda bracket ud 1twra "cl  (l1li> aad 01  (b)" un be wtltutedj (e) in the e~tio,, after olao (b), the foljowlnl oliah ball be lnierted namely, 10 'ebb) "foretp clili'i'eacy" ha11 hav the  meat"  ld the e~plllfltnio, below'  (g) of sub-claue (",) of 01  (1s) of eotton 10; ' 86 iii the ldeoii1e-tax act after cbapter xii tile folio", c1iapter lhall i  01 be idnrted with effect from the tat day of  lees,  1y  ae-ilia 15 snc iai 0\,1  0" •• [atijig m cataljii - __ •• or   usc in tbll ch1!pter 1ulleu tile coiltext ot:berwl  ~rel-""'itilu 20 <16 of 1973 (a) "ooilftrtlble foretp _cbadp" bulldi foretp walt·  wblob ii for the time belq treated by tile _"e but of jadla  oemvertlble fore1gd eahanp forth parpoa1 of the j'onip  ", replatlon act 1173 lad &dy rul  made tberauader, (b) "forelp exchage uset" mau any apeclfted  nt widell the ueel  hal acquired parob&led wltb or _blcrtbed to ld ooilve~ tible foreign exc}oaap, 25 (c) ''investment tnoome" meanl any income derived fl'ojll a forelp uo1ump asset; (d) ''lolll''''tesrm capital gains" means income charpabl udder the head '~aplta1 iabla" relatidg to a capital  i beida a forejp excbaztge asset which is not a sbort-term capltal  et, 30 (~) ''don-rellident bdl" means iillddlvldaal betq a alb_ of india or a perboll of indian origin who i dot a "resident" bplaf'lation -a perlgll shall be dh!ded to be of iadla orflba if h, or elther of his paruta or lily of bt_ ,l'idd-p  ts was bon l:ludcivlded bdia, (j) "apeollied uset" mean any of the fouowtag  ume1ya-35 (i) har  in an lad1ad compld,jl lofl956 (n) debedtarea leed by an iddlad coldpldj wblcll , dot a pma" oojdpidy u daflded id tile compw  act 1118, 1011956 40 (iii) &polta with &a iddiu oomp&d7 wbloh l dot a printe compay e deftded id the campai  act 1818; ii of lm40 (iji) any eeourlty of the cedtral govandlumt  deflded iii elau •• (2) of aectlon 2 of the publlc debt act 18", gol1t6s (0) udlta of the udlt trult oi iddia _tlblihed udder the vit trut olladl act 118', 4& (fii) liieb other  ta  the ctral govel"lllllt may - ,elf7 bllall bebali by dot1f1cltioa in tbe oir1ctu gutte, 115d no deduction in respect of any expenditure or allowance shall be allowed under any provision of this act in computing the investment income of a nod- resident indian specta pd-villioa for eompwuoa of idveetjn_t ideo_ of noa· rellld_t  taoa ia __ _ illcollle _d loaa-tenn cllpita 11ila  use (i) where the total income of an assnsee being a nonresident indian consists only of investment income or income by way 5 of long-term capital gains or both the tax payable by him on his total income sball be the amount of income-tax calculated old such total income at the rate of twenty per cent of such income as increased by a surcharge for purposes of the union at the rate of twelve and a half per oent •• of such income-tax 10 (1) where the total income of an assess88 beidi a non-resident indian includes any income referred to in sub-section (1), the tax payable by him on his total income shall be-(i) the aggregate of the income-tax and iuroharie payable by him in accordance with the provisions of sub-section (1) on income of 16 the nature referred to in that sub-section included in the total income; "ins (ii) the amount of income-tax charpable on the total income as reclloed by the amount of income of the nature referred to in !lubsection (1) had the total income 80 reduced been bts totallncome 20 cllpitlll lliia oa t,,"erof fole ach   dot to b ch  la c:wtllia c:a  1151' (j) where in the case of id usesa  beidi a dod-resldedt india ay long-term capital gaids artse from the tranaler of a forelp exchanp aaaet (the uset 80 trallferred betq hereafter in thla sot1on referred to  the orlgtdal aseet) and the aussee hut within a period of slx months lifter the date of such traster invested or deposited the 25 whole or any part of the net codslderatlon in any apeclfled aseat 01' in an account referred to in ollulle (4a), or in lilly savings oertlfloates referred to in clause (411), of sction 10 (such specified asset or such depoalttn the account aforesaid or such savinls oertlflcates being hereafter in this section referred to u the new asset), the oapltal pin shall be dealt with 30 in accordance with the following provisions of this section that is to say-(a) if the coat of the new  set is not l  s thld the net oouideratlon in respect of the ortgtnal as the whole of such oapltal pin shall not be charpd under aectlon 45a (b) if the coat of the new asset is less than the net oodilderatiollln 36 respect of the original  set 80 muoh of the oapital pld  bears to the whole of the oapltalgatn the same proportion as the colt of acquisition of the new asset bears to the net conalderatloll shall not be obarpd under section 45 1:x""'"atio,,- for the purposes of this iub-seotlem -40 (i) "coat" in relation to lid,)' new asset, beidi a deposit referred to in clause (411; of section 10 or referred to in 8ub-clause (iii), or specified under sub-clause (vi), of claus (f) of section usc means the amount of such deposita fii) ''net consideration", in relation to the trldsfer of the ortatnal 46 asset means the full value 01 the consideration received or aocruldl as a result of the transfer of such  set  reduced by any apeocllture incurred wholly and exclusively in oonnectton with suoh tranafer (2) where the new asset ts trllllsferred or converted (otherwise than by transfer) into money within a period of three years from the date of 50 its acquisition, the amount of capital gain arislug from the transfer of the original ueet not charged under section 45 on the buls of the cost of such newallet u provided in clause (a) or, a, the cue may be, clause (b) of sub-section (1) shall be deemed to be inoome ohargeable under the head 5 "capital pins" relatlug to capital "lets other than short-term capital assets of the previous year in which the new asset , transferred or converted (otherwise than by tr8d8fer) into money 1150 it shall not be necessary for a dod-resident indian to furnish :~mb~f ~i:-:: under sub-section (1) of section 139 a return of his income ifeettaia c  10 (a) his total income in reapect of which he is usessable under this act during the previous year consisted only of investm8llt income or inoome by way of long-term oapltalgains or both, and (b) the tax demctible at source under the provisions of chapter xv1l-b has been deducted from such income 15 2c a-fit under chapter to be  n_le in certain ca  even aftr the  ee b8q)me _ident 25 115b where a person, who is a non-resident indian in any previous year, becomes assessable as resident in india in respect of the total income of any subsequent year, he may furnish to the income-tax officer a declaration in writlng along with his return of income under section 139 for the usessment year for which he is so usessable, to thtl effect that the provisions of this chapter shall contidlle to apply to him in relation to the investment inoome derived from any foreign exchange 88set beldg an 88set of the nature referred to in sub-clause (it) or sub-clause (iii) or sub-clause (itj) or sub-clause (vi) of clause (f, of sectton u5c, and if he does so, the provisions of this chapter shall continue to apply to him in relation to such income for that 88sessment year and for every subsequent assessment year until the transfer or conversion (otherwise than by transfer) into money of such 88sets 30 | chlpter    | not    ||------------|--------|| to         |        || pply      |        || if         |        || the        |        || 110        |        || choo       |     |35 115-1 a non-resident indian may elect not to be governed by the provisions of this chapter for any absessment year by furnishing to the income-tax officer his return of income for that assessment year under section 139 together with a declaration in writing to the effect that the provisions of this chapter shall not apply to him for that assessment year and if he does so, the provisions of this chapter shall not apply to him for that assessment year and his total income for that assessment year shall be computed and tax on luoh total income ahall be charged in acoordimce with the other provilions of thla act ' amendment of metion 164 37 in lection 184 of the income-tax act, with effect from the lst day of april, 1984,-40 (il) in lub-eeotlon (21, after the word and figure "aectlon ~' the words brackets and figuree ''or which is of the nature referred to ld eub- ection (4) of lection 11 " ehall be tneenedl (b) in ub-ectlon (j) in the opentlll portion after the word and figure "section 2", the words, brackets and fipres ''or ii of the nature referred to tn sub-iection (4) of ectlon 11," shall be in_ned 4& 38 in section 280za of the income-tax act with effect from the let day of apru, 1984-(a) in bub-aection (2), for the porttcm begtmddl with the worda ''arillng from the transfer" and -ul1l11 with the worda ''ehlltldg ita machinery", the fouowlng hall be aubatltuted, n~1-  "  ! rl i ii' 50 "arllug from the tranafer of oapital  ta heidi maobt_r, or plat or bal1dldg or landa or adj' rilbta iii balldl  or laddil ued  tiiii, flltiiii  of  uid  em u'iim  ·  01  _  of  of _oil  dutrli 1iildeniditc - ,  ell} the iiidoujlt of npeadltare lilaarnd by the ogidpidy  -m purebulde de macblury or plat for the purpo  01 the 5 bud •• of the 00iiipuly iii the area to wblch the adertalddc ii abiftecij (ii) aoqulrtdr lmdll or coaatruottac buudbtp for the purpoae of ita ba  id tile ald ar •• and ("iii) ablfthw iu macbldel'j"j 10 (b) iii aab-_ouaa (4), for the portlod beiijuddi with the worda ''where a -paul anet" ad -dldr with the worm ''oomplet1od of con8tructlob", the iouowldc ball be aabaututed namely:-"where a clpltal  t, belde mlcbidery or plant purchased for the parpoee of the buille  of the coliipany iii the u- to- wblch the under- 16 tal  i •• bifted or bulldldl or lad or y right id bulldldg or land, ~lrecl 01''' the aue may be, codnoted id the aid area, l8 tralferred by the ooidpidy wlthld a period of flve year from the data of purchue, aoqut1uciil or,  the oue may be, the data of oompleuod of oontractlo1l " z 0 ec- ud 39 'l1le followtdg ameadmeat8 (beldg amendments of a oonaequent1al  " dature) llball be made ld the idcome-tax act, umely:-ciitiiia  (a) ld ub-sectlon (3) of notlon 11, for 0la1l88 (b) the fouowial alause ball be substituted, damely:-"(b) ae  to remaid tnvebted or depolted ld any of the form or 26 modes ~lfted ld bub-eouon (5), or"; (b) in ub-aotiod (3) of seotlad loa -(i) aft8r  word" fipr  lulllettar ''or aeotlod 8dbrb", the word" ___ a aad letter "or beotiod sorbo" ahall be  wi 30 (n) the words, ftpe iud lttel'8 "or section soim lactlon aolla" bad be omlttled wta effect from the 1st day of apru,19m; (c) tn aub-li8ction (3) of a8guga 8op-(i) after &be word, a,are bad letters "or secuon 80rrb", the word, tjcure &ad letter ''or  ouod 80rro if shall be idserte:i: 36 (ii) the words, flpa ud letter ''or aeotloa iojj or leotloft soiia" lla11 be omitted with effeat from the 1at day of apru,19m; (iii) for the word, tjcurea am lettera "aect1od sodb, eotlod so-~' the worda, apr  add 1  1" "aectioa 80rbb _ouod sorre aecuon 8o-1"ball be aubeututed: 40 (iv) for the worda, ttgure and letterl "section roj, aection 800jj and seotton 8ojla " the word, ftlurea and letter "and section 801" shall be ubatttuted with effect from the 1st day of apru, 1984 weallb·_ rnt of, 40 (1) notwtth8tadd1dglulythtng ooatetmd id aectton 13 of the ftdildc8 45 ofw1"ta" a '   til  of at 1860, relating to nempuoil 01 oompanies from lvy of w_ltbux cl,  d undr tbewealtb-tu act, 1967 (here1dafter referred to as the wealtb-taxaot), ~ wealth-tu sball be ebarpd uddr th wea1t1l-tax act for every  smeat year commencing on and from the 1st day of april, 1984 in reapect of the net wealth on the corresponding valuation date of every company, dot beidg a company in which the public are substantially interested, at the rate of two per cent of such net wealth 5 explanat,on -for the purposes of this sub-section, "company in which the pubuc are substantially intereted" shall have the meant  igned to it in clause (18) of ection 2 of the idcome-tu act (2) for the puj1)oses of ub-section (1), the net wealth of a company shall be the amount by which the aarepte value of all the aeta referred 10 to in ub-section (3), wherever located, belonging to the company on the valuation date i in excess of the  ,"pte value of all the debt owed by the company on the valuation date which are ecured on, or which have been lncjlrred in relation to, the aid usets: provided that where any debt secured on any uset belolllidl to the 15 asesee is incurred for, or enure to, the benefit of any other person, or is not represented by any asset belonging to the uesee, the mue of such debt shall not be taken into account in computing the net wealtb of the assessee (3) the asseta referred to in sub  ection (2) hall be the folluwidg, 20 namely:-(i) gold, suver, platinum or any other precious metal or any alloy containing one or more of ucb precious metal; (ir) precious or semi-precioue stone whether tlr not set in any furniture, utensil or other artiole or worked or lewd into any w8ar-25 illl apparel; (iri) ornaments made of gold, ilver, platinum or any other preolou metal or any alloy containing one or more of such preclou metal, whetber or not containing any precious or semipreolous stone, and whether or not worked or ewd into any wearing apparel; 30 (iv) utensils made of gold, silver, platidllm or any other precious metal or any alloy containing ode ()r more of sucb precious metal; (v) land other than agricultural land; (fii) bunding or land appurtenant thereto, other than build  or part thereof used by the asesee a factory, godowd, warebouse, botel or 35 office for the purpose of it busine •• or as residential accommodation for ita employee whoae income chargeable udder tbe bead "salaries" is ten thousand rupee or ie •• ; (wi) motor-car; and (fliii) any other uet whioh i acquired or repreented by a debt ae-40 cured on anyone or more of the assets referred to in cla  e (i) to claue (wi) (4) the value of any aaaet apeclfled id aub-aectloll (3) hall, aubject to the provilon of ub  ouon (3) of aectlon 7 of the wea1tb-tu act, be uu-mated to be the price which, in the oplillon of the wealth-tu otlcer, it 46 would fetch u aold in the op_ market oil tile ftlllauon date (5) for the parpoa  of the ie, of --ltb-tu adder tile  tb-&u aot in puraance ~ the prcm  nf tilla "1od-(a) section 5, clause (a) of sub-sectlon (2) of section 7 and clause (d) of section 45 of that act and part d of schedule i to that act shall dot apply and shall ha va do effeot, (b) the remaining provisions of that act shall be construed ao aa to be in conformity with the provisions of thts sect;ion 5 (6) nothing in thls 8ectloo 8hall apply to any lutltutlon,  soclatlon or body, whether incorporated or dot and whether indian or don-lndjan, which the central government may havlng regard to the nature and object of such lutltutlon usoclatlon or body 8peclfy by notiflcatlon in the offtcll! gazette and every notlficatlod 1s8ued under thls 8ub-eeotlon 10 iihall be laid u 800n  may be after it 18 ts8ued, before each house of parliament (1) subject to the provisions of aub-sectlon (5), this section sball be conatrued 85 ode with the wealth-tax act amadmat of 41 in section 5 of the wealth-tax act, 1d sub-sectlon (1),-15 mctioa s (a) for clause (xa); the followldg clause shall be substituted with effect from the 1st day of april 1984, namely:-"(xa) 1d the case of an asse88ee who is carrying on a profellion (being lepl, medical, eng1deerlng or architectural profesllon or the profulion of accountancy or iuch other profeasion as 18 noulled by 20 the central government 1d thts behalf) and who replarly ma1dta1d8 book_ of account on the cash system of account1dg, the amount of any fee due to him 1d respect of the services rendered by him 1d such professional capaclty;'j (b) for clause (:wic) i-directed to be inaerted !jy sub-clause (0) of 25 clause (a) of section 34 of the finance act, 19827 the followldg clauae 14 of 12-llhall be substituted with effect from the 1st day ~f april 1984, namely:-'(me) in the case of an 1ddlvicmal, being a citizen of ladla or a person of iddlan origln who is not re8idet in india, during the year _die, on the valuation date any foreign exchange abset 30 expllmatio" -for the purpo8es of this clause,-(aj a perlon shall be deemed to be of ladian originif he or either of hts parents or any of h1a grand'1)arenta was born 1d und1rided india; (b) an 1ddivlclualllhall be deemed to be not resident in ladla 36 dur1~ the year ending on the valuation date if in respect of that year the 1dd1tdual 18 not resident in india wlth1d the meantol of the jacome -tax act; (c) ''fore1p exchadle asset" shall have the meaning a  1ped to it 1d clause (b) of secuon 115c of the income-tax act;'; 40 (1:) iii claa8 (xwd) ["directed to be 1n8erted by sub-clause (0) of clauh (ai of section 34 of the f1dance act, 19827 for the words mauch 14 of 1ti2 clpltalldwlstment boa", the words ''in the cue of an 1ddlvldual or a btadli uiidiyldcl family such capltalldveatm_t bonda" _11 be  tuted; 45 (d) after clauae (xwii) the followidi claue _11 be ld8erted, nalll8l,:-"(swim) ulj property beidi a medal, trap, or ad award id idad neelwd bj the as  for ad, atta1dmeot, work or oodtrsbuuollill any field if 8uch medal, trophy or award in kind 18 recelftd by the  888ee from govel'djllent or from a university estab118hed by law or an lnatltutton affl11ated to such university or from any buch inatltut1on,  ,c1auon or body a8 is approyed for the purposes of th18 clause by 5 the caltral government expk",atlo" -  -any approval for the purpo8es of this clause may be given by the ceatral government 80 88 to bave effect from a date not earl1er thad the lbt day of april, 1983"  gift·tax11 of 1958 1 0 42 in section 5 of the gift-tax act, 1958, in aub-8ect1on oj, -aiha  tof -eiiclll 5 14 of 1982 (a) in clause end) r directed to be inserted by clause (a) of sectton 38 of the finance act, 1982 7, for the portton begtnning wttb the words "savings certlficate8" and endlog with the word8 ''rules made thereunder" the following aball be 8ub8tituted wttb effect from the 1st day of april, 1984, namely:-15 "any foreign exchaoge as8et a8 defined in clause (b) of section 111)(; of the income -tax act;"; 14 of it12 20 (b) in clau8e (iiic) ldtr!cted to be 1n8erted by clause (b) of hct101l38 of the finance act 1982! for the words ''of property in the form of 8uch capltallnveatment bonds" the words "beinl an indhldual or a hindu undivided family of property in the form of such capltallnvutment boads ii 8hall be sublltltuted  i"tiwst-tax4s of 1974 43 in seotlon 4 of the interest-tax act lw14, the followtog proviao 25 sba1l be 1il8erted at the  d lwilelyi-''provided th8t the rate at wbtch interest-tax sball be cbarpd in respect of any chargeable interest accruidi or artsing after the slat day ofllarch 1883 aball be three and a balf per cent of such cbarpable interellt "  ciiapteb iv iiididc'i' !'ad'30  crlsto",s44 tbe cutoms tariff act 1876 (herelaafter referred to  the cuatoma tariff act) sball be amended ljl the mldder speculed ljl the 8e00dd 8chedale 36 45 (1) id the cue of ioods meatloned ljl the first 8cbedale to the custom tariff act, or ljl that 8cbedule,  __ ed from tlme to time, there sbaij be levied idd co11eated  id awdllar,r duty 01 c_toms id 1iid000t equal to fifty per cent of the vllue of the pods  determined ljl accord wlth the provlb1ciu of seotlod 14 of the cutams act, 52 011162 40 18g (berelaalter referred to  the cutoms act) 10011117 (2) 8ub-tleo&jod (i) un oe  e to  after the 31st ciq of march 19"", _oept  rupecltb tbiiip dade or omltted to be dom before suab oeuer; idd  ot101l - of tile gemn1 cieum act, 1', ahall apply qpoa saab oeaer  if the sald sub-motlod ad thea  repealed by a ceatral aat (3) the auxulary dutl  of customa referred to in aub-eectlon (1) ahall be in iddltloa to any dutlea of customa cha1'leable on auch good8 under the cwilama act, or any other law for the tlme beklg in force 5 10 (4) the provlalons of the cwitoma act add the rulea and regulatlo  made thereunder, includlng tiue relatldg to refunda add exemptl0d8 from dutlea, shall,  far u may be, apply in relation to the levy and collectlon of the auxmary dutlea of cwltoma leviable under wa aectlon lid reapect of any gooda u they apply in relatlon to the levy and collectlon of the dutlea of cwltoma on such goode under that act or thoae rules and regulations, u the cue may be | _                                       |             | t                   ||-----------------------------------------|-------------|---------------------|| of                                      |             |                     || 46                                     |             |                     || in                                      | aection     |                     || 2                                       |             |                     || of the customs                          |             |                     || act,                                    |             |                     || in                                      | clauee      |                     || ,(12)                                  |             |                     || after                                   | the         |                     || --=tlod                                 |             |                     || 2                                      |             |                     || worda                                   | "a          | customs             || includes a place appointed under clause |             |                     || '(aa)                                   |             |                     || of                                      | that        | section to          || be                                      |             |                     || an                                      |             |                     || inlad                                   | cciiltalder | depot" shall        || be                                      |             |                     || inserted                               |             |                     || a__at                                  | of          |                     || 47                                     |             |                     || in                                      | sectlon    |                     || 7                                       |             |                     || of                                      |             |                     || the                                     | cwltoms     | act,                || (a),                                    |             |                     || the follow-                             |             |                     || 15                                      |             |                     || mctloli                                 |             |                     || 7                                      | lng         |                     || clause shall                            |             |                     || be                                      |             |                     || ldaerted,                               | namely:-    |                     || "(aa)                                   |             |                     || the places which alone shall            |             |                     || be                                      |             |                     || inland container                        |             |                     || depots                                  |             |                     || for                                     |             |                     || the unloadldg of imported               |             |                     || goode                                   |             |                     || and                                     |             |                     || the loadlng                             |             |                     || ~                                       |             |                     || export goods                            |             |                     || or                                      |             |                     || lily                                    |             |                     || clue                                    |             |                     || of                                      |             |                     || such                                    |             |                     || goode                                   |             |                     || i"                                     |             |                     || 48                                     |             |                     || in                                      | section     |                     || 28                                      |             |                     || of                                      |             |                     || the                                     | cotoma      | act, in 8ub-sectlon || (1),                                    | -           |                     || 20                                      |             |                     |(a) for the worda ''where it la shown", the words and ngures ''without prejudice to the provlalodb of  ctian 13, where it la ahown" shall be aubstltuted; (11) after the words "have been 100t", the brackets and worda "(otberwlae than u a result of pllferage)" shall be inserted 25 "--d_t of 49 in aectlon 25 of the cwitoms act, after sub-aection (2), the -=tioil 25 following sub-section and explanation shall be inserted, namely:-'(3) an uemptlon under sub-8ectlon (1) or sub-aectlon (2) in respect of any jooci- from ady part of the duty of custom leviable thereod (the duty of cwitama leviable thereon being hereinafter 30 referred to u the statutory duty) may be iranted by providing for the levy of a duty on euch good at a rate expressed in a form or method 4dltferent from the fonn or method in which the statutory duty" leviable and any exemption granted in relation to any goods in the manner provlded in ws sub-section sball have effect 35 subject to the condition that the duty of cwitoma chargeable on ueh goods ahall tn no cue exceed the atatutory duty explanatio"- "form or method", 1n relatlon to a rate of duty ~ ~aat0m8 meaaa the bula, julmely, valuation, welgbt, number, ledltb, area, volume or otmr meuure with reference to whloh 40 the duty  l  lhle ' i~_"t of 50 lectl0ll61 of the cwitom act auli be numbered u sub- 61 mgtlclll (l) tliiireof, aad-:-45 (a) ld sab1eoti0il (0 u so numbered, for tm worda "three yean" ud "0118 ,ar", wherever they occur l _oept the _oaad pl  at whloh the worda "0118 year' occur in sub-cll  (ii) 01 tiuit 8ub-eotloilj, tile worda "one year" and ''tiuw moatll8" ba11, i"npeotlve1y, be buttltuted and for the word "ode yell''' at the eoodd ill  where they ooour in the ald ub-clause (ii), the worda "ix moothl" hall be ub8tltuteci; (b) after ub-lection (i)  80 numberbd the following sub-_ctlon shall be ln8erted namely::-5 10 "(2) where any warehouaed goods remaln in a warehouae beyond the period of ode year or three montha peclfled in clauae (a) or claue (/i) of ub-lectioo (l) by reuon of the extension of the afore aid period or otherwlle interelt at iuch rate, not exceeding eighteen per cent per annum, u la for the time being fixed by the board, aba1l be payable on the amount of duty oil the wareb0u8ed goodl for the period from the explry of the period of ode year or,  the cue may be three montha, tlll the date of the clearance of the goocia from the warebouae " 15 51 in ectlon 74 of the cutodui act in ub-lectlon (i), for the words "exported to any place outalde iddla" the wordl and flpru "entered for export and the proper offloer maltu an order permitt-ing clearanoe and loading of the gooell for exportation under ectlon 51 "shall be ubatltuted 20 52 in eotlon 7/; of the custom act in sub-lectlon (1), for the word "add exported to any place outalde india ", the worda and flgurel ", being goode whlch have been entered for export and in respect of which an order permlttldg the clearance and leading thereof for exportation baa been made under ectlon 51 by the proper offtcer" shall be sub8tltuted 25 53 in lectlon 76 of the cotom act, in ub-lectlon (1)-(a) clauae (a) hall be omitted; (ii) in elauae (c), for the word "flve rupees" the word "fifty rupeel" shill be ubatltuted 30 excise 54 the firat schedule to the central exclae and silt act 1944  (hereinafter referred to u the cedtrll exola  act)-(a) hall be ameoded in the mlldjlel" peclfled in the third scbedulei and 36 (m hlll with effect frci:d ucb date u the ceatrll goverameat may, by notlfleatioo in the offlelll gazette appoint be 110 amedded in the manner peclfled in the fourth schedule 55 (1) in the cue of gooda chargeable with a duty of exclae under the special_"_ cantril kollea act u amended from time to time, reid with any of ad_ 40 dotlfleation for the time betna in force lnaed by the ceatrll gcwerameat in relation to the duty 0 chargeable (dot belag - dguflcatlon provlc:ung for any exemptloll for giving credit with reapeot to, or reductloa of duty of exclle udder the aid act oil ilah pxmiii equal to any duty 01 exclae under the ald act or theaddltlonll duty udder eotloo 3 of the 45 customs tariff act a1re~ paid oil the raw materlll or cojiiipomilt parta llied in the productlon or manafllgture of uch ,coda), thue aball be levied _d collected a peclll duty of " equl to  pel' ceat of the amoum 10 charieable on luoh poa (2) sub-aectlon (1) shall ceue to have effect after the 318t dq of march, 1984, except u respecta thlngs done or omitted to be dade before such ces  ri and section 6 of the geaeral clauses act, 1897, shall apply upon such cesser u u the sald sub-aecuon had then been repealed by - central act (j) the spaolll dutie of exel  referred to ld sub-aectlon (1) sball be ld addltloll to 8iq" duties of exclae chargeable on such goods under the centrll exolaea act, or lily other law for the time beldc in force (4) the provliilom of the cedtrll exol8  act add the rul  made thereunder, ldcladlng those re1atldg to i'8fud mel exemptions from duties, sball, - far may be, apply in rell1tlon to the levy mel collection of the apeolll duties of exolae leviable under tbla sectloll in respect of any sooda  they apply in relation to the levy and collection of the dull  01 axolae on such goods udder that act or tboae rui  , u the c  mq be aa  t of 56 the addltlmal dull  01 exol8e (goods of specllllmportuce) act 011957 act, 1957 (bereldalter referred to u the addltiodal duti  of exc18e act) un be ameaded in the mlldd8r peclfled ld the fifth scbadale aiiee __ t of 57 in sectloll 3 of the addltlodll dutles of excise (textues and act 40 of 1978 tutue articles) act 19'18, for sub-tleatloll (1): the fo11owlng subaectlon biil1 be substituted, name1y:-u( 1) when goods of the deacrlptloil m8dtlodll!ld in the schedule cbupable with a duty of axel  under the central exol8  aad salt act, 1944 read with u)' notlflcatlon for the time belog ld force iisaed by the centrll goverameat ld relation to the duty 25 80 cbarpable (ddt beldg a dotiilcltlclll provldldg for any exemptloll for ilvldg credit with l'8fipect to, or reduatlon of duty 01 excise udder the aid act 011 such aooda equll to, any duty 01 aol8e udder the ald act, or the iidcltloul duty under ectloll 3 of the cutams tarlff act, 19'15, ilrudy pad on the raw 30 materlll used in the productloll or mldafacture of such goods), are  sed to duty, there abal1 be levled and oollected a duty 01 excue equl to fifteen per cent of the total amount 80 obuseable oil _ch gooda " cbaptbb v 35 mlecluadclu8 it r  of 58 'in the pint 8cbedale to the ida pot oajce act, 1898, itct 6 of ia for the rb-btedl, "p~is" add tile eatl1ea tllereunder, the follow  smll be saatltated, namei7:-it n al" 59 iii tile c_pgt, ilepoiilt 8clmde (ijiooide-ta ~_) aat aa - , , 1174, -~----, (ii) ld __ 1,-(ii) in llub-sectloll (3), for the wont "  vealy yean",the worda "slxty-bve years" shall be uttltuted with effect from the lat day of june, 1183; (b) in _etlan 4, in sub-aeetlon (1) iii alauae (iv), for the worda, 5 f1gur  ud lettel'8 !'ud the uaeumeat year commenclug on the 1st day of april, 1983", the wora, braoketa, ~ iiid lettel'8 "ud every subsequent  sessment year (not belog lid  ment year commenoing on or after the 1st day of aprll, 1986)" aball be ubltltuted, 10 (c) in section 8, in sub-sectlon (ia), for cl  m ud (;;), the following claua ahall be subatltutecl with effect frem the 1m day of june, 1983, namely:-"w where such individual baa attalned the age of lxty-flve years before the 1at day of april, 1983, on the lst day of june, 15 1983; and (ii) in any other c  e, on the flrat day of the flnaddal year immediately 8ucceeding the flluulclal year in wblch 8uch lndlvldual attained sixty-bve yean of e"  declantio" ""der the proflisioftlll 20 collection of taxes act, 19j1it is hereby declared that it la expedledt in thejnlb1lc ldtereat that the provlslona 01 claua  44 aad 45, claue 54 [ except sub-clause (b) thereof 7 and· clauaea 55, 58 and 57 of thls bid shall bave immediate 16 of 1931 effect under the prov18lonal collection of tuea act, 1981  pabt 1blc:n  ie-tai mid sullqlalgt: 011 incom  tal  sub-paragraph iin the caee of every lndlvldual or hlddu undlvlded famlly or unregiatered firm or other  aociation of persona or body of lddlvlduals, whether incorporated or not, or every artlflclal juridical person referred to in eub-cl  e (vii) of clause (31) of aectlon 2 of the income-tax act, dot being a cue to which sub-paragraph ii of wa parlll1'aph or 10 any other paragraph of thla part appllee,-rates of income-tax ' nil; (1) where the total income doea not exceed ba16, 000 15 30 per cent of the amount by wblch the total incgde exceeda ba 15, 000; (21 where the total ldoome exceeds a 15, 000 but doea not exoeed e25, 000 20 ba 3, 000 plus 34 per cent of the amount by wblch the total lnoame exoeeda ba 25, 000; (3) where the total income exceeds bau,ooo but does not exceed be30,000 (4) where the total income exceeds ba 30, 000 but doea not exceed ba50, 000 | ra4,           | 700    ||-----------------|--------|| plus            |        || 40              | per    || of              |        || the             |        || amount by wblch | tbe    || exoeeda         | be    || 25              |        |(5) where the total income exceeds be 50, 000 bat doea not exceed e60, 000 ba12,700 plus 50 per cent of the lidount by wblch the total lncome exceeds ba 50, 000; (6) where the total income exceeds b 8 80, 000 but doea not exceed ba 70,000 | be                 | 17       | ,700         ||---------------------|----------|--------------|| plus                |          |              || 525                | per      | cent        || of                  |          |              || the                 |          |              || amount by wblch     | the      | total        || exoeeda             | be      | 60, 000;     || 30                  |          |              || (7)                 | where    |              || the                 |          |              || total               | lllcojde | exceecla     || ba70,000           | lilt     |              || does                |          |              || not                 |          |              || uoaed               |          |              || a                 | 85, 000  |              || ra                 | 22,      | 950          || plus                |          |              || 55                  | per      | c8jlt       || of                  |          |              || the                 |          |              || amount by wbloh     | the      | total inoome || exceeds             | ba      | 70, 000;     || 35                  |          |              || (a)                 |          |              || wmre                |          |              || the                 |          |              || total               | income   | exceedll     || a85,              | 000      |              || but                 |          |              || does                |          |              || not                 |          |              || exceed              |          |              ||                  | 1,00,000 |              || b831,200           |          |              || plus                |          |              || 575                | per      | cent        || the                 | amoudt   |              || by                  |          |              || wblch               | the      |              || total               |          |              || inocme              |          |              || exceecm             |          |              || a                 | 85, 000; |              || (i)                 |          |              || where               |          |              || the                 | total    |              || ldoome              |          |              || be                 | 1,00,000 |              || ra                 |          |              || 39,                 | 825      |              || plus                |          |              || 80                  | per      |              || cent               |          |              || of                  |          |              || the                 |          |              || lidount             |          |              || by wblch            | the      | total        || exoaedaral,oo,ooo |          |              |'l'be , fjildocde-ta oampad in aooordanoe with the preoedlda pl"ovalc1d8 of 40 tiu iab-pu'1!p'iipja uil  ldcnued by a earoharp for ~ al tile udigd oal-gill  1& 1m ~ fjitea per aeat fjiadllaoame-ta  sub-paragraph iiin the cue of every hindu undlvided famuy which at any time durlng the prevlowi year hu at leut ode member whoee total lnccme of the "revlowi year relevant to the uaament year commencing on the lit day of aprll, 1983 exceeda aa15, 000,-5 rates of mcome-tax (1) where the total lnccme doea not nil; exceed aa 8, 000 (2) where the total lncome exceeda ri 8000 but doel not exceed al15,ooo 10 (3) where the totallncome exceeds aa 15,000 but doel not exceed al 20, 000 22 per cent of the amount by whlch the total inaome exceeds al 8, 000: all, 540 plus ?:1 per cent of the ulount by whlch the totalljicome exceeds ra 15, oooi (4) where the total income exceeds aa20,ooo but does not exceed ra25,ooo ra 2,890 plus 35 per cent of the ulount by whlch the total income exceeds ra 20, 000: (5) where the total lncome exceeds al 25, 000 but doea not exceed al 30, 000 15 ra 4, no plus 40 per cent of the ulount by whlch the total income exceeds ra 25, oooi (8) where the total lnccme exceeda ra 30, 000 but does not exceed ra 50, 000 ra 6, no plus 50 per cent of the amount by whlch the total lncome exceeds ra 30, oooi (7) where the total income exceedl al50,ooo ra 16,640 plus 60 per cent of the amount by whlch the total income exceect aa 50,000:  20 provlded that for the purpoeel of thia sub-parqraph,-(i) do income-tax ahall be payable on a total incame not exceedlng aa12, 000; (i;) where the total lncome exceeds aa12, 000 but does not exceed al 17,610, the lncome-tax payalie thereon lhall not exceed forty per cent of the liilount by whlch the total income exceeds al12, 000 25  surcharge on income-taxthe ulount of !,ncame-tax computed in accordance wlth the precedlng prov18loll8 of thl8 sub-paragraph ahall be ilicreued by a aurcharge for ~ea of the unloll calculated at the rate of-ten per cent of iuch income-tax  partigraph b30 in the cue of every co-operatlve loo1ety,-rates of mcome-tax 15 per oeat of the total lnocme: (1) where the total lncame does not exceed al 10,000 ra 1,500 plus 25 per cent of the uloudt by whlch the total lnccme exoeeda r •• i0,ooo: (2) wbere the totallnocme exceeds •• 10,000 but does not exceed ri 20, 000 35 ra 4, 000 plus 40 per cent of the ulo  t bj which the totallnocae ex"" •• zo,ooo - (3) where the total inocme ex0eed8 •• 20,000  surcharge 0" ;"come-taxthe 1iil000t of inoome-tax ocmpated incoorduoe with the pnoedlnc pl'ovlalo_ 01 tiiia l»aragrlpb uall be lncreued by - lurcharp for piii'pciimii of the un10a ca1au111ted it the rate of tan per cent 01 luch lnoome-tax  h,",,b c sub-pimigrliph 1in the elr of every realltered ora, dot beldi a cue to wblch sub-parllftllb n of ~ par •• appuea,-rlltes of ;"come-t4x nil; (1) where the total lncame don not uceed ba10, 000 5 per cent of the amoaat by wblch the total lnoome aceeu a •• 10,000; (2) where the totalldcome aoea a •• 10, 000 but doea dot exceed ba25, 000 10 (3) where the tcallnoame aoeedtl a •• 25, 000 but cioee not exceed a •• 60, 000 ae 760 plus 7 per ceat of the amount by wbleh the total lnoclme exoeeda ba 25, 000; a •• 2,500 plus 15 per ceat d the iimcunt by wbleh the total ldoa:ne exceed8 b •• 50, 000; (4) where the total lnoollle aceeda a •• 50, 000 but doe not exceed a •• 1,00,000 15 (5) where the totallnccde aceeda a •• 1,00,000 a •• 10, 000 plus 24 per oeat of the 1iil0udt by wbleb the total lncc:jme uceeda a •• 1 00, 000  surcharge 0" ;"come-t4xthe amount of lncomeetax computed in acoordanoe with the prececllas provlaloaa 01 tbl sub-paragraph hall be lnereuad by a aurcharp for plrpohll of the ulilon ea10alated at 20 the rate of ted per cent 01 auob lnocme-t- in the cir of every l'ellatered firm wbah total lnoome lncludh lnoome derived flull - prole  lon carried on by it ad the lnoome ao lncludecl18 dot la thin flfty-odb per oem of auob total bioome,-rates of ;"come-t4x 26 nil; (1) where the totallncome doeii not aoeed aa 10,000 (2) wbare the totallacome _ceeda a •• 10, 000 but doee not exceed a a 25, 000 10 (3) where the toblldcolde exoeed8 a •• 25, 000 but doea dot uoeed ba50000 4 per cedt of the unoudt by wblch the total ldoome exoeeda a • 10, 000; aa 800 plus 7 per c8dt of the 1iil0wlt by wll1eh the total lnoame ex0eed8 aa 15, 000; (4) where the toblldca:de exceeda b a 50, 000 but don not exceed bal,oo,ooo ba2,350pun 13 per cent 01 the amount by whlch the total lncame u:oeeda ba 50, 000, (5) where the totalldoome aceeda a1,oo,ooo ba 8, 850 plus 22 per cent of the amount by whlch the tota1 lncame u:oeeda a •• 1,00,000 surcharge 0" i"come-tll" 40 the ldloaat oildoameetax 0ciiilpiited in aocordace with the precedldc provl8lod8 of thla 8ub-parqrapb aball be lnor  ed br •• urcharp for purpoa_ of the unlon caloul~ it the ,:ite of tea per oeat of auoh lnaame-tu , &pllnmao"- for the parpol of tiib panir  "reslatenc:l flrm" ldolud an  nclllnd  s u a ftiiatered ftrm udder ol  e (b) of •• citloa i of em ~act  paragraph din the cue of every local autborlty ,-rate of ;"come-tax on the wbole of the toll1 lnccdde 50 per oeat 5 surcharge oft i"come-tax 10 the amcult of ldcome-tax oemputed lit the nte bereldbefore apeculeel aball be ldere_eei by a aurcbllrp for pur  of the udloil oalcu11ted at the rme of ten per oeat of auoh 1nociiile-tu ptmjgrtlpb e in the cue of a oodl''y,-riitii of mcomtf-tax l in the cue of a dam_tic oompany ,-(1) where the ocmpaay la a oempm}' ld wbleb the pabuc are aubataatlauy ldterted,-16 45 per oent of the t:otil blccae; (;) ld a cue where the totalldocde doea dot axoeed ba i, 00, 000 56 per ceat of the totilldcolde; (ii) in a eue where the totilldoome uoeeda ba 1,00,000 (2) wbare the company la dot a oompaay 20 in wblob the publlo are  ""ally ldten8ted,-(;j ld the cue of aldduatrlal oompu¥,-56 per cent of the total ldoome; (a) wbare the total ldoome doeii dot ezoeed ba2, 00,000 60 per oent of the total ldocde; 25 (b) wbere the totilldocde uoeect ra2, 00,000 (it) ld 87 other cue is per cent of tile total ldoome: provided tbiit-(i) the ldociide-tu payable by a domeatle ccdpiid7  a ociidjiiidi ld wblob tm pabuo are aubataatlally 1dte~, the total ldocd 01 whleb uoeeda a 1,00 oooabl1l 30 dot exaeecl the  , 01-(a) the ldcome-tu wbleb weald have been pa)'able by the 0ciiidp8d7 if lta toul ldocde bad been ra i, 00, 000 (the ldcome of "1,00,000 for tiiia jjuipoh  oodip'iw' - if aucb ldoame ldc1aded income frca varloaa aoul"on ld the a  proportioil _ tile total ldoome of the oompall)'); &lid 35 (b) elptj per cent of the amoaat by wblob ita total idooaae uoeeda ra 1,00,000; (ii) the ldoaid-tu payable by a damedo ociidpiyl7, dot  a 00idimui1' id _blob tile pabuo are ubatutlally ldte~ wbloilla _  triai ,  tile tatalldacmae of wblob exoeecla _a 2, 00, 000, aball _ exoead tile  of-40 (ii) the ldoame-tax wbleb would hay  pa)'able iir  ," if ita tidtal  blld beed "2,00,000 ftbe ldoaide of "2,00,000 for tiu jiiii'pcih  ooidi ••• -if _ ldoam ldoladed ldocbe frca ~ eoua id tile  praporuaa _  toul ldocllu 01 the oed"""';  (b)liht7 per oent of tile _guilt by widoia 1m taiiii  -a  "1,00,000  u in the cue of a company other than a domeeuc company,-(i) od so much of the total income  codbwtb of-5 (a) loyaltl recel ved from an iddlan concern in punuanoe of an agreemeat made by it with the indian concern after the 31at ~ of march, 1961 but before the tt d, of aprll 1976 or 10 (b) feea tor renderlng techdlcal aervlce8 recel ved from an indian concern in pursuance of ad agreement made by it with the india coilc8i1l after the 29th dllj of february, 1964 but before the 1at day of aprll, 1976, add where auch agreement hu, in either 50 per cent ; cue, been approved by the ceatral government 15 (ir) on the baladcelf any, of the total ln come 70 per ceat  surcharge on income-tax20 the iidoupt of ldcome-tax computed in accordadce wltb the pntcedldg provlblodb of thla paragrapb ball be lncreued by a surcharge calculated at the rate of two add a half per cent ofaucb lnoome-tu,  part d hatts for deduction of tax at source;" certain casesin every case in wbicb under the provisions of sections 193 194, una, 194b, 194bb, 194d and 19501 ase income-tax act, tax is to be deipucted at ase rates in force, deduction altal1 be made from the income subject to deduction at tbe following rates:-25 income-tax rate of rate of income-tax sgrcwp  1 in tt\e cue of a person other than a company-(aj where the person is rauient in lndia-30 (i) on income by way of interest other than "interest 10 per cent nil; cld securtue" 30 per cen~ 3 75 per cent ; (ii)og income by way of w1nd1dp from lotteries lull craaaword puzzles 30 per cent 375 per cent~ i (in) cd income by way of willdidl from borae races 36 10 per cent nil; (ifi) on income by way of idaurance commission 10 per cent nil; (,;) on income by way of lnterest payable on (  4)any security, other &bad - tax-free security, of tm central or a  te ocwermnent; 40 (iii any debentures or other aecurlues lor money isued by or on behalf ~ any local authority or a corporauod eatablibhed by a central, state or prnvlnala1 act; income-tax i4te of rat e of inccnne-tax surcharge (c) any debentures issued by a company where such 5 debentures are listed 1n a recognised stock exchange in india in accordance witb the securities contracts 42 of 1956 (regulation)act, 1956, and any rules made 8lereunder 20 per cent 2 5 per cent , (vi) on any other income (exclllung interest payable on a tax-free securit}1 16 (b) wh~re the person is not resident in indla-20 per cent 2 5 per cent ; win the case of a non-resident indian-(aj on investment income and long-term capital gains 15 per cent 1 875 per cent ; (b) on income by way of interest payable on a taxfree security 15 (c) on tbe wbole of tbe other income 20 25 income-tax at 30 per cent and burcbarp at 3 75 per cent of the amount of the income, or income-,ax and 8urcharge on income-tax in respect of the income at tbe rate8 prescribed in sub-paragrapb i of paragrapb a of part m of tlds schedule, u sucb income bad been the total income, whicbever is higher; (io in tbe cue of any other persol1-30 (4) on the wbole of income (exclllung intere8t payable on a tax-free 8ecurity) 3ft 40 income-tax at 30 per cent and surcharge at 3 75 per cent of the amount of lnoome, or income-tax and 8urcbarge on income-tax in respect of the income at the rates prescribed in sub-parqraph i of paragraph a of part m of this schedule if such income had been the total income, whlcbever is higher; 15 per cent 1875 per cent-i (b) on income by way of interest payable on a tax-free securlty 45 2 in tbe case of company-(a) where the company i8 a domestic company-20 per cent 1 per cent ; (i) on income by way of interest otber than "interest 2 l 5 per ceat 1 0'75 per cent i 60 cd  cur1ues" (;i) on any other incame (excluding interest payable cd a tax-free hcurity) income-tax rate of rate of (ncodle-tax surcharge (b) where the oclidpaoy 18 not a domestic ccmpany-5 (i) 011 income by way of divtdedds payable by any 25 per cent nil; domeatic coldpldy nil; (ii) oil income by way of intereat payable by govemment 25 per cent or 8il jadlad codcem oil modeys borrowed or debt incurred b!r govemmeot or the ladl_ ooilcem in foreip currency nil; 10 15 (iii) oil incciide by way d royalty payable by government 40 per cenl or iii idd1aa coocern in panuance of 8il agreement made bv it with the oovel'djll8llt or the ladi_ ccilcem after the 3lat day of march 19'18 where such ro,alty 18 in c0d8tderatioll for the tr8d8fer of all or any rlpte (in011111nc the p-8iltlag ~ a licence) in respect ~ oopyrlabt in any book on a subject referred to in the jll'ovl80 to sub-section (1a)of section usa of the incometax a ct to the jadlan concern 20 (iv) oil idcolde by way ~ royalty got be1u royalty of the nature referred to in sub-ltem (b) (iii)1 payable bv ooveram lilt or _ iadl_ ccilcern in pannan08 of ~  ap-eem8nt made by it with the government or the indian cciloern and wbioh _ beeo approved by the central gcwemment-25 (a) wbere the ap-eement 18 made after the 3lat &0 per e8ll&' 25peroent; day of maroh 1981 ba& before the lat day of aprll,l9'16 (b) where the agreement 18 made after the 31st day oil1aroh, 19'18-20 per ceat nil; 30 (1) od ao mach of &be amount of udi income  oouu" ~ lulllp 8uiil cgl8ideratioil for the truaafer oabdde lalla of or the impartldc of information oatidde idd!a in repeot of, illu'data, docnmeotatlon drawida or epeclt1oa11&od relauq to any patent, lilyeotlca, model dealp, _cret formula or prooeh, or tr_ mark or almllar prope~ 35 (2) 011 the balance, if any, of auch inoome 40 per cenl nil; 40 (v) 011 income by way of tee for teohaioal enlce payable by oot'ernm8llt or an jadian concern in purauldoe of an eemeot made \»y it with the oot'ernm_t or the lallan coooern and which hu been approved by the ceatnl goverament -50 per cent 26 per oent; (a) where the agreement 18 made after the 29th day of february, 1964 but before the 18t d,y of april, 19'18 40 per oeat !vii; 4& (b) where the apeement lamade r the 318t day of march, 1978 , 44peroent 22 per cent; (w) on blcome by way ~ interet~ ~b1e oil a tax-free _oars (wi) oil y other income toper cent 3&peroent expllm«rdff- for t_ purpoee of &bia part "bw  __ t income '! "oarterm oiipltai pjna" and '_- at iad_" a1lal1 !laye tile - map  alp to tum la cbapter xu-a  dlrected to be juerllld iii tile income-tax act by eotioll 18 at w aot  pabt mrlltes for ctllcujating or chllrgmg inco",e-tax in certain cases deduct;"g income-we from inco",e chargeable u"der the bead "saiam" or tmy ptlymen' referred to in sub-section (9) of section 80e lipid co",puting "adoance tax", 5 10 15 in cuea in wbieb income-tax bas to be calculated under the first proviso to aub-secuon (5) of section 132 of the ldcome-tu: act or cbarr8d under sub-secticid (4) of secuon 172 or aub-sectlon (2) of sectim 174 or section 175 or sub-section (2) of section 176 of the sald act or deducted under secuoil 192 of the said act from income chargeable under the head ''salariel'' or deducted under sub-eect101l(9)of section 80e of the laid act from any payment referred to in the said sub-section(9)or in which the "advance tax" payable under chapter xvd-c of the  lei act hal to be computed, at the rate or rates in force, such income-tax or, a8 the case may be, ''advance tax" (dot being "advaace tax" in reapect of any income chargeable to tax under chapter xii or chapter xu-a or section 164 or section 164a or eectton 167a oftbe income-tax act at the rates as specified in that chapter or aectlon)shall be so calculated, charged, deducted or computed at the following rate or rates:- paragraph a sub-paragrapb iin the cue of flyery iddividual or hindu 1i1dlvided family or unregistered firm or other usoctat1cid d persou or body of 1ad1viduals, whether incorporated or dot or every 20 artif101al jurlelical person referred to in aub-claue (m) of claue(31)of aectlon 2 of the income-tax act, not betd(( a case te which sub-paragraph d of thi paragraph or any other paragrapb of this part appl1ea,- rlltes of income-taxnil; 26 (1) wbere the total income doe not exceed ba15000 (2) where the totallncorne exceeda b • 15,000 but does not exceed b •• 20,ooo 25 per cent of the amount by which the total inoome exceeds bs15,ooo; (3) where the total income exceed bs20,ooo butdoea not exceed bs25,ooo bsl,250 plus 30 per 08nt of the amount by wbleb the total income exceedsra20000; 30 bs 2, 750 plus 35 per ceat of the ajdoudt by whicb tbe total income exceed b •• 25000; (4) where the total income exceed b • 25,ooo but does not exceed bs30,ooo bs4,500 plus 40 per ctldt of die amo1llt by wbleb the total income exceeds bs30000; (5) where the totaltneome exceeds b • 30,ooo but doea not exceed rs 50,000 36 bs 12500 plus 50 per cent-of the amount by whicb &be total income exceeda rs50000; (6) where the total tncome exceeds bs50000 but doea not exceed bs80,ooo (7) where the total income exceeds ba80,ooo but does nct exceed bs70,ooo as 17 500 plus 625 per cenlof the amount by wblcb the total inoome exceeds b •• 60000; 40 (8) where the total1neome exceeds bs 70000 but does not exceed bs 85,000 rs 22,750 plus 65 per oent-of the amount by wbleb the tota11ncome exceods n • 70000; (9) where the tota11ncome exceed aa 85,000 but doe not exceed ba 100000 bs 31 000 plus 675 per aent,of the amount by wbleb the totaltncome exceeds bs 86,000; (10) where the total inoome exoeeds 46 ba1,oo,ooo i " a • 39,826 plus 60 per ctmtof che amount by whiob the total income exceed b •• 100000  surcharge on rncorne-ta~:the amount of income-tax computed in accordance witb the preceding provisions of this sub- paragraph shall be increased by a suroharge for purposes of the unton calculated at the rate of twelve and a half per cent of such income-tax  sub-paragraph iiin the case of every hindu undi\'ided family which at any time during the previous year bas at least one member whose total inoome of the previous year relevant to the assessment year commencing an the 1st day of april, 1984 exceeds rs 15,000, -rates ol income-tax 10 (1) where the total income does not exceed rs 8,000 nil; (2) where the total income exceeds bs 8,000 22 per cent of the amount by wbich the but does not exceed bs15,ooo total income exceeds rs 8,000; (3) where the total income exceeds b8 15,000 but does not exceed b8 20,000 rs 1,540 plus 27 per cent of the amount by which the total income exceeds bs15,ooo: 15 rs 2,890 pills 35 per oent of the amount by which the total income exceeds rs 20,000: (4) where the total income exceeds rs2o,ooo but does not exceed r825,ooo rs4,840 pills 4q per cenl of the amount by which the totallncome exceed rs 25,000: (5) where the total income exceeds: rs 25,000 but does not exceed rs 30,000 20 (6) where the total income exceeds r •• 30,000 but doe not exceed, rs50,ooo rs 6, 840 plus 50 per cent of the amount by which the total income exc-is bs30,ooo: (7) where tbe total income exceeds r850,ooo rs 16,640 plus 60 per oent of the amouilt by whicb the total income exceeds rs 50,000: provided that for the purpoe_ of this sub-paragraph,-25 (i) do income-tax shan be payable on a total income not exceeding bs 12,000; (ii) where the totalinoome exceeds 8 •• 12,000 but does nat exceed r •• 17,610 the income-tax payable theron shall not elxoeed forty per cenl of the amount by which the total income exceed bs12,ooo sllrcharge on income-tax 30 1'be amount of incom-tax computed in acoord_ce with the prcedlng' prov1alons of this am-paragraph shall be incr  d by a surcharge for')~rpo •• s of the union calculated at the rate of twtlve and a half per cem of such lacome-tax  paragraph b36 id the cu of ,ery co-operative oolety, -rat  of ;"come-tax 15 per cenl of the total income: (1) where the total income doe- not aoeed b •• 10,000 (2) w- it totalldoome  ••• 10,000  doh not aoeed ••• 20,000 - •• 1,500 pills 25 per cent ~ the amount by wldcb the total incom •• xceed b •• 10,000 i ci)  till tgtalluome _  "10,000 - •• 4,000 pi," 40 per cent ~,'" amoudt by which the totalldoome exceed b •• 20,000  slircbarge on income-,l>:the amount of income-tax computed in accordance witb tbe preceding provisions of this paragraph shall be increased by a surcharge for purposes of the union calculated at tbe rate of twelve arid a half per cent of such income-tax 5  parogmpb (' sup-paragmplj iin the case of every registered firm, not being a case to whicb sub-paragraph n r4 this paragrapb applies,-| rates     | of    | income-tax    ||-----------|-------|---------------|| 10        |       |               || nil;      |       |               || (1)       | wbere | the           || rsi0,ooo |       |               |5 per cent of the amount by which tbe total income exceeds rsi0,ooo; (2) where the total income exceeds rsi0,ooo but does not exceed rs 25,000 r s 750 ,/us 7 per cent of the amount by which the total inco"de exceeds r s 25,000: (3) where the total income exceeds rs 25, 000 but does not exceed rs 50,000 15 (4) wbere tbe total income exceeds rs 50,000 but does not exceed rsi,oo,ooo rs 2, 500 plus 15 per cent of the amount by which tbe total income exceeds rs 50000; 20 (5) where the total income exceeds rsl,oo,ooo rs 10000 pills 24 per cent of the amount by wbicb the total income exceeds rs 1,00,000  surcbarge on income-tax25 the amount of income-tax computed in accordance with the preceding provisions of this sub-paragraph shall be increased by a surcharge for purposes of the union calculated at the rate of twelve and a half per cent of such income-tax  sub-paragrapb 11in the case of every registered firm whose total income includes income derived from a profession carried on by it and the income so included is not les8 than fifty-one per cent o! suoh total income,-30 rates of income-tax nil: (1) where tbe total income does not exceed rsi0000 4 per cent of the amount by which the total income exceeds rs 10 000; (2) where tbe total income exceeds rsioooo but does not exceed rs25000 35 rs600 tlus 7 per cent ct the amount by whicb the total income exceeds ••• 25 000; (3) wbere the total income exceeds rs 25000 but does not exceed rs 50000 (4) where the total income exceed8 rs 50000 but does not exceed rsloqooo r s 2 350 plus 13 per cent of the amount by which the total income exceed r •• 50000: 40 (5) where the totalinoome exceeds rs 1,00,000 r •• 8850 plus 22 per cent of the amcnlt by whlcb the total income exceed rs 100000 the amount of income-tax computed ld accordance with the preoedtng provisions of this fub-paragraph shall be ldcreued by a aurcbarp for purposes of the union calculated at the rate of ttielve add a half per cent of iuch 1dcome-tax explll"w", -for the purposes of this paragraph, "registered firm" ldcludes an unregistered firm assessed as a registered firm under clause (b) of sectton 183 of the income-tax act ptzngniph d in the cue of every local autborlty,-| rate         | of    ||--------------|-------|| mcome-tqx    |       || 10           |       || on           |       || the          | whole || the          |       || total ldcome |       || 50           |       || per          |       || calt        |       |the amount of income-tax computed in accordlll1c8 with the preoedldg provisions of this paragraph sball be increased by a iureharge i)r purposes of the union caloulated at the rate of twelve and a half per cedt of such income-tax paragrtlph e  in the cue of a company,-rates of mcome-fx  i in the cue of a domestic company -55 per cent of the total idcome, (1) where the company is a company in which the public are sabetadtlally interested (2) where the compay is not a company in wblch tile public are subetantta1ly interested -goper cent of the total income; (i) in the cue of iiil ldcilstrtal company (ii) in lilly other cue 85 per cent of the total income, 26  d in the cue of a company other than a domestic company,-(i) on 80 much of the total income as conaiats of-30 (a) royalties received from ocwel'ludalt of an indian ooacem in pursuance of an qreemeat made by it with the oovel'ludellt or the ladillll concern after the 31st day of march, 1961 but before the 1st day of april, 1978, or 35 (b) fees for renderinl technical services recelyed from go  1'djdedt or an ladlan ooilcern in punuadoei 01 ad a,ree  t made by it with the govern  or the iadian ooooern after the 29thy of february, 1884 but before the lst day of april, 1178, 50 per cedt , add where such agreement bu, in either cue, been -wroved by the ctral government 70 per oet (ii) oil the balance if u¥, of the total idooide the amount of income-tax computed in accordance with the precedidg provisions of this paragraph shall be increased by a surcharge calculated at the rate of flve per cedt of uch incom&-tax 5 explanation -for the purpo88s of this paragraph, "industrial company" means a company whicb is mainly eilgaged in the business of generatton or distribution of electricity or any other form of power or carnage, by road or lnland waterways, of pasengers or goods or in the codstructton of ships or in the execution of projects or in the madufacture or procesldg of goods or in mining 10 note-for the purpoan of this explll1llltion, (i) a ooldpany shall be deemed to be mainly engaged in the busines of gelleration or distrlbuuon of electrtcity or any other form of power or carrlage, by road or lnland waterways, of p  r or goods or in the construction of ships or in the execution of projects or in the manufacture or procesing of goods or in mlniug, if the income attri-15 butable to 8111 one or more of the aforesaid activities included in its total income of the preriou year (as computed before maldng any deduction under chapter via of the incometax act) is not less than fifty-one per cent of such total income, (ii) ''project''means a project for the codstruction of a building, road, da ll, bridge or other stnacture or assembly or installation of any machinery or plant 20  part iv lste seot1oo 2(7)(t) jrule 1 -agricultural income of the nature referred to in sub-clause (a) of clause (i) of sectton(2)oi the income-tax act sball be computed as if it were income chargeable to 25 income-tax under that act under the head ''income from other sourc8s'ltand the provisions of sections 57 to 59 of that act sball, so far as may be, apply accordingly: provided that sub-section (2) of section 58 shall apply subject to the modlfication that the reference to section 40a therein shall be codstrued as not including a reference to subseetlons (j) and (4) of section 40a 30 35 rule 2 -agricultural income of the nature referred to in sub-clause (b) or sub-clau  (c) of olause (i) of section 2 of the income-tax act fother than income derived from any buuelng required as a dwelllng bouse by the receiver of the rent or l'8y8ilue or the cultivator or the receiver of rent-in-kind referred to in the said sub-olause (e) ] shall be oomputed as if it were income chargeable to income-tax under that act under the bead "proftts and gains of business or profession" and the provisions of sectiooi 30, 31, 32, 34, 36, 37, 38, 40, 40a [other than sub-iectionl (j) and (4) thereof}, 41, 43 and 43a of the incometax act shall, 80 far as may be, applyacoorcflncly rule 3 - agricultural income of the nature referred to in sub-clause (c) of clause (i) of sectlon 2 of the income-tax act, being income deriwd from any buildlng required as a dwellldg bou  by the receiver of the rent or revenue or the culttvator or the receiver of ret-in-kind referred to in the said 8ub-clause·(e) sball be computed as if it were income chargeable to inoome-tax under that act under the bead ''income from bouse property" and the provisions of sections 23 to 27 of that act shall, 80 far as may be, apply acoordlnglyz 45 provided that sub-section (2) of the aid section 23 ball apply subject to the modlftca· tiona that the references to ''total income" therein lhall be oemtrued as refereoon to net -rtculturalldcome and that the words, flaul'8ll and letter "and before maid",, c:iediao-uon undlr chapter via" shall be omltted rule 4,- notwithstanding anything contained in any other provisions of these rules, in a case where the assessee derives income from sale of tea gro\\ll 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 regardecl as the agricultural income of the assessee 5 rule 5_ where the assessee is a partner of a registered firm or an unregistered firm assessed as a registered flrm under clause (b) of section 183 of the income-tax act, which in the previous year has any agricultural income, or is a partner of an unregistered firm which has not been assessed as a registered firm under clause (p) of the said section 183 and which in the previous year has either no income chargeable to tax under the income-tax 10 act or has total income not exceeding the maximum amount not chargeable to tax in the case of an unregistered firm but has any agricultural income, then, the agricultural income or loss of the firm shall be computed in accordance with these rules and his share in the agricultural income or loss of the firm shall be computed in the manner laid do\\ll in sub-section (1), sub-section (2) and sub-section 0) of section 67 of the income-tax act and the 15 share so computed shall be regarded as the agricultural income or loss of the assessee rule 6 -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 act or has total income not exceeding the maximum amount not chargeable to tax in the case of an associatlon of 20 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 25 rule 7 -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: 30 provided that where the assessee is a partner of an unregistered flrm which has not been assessed as a registered ilrm under clause (/1) of section 183 of the income-tax act or 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 flrm, 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 8-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 40 i<ule 9  (!) where the assessee has, in the previous year relevant to the assessment year commencing on the ist'day 01 april, 1983, any agricultural income and the net result of the computation of the agricultural income of the assessee for anyone or more of the previous years relevant to the assessment years commencing on the 1st day of april,1975 or the 1st day of april, 1976 or the 1st day 01 april, 1977 or the 1st day of april, 1978 or the 1st day 01 april, 1979 or the 1st day 01 april, 1980 or the 1st day of april, 1981 or the 1st dav of april, 1982, is a loss, then, for the purposes of sub-section (2) of section 2 of thls act,-45 50 (i) the loss so computed for the prevlous year relevant to the assessment year commencilll on the 1st day of aprll,1975,to the extent, if any, such loss has not been set off aga1nst the acrlcultural income for the prevlous year relevant to the assessment year commenc-ing on the 1st day of april, 1976 or the lst day of april, 1977 or the 1st day of aprll,1978 or the in day of april, 1979 or the lst day of apru, 1980 or the 1st day 01 april, 1981 or the lt day of april, 1982" (ii) the 10  au computed for the previous year relevut to the usessment year com---cide od the in day of april, 1976, to the extent, tl any, such 1088 has dot been set off against the agricultural inoome for the previous year relevant to the assessment year commencing on the 1st day of april, 1977 or the 1st day of april, 1978 or the 1st day of april, 1979 or the 1st day of april, 19m or the 1st day of april, 1981 or the 1st day of april, 1982, 5 (im the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 1977, 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, 1978 or the 1st day of april, 1979 or the 1st day of april, 1980 or the 1st day of april, 1981 or the 1st day of april, 1982, 10 (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 1978,to the extent, if any, such loss has not been set off against the agricultural income for the pre\'jous year relevant to the assessment year commencing on the 1st day of april, 1979 or the 1st day of april, 1980 or the 1st day of april, 1981 or 1he 1st day of april, 1982, 15 (v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 1979to 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, 1980 or the 1st day of april, 1981 or the 1st day of april, 1982, 20 (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 1980,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, 1981 or the 1st day of april, 1982, (;:ii) the loss 80 computed for the previous year relevant to the assessment year com-25 mencing on the lst day of april, 1981, 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, 1982, and (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 1982, 30 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, 1983 35 (2) where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of april, 1984 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 computation of the agricultural income of the assessee for anyone or more of the previous years relevant to the assessment years commencing on the 1st day of april, 1976 or the 1st day of april, 1977 or the 1st day of april, 1978 or the 1st day of april, 1979 or the 1st day of april, 1980 or the 1st day of april, 1981 or the 1st day of april, 1982 or the 1st day of april, 1983, is a loss, then, for the purposes of aub-section ~6) of secuon 2 of this act -40 45 (i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of ~pril, 1976, to the extent, if any, sudl loss haa not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of april, 1977 or the 1st day of april, 1978 or the 1st day of april, 1979 or the 1st day of april, 1980 or the 1st day of april, 1981 or the 1st day of april 1982 or the 1st day of april,1983, (ii) the loss so computed for the previou8 year relevant to the usesment year commencing on the 1st day of april, 1977, to the extent, if any, sudl los hu not been set off apinat the agricultural income for the prevtous year relevant to the usesmeat year commencing on the 1st day of april, 1978 or the 18t day of april, 1979 or the 1st day of april, 1980 or the 1st day of aprti, 1981 or the 18t day of apru, 1982 or the lat day of april, 1983, (iii) the lou 80 oojdpqted for the preylou year releftdt to the uaamnt ,ear commend  oil the 18t clay of aprtl, 19'18, to the exte&, if &i1y, lneb loea hal dot bee _t o"rf apidat the apicultural bloome for the previou year relevant to the  malt ,aar commenclill oil the lilt day of april, 1979 or the 18t day of april, 1980 or the lilt day of april, 1881 or the lat clay of april, 1982 or the 1at clay of april, 1983, (itj) the loaa 80 coiiipreci for the previoue year releftllt to tbe aae •• ment year commellcilll oil the lilt day of april, 1979, to the exteat, if ally, aueb 10" baa dot beat 88t off apt_t the apttwaltaral1llcome for the pre't'lau year releftllt to the  j88i' commencilll on the 1t clay of april, 1980 or the 18t clay of april, 1981 or the 1at day of april, 1882 or the 1st day of april, 1983, () the 10  80 computed for the pre't'laa year releftdt to the a  ment year oommend on the 1at day of april, 1880, to the extedt, if ally, aueb 1oe bu dot be_ bet off apidbt the ap'icwtaral 1dcome for the previowl ,ear relevant to the  mant year commedciq oil the lat day of april, 1981 or the lilt day of april, 1982 or the 18t day of april, 1883, (vi) the lob 80 oojdpllted for the previoil year releftllt to the  year com- dc1q oil the 18t day of april, 1981, to the exteat, if &i1y, lneb 1011 hal dot be_ bet off apinat the ap1cultu ral incane for the previoll8 , relevant to the  mant ,ear commencldg on the 1at day of aprn, 1982 or the lilt day of april, 1983, 20 (vii) the 10" 80 compllted for the previous year releftdt to the  aaldlld& year oommenci on the 1at clay of april, 1882, to the extedi:, if ally, _dllo  h  dot heal bet off apbuit the ap-toultural bloome for the previou year relevant to the  malt ,r comlll8dcidl oil the lat day of aprll, 1983, 25 (f1iii) the loa 80 co,aecl for the previo_ year relevant to the  e •• ment ,aar commelloidl oil the 1st clay of april, 1983, ahall be aet off aptnat the ap1culturalblcome of the a  ee for the pre't'loll8 year releftiit to the  mat year commellcidg on the 1st day of aprll, 19&\, or the period aforeaatd (3) where a cbanp baa occurred in the o0d8titutloll of a firm, dotb1ilgln 1iub-lule (1) or ub-rule (2) hall ellutle the firm to et off 80 much of the 108 proportionate to the 30 abare of a retired or dece  ed partner computed in the manner laid down in iub-aectton (1)1 aub-aectlon (2) idci ub-4l8ct1on (3) of ectlon 67 of the idoome-tax act as exceeel hi8 abare of profits, if any, of the prevtcu& year in the firm, or entitle any partner to the __ fit of any portion of the aald 10  (computed in the id8dd8r afor_aid) which 18 dot iipporuoiiab  to hlm 35 (4) where illj parboil deriy1llc illj apiculturallllcome from any 8clul'ce haa been aucceedad in uch capacity by aaother person, otherwi8e than by inheritance, nothiag in ubrule (1) or bub-rule (2) hall entitle any peron, other than the peroil incurring the loa, &0 _  it et off udder ub-rule (1) or, aa the case may be, sub-rule (2) 40 2s 01 1975 ii 01 19'1& 29011977 it of lt78 210119'11  ol~ 16 of 19aj - 14 01 ita (,) notwitbatadd1 &i1ythlng oodtained in thy iule, no loaa whldl baa dot been determined by the incometax officer udder the provi81ou of thee rule or the rule contained in part iv of the firat scb_le to the f1n8ilce act, 1975 or of the firat scbedule to the f1nadce act, ute, or of the firat scbecllie to tbe f1nance (no2) act, 1977 or of the schedule to the 1'  act, 1178, or of the firat schedule to the finance act, 1979, or of the firat icbedule to the flude (no2) act, 1180, or of the firt scbedule to tbe fidanoe act, 1981, 45 or of the pint 8cbedw to the ftdaace act, 1982, hall be set off udder ub-rule(1) or,  the cam ~, be, _b-rule(2) it 10 - when tba 11m reault of the ~tioll made bl accorc:laace with theae rule s a ioaa, us ioaa 80 compated  u be !pored &ad tbe diit ap1cultuftl1lloome ihall be  tobs rtii rule 11 - the provlsiou of the 1dcome4u act relatilll to procedure for  meat (ldcludldg the provtalou of section 28ea relatlag to roulldidg off of ldcome) sball with the neceuary modtflcauodb, apply in relation to the oompuiauon of the net agricultural idcome of the  he u they apply in relauon to the  meat of the totalldcome rule l2 - for the purposes of computtag the net apicuituraltnoome of the  uee the income-tax ofticer sball have the me powers  be h  ander the income-tu act for the pp11)ohs of  ameat of the total1noome  (sec section 44 ) part iin tbe first scbetllle to the customs tariff act,-5 () in heading no 0801/13,-(1) in sub-beading no (1), for the entries in columns (3) and (4), the entries ''200%'' and "190%" shall, respectively, be substituted; (2) in sub  beading no (3), for the entries in columns (3) and (4), the entries "200%" and "190%" sball, respectively,be substituted; (3) in sub-beading no (4), for the entries in columns (3) and (4), tbe entries 10 "200%" and ''190%'' sball, respectively, be substituted; (4) in sub-beading no(5), for the entries in columns (3) and (4), the entries ''200%'' and ''190%'' sball, respectively, be substituted; (ii) in heading no 25 01/32,-(1) in sub-heading no(1), for the entry in column (3), the entry "100%" shall be 15 substituted; (2) in sub-heading no(2), for the entry in column (3), the entry ''60%'' shall be substituted; (3) in sub-heading no(3), for the entries in columns (3) and (4), the entries "100%" and "90%" shall, respectively, be substituted; 20 (4) in sub-heading no (4), for the entry in column (3), the entry "100%" shall be substituted; (5) in sub-beading no (5), for the entries in columns (3) and (4), the entries ''60%'' and "50%" shall, respectively, be substituted; (6) in sub-heading no(6), for the entry in column (3), the"entry "100%" shall be 25 substituted; (7) in sub-heading no (7), for the entries in columns (3) and (4), the entries ''100%'' and ''90%'' shall respectively, be cubstuuted; (8) in bub-heading no (9), for the entry in column (3), the entry "100%" shall be substt tuted; 30 (9) tn sub-heading no (10) for the entry in column (3), the entry "100%" shall be substuuted,  (iii), tn headtng no 28 01/58,-(1) in sub-headtng no(1), for the entry in column (3), the entry "100%" shall be substituted, 35 (2) in sub-heading no(2), for the entry in column (3), the entry "100%" shall be subtttuted, (j) in sub-heading no (3), for the entry in column (3), the 8dtry "100%" shall be substituted, (4) in sub-beadl  no(4) for the entry in column (3), the entry ''60%'' sball be subst! tuted; (5) in sub-beading no (s) for the entry in column (3), the entry ''100%'' sball be subst'tuted; 5 (6) in sub-beading no (6) for the entry in column (3) the entry "100%" shall be substituted; (7) in sub-beading no (7), for the entry in column (3) the entry ''100%'' shall be substituted; (8) in sub-beading no (8) for the entry in column (3), the entry "100%" sball be 10 substituted; (9) in sub-beadtng no(9) for the entry in column (3) the entry ''80%'' sball be substi tuted; (101 in sub-beading no (10) for the entry in column (3) the entry "100%" shall be subatl luted; 15 (11) in sub-beading no (11) for the _try in column (3) the entr) ''100%'' sball be subatl tuted; (12) in sub-beadtng no (12) for the entry in column (3) the entry ''1001'' sball be substituted; (13) in sub-beading no (13) for the _try in column (3), the entry ''1001'' shall 20 be substituted; (ill) in heading no 2901/45,-(1) in sub-beading no (1), for the entry in column (3) the entry ''1001'' sball be 8ubstltuted; (2) in sub-beading no (2) for the entries in columna (3) and (4) the entries 25 ''1001'' and ''94%'' sball respectively be substituted; (j) in sub-beadi  no (3) for the entry in column (3) the entry ''1001'' shall be substituted; (4) in sub-beading no (4) for the entry in column (3) the entry ''60%'' sball be subatt tuted; 30 (5) in sub-beading no (5) for the entry in column (3) the entry ''100%'' shall be substituted; (6) in sub-beading no (8) for the entry in column (3), the entry ''150%'' shall be substituted; (7) in sub-beading no (7) for the entry in column (3) the entry ''1001'' shall be 35 aubatttutedl (8) ld sub-beadldc no (8) for the entry ld column (3) the entry ''1001'' hall be subatt tuted; (9) ld ub-beadlug no (9) for the entry in column (3) the _try ''100%''  u be ubatttutedl 40 (10) ld aub-beadtnl no (10) for tile _try iii column (3) tbe miu'y "100c1t" bail be mtttuted; (i1) id ilub-beadl", no (11), for the entry in column (3), the entry ''100%'' l!lhall be abltltuted; (12) id aub-beadlq no (12), for the entry id oolllldn (3), the entry "100%" i!ihall be ubstituted; (h) id eub-headlnc no (13) for the entries id oollllddl!i (3) ad (4) the entries 5 "100%" and ''90'1,'' shall reapecttvely, be aubstltuted; (14) in sub-heading no (14), for the edtry in column (3) the entry ''100cj,'' shall be 8ubatltuted; (15) in bub-headidg no (15), for the edtrles id columna (3) and (4), the entries ''10()ff,'' and ''94%'' shall respectively, be aubatlulted; 10 (j6) in aub-headlng no (16), for the edtriea id oolumna (3) ad (4), the entriea ''100%'' and ''94%'' shall, respectively, be subl!ltltuted; (11) tn ilub-headidg no (17), for the entries in oolu1dd8 (3) and (4), the entrlea ''10()ff,'' and ''94%'' ahall, respectively be eubstituted; (lal"id ilub-headidg no (19), for the entry id column (3) the entry "100%" shall 15 be 811batltuted; (19) id aub-headidg no (21), for the entry in column (3) the eutry "15()ff," shall be substituted; (20) in aub-headidg no (22), for the entry tn colllldd (3), the entry "15()ff," shall be ilubatltuted; 20 (fi) in beadidg no 3001, for the _tries id colllldds (3) and (4), the entries ''100%'' ad ''9()ff,'' shall reapectlvely be substituted, (fii) id iieidlng no 3002 for the entries in colllldds (3) and (4), the edtrles ''10~'' and ''9fl,'' shall reepectively be substituted; 25 (fiii) in beadidg no 30 03, -(1) id aub-headidg no (i), for the entries id oolujlld8 (3) and (4) the entries ''10fl,'' and ''90%'' shall respectively, be iubatituted; (2) in aut-beadldg no (2) for the entries id colllldd8 (3) and (4) ~ entries ''ra24 per litre or 100% whichever ia higher plus ra5 per litre" and ra 24 per litre or 100% wblchever la bigher plus ra5 per utre" ahall respectively be 30 aubatituted; (piii) id beading no 30 04/05 for the entry in colllldd (3) the eotry "10()ff," ahall be aubauluted; (ix) in headlng no 3201/03,-(i) id sub-headidg no (i), for the entry in column (3), the entry ''100%'' l!lball be 35 iubatttated; (2) in aub-be~ no (2) for the atrles in colllldns (3) and (4), the entries ''10fll'' ad "10%" ahall, reepecttvely be auttltuted; (j) in aub-headldl no (3), lor the eutry ld colmnd (3) the entry "60%" ball he aubeutllted, 40 (x) in readlq no 3204/12,-(1) in sub-beading no (3), for the entry in colt'did (3), the entry ''1501'' shall be substituted; (2) in sub-beading no (4) for the entry in column (3), the eiltry ''1501'' shall be 5 substl tuted; (j) in sub-beadlng no (5), for the entry in column (3), the _try ''1501'' shall be substt tuted; (4) in sub-beading no (8), for the entry in column (3), theeatry ''1601'' shall be substltuted; 10 (5) in sub-beadlng no (7), for the entries in columns (3) and (4) the _tries ''150%'' and ''140%'' shall, respectlvely be substltuted; (xi) in heading no3213, for the entry in column (3), the entry ''1001'' aball be subiitltuted; (xii) in heading no 3301/08,-15 (1) in sub-beading no (i), for the entry in column (3), the eiltry ''1501'' shall be substltuted; (2) in sub-beading no (2), for the entries in columns (3) and (4) the _tries ''1501'' and ''1401'' shall, respectively, be substituted; (xiii) in readlng no 3401/07,-20 (1) in sub-beadlng no (1) for the entry in column (3) the entry ''1501'' sball be sub8ti tuted; (2) in sub-beading no (2), for the entry in column (3), the entry ''1001'' shall be substltuted; (3) in sub-beading no (3), for the entrtes in columns (3) and (4) the _tries 25 ''1001'' and ''901'' sball, respectively, be iubstltuted; (xiti) in heading no 3501/0'1,-(1) in 8ub-beadlng no (i), for the entry in colludd (3), the _try ''1001'' shall be substituted; (2) in sub-beading no (2), for the entry in column (3), the eatry ''1001'' sball be 30 iubstltuted; (xv) in iieadtng no 3801/08, ibr the entry in column (3), the eiltry ''1001'' ball be suhututeda (i) in sab-beadtdc no (1), for the _i')' in column (3) the _try ''1001'' sball be 35 iubmltllted, (2) in sub-beadldc no (2) lor the _rim in ooluj1u118 (i) ad (t) tiieau ''1001'' ad "ioi"un re,,uyelj be _,ttuted, (j) in iub-hhdflll no (3) lor the , iii ooluma (3)  a, "  " u be ilubdtateda (4) in sub-heading no (4), for the entries in columns (3) and (4), the entries "100%" and "90'1," shall, respectively, be substituted; (5) in sub-heading no (5), for the entries in oolumns (3) and (4), the entries ''100'1,'' and ''90'1,'' shall, respectively, be substituted; (6) in sub-heading no (6), for the entries in oolumns (3) and (4), the entries 5 ''100'1,'' and ''90%'' shall, respectively, be substituted; (7) in sub-heading no (7), for the entries in oolumns (3) and (4), the entries ''100%'' and ''90'1,'' shall, respectively, be substituted; (8) in sub-heading no (8), for the entry in column (3), the entry "60%" shall be substituted; 10 (9) in sub-heading no (9), for the entries in oolumns (3) and (4), the entries ''100'1,'' and "90'1," shall, respectively, be substituted; (xvii) in heading no 3901/06, for the entry in oolumn (3), the entry "200'l,jtshall be substituted; (xf1iii) in heading no 4001/04, for the entry in column (3), the entry ''60%'' shall 15 be substituted; (xix) in reading no 5601/04, for the entry in column (3), the entry "150% plus re 30 per kilogram" shall be 8i1batltuted; (xx) in heading no 7301, for the entry in column (3), the entry ''60%'' shall be substituted; 20 (xxi) in heading no 7302, for the entry in column (3), the entry ''60%'' shall be subati tuted; (xxii) in heading no 7303/05, for the entry in oolumn (3), the entry "100%" shall be substituted; (xxiii) in heading no 7306/07,-25 (i) in sub-heading no (1) for the entry in column (3) the entry ''60%'' shall be aubati tuted; (2) in sub-heading no (2), for the entry in column (3), the entry ''100%'' shall be substituted; (xx"') in heading mo 7308, for the entry in column (3), the entry ''60%'' shall be 30 aubltttuted; (x;n) in headtng no 7309, for the entry in column (3), the entry ''60%'' shall be subtttuted; (xxf1i) in heading no 7310, for the entry in column (3), the entry ''60%'' shall bv substituted; 35 (xxf1ii) in beading no 7311, for the entry in column (3), the entry ''60%'' shall be ubati tilted; (xxviii) laread", no 7312, for the eatry iii co1udid (3), the _try "101" shall  sublltituted; (xxix) tn heading no 7313,-(1) in sub-heading no (i), for the entry in c(\lumn (3), the entry ''100%'' shall be substituted; (2) in sub-heading no (2), for the entry in column (3) the entry ''100%'' shall 5 be substituted; (xxx) in heading no 7314 for the _try in column (3) the entry ''60%'' shall be substituted; (xxxi) in sub-headldg no (1) of heading no 7316 for the entry tn column (3), the entry ''60%'' shall be substituted; 10 (xxxii) in heading no 7317/19-(i) tn sub-heading no (l)(i) for the entry in column (3) the entry ''100%'' shall be substt tuted; (2) in sub-beading no (1)(11) for the entry in column (3), the entry ''60%'' shall be substttuted; 15 (3) tn sub-beading no (l)(lh) for the entry in column (3) the en~ry ''60%'' shall be substl tuted; (4) tn sub-heading no (1) (iv) for the entry in column (3) the entry ''60%'' shall be substituted; (xxxiii) in sub-beading no (1) of heading no 7320 for the entry in column (3), 20 the entry ''100%'' shall be subati tuted; (xxxiv) in sub-beading no (1) of heading no 7321 for the entry tn column (3), the entry ''60%'' shall be substituted; (x~:xf) in sub-headldg no (1) of heading no 7322/23 for the entry tn column (3), the entry ''100%'' shall be substituted; 25 (xxxvi) in heading no 7324 for the entry tn column (3) the entry ''60%'' shajj be substitute~; (xx:~wi) in 8ub-heading no (1) of heading no 7325, for the entry in column (3), the entry ''100%'' shan be substituted; (xxxi';;i) tn sub-beading no (1) of heading no 7326, for the entry tn column (3), 30 the entry ''100%'' shall be substituted; (xxxix) in sub-beading no (1) of heading no 7327/28, for the entry in column (3) the _try ''100%'' ehall be substituted; (xl) in heading no 7329-(1) in sub-beading no (1)(1), for the entry in column (3), the entry "100%" sball 35 be substltutedj (2) in sub-beadtdg no (1)(11) for the entry tn column (3), the entry ''801'' shall be substituted, (xl;) in headtna' no 73 $0, for the entry id column (3) the _try ''8o'f,'' sball be aubauaaedj 40 (xl;;) in h_an no 7331, for the _ry in column (3), tbe -trr ''1001'' sball be substltutedl (:dii) in heading no 7332, for the eiltry in column (3), the entry ''100%'' shall be substituted; (xl;") iii sub-beadldg no (1) of beading no 7333/40, for the adtry in colujdd (3), tile eatry ''150%'' shall be substituted; (xl,,) in heedfng no 76 01, -5 (1) in ilub-headldg no (1) for the eatry in column (3), the eatry ''801'' shall be subllututed, (2) in aub-headtdg no (2), for the entry tn colujdd (3), the adtry ''80%'' shall be iubsututed; (xlvi) in beading no 7602, for the entry in column (3), the adtry ''100%'' shall 10 be substituted; (xlflii) in 8ilb-beadlnc no (1) of readlng no 7603/04, for the eatry in column (3), the eatry ''100'f," shall be subat1tuted; (xhmi)i in jleadldi no 7605, for the edtry in column (3) the entry ''1001'' sball be aub8tltutedl 15 (xlix) in beading no 7606/07, for the entry tn column (3), the entry ''1001'' aball be 8ilbsututed; (l) in hading no 76 ob/18, for the eatry in column (3), the entry "100%" shall be aubstltuted; (ii) tn beading no 7801,-20 (1) iii sab-headtlll no (i), for the entry tn column (3), the entry ''1001'' shall be aubstttuted; (2) in ub-headlng no (2) for the entry tn column (3), the entry ''100%'' shall be aubsututed; (lii) in beadlng no 7802/08 for the entry in column (3), the entry ''1o()ll,'' aball 25 be aubstttuteda (1m) in heedfng no 71 01, -(1) in aub-headlng no (i), for the adtry tn column (3), the entry ''1001'' shall be aabatttuteda (2) in sub-beadidg no (2), for the entry in column (3), the 8iltry ''1001'' shall 30 be aabat1, (ii,,) in beading no 7902, for tbe entry in oolumn (3), the entry ''100%'' sball be aubaublted, (lv) in bedng no 7103, for the entry tn oohmm (3), the entry ''1001'' shall be aubeutlitecb· 35 (itji) in jim"', no ·7804/08, for the ar, tn oolludd (3), the _try ''1001'' hall be auhtttutecll (lfiii) in __ he", no (2) of bee"'di no mll, lor thetry iii 0011lbld (3), the uy ''1001'' aball be  ututeda (lfiiii) i in b" no m12, for  try iii 0011lllul (i), the atry ''1001'' shall 40  meda (/ix) in sub-heading no (1) of headtdg no 8416 for the _try in ooludid (3) the entry "10(}%" shall be substituted; (ix) in sub-heading no (5) of headlng no 8518/27 for the entry in column (3) the entry ''100%'' shall be aubatttute&  5headldg no sub-headlnl no -d descripuoil of article rate of duty standard preferetla1 areas durauon wiled rates of duty are protective 10 (1) (2) (3) (4) (5) in the firat scbedule to the customs taruf act in heacflng no 2901/45 after sub-beadtng no (22) the following sub-beadtdg shall be inserted, name1y:-'~23) terepbthallc acid 150% "   l see section 54 (ai ]  part 1in the firt schedule to the central excises act -(,) in item no4, udder "11 manufactured tobacco _if for the entry in tile third colwnn apidbt sub-item (2) the entry ''four hundred add forty ~ees per thousaad or three hundred per cent tid aalorem plus twenty rupee per thousand whichever 18 higher " shall be substituted; (ii) in item no 18 for the entrle in the third column aaalnst ub-items j (ii), d(i) (ti) and ii (i) (b), the entries if ten rupees per wogram " ''ninety-five rupees 10 per idiogram "add ''one hundred and five rupees per idiogram "shall, respectively be substituted; (iii) in item no 68 for the entry in tbe third column the entry ''ten per cent tid aalorem  shall be subetttutod 15  part ditem no descrlpuon of goala rate of duty _____ _ ~(1~) ____________________ ~ « 3) in the nrst scbedule to the central bkcls88 act,-20 (i) for item no id, the following item shall be substituted namely:-| "ld                     | ada          | ted                       | wa            | tebs wljetheb or    ||--------------------------|--------------|---------------------------|---------------|----------------------|| not flavoured            |              |                           |               |                      || or                       | sweetened    | and                       |               |                      || whether                  | or           | not containinoveoetable   |               |                      || at                       |              |                           |               |                      || fruit                    | juice or     | fruit                     | pulp-         |                      || (i)                      |              |                           |               |                      || aerated                  | waters       |                           |               |                      || whi~b                    |              |                           |               |                      || are                      | anly charged | 35                        |               |                      || with carbon dioxide gas | udder        | pres8ure                  |               |                      || and                      |              |                           |               |                      || which contain            | no           | oller                     |               |                      || added                    |              |                           |               |                      || 1ngred1ent-              |              |                           |               |                      || (a)                      |              |                           |               |                      || for eacb                 | \i11t        | cantainer cantain1ng      | twenty pai8e |                      || 200                      | mlll1utres   | or                        | leas          |                      || (b)                      |              |                           |               |                      || for                      | each         | unit cantainer conta1n1ng |               |                      || twenty pal8e             |              |                           |               |                      || plus                     |              |                           |               |                      || ten                      | paie        | for                       |               |                      || 30                       |              |                           |               |                      || more                     | tblldi       |                           |               |                      || 200                      |              |                           |               |                      || m1uiutres                | every        | 100                       | mllul1tres    | or                   || thereof                  |              |                           |               |                      || in                       |              |                           |               |                      || exce8                   |              |                           |               |                      || of                       |              |                           |               |                      || 200                      | mll1111trel |                           |               |                      || (e)                      |              |                           |               |                      || others                   |              |                           |               |                      || forty                    | per          | cent                     |               |                      || tid                      |              |                           |               |                      || valorem                 |              |                           |               |                      |(2) aerated waters other than thole falung under 8ub-ltem (1) -35  (a) for eacb unit cantainer containing 81_ paih •• 200 m1ullitre or le8 (b) for eaob unit container oontaldinl 8lxty paih plus thirty pal  for mon  200 mlwlitrel eyery 100 mlwlltre or lraouon  ~ •• reol iii exoeu of 200 mlluutre8 - fo (e) adler 8lxty per cent tid fifilorem ";  description ~f goo~d_s _________ r_ate~o::_:f:_du--'ty'----- (2) (3)6 (ii) in item no 16, for sub-item i, the followidgsub-item shall be substituted dameln-'to (1) tyres for motor vehicles; aad tyres for vehicles or equlpments d_1ped for use oft the road -| twenty-ttve    | per               | oent     ||----------------|-------------------|-----------|| ad             | fhllorem         |           || 10             |                   |           || (a)            |                   |           || tyres          |                   |           || for            | two-wheeled motor |           || vebicles      | namely           | soooters || cycles,        | mopeds            |           || l1li           |                   |           || auto-cycles    |                   |           || (b)            |                   |           || other          |                 |           || 8txty          |                   |           || per            | cent             |           || ad             |                   |           || fhllo~",      |                   |           || twenty-five    | per               |           || cent          |                   |           || arf            |                   |           || fhllo~",      |                   |           |(2) tyres for tractors including agricultural tractors 15 (3) tyres for trailers -| twenty-five    | per    | cent    ||----------------|--------|----------|| ad             |        |          || f1tllo~",     |        |          || (a '           |        |          || of             | sizes | namely  || 900-16       |        |          || sixty          |        |          || per            | cent  |          || ad             |        |          || 'f1tilo~m     |        |          || j              |        |          || (b)            |        |          || otber          |      |          |(iii) in item no 17-20 (a) for sub-items (1) and(2) the following 8ub-ltem shall be substituted namely:-| ten          | per    | cent    ||--------------|--------|----------|| ad           |        |          || fhllo~",     |        |          || plus         |        |          || two          |        |          || thousand and |        |          || flve hundred |        |          || rupees       | per    | metric   || 25           |        |          |"(1) paper and paper boardj (including paper or paper boards wbicb bave been subjected to various treatments sucb as coaung imprepating corrugation crepine and design printing) not elsewhere specifted (h)8ub-items (3) and (4) sball be renumbered as sub-items (2) and () 3 0 respectively; (iv) in item no 23 for sub-item (1) the following sub-item shall be substituted namely:-two bulldred iiii ftfty r~  per metric tonne "; 35 "(1) grey portland cement (incllllidg ordinary portland cement portlandpozzolana cement and portland slag cement) masonry cement rapid hardening cement, low heat oement and waterproof o,drophoblc) oement (v) in item no 30, for sub-item d, the 40 following ~item shall be 8ubstituted, namely:-'no parts of electric motora(idclllllq dlecut rotors) | deecrtptton    ||----------------|| pod!           || tam           || no            |(oi) ill item no 31 1ii1ii  ''i motor ve1dcje-'~ for •• bem (2) the fodowidg bub-item hall be ilubmltated d31de1y:-''(2) motor vehicle of  aapactty dot  2500 cubic c8ditmetre8-(i) motorve1dale with bady-(ii) _loon car i'1ve per oeot lid viilore", plru   tilouladd rupee_ per oar 10 (b) o&iler twalty-ftve per cent tid n1ompf 'l1drty per oeat lid viilore", ': (ii) other motor vlblal •• (1jlcl1lllldl cia  1a wtaeaer or dot wuh cab) d_artptapg of ijoods u) item no 5 u) rate 01 ctity uj ld the p1rst 8cbedule to tile cedtral exala act,-(i) for item no 25, tile tollowin,item &ban be sub8tttuted, name1y:-'25 1 mon and steel, and products tbdboi' till: following,naiibly-sevty rupeea per metric to  (1) pigtroa cut !rod lull apt  l __ in plp, blocb, lams- and atmila- fordl8; aad malted irod (2) l'erro-auoyb 1'ad per cent ad fitikmm (j) waste add scrap 15 (i) of iron sveaty rupeea per metric toade (ii) ot teel (4) aaot lull angular grit whether or 20 dot graded; iiild wire peiled (i) of iron 8evedty rupeea per metric toane (;;)ot ateel teaper 08dt tid fjtilampi 25 (5) iron or ateel powders; epoilp iron or steel (~) pwlllial bara puidp jd  b100b lumps aad stmuar forma oitron or steel seventy rupeea per metric toade ii) puddled bars add p111ncs of iron 30 three huadred add ilfty npe  per metric toiae (ii) id10d blocb lumpe add aimuar forma 01 steel (iii) dot ela_here apeouled '!'bree huadred aad fifty rape  per metric todde (1) llooma, billetll, al'" add aheet ban (1ncl1dinl t1dp1ate bare) add hoe bare 35 (i) of tron (ii) of steel three huadred lull fifty r-per metric tonne three hared aad my r-per metric toane 40 (/1) piecea rouably ahaped by rollin, or torpiai oitrcn or ateel, not elnwbere apealfw rate of cllty (3) descrlption of goods (2) item no £1) 5 (9) bars (inoluung fiats) and rods (incluung wire reds) of iron or steel, rolled, forpld extruded) formed flnished whether in straight lengths or in coils, hollow mining drlll steel (i) flats (ii) others one thousand three hundred and 10 flfty res per metrlo tonne three h1dlred and flity rupees per metric tonne (10) railway track construction material, the following: 15 rails, sleepers and sleeper bars three hundred and fifty rupees per metric tonne three hundred and fifty rupees per metric tonne 20 (11) angles, shapes and secuods of irr)1 or steel not elsewhere specifled, other tbaa slotted angies and slotted channels, rolled forged extnaded, formed flnished, sheet plllng of iron or steel whether or not drllled, punched or made from assembled elements, (12) hoops strips and skelp ociron or steel, wbetber ,alvanised or not one thousand three hundred and 25 fifty rupees per metric tonne (i) hoops and strips (ii) skelp 30 35 (11) coils for rero1l1ng, sheets plate:>, and universal plates f1 iron or steel, bot or oold-rolled, whether galvanised or not; forms sum as ridges channels (other than slotted channels), raln-water pipes and their mungs made from sbeets, plates, or liliversa) plates; and tin plate and tinned" lacquered or varnished sbeets includinl un tagers and cuttings of such plates, shee& or tagprs -ci) p!vanised aheeta plates and forms 40 one thousand three htlldred am flfty res per metric tolld6 one thousand seven bundred and fifty ~s per metric tonne (ii) tin plate and unned sheets inchding un taaers and cutunp of such plates, _eats 01' tagers one thousand two hundred and fifty r~es per metric tonne 45 (iii) laoquered libeets, varnlsbed 1ileet in011111 catunp of lacquered iheats and varnished sbeeta (;,) ohrs one thousand three hareel and flity rupees per metric tome three b1ddred and fifty rupee per (14) iron en· steel wire, whether or aot coated but not insulated metric trnme 60 (3) item no description of goods rate of 4lty ll) <2) 5 (15) tubes and pipes add blanks therefor ri iron or steel rolled forged spun cut drawn annealed welded or extrwied one thousand "''s per metric tonne, plus tbe excise duty for the time being leviable on pig ircll or steel1ngots u the cue may be (16) cuungs ollrcll or steel not otherwise specified 10 (i) ri iron (;;) of stee) seventy rupees per metric tonne seven hulldred aad fifty rupees per metric tonne explanarum  -jn tbi8 ltem-(i)"lrod'inclllles pig iron cast iron and 8plepleisen: 15 (n) "pig iron" and "cast iron" mean ferrous products containing by weight 19 per cent ~ or more of oarban and which may contain cde or more of the following elements wltbin the weight limits specified: 20 less than 15 per cent phosphorus not more than 8 per cent s11leon, not more than 8 per cent manganese, not more than 30 per cent chromium, not more than 40 per cent tungsten, and 25 an aggregate of not more than 10 per cent of other alloy elements (for example, nickel, copper, aluminium, titanium, vanadium, molybdenum) but does not include ferrous alloys mown as ''non-distorting tool steels" containing by weight 19 per cent,or more of carbon and having the characteristics of steel; (iii) "splegeleisen" means ferrous procllcts conta1n1ng, by weipt, more than 8 per cent but not more 121an 30 per cent 01 manganese and otherwise coaforming to the 8pecificaticd8 mentioned in (ii) above; 30 (iv) "ferro-alloys" means alloys of iron (other than muter alloys) which are not usefully malleable and are commonly used 811 raw mater1al1n the manufacture of ferrous metals alx! which contain, by weight separately or together: 35 more th81'l 8 per cent of suicon, or more than 30 per cent of manganese or more than 30 per cent of chromium or more than 40 per cent of tungsten, or 40 a total of more than 10 per cent of other alloy elements (aluminium titanium, vanadium copper, molybdenum, niobium or other elements, subject to a maximum content of 10 per cent 10 the case of copper), ancl which contain, by weight not leu than 4 per cent in the case of ferro-alloys containing silleon, not less than r per cent in the case of ferro-alloys containing manganese but no silicon or not jes8 than 10 per cent in other cases, of the element iron; (v) ''pllldled bars" alx! "pilings" mean products for roulng, forging or re-melting obtaidc e1ther:-45 (,) by sbingung balls of puddled iron to remove the slag arisidg during p\xidl1ng or (,i) by roughly welding together by meana of hot roll1ng, packets of scrap iron or steel or puddled iron; (vi) "ingots" mead8 products for roll1ng or forpa, obtained by caauna into mould: 50 (m) "blooms" and ''bulets'' mean semi-f1ntabed products of rectancujar section, ri a croaa-sectional area uceeding 1,225 8quare miwmetrea and of aucb dlmenaiods 121at the thickneaa exceeda one-quarter of ibe wid; (f1iii) ftalal»" ud '''beet bar (tncludidg uaplate ban)"meu mmi-fldiiihed productll of reatangular 88ct1oo, of a thiclmeu not i  thu 8 m1ll1metre fill widtl dot lea thad 150 ml1j1metres aad of bueb dlld1juaic118 tlat the tblokaee does dot exceed ooe-quarter ol the widm; (ix) "wute and crap" me8d8 wute aad acrap of iroa or teel at 0dly for 6 the recovery of metal or for u8e in the manufacture of chemicala, bat doea dot mclude lae u1l iiid odler rhiduaa; (x) 'hollow mld1d1 drdl 8teel" :means ateel hollow bara of any oi'oiis-seotloa, n1table for mildal drills, of whiob the greatest e_mal dlmeaeloa exceeds 15 m1u1metrea bat does dot exceed &0 m1lumetree and of which the creatmt idternal 10 dtmeu100 doe not exceed ode-third of the greatest exterdal d1meuiaai (xi)  lee, bapes_ ecuaa"me  products whlcb do dot bave cros-aecuoii8 in tbeform ol circle, aepenta of airoles, ovals, iaosoele triaag1es rectaacles, bexqooa, octqou or quadrnateraja with oo1y two ides paranel and the other two lde equal, aad whicil are not hollow; 16 (xii) "akejp" m88d8 bot-rolled narrow atr1p of ,ndtb dot exceedidl 800 midlmetrm with railed (square, augbtly roaad or bevelled) ed  ; (xiii) ''hoop''m  hot-rolled flat productll m reotadplar crou-ectioo of ib1dmeealea than 3 mtdimetre aad width la than 75 m1ll1metre'i (xiv) '  trtp"m  hot or cold-rolled produota, rolled approximately 1d 20 rectangular croa  eotlon of thlcjme •• unauy 10 m1lumetrea and below witb mill rolled, trimmed orbeared  and uppued in con or aa&teded call (atralaht ie",,) form but exolllles boop ud e]p; (xfi) "oo1la for re-rojl1dg"mead8 cooed emi-ftd18bed bot-rolled productb, of a reataqular _cuon dot 1_ than 15 mill1metre thick·01 a width exceeding 500 26 mnumetre aad of a wejpt dot i •• than 500 idlgp'&iu per p1ece; (xvi) '\m1veraal plateb" id8d8 prodw:ta of reotadplar houon, bot-rolled jeacthw1e in a olohd bell or 1iil1veraal mlu, of a tbtolmua exceed1111 5 milumetre bat dot exceeding 100 mllllmetre iiid of a width exoeedidil50 mtumetr81 but dot _oeedh - 1200 m1lum __ : 30 (xf1ii) ''plate'' m  a bot or oojlkoolled flat proda, roued from an maot or tab or beet bar or produced by oo1d reductloa of co1la, in rectanplar oros-_cuoo 01 t1dc1mea 5 mllumetr_ ud above bat dot exoeedingloo m1l11metres and widil 800 mmtmetru ud above, aad auppued in atrajaht leqtha; 35 (xviii) "beet" mead a bot or cclld-rolled flat product, rolled in rectaaplar aecuaa cl tb1c1me •• below 5 m1lumetrea add uppued m stralght jedctba iile width ol whim 18 at laat bundred timea the tldolmeaa add the edges are either m1ll, trimmed be&red or flame cut; 40 (xijt) 'wire" m  odd drawn products of soud seot1od of any crosa-ecuonal  of wblob do crcni-mcuou1 dtmed810n exceed 13 milumetl'ei 45 (xx) "bar (tdcllllida ndi) and rod (1dcbll1n1 wire rod)" means product of cti:i notion wldoh do not conform to the entirety of any cl the dean1u0d8 at (wi), (viii),r (xii), (xiii), (xiv), (xfi), (xvi), (xvii), (xt1iii) am (xix) above, and which bave ar •• -88cuoaa in ehiipe 01 oircl, 8ijil8dta of olreles,ovll, 180celes trllftil-, reotaalfea heup, octaaou or qumr1lateral8 with only two ide puallel aad the otbar id_ equal; (xxi) ''d  '' meua fbdabed prodlct, generally of rectangular cro  -eectloo,  roded  oaly (aqaare or llahtly rounded), of controlled contour lull of  3 m1lj1metre add ovej; width "'00 m1lltmetr and below and 8uppued in  -ptas aad mcl1ll flat bar with bulb tbat bu  w, cil one or two , cl the bude  add a wtdab of lea than 0&00 mill1metr ••• ' ; ( see sectlpd 56 ) in tbe pint 8dledule to tbe additlodal d~ of bxci8e act, -5 (i) in jlem no 4, udder "d m"flftlctured toncco-", for the  try in the tb1rd col1dld  mat ub-bem (2), the  try ''ode haadred ad stxty rupees per thouaad 01 ode h_red add tea per o8lt ad ado,",! plus ted rupees per thowuuxl, wb10heyer 18 bigber" sball be ilubetituted; (ii) in jtem no 19, forch r4  eatrie8 ill the ilud column ap1nst aub-ltema m add iv, tile entry ''the duty for the time being leviable od the bue fabric, if not already paid, plus ten per cent ad fjajorem •• " ball be wututed; 10 (iii) in item no 22, for each of the entries in tbe tidrd column ap1ut sub-ltems (3) ad (4) the entry "'!'be duty for the time be  lev1able oil the lab fabrtca, if not alretdy paid, plus ten per cent ad allomrr "lall be ub8ututal i  statement of objects and reasonsthe object of the bui is to give effect to the financial proposals of the central governmeilt for the financial year 1983-84 the notes on clauses explain the various provisions contained in the b111 no deli; pranab mukherjee tbe 28th february, 1983  president's recommendation under articles 117 and 274 of the conbtrrution of india(top! of letter no f 3(1)-b(d)/83 dated the 28th february, 1983 from sbri prldab mukherjee, minister of finance, to the secretary, lok sabba;? the president, baving beell informed of the subject matter of the proposed bill, recommends under clause (1) of aricle 117, read with clause (1) of article 274, of the constitution of itdia, the tntroel1ction of the finance bill, 1983,'" the lok sabha 2 the b111 will be tntroel1ced in the lok sabha immediately after the presentation of the budget on the 28th february, 1983  notes on clausesclause 2, read with the first schedule to the b1ll, seekp to prescribe the rates at which income-tax (including surcharge thereon) is to be levied on income chargeable to tax for the assessment year 1983-84 further, it lays down the rates at which tax is to be deducted at source during the financial year 1983- 84 from incomes subject to such deduction under the income-tax act; and the rates at which "advance taxi/is to be paid and tax is to be calculated and charged in special cases for the financial year 1983-84 rates of income-tax for the assessment year 1983-84 - part i of the first schedule to the jjill specifies the rates of income-tax (including surcharge) on income liable to tax for the assessment year 1983-84 these rates are the same as those specified in part m of the first schedule to the finance act, 1982 for the purposes of deduction of tax at source from "salaries" and for computation of "advance tax" payable during the financial year 1982-83 rates for deduction of tax at source during the financial year 1983-84 from income other than "salaries " - part n of the first schedule to the bill specifies the rates at which income-tax (inchjding surcharge where applicable) is to be deducted at source during the financial year 1983-84 from incomes other than ''salaries'' and retirement annuities under section 80e(9) of the income-tax act the rates specified in this part for deduction of tax at source are the same as those specified in part n of the first schedule to the finance act, 1982 for the purposes of deduction of tax at source during the financial year 1982-83, with certain modifications in the case of incomes by way of winnings from lotteries and crossword puzzles, and winnings from horse races payable to resident recipients (other than a company) during the financial year 1983-84, tax will be deducted at the rate of 3375 per cent(made up of basic income-tax of 30 per cent and surcharge of 375 per cent) as against 33 per centduring 1982-83 in the case of incomes by way of interest on certain securities (not being interest on tax-free securities) and dividends payable to resh~nt recipients (other than a company) eluring the financial year 1983-84, tax wul be deductible at the rate of 225 per cent (made up of basic income-tax of 20 per cent and surcharge of 25 per cent~ as against 22 per centcurlng 19112-113 in the case of "investment income" and ''long-term capital gains ii derived by a "non-resident indian" during the financial year 1983-84, tax will be deductible at the rate of 225 per cent(made up of incometax of 20 per cent and surcharge of 25 per cellt) in the case of interest on taxfree securities payable to a non-corporate non-resident, the rate of deduction will be 16875 percent (made up of income-tax of 15 per cent and surcharge of 1 875 per cent ) as against 165 per cent during 1982- 83 in the case of other incomes of non-corporate non-residents during the financial year 1983-84, tax will be deductibl at the minimum rate of 33 75 per cent (made up of income-tax of 30 per cent and surcharge of 375 per cent ) as against 33 per cent in 1982-83 in the case of income by way of interest other than ''interest on securities" payable to a domestic company during the financial year 1983-84, tax will be deductible at the rate of 21 per cent (made up of income-tax of 20 per cent and surcharge of 1 per cent) in the case of any other income (excluding interest payable on a tax-free security) payable to a domestic company during the flnancial year 1983-84, tax will be deductible at the rate of 22575 per cent (made up of income-tax of 215 per cent and surchargp of 1076 per cent) as against 22 per cent in 1982-83 in the case of income by way of interest payable to a foreign company by government or an indian concern on moneys borrowed or debt incurred by government or the indian concern in foreign currency, tax will be deductible at the rate of 25 per cent in the case of income by way of royalty payable to a foreign company by government or an indian concern in pursuance of an agreement made by it with tbe government or the indian concern and approved by the central government before 1st april, 1976, tax will be deductible at the rate of 525 per cent (made up of income-tax of 50 per cedt and lurcharge of 25 per cent,) as against 5125 per cent in 1982-83 in the case of income by way of fees for'technlcal services payable to a foreign company by government or an indian concern in pursuance of an agreement made by it with government or the indian concern and approved by the central government before 18t april, 1976, tax wlll be deductible at the rate of 525 per cent (made up of income-tax of 50 per cent and surcharge of 25 per catu ae agalnlt 5125 per cent in 1982-83 further, in the cue of income by way of lnterest payable on a tax-free security to a foreign coapany cllrlng the financial y~ar 1983-84, tax will be detilotlble at the rate of 41 2 pel' cent (made up of income-tax of 44 per oent and surcharge of 22 pel' cent) as against 451 per cent in 1982-83lnthe case of any other income payable to a forelp company during the financlal year 19r3-84, tax wul be deductible at the rate of '13 is per cent (made up of lncome-tax of 70 pel' cent and surcharge of 35 per cent) as against 7175 per oent in 1982-83  ratas for daduqt;lop of tax at sowco from 'lnjerios" and rotiromgpt ,oouitios, compytat1on of "adva,pa, tax" add cbarlfag of income-tax in special cuis dwing the fip'pgtal year 1983-84:part m of the first schedule to the b1ll specifies the rates at which income-tax (including surcharge) 18 to be deducted at source from ''salaries'' and retirement annuities referred to in section 80e(9) of the income-tax act and also the rates at which "advance tax" is to be paid and income-tax is to be calculated or charged in special cabes for the financial year 1983-84 these rates are the same as those specified in part i of the first schedule to the btll for the a8be8s-ment of incomes liable to tax for the as8essment year 1983-84 except for the fouowint mod1fioations:-(1) in the case of 1nd1vidua18, hindu undivided famutes, unregtatered firms, eto, the inl'odle'tax (excluding surcharge) on the 8lab of income of rs1s, 001- rs2s, 000 at pre88dt is 30 per cmt the income in the slab of rs 25,001 -rs30, 000 i8 oharged to tax at 34 per cent the inoome slab of rti1s 001 -rs25oo0 18 proposed to be split into two 8lab8 of rs1s 001 -rs20000 and rs20001 -rs25,ooo the rate of tax applicable to income slab of rs1s, 001 -rs20, 000 ww be 25 per ooatand the rate of tax appucable to income slab of rs20, 001 -rs25 000 wul be 30 per cent the rate of income-tax applicable to income 8lab of rs25 001 -rs 30 000 will be 35 per oent (11) in the case of domestic companies in which the public are sub8tantlally lntere8ted incometax (excluding surcharge) payable by them wtll be calculated at 55 per cent in all cases in the ca8e of domestic companies which are not companies in which the public are subatantlal)y tntereetad and are industrial companies, income-tax payable w1ll be calculated at 60 per oent-in all cases for wi purpose, companies engaged in the carriage of passengers or goods by road or inland waterways or in the execution of projects for,con8truction of buildings road8 dams bridges, etc" w1ll alao be regarded as industrial companies ~11) the rate of surcharge on income-tax in the case of all non-corporate as8ess88s is proposed to be increased from 10 per cent to 125 per cent of such income-tax (iv) the rate of surcharge on lncome-tax in tho case of all categorie8 of oompanies is proposed to be increased from 25 per cent to 5 per cent of such income-tax companies will however have t\e option of making a deposit with the incllatrial development blink of indla (under a soheme to be notified by the central government) in lieu of payment of one-half of such surcharge'  clause 3 seeks to amend section 2 of the income-tax act8ub-clauae (a) seeks to amend clauee (15) of the said section relating to the definition of the term "charitable purpose" this amendment is consequential to the amendment made by 8ub-clause 41» of clause 6 of the btll whereunder profits and rains of business would be chargeable to tax in the cam of all charitable or religious trusts and institutions this ameadmalt will take etject from 1st april, 1984 and w1ll accordingly apply in relation to the usessmeat year 1984-85 and 8ubsequent uses8ment years  8ub-clauae (b) seeks to amend clause (18) of section 2 of the income-tax actunder the proposed amendment a company whose shares are not usted in a recognised 8tockexchange in india in accordance with the securities contracts (regulation) act 1956 and any rules made thereunder wid not be treated as a company in which the public are sub8tantially interested unles8 the 8hares in the company (not be1rc 8hares entitled to ii fixed rate of dlvtdakl whether with or without a further rilbt to participate in profits) carrying not le88 than fifty per cent of the voting power have been allotted udcondltiolullly to, or acquired udoondit1onauy by, and were throughout the relevant prevlou8 year beneficially held by -(b) a corporation estabushed by a central, state or provincial act or (c) any company to which the clause applies or any subskljary compey of such company if the whole of the share capital of such subsidiary company baa been beld by tbe parent cpmpany or by its nominees throughout the prevlo\lb year the proposed modification will, however, not apply in relation to the followldg categories of companies (i) a company owned by the government or the reserve bank of iddjio or in wh1ch not 1es than forty per cent of the shares are held (whether singly or taken together) bl' the government or the reserve bank of india or a corporation owned by that bank; (ll) a company which is regiatered under section 25 of the companies act, 1956; (ui) a company having no share capital, which is declared by the central board of direct taxea tc be a company in which the public are substantially interested these companies wul continue to be regarded as companies in which the public are substaat1ally interested these amendments will take effect from 2nd april, 1983 clause 4 seeks to amend section 9 of the inoome-tax act relating to 1ncome deemed to accrue or arise in india under the propo8ed amendment in sub-clause (a), no income w1ll be deemed to accrue or ariee in india to a non-resident engaged in the business of running a news agency or of publi8hidg nftspapers, magazines or journals from activities confined to collection of news and views in india for transmission out of india the proposed amendment will apply retrospectively from 1st aprll, 1982', that is to say the date of commeocement of the income-tax act 1961 sub-cllus (b) lleeks to amend clause (ll) of 1lub-liection (1) of section 9 of the income-taxact the ixplagatlon proposed to be added to this clause seeks to clarify that income chargeable uncter the bead ''sal 18" ar s payable for service renc:'ered in india shall be regarded as income earned id india the proposed amendment w1ll take effect from 1st april, 1979 clause 5 seeks to amend section 10 of tho income-tax act relating to incomes not included in the total income sub-clause (a) seeks to insert a new c1auae (sa) in this section the new clause provides that the amo\mt of tax paid by government or an indian concern on behau of a foreign oompany in respect of royalty or fees for technical services paid under agreements approved by the central government will not be ldo1uded in computing the tdtallacome of the foreign campll!ly this amendment will take effect from 1st april, 19a4 sub-clause (b) seeks to amen(l clause (10) of this section under the existing provlalo  any death-cwn-retirement gratuity received under the revtsed pensloa rules of the central government or the central civil services (pension) rules, 1972 or under any other similar ecbemes appl1cable to government employees or to the employees of a local authority is fully exempt from iacome-tax any gratuity received under tho payment of gratuity act 1972 is exempt from income-tax to the extent it does not exceed the amount calculated in accordance with the provisions of sub- sections (2) and (3) of section 4 of that act as regards other gratuities, the exemption from income-tax is restricted to the amount calculated at half month's salary for each year of completed service arrived at on the basis of the average salary for the three years immediately preceding the year in which the gratuity is paid subject to a maximum of rs 30,000 or 20 montha' salary 80 calculated, whichever is less where gratuity is received by an employee from two or more employer8 in the same year, the maximum amount of gratuity exompt from tax is ra 30, 000 in c&8e8 where an employee who has received any gratuity in any earlier year from hi former employer or employers receives gratuity from his present employer in a later year, the aforesaid limit of rs so, 000 is reduced by the amount of gratuity which has been exempt in any earlier year the aforesaid limits of rs 30, 000 on the amounts of gratuity that w1ll be exempt from payment of incometax have been provided to secure that the amount of gratuity that wlll be 80 exempt does not exceed the death-cum-retirement gratuity payable to the employees of the central government the ceiling on the maximum amount of death-cum-retirement gratuity payable to the employees of the central government undet' the central civil services (pension) rules, 1972 has been raised from rs 30,000 to rs 36,000 in relation to persons becoming eligible for payment of death-cum-retirement gratuity on or after 31st january, 1982 item (1) of this sub-clause, accordingly, seeks to raise the exemption limit for payment of income-tax on the amount of gratuity from rs 30,000 to rs 36,000 item (11) of this sub-clause seeks to empower the central government to increase the umit of exemption of rs 36,000 to a higher amount by notulcation in the official gazette baving regard to any increase in the maximum amount of gratuity exempt in the case of government servants and to provide that the exemption limit of rs 30,000 will continue to apply in cases where the event on which gratuity is received takes place before the 31st january, 1982 these amendments will take effect retrospecttvely from 1st april, 1982 and will accordingly apply in relation to the assessment year 1982-83 and subsequent years  sub-cjause (c) seeks to amend clause (15) of section 10 of the income-tax actunder the proposed amendment in item (1), e'll:emption from income-tax in respect of interest on specified capital investment bonds w1ll be avallable only to lr¥fividuals and hindu wdivided families  item (11) of this sub-clause seeks to amend sub-clause (iv) of this clauseunder the existing provisions of item (a) of the said sub-clause (iv), interest payable by government or a local authority on moneys borrowed from sources outside india is exempt from tax under the proposed amendment to this item, exemption from tax will be available in respect of interest payable by govel'nment or a local authority on debts incurred by it outside india under the existing provisions of item (c) of the said sub-clause (iv), interest payable by an industrial undertaking in india on moneys borrowed by it or debts incurred outside india in respect of purchase outside india of raw materials or capital plant and machinery is exempt from tax to the extent the interest does not exceed th~ amount calculated at the rate approved by the central government for the purposes of this provision under the proposed amendment to this item, exemption from tax will be available in respect of moneys borrowed or debts incurred in a foreign country for purchase of any components under another amendment to this item, purchase of capital plant and machinery will include the pdrchase of such capital plant and machinery under a hire-purchase agreement or a lease agreement with an option to purchase such plant and machinery under the existing provisions of item (d) of the sald bub-clause (tv), interest payable by the industrial - finance corporation of india, the industrial development bank of india and the industrial credit and investment corporation of india on moneys borrowed by them from sources outside india is exempt (rom · tax to the extent to which the interest does not exceed the amount calculated at the rate approved by the - central government for the purposes of this provision under the proposed amendment exemption from tax will also be available in respect of interest payable by the export-import bank of india a new item (g) is proposed to be inserted in the said sub-clause (tv) to provide for exemption from - tax in respect of interest payable by a public company formed and registered in india with the main object of carrying on the buslness'of providing long-term finance for construction or purchase of i houae in india for reldentlal purpoeea on any moneya borrowed by it in foreign currency from - sources outside india under a loan agreement approved by the central government this exemption will be available to the extent to which such interest does not exceed the amount of interest calculated at the rate approved by the central government in this behalf, having regard to the terms of the loan and its repayment the exemption will apply if the company has been approved by the central government for the purposes of section 36(1)(vlil) of the income-tax act the above amendments wlll take effect from 1st aprll, 1983 sub-clause (d) seeks to amend clause (21) under the existing provisions, income of approved scientific research associations is exempt from income-tax under the proposed amendment, exemption under this provision will not be available if any sums by way of contributions received by the association are invested or deposited by it after 28th february, 1983 otherwise than in anyone or more of the forms or modes specified in subsection (5) proposed to be inserted in section 11 of the income-tax act by clause 6 of the bul exemption under this provision will also be denied in cases where any funds of the institution invested or deposited before 1st march, 1983, otherwise than in anyone or more of the forms or modes referred to above, continue to remain so invested or deposited after 30th november, 1983 such associatillt! will also forfeit exemption from tax if it holds after 30th november, 1983 shares in any company other than a government company or a statutory corporation sub-clause (e) seeks to amend clause (23c) under the existing provisions, income derived by charitable or religious trusts, institutions and funds, which are notified by the central government under this provision, is exempt from income-tax the proposed amendment seeks to provide that this exemption shall not apply in relation to the profits and gains of any business carried on by such trust, institution, etc, or profits derived by them from any business undertaking held under trust these amendments will take effect from 1st april, 1984 sub-clause (f) seeks to amend clause (26a) item (i) seeks to extend the exemption from income-tax in the case of resicients of the district of ladakh for a further period of three years, i e for the assessment years 19r3-r4 to 1985-a6 this amendment shall take effect from 1st aprll, 1983 item (li) seeks to clarify that the district of uidakh will include all the areas comprised in that district on 30th june, 1979, being the date immediately preceding the date on which the said district was bifurcated this amendment will take effect retrospectlvely from 1st april, 19ro clause 6 seeks to amend section 11 of the income-tax act sub-clause (a) of this clause seeks to insert a new clause (b) in sub-section (2) which provides for the investment or deposit of the moneys accumulated or set apart by charitable or religious trusts in the forms or modes specified in the new sub-section (5) proposed to be inserted by subclause (c) of this clause this amendment will take effect from 1st april, 19r3 sub-clause (b) substitutes a new sub-section (4) in this section the new sub-section provides that the provisions relating to exemption of income, accumulation and application of income for charitable purposes, etc , will not apply in relation to profits and gains of any oosiness this amendment will take effect from the 1st april, 19r4 and wtll, accordingly, apply in relation to the assessment year 19r4-r5 and subsequent years sub-clause (c) seeks to insert a new sub-section (5) which provides for the forms and modes of investing or depositing moneys accumulated or set apart by such trusts these forms and modes are broadly the same as those specified in clause (a) of sub-section (5) of section 13 of the incometax act the libt of specified forms and modes as contained in the existing provisions in the inc~me-tax act has been enlarged to include deposits with certain approved financial corporations and de~slt8 with or investment in bonds issued by approved pubuc companies engaged in providing long-term fmance for construction or purchase of houses in india for residential purposes this amendment will take effect from 1st april, 1983 clause 7 seeks to amend section 13 of the income-tax act sub-clause (a) seeks to amend sub-section (1) of section 13 item (1) of this sub-clauselseeks to omll clause (bb) of sub-section (1) of this section this amendment is consequential to the proposed{ subbttutlon of sub-section (4) of section 11 of the act by clause 6 of the bill which pro'lides that pro its and ;&tns of business will not be exempt in the case of charitable or religious trusts and institutions this amendment wtll take effect from 1st apru, 19m an" wlll acoordtdgly apply in relation to the usessment year 19r4-85 and subsequent yean item (u) seeks to substitute clause (d) the propoeed amendment provides for the forfeiture of exemption from inoome-tax in the case of charitable or rel1llous trusts and institutions in cases where they invest or depostt their funds after the 28th february, 1983 otberwise than in the forms and modes specified in new sub-section (5) of section 11 exemption from income-tax wlll also be forfeited if mnds inveeted before lst march, 1983 continue to remain invested or depoalted in forms or modes whicb do not conform to the proposed new pattern of investment further, trusts and institutions whicb hold sbarell in companies (other than government companies or statutory corporations) after the 30tb november, 1983 wul also forfett exemption from income-tax &lch trusts and institutiods will, however be allowed to hold shares in eas88 where such shares constituted the original corpus of tbe trust or institution as on 1st june, 1973 or where such shares were allotted by way of bonus before the said date compllance with the proposed new pattern of investment wlll not be mandatory for trusts and instltutloll8 whos only source of income codsi sts of profits and p1na of business sub-clauses (b) and (c) seek to amend sub-sectloll (2) and sub-sectiod (4) of that section and are clartfloatory in nature sub-clause (d) seeks to omit sub-sections (5) add (6) this amellcllmdt is cooaequaaual to insertion of sub-secuon (5) in section 11 of th income-tax act by clad" 6 of the blll these amendments will take effect from 1st april 1983 clause 8 seeks to make an amendment in clause (1) of section 18 of the income-tax act relating to standard deduction in the case of salaried as88ss88s under tbe existing provisions, a standard deduction is granted to salaried as88sse88 at a udlform rate of twenty-five per cent of the alary subject to a maximum of ra 5,000 under the proposed amendment, the standard deduction will be allowed at the rate of twenty-five per cent of the salary subject to an enhanced celling of rs 6000 this amendmajt wlll take effect from 1st april, 1984, and wlll accordingly apply in relation to the assessment year 1984-85 and subeequ_t years clause 9 seeks to amend section 24 of the income-tax act relating to deductions from income from bouse property under the proposed amendment, interest payable by an asses888 in respect of funds borrowed for tbe acquisition or construction of house property and pertaining to the period prior to the previous year in whicb such property bas been acquired or constructed shall be deducted in flve equal annual instalments commencing from the previous year in wbicb the bouse was acquired or constructed the amount of interest so deductible sball not include any amount of such lnterest allowed as a deduction under any otber provision of tbe act th18 amendment wul take effect from the 1st april, 1984 and will accordingly apply in relatlon to the asaesament year 1984-85 and subeequent years clause 10 seeks to make certain amendments in section 32 of the income-tax act relating to deduction in respect of depreciation of buildings, machinery, plant or furniture owned by the assesaee and used for the purposes of the business or profession under the proposed amendment in sub-clause (a), the monetary llmit on full deduction in respect of items of machinery or plant of small value wlll be raised from rs 750 to rs 6, 000 under the amendment in 8ub-clause (b), it i8 proposed to secure that tbe initial depreciation at 40 per cent of the actual cost of the building used for the purpose of residence of low-paid employees or for their welfare activities will be deducted in determining the written down value of tbe bullding for the purposes of computlng the amount of depreciation admissible in respect of such buildings in 8ubaequenl years  the amendment in sub-clause (c) similarly seeks to secure that the initial depreciation at twentyfive per cent of the actual c08t or the buudlng owned by an indian company and used by sucb oompany as an aijproved hotel is alao deducted in determining the written down value of the buudlnl for the purpo  s of calculating the amount of depreciation admissible in respect of such bulldlnlln subhqu_t ,ra the aforsaid amendments wlll take effect from 1st april 1984 and will accordingly apply in relation to the assessment year 1984-85 and subsequent years clause 11 seeks to amend section 32aof the income-tax act relating to investment allowance under sub-clause (a)(o investment allowance wlll be admluible in respect of new machinery and plant installed after 31st march 1983 but before 1st april, 1988 for the purposes of lbe busines of repair to ocean-going vessels or other powered craft if the business is carried on by an indian company and such businss is for the time being approved by the central government this amendment will take ffect from 1st april, 1984 and will accordingly apply in relation to the assessment year 1984-85 and subsequent years sub-clauae (a)(ti) makes a clarifleatory amendment from the 1st june 1983 under sub-olaue (b) wblob eeek8 to insert a new sub-acuon (2c), tbe us  will be enutled to investment aljow8dc8 at the rate of thlrty-ftve per cent of the aot1al oost of sucb maclwlry or plant wbloh would usiat in control of pollution or proteouon of environment aad notuled by the central govrnment if the machinery or plant is installed by the usessee in idiu8tria1 uadert:aldnp after 31st may, 1983 clause 12 seeks to amend i:tection 35 of the income-tax act relating to expenditure on scintific rsearch under the xisting provisions of sub-section (2a) an assessee is entitled to deduct one and onethird times the amount paid by him to an approved scientific research asllociation university, college or other institution to be used for scientific research under an approved prjgramme under the proposed amend,ment th aforsaid weighted deduction wul be available only in respect of sums paid with a specific direction tiult they shall not be used for the acquisition of any land or building or construction of any building thls amendment will take effect from the 1st april 1984 and w111 accordingly apply in relation to the assessment year 1984-85 and subsequent years clause 13 seeks to amend section 35b of the income-tax act relating to export markets development allowance under the existing provisions a domestic company or a resident non-corporate assessee is entitled to a weighted decutlon in the computation of the profits or gains from business in respect of expenditure (other than capital expenditure or personal expenses of the &8sessee) on certain specified activities related to export of goods s8rvices factlltles which the ass8ssee deals in or provides in the course of his business the deduction is allowed in an amount equal to one and one-third times the aggregate of expenditure incurred by the assessee during the previous year under the proposed amendment no deduction under this provision will be available in relation to expenditure incurred after 28th february 1983 this amendment w111 take effect from 1st april 1983  claue 14 seelca to amend aectlon 350 of the ldoome-tu actudder the exletlng provlalona, a company or a co-operatlve soclety wblch usn the producbl of agriculture, ildlmal huabandry or dalry or poultry farming  raw marlala or proceues such products,  eligible for a weighted deductlod of expenditure inqul'red whether directly or through an approved  sociatlon or body, in the provision of agrlculturalinputa add exten8ion services to cultivators, growers or producers of sueb product to an amount equal to ode and one-ftftb tim_ the amount of the quallfylng expenditure the proposed amendment seeks to restrict the deduction to the amount of the expenditure ldcurred the ameodmeot wul take effect frcllll 18t apru, 1984, add ww accordlngjyapply in relation to the  sessmeal year 1884-85 and subeequedt yelu'll clause 15 aeeks to amend aectloa 35cc of the incclllle-tu: act relatlng to rural development a11ow&doe uader the extlltljlg provlaiodb, when a tu-payer,beljlg a company or a co-operatlve society incura any expeddlture on y prol1'lmide of rural development, a deductlon ls allowed on the amount of such expenditure incurred during the previous year provided that such programme has been approved by the prescribed authority under the proposed amendment, no deduction wlll be allowed in respect of any expenditure on any programme of rural development unless the following conditions are satlsfled namely:-(a) the approval of the prescribed authority in respect of such programme has been obtalned before 1st march, 1983 (b) such programme involves work of construction of any blllding or other strucuture or the laying of any road or constructlon or boring of a well or tube-well or the installation of any plant or machlnery and such work has commenced before 1st march, 1983 (c) in a case where the approval of the prescribed authority in respect of such programme has been granted for a speclfied period, the expenditure on such programme is incurred before the explry of that period and in any other c88e, before 1st march, 1984 (d) the tax-payer furnishes along with the return of income for the assessment year for whlch the deduction is claimed, a statement of such expenditure in the prescribed form duly signed and verified by a chartered accountant setting forth the prescribed particulars the amendment wlll take effect from 1st april, 1983 clause 16 seeks to amend section 35cca of the income-tas act relating to expenditure by way of payment to asq()clatlons and instltutlons for carrying out rural development programmes under the existing provisions, sums paid by any tax-payer carrying on buslne8s or profession to any association or instltution whlch has 88 its object the undertaklng of programmes of rural development are allowed 88 deduction in computing the taxable profits where such sums are to be used for carrying out a programme of rural development the deductlon ls allowed only if the associatlon or instltutlon and al80 the programme of rural development for whlch the sums are paid have been approved by the prescribed authorlty under the proposed amendment,the deduction wlll not be allowed in respect of any sums pald to associations or lnatltutlons aforesaid unless the tax-payer furnlahes a certificate from the 88soclatlon or institution to the effect that -(a) the programme of rural development had been approved by the prescribed authority before 1st march 1983; and (b) such programme involves work by way of construction of any bulldlng or other structure or the laying of any road or the constructlon or boring of a well or tube-well or the installation of any plant or machinery and such work has commenced before 1st march 1983 llkewlse,the deduction in respect of expenditure by way of payment of any 8um to any 88soel atlon or instltutton which has as its object the training of persons for implementlng programmes of rural development wlll not be allowed unless the tax-payer furnishes a certificate from 8uch association or instltutlon to the effect that -(a) the pre8crlbed authorlty had approved the as8oclatlon or lnstltutlon before 1st march, 1983 and (b) the tralnlng of peraol18 for implementlng any programme of rural development had been 8tarted by the assoclatlon or institution before 18t march, 1983 the certificates required to be furnished wid not be ls8ued by any association or lnatltutlon unle8s it has obtalned from the prescribed authority authorisation in wrltlng to issue certlficates of such nature under a new clause (c) proposed to be inserted in sub-section (1) payment of any sum to - ruraj development fund set up and notified by the central government in thls behalf wlll qualify for deductlon these amendments ww take euect frciid 1st aprjl 1983 clause 17 seeu to amend section 37 of the income-tax act relatlng to deductions in computing proflg and gains from bu8lneas or profslon sub-clause <a) (l) seeks to amend lub-eectlon (aa) so as to 1i8ise the monetary caulng on deduction in respect of expenditure on entertalnment to rs 5(',000 tbls amendment wlll take effect from 1st apru, 1984, and wul accordingly apply in relation to the auessment year 1984-85 sub-clause (a)(ti) seeks to add a new !!pjrpatiqp to clarity that ''enterfainment expenditure" includea expendlture on hospitality of every kind whether provided under any expreas or implled contract or custom or urge of trade, but does not include expenditure on food or beverages provided to the employees in their place of worlt this amendment will take effect retrospectively from 1st april, 1976 sub-clause (b) of this clause seeks to insert three new sub-sections (3a), (3b) and (3c) in section 37 of the income-tax act ur¥ier the proposed amendments, twenty per cent of specified expenditure (to the extent it has not beem disallowed under the other provisions of the income-tax act) shall not be allowed as deduction in computing the income by way of profits and gains of business or profession the items of expenditure in respect of which such disallowance wlll be made are expenditure on advertisement, publicity, sales promotion, travel by rau, motor-car, ship, powered craft or aircraft; running and malnteaance of aircraft and motor-cars, and payments made to hotels expenditure on advertisement, publicity and sales promotion to the extent that such exper¥ilture represents remuneration paid to employees of the assessee engaged in the said actiylties shall not be disallowed the amendment further provides that exper¥ilture on running and maintenance of aircraft or motor-cars shall inchxie the expenditure on chartering aircraft or the hire charges for engaging taxis and conveyance allowances paid to employees and directors no disallowance shall be made under the proposed provision in respect of expenditure incurred by domestic companies and resident non-corporate tax-payers on advertisement, publicity and sales promotion outside india on travelling outside india for the purposes of sales promotion and expenditure on running and maintenanoe of motor-cars in any branch, office, etc outside india in the case of an assessee engaged in the business of oper ation of aircraft or in the business of rurm-ing motor-cars od hire, expenditure incurred in respect of aircraft or motor-cars shall not be considered for dlsallowanoe these amendments w1ll take effect from 1st april, 1984 and will, accordingly, apply in relation to the assessment year 1984- 85 and subsequent years sub-clause (c) seeks to insert a new sub-section (5) in section 37 of the income-tax act the proposed amendment, which is for the removal of doubts, seeks to provide expressly that any accommodation, by whatever name called, maintained by the assessee for providing lodging or boarding and lodging to any person (including any employee or, where the 88sessee is a company, any director of, or the holder of any office in, the company) on tour or visit to the place at which such accommodation is situated, is accommodation in the nature of a guest house for the purpoll88 of the concerned sub-section this amendment will take effect retrospectively from lst april, 1979 clause 18 seeks to insert a new section 43btn the income-tax act relating to certain deductions to be allowed only on actual payment ur¥ier the proposed new section, a deduction allowable ur¥ier the act in respect of any sum,payable by the assessee by way of tax or duty under any law for the time being in force or any sum payable by him as an employer by way of contribution to any provident fund, superannuation fund, etc, shall be allowed to him only in computing the income chargeable under the head ''profits and gains of busldess or profession" of that previous year in which such sum is actually paid by him iruspecuve of the previous year in which the l1abwty to pay such sum was incurred by the asll8ssee aecontlne to the method of accounting regularly employed by him the provisions of the dew aecuon wid take affect fram lat apru, 19m, &lid ww acoordiaciy apply to the asaassment year 1984-85 add ubhquellt years clause 19 seea to amelli mcuon 44d r1 tile idcome-tax act containing special prov18iodb for computing certain inoomes in the cue of foretp compantes sub-cla'u8e (al seeke to amedd clauses (a) and (b) of this section ullier the propoaed amendment the provisions of tb1s section relating to restr1ctlon on the deduction of 8xpellbes in computing in the caaa of fore1gn companlea inoome by way of royalty or fee for technical servloes will al80 be appucable 10 cuea where luab10cciile 1& received from government sub-olause (b) leeks to insert a new claue (c) in this section ullier the new olauh (c) no deduc-uon wni be allowed in reaped of any expemiture or allowance in compuung in the cue of a lamp company income by way of interest received from government or an indian ooncern on moneyb borrowed or debt incurred by the government or the indian concern to forelp currency sub-clause (c) seeks to amend clause (d) of the explanation to this secuon this amendment is collaaquenual to the proposed amendment _der sub-clause (a) this amendment will take effect from 1st june, 1983 cia_e 20 beeks to ameud secuon me of tbe income-tax aot relating to capital gains on transfer of capital usets not to be dlarpd in certain oase8 'lbe amendment udder sub-clause (a)(l) seeks to provide tbat eum)luon udder this secuon will apply only in cuea where the tax-payer baa iilvested or deposited tbe whole (or, as the cue may be, part) of the net oonaiderauoo 10 the new asset by 1n1ua11y subscribing to the new asaet 'lbe amendment udder sub-clause (a)(l1) seeka to provide tbat in casea where tbe origlaal uaet ii traasferred after the 28th febnllry, 1983 exemption under the section w1ll be allowed 10 cases where the net couideration is 1oyted 10 notffted central goyernment aecuriues; notified spectal series of units of the unit trust of india,"noutled national rural development bonds; and noufled debenture8 isned by the housing and urban development finan corporation limited 1be ameldment udder olauae (b) seeks to provide that in a oaae where the or1pnal asset is tranaferred after the 28th february 1983 and the tax~payer invests the whole or any part of the net consideration in respect of the orillnal a!lset in any new asset, and be takes any loan 01' idvance on the security of such new uset, be sball be deemed to bave codyerted (otherwise than by transfer) ncb new asset on the dalle on wbtdlnob loan or advance 18 taken ud the amount of the cap1talgain ar1s1ng from the traaafer of the oripnal uset not charged to tax shall be deemed to be income chargeable in the year in wbidl sucb loan or advance 1& taken '11ie amendment in clause (0) prondea that exemptloa 1dier tb1a section (u proposed to be unelded) will also be &vauable lj\ cases where the orillnal  set is compul80rlly acqulred in relatlon to the additional compensation or addltional conslderatlon tn respect of sllcb assets received after 28th february, 1983 'l'bese ameadmenta will take effeet from 1st april, 1883 ctae 21 ia to amead  otion soc of the inocme-tax aot relaung to deduotlon in respect of w banru  premia, oootrlbutlgu to provident f1di, etc uader the propoeed ameadment in m-cla_e (a) r1ndu wldlv1ded 'amiue also will be entitled to cieducuon under ibis _otion in respect of the following categories of loot-term sarinp mlde by &hem oat of e1r taxable idcome:-(1) ooatribatlona to a pabuc provident fund ill u aoooudt staadidi in the aame ofldy memtler of tile iudly:_ cu) depoat - -1 in a --year or fifteen-year aoooudt standillgin the aame of any member fjl t1ie laadly aadr" poet offtoe bay •• bidk (ci8ilulauve tlme deposit) rul_ 1819 u  r  _  prepand in ub-clae (b) the udoat qa1ifjtng f"r dech,uoa in i'mp8ot of 100000term "'up in  form of ute imuranae premia, oontrlbuttou to oertain f1md, etc wid only be ~""et to a --1arj  it,  not to my oedinc by way of a peroen  at  tata1lnoca •• "  , -w, wdl be rsio800 (u at prs •• in  of an audior p1aywrlaht arta8t, _  , utor or re  ad "40000 (u at  ) ill &tie cue of otlaar tar-pa, _titled tid  rldl __ on theee amendment will come into force with etrect from 1st april 1984,aa:i wul accordinll1 apply in relation to the  ment year 1984-85 and ubaeqiumt y_ra clause 22 seeks to ammi secuon 80gg of tile income-tax act relatiac to deducuon iii respect of renta pajd umler the ex1stmg provisioaa an uses  i not enutled to the aforeeldd deducuon in cu •• where the u  she his uae or minor ch1jd or the hindu uadlvided family of which he ill a member 0wd8 any ruidenu&l accommadauon anywher under the p~ed amendment, the deduouon in rspect of reota pajd will be dnted only where the  eto owns any reaideldlal aooommadauon at the place where be ordinarily reside or performs duties of b18 offtce or employmeat or carrtes on his bulnea or prof  lon and where the resldnuai aocommadatlon owned by b1m 18 at any other place, 1! it i occupied by him for the purpoh8 of hu own rhldence thi amendment will take effect from lat april 1984 lull wul aocord1l7 apply in relauon to the u  ment yur 1984-85 aad  eqaeat year •• clauae 23 seekl to ammi aeouon 80(jg\ of the incom-tax aot relating- to deduction ill respect of certain donatlou for scieotlfto reeearcb or rural development &lb-clauae (a)  eke to sublutute the provio to clause (b) of sub-iectlon (2) of tbi sction undr the propoeed amendmnt the deducuon in rspect of sums poi to any asociation or iq8utulion for carrying out any programme of rural development or for training of perlona for implementing such programmes will be allowed only if the &lsels  produoea a certulcate from suell asloo1at1oll or inatituuon referred to in aub-aecuoil (2) or sub-section (2a) proposed to be inserted :" secuon 3scca of the income-tax act by sub-clause (b) of clause 16 of th but &lb-cla11l8 (b) _eke to insert a new clauae (d) tn aub-sectlon (2) under the propoad prorialon deduction wlll be allowed tn respect of any sum paid by an ulusee to any mjral development f1dd that may be set up and noufied by the central government for the purposes of clause (c) propoed to be inserted in sub-section (1) of secuon 35cca of the income-tax act by sub-clause <a) of clause 18 of the btll 'i'b1 amendment will take effect from 1st april 1983  clause 24 seeks to insert a new secuon 80rrc 1n the incomo-tax act relating to deduetlon in repect of export turnoverlllb-secuon (1) of the new section provide that a tax-payer being an iodiad oompany or a pej"80d (other than a company) wbo is r •• ident tn india exports out of jmlia during the previoua year any focis or merc1wldiae to which this aeouon applies wtll be allowed deducuon of an amount equal to llve per cent of the amount by whlob the export turnover of sucb good or merchandtae during"the previous year exceeds the export turnover of the goods or merchandtae during the immediately preoedlng prevlo  year &lb-secuon (2) of the new lection provide that the new secuon appues to all aoods or merchandi •• other than agricultural primary commoditie •• not being produce of plantauons; mineral all; mtoerala and ores ami suoh other goods or merchandllle as the central government may by noutlouon in the otftc1al gazette specify in thts behalf this sub-iecuon further providee that tbt oonoelsion will apply to sale proceeds of sucb goods or merchaadtae exported out of iddia as are receivable by the tax-payer in oodveruble foreign exchange &lb-ectlon (3) of the new secuan proy1des that no deducuon will be allowed wider the new section unlesl the tax-payr had during the immediately preceding previoul year exported out of ind,a goodl or mrcbaad1le tl) whicb t1l1a aecuon applies 'lbe provtalons of the new seetlon 1'1111 take auect from 1st april 1983 clause 25 seeks to ameml leetlon 80-1 of the income-tax act rlatlng to deducuoa in respect of praftts and gains from certain industrial undertakings etc under the proposed amerxlments where the groaa totalinoom of an asse8s88 beln, an indian company inclmes any prollts and gain dertved from the business of repairs to ocean-gom, vessels or other powered craft, a deducuon sball be allowed of 20 per cent of such profits in the iniual  -ment year lull each of the four suooeedin, aslessment years subject to the fulfilment of certain conditions lajd down 1n proposed new sub-•• cuon ("a) this sub-acuon provides, m!!i lui that such buainus should have commenced after ebe 31st maroh 1983 but before the lat april, 1988 and is for the time being approved by the central govrnmnt theae amendments will take effect from lat aprll, 19u and wtll accordingly apply in relatlod to the assessment year 1984-85 and subsequedt yeara clawie 26 seeks to omit, with effect from 1st april, 1984, section bou of the income-tax act, relating to deduction in respect of profits and gains from business of live-atock breeding or poultry or dairy farming the deduction will not, therefore, be available for the assessment year 1984-85 and subsequent years clause 27 seeks to omit, with effect from 1st april, 1984, section bolla of the income-tax act, relating to deduction in respect of profits and gains from business of growing muahrooms the deduction wul not, therefore, be available for the usessment year 1984:-85 and subsequent years clause 28 seeks to make two amendments to aection 80l of the income-tax act relating to deductions in respect of interest on certain securities, divideoos, etc under the first ameooment, interest on deposits with any bank, other than a banking company or a co-operative aoclety referred to in clause (vi) of sub-seetlon (1) of tbe said section which may be approved by the central government will also qualify for the exemption of income from speclfted tlnanc1a1 assets under the secor¥l amendment, the monetary ceiling for exemption of income from specified financial assets is proposed to be raised to rs 7000 from the over-au limit of rs 6000, comprising of the general exemption of rs 4000 and an additional exemption of rs 2000 in respect of interest on any government security or on bank deposits for a perla! of one year or more the proposed ameooments w1ll take effect from 1st april, 1984, and wlll accordingly apply in relation to the assessment year 1984-85 and subsequent years clause 29 seeks to omit, with effect from 1st april, 1984, section 80llm of the income-tax act, relattng to deduction in the case of an indian company in respect of royalties, etc, received from any concem in india the deduction wlll not, therefore, be available for the assessment year 1984-85 and subsequsntyears clause 30 seeks to substitute clause (b) of slid-section (2) of section bop of the income-tax act by a new clause under the existing provisions, profits derived by a primary co-operative society engaged in supplying milk raised by its members to a federal milk co-operative society, govemment:, local authority or to 0 government company or statutory corporation, engaged in supplying milk to the public are exempt from income-tax the proposed amendment seeks to extend the scope of the existing tax concession to prtmary co-operative societies whicb are engaged in the supply of oilseeds, fruits and vegetables also th!s amendment will take effect from 1st april, 1984,and w1l1 accordingly apply in relation to the assessment year 1984-85 add subsequent years clause 31 seeks to ameoo section 80b of the income-tax act relating to deductions in respect of remuneration from certain foreign sources in the case of professors, teachers, etc under the existing provisions, a deduction of 50% of remuneration received by an indian citizen from any service rendered by bim during his stay outside india in his capacity as a professor, teacber ox: researcb worker is allowa1in computing the total income of tbat person if tbe services as professor, teacher or research worker are rendered in any university or educationalinstltution establisbed outside india or in any other notified association or body established outside india the proposed amendment seeks to omit the aforesaid requirement of notification of a8sociations or bodies established outside india for the purposes of the tax concession accordingly, the deduction in respect of remuneration from foreign sources in the case of professors, teachers, etc will now be available where the services as a professor, teacher or research worker are rendered not merely in any university or other educational instintion but also to any· other association or body without the necessity of it being notlfled this amendment will take effect from 1st aprfi, 1984, and will accordingly apply in relauon to 88sessment year 1984-85 am subsequent years claue 32 aeeka to wert a new chapter vib in the income~ act relating to restriction on certain deductlod8 ld the cue of compul_ aab1ectlcm (1) of dew aectlon bow a aeeka to provide that where in the cue of companies the lip'epte  o  t of deductlom "laalble udder certain provlalona of the income-tax act paclfled id •• ab·eeotlgd (2) of that aecltiod _oeeda 70 per cent of the amount of total income computed before maklng uch deductlodl, the amount to be deducted under thole provllloaa will be restrlcted to 70 per cent of the total income  computed before maldng uoo deductlolul sub-aectlon (2) eeks to provide the deductions under the varlous provlslodl of the income-tax act for the aforesald purposes of sub-aectlon (1) these deducuodli include deduction lo reape~ of donations made to approved universltles, colleges, or other idltltutlona to be uaed for rearcb in social clences or statistical research relatlng to the clus of buslnes carried on by the  ee; capltal expen(uture on scientific research relating to the baslnes carried on by the assesee; donatlodl to approved elentlflc reearch  soelatlons, universities, colleges, or other lditltutlou to be used for selenllflc research under approved programmes, to the extent the deduction exceed the amount paid by the usea8ee: lo respect of expenditure on in-bouse clentlflc l'8iearch under approved programmes, to the extent the deduction exceeda the expenditure incurred by the  88: agricultural development allowance: rural development allowance; donations to approved asoclations or lnttltuuona for being used for approved rural development programmes or tralnlng of pel'llo" for implementing programmes of rural development: donations made to approved  oclatlou and institutions for carrylng out programmes of codlervatlon of natural resource; unabsorbed development rebate of earuer years: unabsorbed development allowance of earuer years, development allowance for the year; unabsorbed investment allowance of earlier years; investment allowuce for the year: doaatlona to certain funds, charitable tnatttutlona, etc: doaationa to approved 88soclatlona or lnatltutlons for carrylng out approved rural development programmea or tralnldg of peraods for implementing programmes of rural development: donation to approved u80elatlona or lnatltutlona for undertaking programmea of conservation of natural reaourc88; profits and gald8 from newly eatabllahed undertakings or hotel bualoeas in backward are  ; profits and galna from newly e8tabllshed small cale industrial undertaking in rural areas; profits and ,,&ina from execution of foreign projects; export turnover: proflta and galns from industrial undertaking established after 31st march, 1981: profits and gaw from newly establlahed induatrlal undertaklnp orblpi or hotel buslnes; dividends attributable to profits and galds from new industrial undertaklnp or shlp or hotel buslness; lnter-corporate dividends; dividends received from certain foreign companl, royaltle etc from certain foreign enterprises and profits and gatoll from publication of books sub-aectlon (3) seeks to provide that the deductlons speclfled in sub-aectlon (2) wlll be allowed in the order in which they appear therein sub-aection (4) seeks to provide that any deduction speelfled in sub-seetlon (2) &lid not allowed in the computation of income only because of the restriction provided in sub-aectlon (1) wtil be carrled forward and wlll be deemed to be deductlon admislble in the succeeding usesment year •• the provtao of thi8 new section will take effect from lst april 1984, and will accordingly apply m relation to as8es8ment year 1984-85 and subsequent years clause 33 seeks to omit section 89a of the income-tax act relating to tax relief in relation to export turnover this amendment will take effect from 1st april, 1983 this omission is consequential to the insertion of new section 80hhc in the income-tax act under clause 24 of the bill claus", 34 seeks to amend section 109 of the income-tax act containing definitions of certain expressions this amendment is consequential to the proposed omission of section 80mm of the income-tax act by clause 29 of the blll this amendment wul take effect from 1st april, 1984 and wul accordingly apply in relation to the assessment year 19~4-85 and subsequent years clause 35 seeks to amend section u5a of the income-tax act relating to tax on certain incomes in the case of foreign companies sub-clause (a) seeks to insert a new clause (aa) in su~sectlon (1) of this section under the n •• clause (aa), interest received by a foreign company from govemment or an indian concern od money borrowed or debt incurred by government or the indian concem in foreign currency will be aubjec  d to tax at the rate specified in thls section 8lb-01_se (b) seeka to ubstitute claue (b) of sub- ctton (1) udder the subtltuted clause (b) royalty or feea for technical servtce recelftd by a fore  coidpay from govermn_t wt1l allo be taxed at the rate speotfled in tbls eetton &lb-cl_se (e) i  ks to tnaert new clause (ia) in lub-secttod (1) to provt~ 21 per cent u the rate of tax appucable to tnoome by way of interest recelftd by foretp companl  from oovenament or indian concems oil fomp currency 108lll or debts sub-ciillm (d) eeks to ajlllild clause (tv) this amendment is consequedttal to the lnaertico of clauh (aa) udder iub-cl  (a) sub-clallse (e) seeks to tnaert new clause (bb) in the explanation to this sectlon the dew 01_  (bb) provides that the expression ''forelp compiidy" will have the same meaning u in seottco 10(15)(tv)(j) of the act these amendmedts wt1l take efteet frolll1st jude, 198a clause 38 eeks to inll8rt a new chapter xu-a in the ldcome-tax act coataidlag ip8clal provtlcoa relattdc to oertaln ldoom_ 01 ddd-residents  new section usc  to define certain aprealou used iii the new chapter xu-afor the purposea of new chapter xii-a, "converuble forelp excluldce" will mea foreign exobadp which ts for the time beidg treated by the rehne buk aa convertible forelll' exchap for the purpo  s of the foreign exchanp rep1ation act "foreign exchaup asset" will mean any ,eotfied asset acquired, purchued or subscribed to by the uss  in convertible foretp excbadp ''specified asset" will mean shares in an indian compau;y, debentl1res of or deposits, with an indian public limited company, central government securities, units of the unlt trust of india and any other security, deposit or other investment that may be notified by the central government for this purpose ''ldvestment income" wt1l melll1 any income derived from a forelp excbadp ulet "u,ng-term capital uht" will mean capital gains relatldg to a foreip exehanp uaet which is not a short-term capital asset "non-resident indian" will mean an indivlcllal who is either a citizen of india or a person of indian origin, and is not a resident of india new section nld seeks to provlde that in computing the investment income of a non-resident iddtan, no declictlon will be allowed in respect of any expenditure or allowlll1ce new aection use seeks to provide that income-tax on iii1y investment income or income by way of long-term capital galn of a non-resident indian will be calculated at the rate of twenty per cent plus surcharge at the rate of 121' of such income-tax it is also proposed to provide that investment income and long-term capital gain of a non-resident indian will not be aggregated with hi other indian income for charging income-tax on such other income new section n5f seeks to provlde that in c  where a forelp exchanp asset is tranaferred ,by the useesee and the net consideration for the trlll1afer ia invested by him within six months in any specified uset or deposited in a non-resident(extemal) account or in nottfted savings certificates, any long-term capital gains arlaidg from the tr8lllfer will not be charged to tax u investment in the aforesaid spectfted asset, account or savidgs certificates is lesa than the net consideration, the exemption from tax in respect of the long-term capital gain will be allowed on proportionate basis it ts also bei provtded that if the dew asset acquired by investing the net consideration reaused on transfer of the forelp exchange aset is transferred or converted (otherwise than by transfer), into money, withln three years from the date of its aoqulsiuon, the amount of capital gain earller exempted will be reaarded u capitalgatna relating to loag-term capital assets of the year in which the new asset is transferred or converted (otherwise than by transfer) into modey new sectton 115g seeks to provide that a dod-resident indian bayi  investment income or income by way of loag-term capital gain or both and the tax deductible at source from such income bas beeo de4loted need not fue the retum of income iinder sllb-section (1) of sectton 139 new section ush seeu to provlde that in the ease of a non-resident indian who becomes resideat in ladll id a aubs"liiijt year, the provlsiods of the new chapter m-a will conttnue to apply in relation to  ldvutment lncome derived from debentures of and depoaits with an ida public ilmtted company add cual ooyeniid_t 88cl11rittea, acquired in converttble forelp exchanp, aui the tra"er or 00ii"1'_1_ (otherwise tbm by transfer) lnto money of 8uch uset new section 116-1 seks to provide that a aon-reident indian wtll bave the option not to be  sed udder the provillons of this chapter this option will be •• rclaable by an alsesee by majdng a declaration to that affect along with bi return of income for the relevant u •••• ment year thee amendments will take effect from 1st june 1983 clause 37' eeks to amend section 164 of the income-tax act relating to charge of tax where the share of the beneflciari •• is unknown thi amendment is conequentlal to the proposed amendment to ub- section (4) of section 11 of the income-tax act under sub-clause (b) of claue 6 of the blll this amendment will take dect from lt apru 1984,and will accordlngly apply in relation to asselsment year 1984-85 and atbaequent years clause 3r seeks to amend section 280za of the income-tax act relating to tax credlt certificates for hiftlng of indutrial undertakfng from urban area, under the proposed amendment, the capltal gain arising from the transfer of machinery and plant as a result of the hlftlng of the individual undertaldng would alao be taken into acoount for the purpose of granting tax credit oertiflcate under this sctlon and the expenditure incurred for purchasing new machinery or plant for the undertaking in the area to whicb the undertaking is hlfted will also qualify for being conldered in computing the amount of tax credit certificate if the new machinery or plant is transferred within five y_r of its purchase one-balf of the amount for which the credit certificate bas been granted to the company wtll be deemed to be the ~ due from the company the amendment wid take effect from lst april 198~and will accordingly, ~ply in relation to asessment year 1984-85 and subsequent year, clause 39 seeks to make certain amendments of a consequential nature in different provisions of the income-tax act the amerdmenta are consequential to the ubsutution of clause (b) of ub-eetlon (2) of ecuon 11 in •• ruon of new liection 80rbc am the om1ll1on of aeotions 80jj and 8ojja in the income-tax act clause 40 eeks to make a proviion for the nrvtval of levy of wealth-tax in the cue of cloelyheld companies sub-clause (1) eelra to provide that wealth-tax under the wealth-tax act at the rate of two per oedt will be charged on the net wealth of closely-beld companies on'the valuation date relevat to the a  -ment year 1884-85 and ubsequent  ment year •• &jb-clause (2) seeks to provide that for the purposes of bub-clause (1), the net wealth of a oompany will be the amount by wblcb the agrepte value of the  ets peclfied in ub-clause (3) exceeds the aarepte value of debts secured co or incurred in relation to such  eta however •• , uch debt 88cul'ed on any  et belonging to the &8  ee which i incurred for the benefit of lilly other penon or which eaure to dy other per8clll or whloh is dot represented by lilly  set beloaglng to the a  wti1 not be tabd into account tn computing the net wealth of the   8ub-cl  (3) eeks to apecify the  ts for the purpo  s of aub-cl  e (2) sub-olau  (') seeks to provide that the value of any ••• et wt1l be estimated, _bject to the proviaoll of ub-sectacm (3) of i8otlon 7 of the wealth-tax act relating to determtnauon of the value by the valuatioll offtoer to be the prloe which in the cptniod of the wealth-tax aftoer the aaaet would fetch if sold in dae open market co the valuation date 8ub-clause (5) seeks to provide that all the provislolul of the wealth-uk act, 8xoaptiq the provlloa relat1d1 to uemptlod iii rupect of certaid  eta nb,lon of bulnea aaaeta in 0u8ii  re replar aaoounta are mlllduiaed by the  exemption in reepect of oertaln odjdpiidi- ad rams of  -tax wu1 ipply in iiich m  r that iiioh pl'ovt1od8 are iii oodformity with the pl'oylilau of tlds 01  8ab~ia  (8) provide that the proy1aoe of the eot1co ril not apply to such inrltutiod  aoctauoa or body  may be aotiftecl by the ceatral oowm  t ab-oia  ('1)  to prowtda that tid cia  wid be  a part of tbe  act clau  41 mb to _ certain am  iii iub-seouoa (1) " ___ i of tbe  ta aat ~b-clause <a) of this clause seeks to substitute clause <xa) of this sub-section under the proposed new sllb-clause,fees elle to the assessee in respect of professional services rendered by him in the legal, medical, engineering or architectural profession or the profession of accountancy or in a profession notified by the central government in this behalf wlll not be included in his net wealth if he maintains his books of account on the cash system of accounting 'lb1s amerdment will take effect from 1st april 1984 ami will accordingly apply in relation to the assessment year 1984-85 and the subsequent years ~b-clause (b) seeks to substitute clause (xvic) under the new clause in the case of a non-resident indian or a peraon of indian origin the value of any foreign exchange asset will be exempt from wealthtax for the purposes of this provision, ''foreign exchange asset" will have the same meaning as in clause (b) of section u5c, proposed to be inserted in the income-tax act under clause 36 of the bill tbls amerdment will take effect from 1st april, 1984, aad will accordingly apply in relation to tbe assessment year 1984-85 and the subsequent years  &lb-c1ause (c) seeks to amend clause (xvid) inserted by the finance act, 1982under the proposed amendment, exemption from wealth-tax in respeot of the value of specified capital investment bonds will be available only to individuals and ltindu undivided families  sub--c1ause (d) seeks to insert a new clause (xvitla)the proposed new clause seeks to provide exemption tn respect of any property, being a medal trophy or an award in kind received by an assessee for any attllinvlent, work or contribution in any field from government or from a university established by law or an institution afflltated to suoh university or from any such institution association or body as is approved for the purposes of this olause by the central government these amendments will take effect from the 1st april, 1983 clause 42 seeks to amend sub-eection (1) of section 5 of the gift-tax act relatldg to exemption in respect of certain gifts 8ub-clause <a) seekfl to amend clause (tid) under the proposed amendment, gifts of any foreign exchange asset made by non-resident indian citizens or persons of indian origin to their relatives in india will be exempt from glft-tax for the purposes of this provision, "foreign exchange asset" will have the same meaning as in clause (b) of section usc, proposed to be inserted in the income-tax act under clause 36 of the bill  &lb-clau8e (b) 8eeks to amend clause (111c) inserted by the finance act, 1982under the proposed amendment, exemption from gtft-tax in respect of gifts of specified capital inwstment bonds will be available only to individuals and hindu undivided fammes these amendments will take effect from 1st april, 1983  clause 43 seeks to amend section 4 of the interest-tax act, 1974under the existing provisions, a tax at the rate of seven per cent is levied in respect of chargeable blterest aconing or arising to a scheduled bank in the prevlous year the amendment seeks to provide that in respect of the chargeable interest arising or accning after 31st march 1983, tax will be levied at the rate of three and a half per cent th18 amendment shall take effect from 1st april 1983 clause 44 read with the second schedule seekll to  mend the customs tariff act, 19'15 to-(i) rai8e the rate of basic customs duty (standard) on oertain items of edible frult, nuts rod peel of melons or citrus fruit and also the rate of basic customs duty (preferential) on 8uch items, wherever appucable; (ti) rai8e the rate of basic customs duty (standard) on certain mineral substances and products and also the rate of basic customs duty (preferential) on such items, wherever applicable; (111) raiee the rate of bastc customs duty on inorganic chemicals; <iv) ratae the rate of bulc customs duty (standard) on organic ohemical and also the rate of ballc outollll duty (preferential) on such l18mll, wherever applicable: (v) ta18e the rate of buic cuatollul duty (btaddarel) on pbarmaceutical producte and also the rate of baaic custollul duty (preferential) on these items wherever applicable; (vi) raise the rate of basic customs duty (staddard) on t8dj11dg substances, dyes, colours, paints and varnishes etc and also the rate of basic custoill8 duty (preferential) on gambler and optical bleaching apnte ; (vu) raise the rate of basic customs duty (standard) on essential oils, resinoids, per6nnery, cosmetics and toilet preparations and also the rate of basic ouatoilul duty ~referential) on these iteme, wherever applloable; (v111) raise the rate of basic customs duty (ataddarel) on soap, organic surface-active &leota, prepared waxes etc and alao the rate of basic c",toma duty (preferential) on such ltema, wherever appl1~ble; (ix) ralse the rate of basic customs duty on albuminoidal substances, glues and enzymes: (x) ralse the rate of basic customs duty on explosives, pyrotecbnlc producta, matches, pyropboric alloys and certain combustible preparattons ; (xi) raise the rate of basic c,ustoms duty (standard) on miscellaneous chemical products and also the rate of basic customs duty (preferential) on such items, wherever applicable; (xu) raise the rate of basic customs duty on artificial resina and plastic materials: (x111) raise tbe rate of basic customs duty on raw ruimer, natural or synthetic rubber, waste and ecrap of unhardened rubber, etc: (xlv) raise the rate of basic customs duty on man-made fibres (discontinuous), waste of man-made fibres and continuous filament tow: (xv) ra18e tbe rate of basic customs duty on iron and steel and ariicles thereof; (xvi) ra18e the rate of basic customs duty on aluminium and articles thereof; (xvii) raise the rate of basic customs duty on lead and articles thereof; (xvlu) ra18e the rate of basic oustoill8 duty on zinc and artteles thereof; (xix) raise the rate of basic customs duty (standard) on gas compressors imported for use in airconditioning equipment; (xx) raiae the rate of basic customs duty on self contained air-conditioning machines; (xxi) raise the rate of basic customs duty on refrigerators (other than domestic refrigerators) and refrigerating equipment; (xxu) raise the rate of basic customs duty on insulated electric wire, cable, strips etc ; (xxul) lnaert a new sub-beading (23) in headlng no29 01/45 and to fix a standard rate of basic customs duty on terephthallc acid clause 45 seeks to levy up to 31st march, 1984 auxiliary duties of customs on all imported goods at the rate of 50 per cent of their value clause 46 seeks to enlarge the definition of 'customs port' 80 as to include therein inland container depot by amending clause (12) of section 2 of the customs act, 1962 clause 47 seeks to amend section 7 of the customs act, 1962 providldg for treatment of the inland container depots for the unloading of imported goods or for tbe loading of export goods to be cwltoms ports for all purposes of the customs act, 1962 clause 48 seeks to amend section 23 of the customs act, 1962, to exclude from its purview goods pilferred before their clearance for home consumption made 49 seelal to amend section 25 of the custorna act, 1962 so as to empower governmed\ whue granting exemption under that sectlon,to provide for the levy of a duty at a rate exprell&ed in a form or meth~d1fferent from the form or method in ~cb tbe duty is leviable under the act this is, however, subject to the condition that the duty chargeable on any goods after such exemption sball dot in any cue exceed the bailie duty leviable claue 50 aeaa to redwje the period for whlob ioodb could be kept in a warehoue witbout pf1id_t of duty by amendlq hctiod 61 of the cutoms aot 1162 the ameddmedt al8o prcmdea for oharllnl of intereat oil the duty inolved oil wareboued soocje til cue the warehoueiq period ii be)'odd the limlte proylded for in that eetlod claue 61 eaa to amead iub~ectlod (1) of eetlod 74 of the customs act 1962 the ameddmeot lie" to relax the codditlod of "aport out of iddta" for sradt d drawback to a oollc:litloa requlr" that the good be entered for ellport idd ad order permtttldg their cleal'adce add loadtdg hu been made td aocordanoewlth the cuitoma act 1962 claue 52 eek to amend sub-hctloa (1) of lectloa 75 of the cuetoma act 1962 the ameddmedt  to relax the coadltiod of "export out of 1dd1a" for p-adt of drawback to a ooadwod requirldl that the goodl be entered for export and ad order permtttidg their clearadce add load1dg baa been made ld aocordadce with the cuatolu act, 1962 claue 53 eeu to amead ubaectloa (1) of eecttclll '16 r:t tbe cuatom act, 196210  to provide for payment of drawback odly iii ca  where the drawbadt due i rs 50 or more add al80 to delete the olauae requiring the goods to be showd td the export id8d1ft or aport report before drawback old be granted  clause 54  to amedd the first scbedale to the caral bxcih lad salt act, 1&&4alb-clause ca) of tb1 clawl8 read with the third schedule, seeks to iiil8dd the ftrst bobedule to chadp or amedd the descriptiod of -(1) item no m 1'81atidg to aerated waters to reme the bulb of a8l8alil8dt of certa1d varletie of aerated water from ad valorem to speciflc  te of a  medt (2) bub-item no 11(2) of item no4 relatldg to cigarette to reyl8e the but of "8mmedt from ad valorem-cum-epeciflc rate of a  mant to ad valorem-cum-apedftc, or apeclflc rate ofueument (3) item no 16 rewiili to tyre to reyle the rate of dutiee oil certain lipeoifled varldee of tyree (4) item no 17 relatidi to paper and paper board to revie the bula of  ment of certajd variettee of paper add paper board from ad valorem to ad valorem-cum-apeoiflc rate of  ment - - (6) item no 18 relating to man-made ftbre and fllimet y&ru to reylee the ratee of dllty oil certaid _riett_ of flbr  and yarde (6) item no 23 relatidi to cemet to reyl8e the rates of duties aud to &peciflcally include iii ttl scape all portladd elag cementl (7) item no 30 relattdg to electric moton 80 u to 1dc1ude die-caet raton wlthld the purview of thte ttem (8) item no s4 relaudg to motor vehiclee to reylee the bula of ablesmet of salood care from ad valorem to ~ valorem-cum  pectftc rate of  meat (8) item no 68 relatldg to goode dot eleewbere apecifled iii the central bxclse tariff to reylee the ratea of dutlea 1ilb-clauee (b) of th18 clauae, read wlth the fourth schedule, al80 eek8 to amedd the first icbedule to the central ellcl  and salt act to broadly allp the excise cl  eulcatlod ld rupect of iroa add  1 producte ldchldtna tld-plates, etc, with tbe correepcmdldl cuatome clu8ulcatloll th18 ameddmedt wlll come tilto force from a date to be aotlfled by the central goft!lrdment cluae 56 eeeial to levy up to alet day of march, 1984, 8pectal dull,a of e:xcie oil all uclaable - at the rate of ted per cet of the dllty leviable udder the central exc1lee act, read with ady dotulcatton for the time belqld fotce i •• ued by the ceatral goverdmedt til relattod to the duties , chargeable other than a dotwcatlod provldldg for et-off or proforma credit of the exctae duty or the addtttoul duty leyiable udder cuetome tarl1f act, 1976, already puj on the raw materials add ogmpodent parta wi8d ld the produotlod or duldufacture of uch good •• cia_e 56 read with tbe p1f1b sobedule eeeu to amead the p1rat sohedule to ibe addltlodal duu of exalae (goode of special jmportance) act, 196'1 to cbanp or amead the decripuon ol-(1) bub -item no b(2) of item no 4: relating to c1prettee to revih lb bula of  aeaament of c1prette from ad valorem-cum-epectflc to ad vajorem-cum-epec1ftc, or specific rate of au •• -ment (2) sub-lteduj no m aad iv of item  19 re1atldg to cotton fabrlol to revue the rate of daly aad (3) lub-ltema no (3) aad (4) of item no 22 relaung to man-made tabrlol to rev1ae tile rate of duly clauae 57  to amend eeot1on 3 of the additional duttas of excile (texttlea and textile articles) act, 1978 to clarify that for computldg the additlooal duty payable udder the act notificatlou ihued by the central government glvtdg •• -off or proforma credit of the duty ot exelae or the additional duty under the cuitom tariff act 19'15 oil the raw materlals used ill the productton or manufacture of such 1qod •• hould not be taken 1dto account clause 58  to amend the firt schedule to the indlall post office act 1898, with a view to revl1dg the poetqe rates for parcels clause 59 eeks to make oertain amendments in the cojq)uwory depo1t scheme (jdcome-tu payer) act, 1174 sub-clause (a) (i) met to amend sub-eectlon (1) of aectlon 3 sub-ol  e (b)  to amead iub-aect1on (1) of aectlm 4 thee amendmenta aeek to secure that in relattoa to the a  meat ,1'8 1984-85 add 1985-86 also, compulsory depoeite are made at the ratee specified in paragraph d of the schedule to the act theee amendmente will take effect from 18t april 1983 satb-clauie (a) (11) aeeks to amend aub-eectim (3) of  ctlon 3 under the exlattng provisiona an indlvldualil not required to make any compulsory deposit for any aaesament year if such individual is more than aeventy years of age m tile lint day of the fidanctal year immediately preceding the asseament year under the propoled amendment, the age limit of aeventy years will be reduced to s1xty-flve yeal"8 8ub-clause (c) leeka to amend lub-aect1on (la) of sectim 8 under the exisung provisions the amount of compulsory deposit made by an indiv1daal sball be repayable, toptber with the interest thereon, on the first day of tile tlnancial year irpme:llately bucoeeding the financial year in whlcb such individual attains seventy years of ape under tile proposed amendment, the age limit of leventy year will be re:luoed to slxty-llve years iii a case where the incilvi<ljal attain the age of sixty-five years before 1st aprtl1983 the alllowlt of compullory deposit will be repayable on 1st lune 1983 these amendments will take effect from lit june, 1983 - -  memorandum regarding delegated legislationclause 2( 7) of the bul provides that if a company makes a depoalt with the industrial development bank of india in accordance wlth any scheme framed by the central government, the surcharge on lncome-tax payable by the company wui be reduced to the extent mentloned in the sald sub-clause the scheme to be ftamed by the central government wlll contaln detalls as to the manner of making such deposits, the period for whlch such deposits may be made and other connected matters of detau clause 5( b) seeks to amend clause (10) of section 10 of the income-tax act relating to exemptlon from tax in respect of gratulty received by employees on retlrement, etc in the case of gratuity payable to employees in the private sector, the amount exempt from tax is subject to a monetary llmlt of rs 30, 000 this clause seeks to increase this llmlt to rs 36, 000 the central government has been empowered to increase thls llmlt of rs 36, 000 to a higher amount by notlflcation in the offlclal gazette, having regard to any increase in the maxlmum amount of gratulty payable to central government employees clause u(b) seeks to insert a new sub-section (2c) in section 32a of the income-tax act to provide for the grant of invesbnent allowance at the higher rate of 35 per cent (as against the general rate of 25 per cent) of the actual cost of new machlnery or plant which would assist in control of pollutlon or protection of environment if the machinery or plant is notified by the central government for the purposes of the proposed provision clause 15 seeks to substitute sub-sectlon (3) of sectlon 35cc of the incometax act by a new bub-section which relates to rural development allowance the new sub-section provldea that no deduction shall be allowed in respect of expendlture on any programme for rural development unless the  sessee baa obtained the approval of the prelcrlbed authorlty in respect of luch programme before the 1st of march, 1983 and furn18hee, along with the return of lncome for the alellment year for whlch deduction ii clalmed, a itatement of such· expenditure in the prescribed form clause 16 leeks to amend lectlon 35cca of the income-tax act relatlng to expenditure by way of payment to aloclatlons or lnstltutlona for carrylng out rural development programmea, etc item (ll) of sub-clause (a) of thls clause seekl to insert a new clause (c) in 8ub-aectlon (1) whlch provldea that payment of any sum to a rural development fund set up and notified by the central goveriment in this behalf will qualify for deduction under thls section under new lub-sectlons (2) and (2a) of thls section, the deduction in re8pect of expenditure by way of payment of any sum to any  oclatlon or lnatltutlon whlch bu a lta object the tratnlng of periods for implementing programmes of rural development wul not be allowed unle88 the tax-payer furnl8hel a certificate from such  80clatlon or instltutlon to the effect that the prescribed authorlty bad approved the "soctatlon or institution before 1st march, 1983 and the training of perlons for lmplementlng any programme of rural development had been 8tarted by the aloclatlon or lnstltutlon before lit march, 198j the certificates required to be furnished wlll not be is8ued by any 88soclaltlon or lnstitutlon unlels it has obtained from the prelcrlbed authority, authorisation in wrltlng to lllue certlficates of such nature clause 20 whlch seeks to amend section 54e of the income-tax act provides that exemption relating to capltal gains on transfer of capltal useta under this sectlon after the 28th february, 1983 wlll apply only in cases where the taxpayer has invested or depo81ted the whole or part of the net consideration in the new asset by lnltially subscrlbing to the new asset the propoled new clause (c)(i) in explanation 1 to sub-section (1) of thls sectlon whlch lpeclftel the new assets, empowers the central government to notify the securltles of the cqltral government, special lerle8 of the unlt8 of the unit trust of india, natlonal rural development bonda and debenturel issued by the houslng and urban development finance corporatlon limited clause 24 ~eeks to insert a new sectlon 80hhc in the income-tax act relatlng to deduction in respect of export turnover under sub-aectlon (1) of this section, deductlon of an amount equal to 5 per cent of the amount by which the export turnover of any goods or merchandise to which this section applles during the previous year exceeds the export turnover of the goods or merchandlse during the immedlately preceding year is allowable sub-section (2) of this section, which specifies the goods or merchandise to which this section applies, empowers the central government to speclfy by notification any goods or merchandise to which the section does not apply clause 41 seeks to insert a new clause (xa) in sub-section (1) of section 5 of the wealth-tax act which provides that fees due to the as8essee in respect of professional services rendered by him in the legal, medical, englneering or architectural profession or the professlon of accountancy or any profession notlfled by the central government in this behalf wlll not be included in his net wealth if he maintains his books of account on the cash system of accounting the delegation of legl81atlve power udder the afore-mutloned provlslona relates to matters of procedure or admtntatratl ve detail or to matter in respect of which it is not practicable to make detaued provlalons huce the delegatlodof leglllatlve power ls of a normal character  a billto give effect to the financial proposals of the central government for the financial year 1983-84 (sb,; pranab mukberjee, minister of finance) 