 corrigenda the taxatiu'n laws (amendme~\ and miscellaneoos provisions) bill, 1965\(to be/as introduced in lok sabha) 1 page 1, in the long title of the bill,-aftpr ii further to atnpnd u for" to" read it the" 2_  page 1, against clause 2, in the margin,-for "4 of 19~1ti read "43 of 19f,111 3 page 1, line 9,-after "sub-clause (i)" insert "of" 4 page 2, line 4,-(i) after "loan" insert it, if (ii) fo-r-"4 3 n read v" -'?r 5 page 2, line 18,-for n'subetftuto namely:-'" rcad r-- ''"subs t1'tuted" 6 page 3, against clause 9, in the margin,-for iff, of 19h5" read "5 of 1965" --new delhi; november 2, 19~5  8m no 6z of 1m the taxation laws (amendment and mis- cellaneous provisions) bill, 196,-a bill further to amend to income-tu act, 1961, the emte duty act, 1953, the wealth~tu act, 1957, the t1ift-tcu act, 1958 clnd to pro-wle fcyl' e:remptiob from tczz in cmclin cares of umisczo,ed income invested in ncltioncil defence gold bonds, 1980   be it enacted by parliament in the sixteenth year of the republic of india as follows:-1 this act may be called the taxation laws (amendment and sholt dtje miscellaneous provisions) act, 1965 5 z in section 2 of the inc()me-tax act, 1961 (hereinaft~r re,ferred amedclment to as the income-tax act), in sub-clause (iv) of clause (14) f after the ohcctiod 2 figures "1980", the following shall be inserted, namely:-"or nation«l defenc(' gold bonds, 1980" 3 in secticml0 of the income-tax act, after sub-clause (i) amendment 10 ciause (1s~, ~e following sub-clause shall be inserted, namely:-e('~iod 10 i ; "(ici) nn~a1 paymem 9j) naqnal defenee gold bonds, 1980 ;ft, aldijuhnent -4 in section 193 of the income-tax act, in the proviso, after clause -tjlmctiod (i) the followin~ause shall be inserted, namely:-193'  "(ia) ~y interest payable to an individual on 4! per cent national defence'loan 1968, or 41 per cent national defence loan, 1972 ; or" ,  i in the estate duty act, 1953,-(i) in sub-aectlon (1) of section 33, after clause (0), the fol1owlng clause shall be inserted, namely':-"(p) national defence gold bonds, 1980, to tlle extent of the principal value of such bondsfor an agarepte welpt 10 - of ftfty ldlogrammes of gold: provided that if such bonds had passed on the death of ;ny person, the exemption conferred by this clause lhall not be available in respect of the lame bondi passing on any subsequent death": i, (it) in sub-section (1) of section 34, in clause (a) i for the brackets, letters and word  (11) and (0) ", the brackets, lette" and word" (11), (0) and (p)" shan be substitute, namely:-, 6 in section 5 sf the wealth-tax act 1!57, in r1:jb-rectfon (1) for clau8e (z1>ia), the 'following clause shall be substituted, namely:- 20 alllemmcnt of ad a7 of 1951· ie (ztrla) si' per cent gold bonds, 19'17, t per c!ent gold bon4" 1980 and natlcmal defence gold bonds, 1980;" 'i in section 5 sf the gift-tax act 1958 in sub-seet1on (1), after clause (iii) j the·following claule shall be lnjerted, naly:-amendment of act 18 of 1958 , «(uta) of property in the form of r natfnnat t>efence gojd 2' bonds, 1980, not exeeeding the v1l1ue of such bonds for an aggregate weight of ftve in10grammes of gold in any previous year: provided that the exemption conferred bv this clause shall be available only to a person who has initially subscribed to the 30 said bonds;"  ~pdqd ~~m 8 (1) where a person who has acquired anv ~old out of his  certajn cues income which has not been disclosed by him for the pul'poses of tile ~:o- indian income-tax act, 1922, or the income-tax act, 1981, dt' the ~; ~ ~=: • "', in excess profits tax act 1940 ot" the business profits tax act 1947 or 3' 15 :i i~ ~ the super piio6ts tax act 1983, or the companies (profit) surtax al 1947, badds 1980 act;, 1984, tenders wch gold as auhacription ·for the national defence ~  011963 g id b:ii-0 'ofr,'1t o on  , 198 , priqf tq the c1etm1on qf w«rh ~~o~e br th, tn~omo'r t~ om~ or' tpe aetzure of such gold under any law for the t1m~ bemsin force, such income shall, notwithstanding anything contained -----;m-::tbe-&aid· acts, n~e~luded in his income, profits or gains charpable to tax under the said acts in an 8s8esldlent or re-au  5 mept for any assessment year made under the said acts on or after the 20tb day of october, 1965 -, 370(1957 (2) in computing the net wealth of a persoa undei' the w~th· tax act, 1957, the value of the assets represeated by the income, which under sub-section (1) is not includtble in his income, prodts 10 or gains, shall, notwithstanding an~ contained jll the said act, not be taken into account in an assessment_ or re--assessment for any -men~ year made under the said act on or after the 2mb-day of oj:wber, lp65 (a) (&) the name of the person subscribing to the national is defence gold bonds, 1980, and any particulars relating to the bonds subscribed to by him, shall be treated as confidential, and, qotv/it11,-standinl ~,t)rlni contained in any law for the ume being in force, no court shall be entitled to require any public servant to duldase the name of such person or any such particular or to give any evidence 20 in respect thereof  - 27 of r957 (b)- nopubuc seriant &hall disclose the name of the person sub&-cribida to the national defence gold bonda, 1980 or y p&j1'tculara relating to the bondi subscribed to by him, except to an oft\cer employed in the executi8n of any of the acta mentionea in sub-section 25 (1) or the wealth-tax act, 1957 or to any officer appointed by the comptroller and auditor-general of india or the central board of direct taxes (constituted under the central boards of revenue act, 1983) to audit income-tax receipts or refunds '" of rt63 (4) in thi5 &ection,-30 (a)  "gold" means gold, including its alloy, whether virgin, melted, re-melted, wrought or unwmulht, ill any shape or form, and includes any ,old coin (whether legal wnder or not), any ornamnt and any other article uf gold; (i» "public servant" includes an ofticer or ("ther employee of the reserve bank of india 'of r~, i (1) the taxation laws (amendment and miscellaneous pro- repaj  visions) ordinance, 1965 is hereby repealed -viaa (2) notwitbatan~g such repeal, anything done or any action taken under the said ordinance shall be deemed to have been done 40 or taken under this act as if this act had commenced on the 19th day of october, 1965  statement of objects and nasonsthe object of the bill is to replace the taxation laws (amend  ment and miscellaneous provisions) ordinance, 1965 (5 of 1965) which was promulgated by the pi'eiident on ·the'9th~tober,1965;­the bill seeks to provide the following tax concessions to persons investing in the 41% national defence loan, 1968, the 41% national defence loan, 1972 and the national dafence gold bonds, 1980, inter cilia, by amend1ng the income-tax act, 1961, the estate duty aet, 1953, the wealth-tax act, 1957 and the gut-tax act, 1958: (1) national defence loans-in the case of a resident individual holding these loans, the interest thereon will be paid without deduction of income-tax at source (2) national defence gold bonds, 1980-(i) persons who have acquired the sold subscribed by them towards the boqds out of their income which they have not disclosed for the purposes of incometax, excess' profits tax, business profits tax, luper-profits tax or urtax, will not be liable to any of these taxes on such jn~ome !jl ~ebl­ments for any assessment year made after the 19th october 1965, if the- ineome had not been detected by the income-tax ofticer before the date on which the gold was subscribed towards the bonds and the gold offered for subscription had not been seized, under any law before the date of the subscription the assets represented by such undisclosed income will not be liable to inclusion in the net wealth of such persons in asses~ments for ·any assessment year made after the 19th october, 1965 the identity of the persons subscribiq to· the bonds and the particulars relating to the bonds will be treated as confidential and courts will be barred from requiring any public servant to give any evidence pertaining thereto  (ii) the annual payment on the bonds will be wholly exempt from income-tax (iii) no capital gain or losl will be computed in respect of the sale or transfer of the bonds by any person  (iv) the value of the bonds will be excluded from the det wealth 'of the holder for the purpose of wealth-tax (v) gifts of bonds by a peraoil who has originally subscribed to them will be exempt from gift-tax to the extent of bonds up to five kilogrammes of gold, for each year (vi) bonds up to fifty kilogrammes of gold will not be included for the purposei of estate duty in the dutiable estate of a holder, for the first time they pass ana death   '   new di:lm; t t krishnama~ the 25th october  19tj5  extract nom 'l'im incoja-t~ acr, 1961- • "  - - - - dcfinltionl 2 in this act, unless the context otherwise requtres,-•• - - - -  (14) "capital asset" means property of any kind held by an assessee, whether or not eojll'lf!cted with his business or profession, but does not include-- - ' - - (iv) 61 per cent gold bonds, 1977 or 7per cent ~ld bonds, 1980 issued by the central government; - - - - -  extract nom the estate duty act, 1953 - • - • - , aggregation of property and rates of dutyargregation 34 (1) for the purpose of determining the rate of the estate duty to be paid on any property plssing on the death of the deceased  (a) all property so passing other than property exempted , from estate duty under clauses (c), (d), (e),-(i), u), (i), (m), (n) and (0) of sub-section (1) of section 33; extract from the wealth-tax acr, 1957 - - - - - "'_ i 5 (1) wealth-tax shall not be payable by an assessee in respect oiaempt ods - in retpect of of the following assets, and such assets shall not be mcluded in the certald usetl_ net wealth of the assessee- (xvia) 61 per cent gold bonds, 1977 and 7 per, cent gold bonds, 1980; - - - - ••  27' of the constitution -of-india[copy of letter no f 1 (349) ~tpl, dated the 28th october, 1965 from shri bali ram bhagat, minister of planning to the secretary, lok sabba]  1  the pleaident having been informed of the aubject matter of the taxation laws (amendment and miscellaneous provisions) bul 1985 has recommended under clause (1) of article 117 and under clause (1) of article 274 of the constituti~·~e·lntroduct1on in and consideration by the lok sabha of the but ,  a billfurther to amend the income-tax act, 1961, the estate duty act, 1953, the wealth-tax act, 1957, the gift-tax act, 1958 and to provide for exemption ftom tax in certain cases of undisclosed income invested in national defence gold bonds, 198o (shri t t kris/mamachan°, minister 0/ finance) 