 the finance bill, 1986( as introduced in lok sabra) chapreri preuminuy  clauses1 short title and commcnccment  chaprer n rates of inco~tax2 income-tax  chaprer m direcr taxesincome-tax |                      | 3                   | amendmentofsection    | 10               ||----------------------|----------------------|-----------------------|-------------------|| 4                   | amendment            | of                    | section           || 16                  |                      |                       |                   || 5                   | amendment            | of                    | section           || 6                   | amendment            | of                    | section           || 7                   | amendment            | of                    | section 32a      || s                   | insertion            | of                    | new section 32ab || 9                   | amendment            | of                    | section           || 10                  | amendment            | of                    | section           || so                  |                      |                       |                   || 11 amendment        | of                   | section 54           |                   || 12                  | amendment            | of                    | section 54e      || 13                  | amendment            | of                    | section 55       || 14                  | amendment            | of                    | section 58       || 15                  | amendment            | of                    | section           || 16                  | amendment            | of                    | section 74a      || 17                  | amendment of section | 8000                 |                   || 18                  |                      |                       |                   || amendment of section |                      |                       |                   || sohha               |                      |                       |                   || 19                  |                      |                       |                   || omission             | of                   | section               |                   || sok                 |                      |                       |                   || 20                  | amendment            | of                    | section           || sol                 |                      |                       |                   || 21 omission         | of                   | section 80m          |                   || 22 omission         | of                   | section 80s          |                   || 23                  | amendment of section | 8ot                  |                   || 24 omission         | of                   | section               | 80lt             || 25 amendment        | of                   | section lisa         |                   || 26 insertion        | of                   | new section 115bb    |                   || 27 insertion        | of                   | new section           | 133b             || 28                  | amendment            | of                    | section           || 29                  |                      |                       |                   || amendmcntofsection   |                      |                       |                   || 193                 |                      |                       |                   || 30                  | amendment            | of                    | section           || 31                  | amendment            | of                    | section           || 32                  |                      |                       |                   || amendment            | of                   | section               |                   || 204                 |                      |                       |                   || 33 amendment        | of                   | section 269c         |                   || 34 insertion        | of                   | new chapter xxc      |                   || 35                  | insertion            |                       |                   || of                   | new section 272aa   |                       |                   || 36                  | insertion            |                       |                   || of                   | new section 276ab   |                       |                   | causes37 omission of section 276aa 38 omission oftwe1fth schedule 39 consequential amendments wealth-tax 40 amendment of act 27 of 1957 gift-tta 41 amaidment of section 3 42 amendment of section 5 43 omission of section 6a 44 amendment of section 18 45 amendment of section 19a 46 amendment of the schedule 47 amendment of act 7 of 1964  chapj'erivindirbcrtaxes c  48 amendmentof' act 51 of 1975 49 awtili-y duties ex customs 50 amendment of act 52 of 1962 51 amendment of act 1 of 1944 52 amendment of act 5 of 1986 53 special duties of excise 54 amendment of act 12 of 1953 55 amendment of act 58 of 1957 56 amendment of act 40 of 1978 1he first schedule 11m second schedule 1he nmm schedule 1he pour1h schedule nib fifih· schedule  me finance bnl, 1986 a bulto giw effect to tm ji1lljllcial proposals of the central go\ie1'1timnt lor the ji1iijiicial year 1986:87 be it enacted by parliament in the thirty-seventh year of the republic of india u follows:- chapmri preliminary5 1 (1) 1'b!i act may be called the finance act, 1986 (2) saveuotherwise jiiovidedin this act, sections 2 to47( except sections xl 304 3' and 36) sba11 be deemed k) have come ink) bee (ii die 1st day of api), 1986  oiap1frn rams of income-taxidcome-tall 10 2 (1) subject to the provisions of sub-sections (2) and (3) for the assessment yell' commencing (ii the 1st day of april, 1986, income-tax shad be charged at the rates specified in pan i of the first schedule and shall be inaeased in the cases 10 which paragraph e of dill part applies, by a surcharge, calnd_ in ach case in the idiiulei' provided therein: , 15 ~dl964 provided that where an assessee, being a company has made during the financial year-commencing (ii the 1st day of april, 1985 any deposit with the industrial development bank of lnc:ua established under the industrial development bank of india act, 1964, under die companies deposits (surcharge on income,lax) scheme, 1985 then the surcharge on iocoljie:tax payable by the coji1)iily-20 (a) in case where the amount of ihe deoosit so made is equal to or exceeds,dle amount d suicharge (ii income-tax payable by it, sfwl be 1iil; and (b) in - case where the amount of the deposit so made falls short of the amount of surcharp (ii income-tax payable by it, shall be reduced by ihe amount of ihe deposit (2) in the cues 10 which sub-pm'1rjraph i or sub-paragraph n ofplii'i8raph a of part i ri the first schedule applies where ihe assessee has in the previous year any net aaricultural 25 income exceeding six hundred rupees, in addition to total income, and the total income exceeds-(i) in a case to which the said sub-paragraph i applies eighteen thousand rupees, and (ii) in - case 10 which the said sub-pmgnph n applies, twelve ihousand rupees then-30 (a) the net agricultural income shall be taken into account, in' die manner provided in clause (b) [that is to say as if the net agricultural income were comprised in the total income after-(ii) in i ciie ii) wbidlibe iiil s,  d ,u1he fidt twelve diouiiad rupees of die ioial acce bat widat beina liable id to], oaly for ihe purpoie of c  iaa iim  in jelpktofdluolll incoiiie;'" ii (b) the incoi--111ne ihaii be ab'ect _ foiiowi:-0) ihe bii income ijld die net i8iicu1tuni income shall be aagrepied iild the amount of income-tax shall be determined in respect of the aureaate income it the rates specified in sub-pananpb i or, _ the cue may be, sub-pmanpb n of the said pap  a - if such  income were the local income; 10 (ii)  net fiiicaiiurii income shall be acreed,-(a) ia i c:- , wbicb abe laid sub-p  i applies, by i sum of ei&h   ~  (b) in i ciie to whidllhe said sub-paraanph n applies by - sum of twelve  16 and ihe amount of income-tax iball be delennined in respect of the net ,ncultunl income 10 inaaied at die , ipecified in sub-paraalapb i 01', _ the case may be, sub-fa  n of the laid pa- , a, _ if the net agricultural income as so iacr~ ed mft ibe  income; 20 (iii) the amount of incame-tu determined in aceordance willi sub-clause (i) shall be niduced by abe iiiiouiil of ~ determined in accadince willi sub-clause (ii) and die sum 10 aamd at shall be die incoftetax in respect of the fdtal income (3) in c8a idwbicb die pnwisions ofchlprer xii 0i'a- x1j-a 01' lub-section(1a) of section 161 or -=tion 164 or section 164a or section 167 a of die lncoiiie-tax act, 1961 (heninafti!r jd'emd 10 _die inoome-tax ad) appjy,die iu chqeable shall be delierillined as provided in dial chapter 01' ibat section, and with reference to the rata impoied by subsection (1) 01' the , as specified in ihal clypier 01' section - the case may be (4) in ca&es in which tax has to be deducted under sections 193, 194, 194a 194b, 194bb, 1940 and 195 fa ihe jncome-tu ad at the rues in forte, the deduction shall be made at the rues specified in p-t ii of the first schedule (5) subject to ihe provisions of sub-section (6), in cases in which income-tax has to be calculated under the fint proviso to sub-section (5) of section 132 of the income-tax act 01' cflaraed under sub-section (4) of section 172 01' sub-section (2) of section 17401' section 175 01' sub-section (2) of section 176 of ihe said act 01' deducted udder section 192' of the said act from income chargeable under the head "salaries" 01' deducted under sub-section (9) of section boe of ihe said act from any payment refened to in die said sub-liction (9) 01' in which the "advance tax" payable udder 01apter xvd-e ri the said act has,to be computed, at the rate 01' rates in force, such ~-tax 01', as the case may be, "advance tax" shall be 10 calculated, charged, deducted 01' computed at ihe rate 01' rates specified in pa1 m fa the fa schedule: provided that in cases 10 which the provisions of chapter xii 01' clapter xii-a or subsection (ja) of section 161 01' icctioii 164 01' section 164a 01' section 167 a of the income-iu act apply, "advance tax" shall be computed with reference to die rates imposed by this subsection 01' the rata - specified in ihit chapcer or section, - the case may be (6) in the ca&es 10 which sub-paraaraph i 01' sub-paraaraph ii offaraaraph a ofpa1 jil of the first schedule applies, where ihe assessee has, in the previous year 01', if by virtue fa any provision of the income-tax act, income-tax is to be charged jn respect fa the income of period odler dian the previous year, in luch other period, any net agricultural income exceeding six hundred rupees, in addition to total income and the total income exceeds-(i) in a case to which the said sub-paragraph i applies, eighteen ihousand rupees, _ (ii) in a case to which die said sub-faraaraph n applies twelve ihousllld napeea, then, in calculatin& income-tax under die fillt jxoviao to sub-section (s) of section 132 of the income-tax act or in charging i~tax under sub-section (2) or section 174 or section 17!1i ex'suiheciion (2) ~ ieciioa 176 of die slid n;t or in coqndna die ·idvace 10 paylble wider 0iipw xvuc ~ die iiid act, - die nile ex'''' in force-(a) die netl!piculllllll income ibid be iibn do icccjuir, in die  jiivyided in ci-(b) [dill is eo lay ii if die net,tcullurll income wen wji4liiled in die aai income 1fb-5 (i) in a case eo which die slid sub-pinanph i applies the fint eiahteen doaund rupees and (ii) in a case to which the said sub-panpaph n applies the tint twelve thousmd rupees of the toca1 income but without beiaa liable to cu] only for ibe purjae of calculltin& 10 chqina ex' compaq such income-cu ex' •• die case may be, ·idnnce ta" in iapect m the idrai income; iiid (b) such income-iu ex' llibe case may be, "advance ta" shall be 10 cb  cbarpd ex' c:oqnidd - fodowi:-(i) ibe toiil d:ome and ibe netlpicukurll income ihiii be  1iid1be_ 15 c:i incomhu ex' "advia:e au· sbail be dlsmblld in iapect c:l1be iiiiie&iie income at die  specified in sab-panpaph i ex' ii the cite may be sab-plnjiaph n of the said pll'lpaph a, - if such  income wae die idiil idcome; (ii) die net iificulillrll income shill be ~-(a) in a cue to which the said sub-paragrapb i applies by a sum of eighteen 20 ihousind rupees; iiid (s) in a case to whidl the said sub-parqnpb n applies by a sum of twelve thousand rupees and die iiiiouiit of illcollllhu or "advance ta· shill be de rmined in respect ~ die net agricultul'll income 1110 inaeiied - die i'11iii specified in the slid sab-plrlja  i m ii 25 the cue may be the laid sub-pifiidpb n ii if the net l18ricultunl income ii 10 inc:raied wae the  income; (iii) die amount of income-iu m "advance tax" deiienninecl in iccclididce willl tubciauie (i) shill be nduced by die amount of idc:cjmecu m ii the ciie may be ·advance cu" ddauulled in iccclidiiice wiih sub-cllule (ii) and the iudlio -rived atlhlll be ibe 30 incomhu ex', ii die cae may be, "advince au" in respect c:ldie idiil income (7) for1he pmpoees m ibis section and die pint scheduie-(a) "c:on,y in wiiicb die public are subsantildy iniinsied"  acoldpldy whicb is luch a coqjiily - is refm'ed , in ss:don 1~ c:ldie inconiihix act; 35 (b) "domestic compllly" melds  indian ~y ex'  y giber c:c:jqay whicb, in ~ of iis income liable 10 incxjmeux under die idcamhilt ita b die -'d'f'iit)'ell' commeaciu& on die lit day c:i april 1986 his made ihe jiftiici'ibed  ' •• b ibe deciadon and payment wiihin india c:i die dividends (incladina divideacii on  eta   ) pl)'1bie oulofsuch income in accordance widllhe proviaioniofleciioa 1940flhll ad; (c) "insurance commission" means any remuneration or reward whether by way of c:ommilsion or otherwise for ioliciting or procuring insunnce business (including business rejaiina 10 the continuance renewal or revival of policies of insurance); 45 (d) "investment company"  a ~y wide poll tdcii iiicoine (ii difiniid in secdon bob ~ ibe incomhu aet) caaaiiii mainly of income widcb ii c:biqeibie--the heidi "iutereat oalllcurides" ·income from boule pmperty" ·capilal  iiicl "income from ada  : (e) "net fii'lcullul'al income· in relidon eo a penon __ the total_lit of iiricuibni income from ___ louddirmd, fi  ~ ill &uiidiia wfib ihe iuiii coiiiiined in pin iv ~ ihe pdt schedithi (f) "tax-he security" means 1liiy security of the central oowmment issued or declared , be income-tu flee, or illy aecarity of a siiie oovemment issued income- flee, the incomhu wbinad is payable by the siiid governnlt; (g) "1ridin& compiiiiy" means company whose business consists nudnly in dealina in aoads or men:bindiae ji1iiiuflctlnd, prodaeed or proceised by - person adler than that 5 coiilpmy iud wboie income idiribuiibie to such business incjudecl in ~ts poii __ income (m defined in section 80b of the income-tall act) is not less rhan fifty~ per cenl of the unount of such jiois iocii income; (a) all 0iher words and expressions used in this section or in the pint schedule but not defidecl in this sub-section illd defined in the income-tu act shall have the meaninp 10 rapecimly msiped to ihem in that act  chapil!il di direct taxes incorm-1tlxamclldawalof !ieclioa 10 3 in section 10afthelncome act willi effect from the 1st day of aprn 1981 4 15 (a) in cliuie (3) for the words "not beina winninas from lotteries to the extent such rec:eipis do not exceed one thousand rupees in the auregate" the words "to the extent such nceipcs do dot uciid five itiousbl rupees in the agrepre" shill be subsdtuted; (b) in clause (13a) the brackets and words "(not exceeding four hundrm rupees ret month)" shad be omiaed 20 amcddtnall of sccboll 16 4 in secuoii 16 of the income-tu act in clause (i) for the portion beainning with the words " sum equal ," mf cndina with the words "whichever is less" the fo8owina sbill be subs~ with eii'ect from the 1st day of april 1987 namely:-"a sum equal 110 dliny per cent of the salary or ten ihousand rupees whichever is less" 5 in secdcm 23 of the idcome-tu act wilh eft'ect from ihe 1st day of april 1987-25 amendment 0( scelioa23 (a) for, (2), the fouowina sub-iec:tion shaij be subsdtuted namely:-"(2) when: the popeny consists of -(a) a house or pan of a house in the occupation of the owner for the purpcjiei of his own niidencet-(i) which is not letaally let durina any part of the previous yea' and no 0cber 30 benefit tberd'rom is derived by the owner the iiuiuai value of luch house or pill of die hcde ihaii be iibn ii) be 1iil; (ii) which is jet durin& 111)' pill or  of die pmiaui ,iba pill of ibe  value (  value beida deiaminid mlhe __ - if die property hid  let) which is proportionate to the period durina whicb the property is in die 36 occupaiion of the owner for ihe puipomi of his own -idence, or •• the ciie may be wbere luch property is ·iet oat in  that ponion of the mmul value  01- to 1liiy piit whicb wii occupied by die owiiii' for his own niidence, whic:b is ~ to the period darina which iiich part is wboiiy occapied by billa for_ own jaidence ihaii be deducmd in de-minina the  value 40 ejrpimtiiioft- the dedacdan under lhiltab-daue shall be mide inapecdve of wbedier die period durina wbicb the imoperty or •• die cue may lie, , of die imopeny w ued for the residence of die owner  or followl die period ~ wbich k lllei; (b) mare  one house in ihe ocatpldon of the owner for the puipoiei of his own 4& residence, die proviiioni of dlule (ii) shilllpply only in rapeci of om of such houses, which ihe _ii1ii1 it his opdon, specify in this behalf; )  , i (e) more than one house idd such houia are in the oc:cupadon ofrhe owner for the purpoiei of his own ance the annaai vllue of the boule or houses, ocher than the house in respect of which the usessee has exerci&ed  option under clause (b), shad be defamined under sulhection (1) u if such house or houses had been let 6 exp/oniiiot&- where illy such residenlial unit - is tefamd to in the sec:oad proviso to sub-section (1) is in the occupation of ihe owner for the purposes of his own residence, nothing contained in that proviso shall apply in computing the annual value of that residential unit  i (b) sub-sectian (24) shall be omiiied; 10 (e) b' sub-lection (3) the fouowin& sub-section shall be substituted, nameiy:-"(3) whae the property referred to in sub-section (2) ronsisls of one r!sidentiai house only and it cannot actually be occupied by the owner by reasm of the fact that owingld his employment, business or profession caniecl 00 at  y other place, he has to reside at that other place in a building not belonging to him, the annual value of such house shall 15 be taken to be rail: provided that the fodowina conditions are fulfilled, namely:-(i) such house is not actually let, and (ii) no other benefit cherefrom i~ derived by the owner" 6 in sectioo 2a of the income-tax act, for sub-sectioo (2) die following sub-bections shall 20 be substiblted, with effect from the 1st day of april, 1987, rwnely:-"(2) no deduction shall be allowed under sub-sectioo (1) in respect of property of the nature referred to in sub-clause (i) of cllllse (a) of sub-sectioo (2) or sub-section (3) , of section 23 (3) the tocal amount deduclible under iub-seciion (1) in respect of propeny of the nature 25 referred to in sub-clause (ii) of clause (a) of sub-seclion (2) of sectioo 23 shall not exceed the ldrual value of die prapeity ii deiennined under ihit ieccion "  7 in section 32a of the income-tu act-(a) in sub-section (2)-(i) in clause (e) for the figures, letters and words "lst day of april, 1988,", the 30 figures, leuers and words "1st day of apil 1987," shall be substiblted with effect from the 1st day of april, 1987; (ii) in clause (2) ofthe&plallatioft for sub-clauses (i) and (ii), the fouowing subclauses shall be substituted and shall be deemed to have been substiblted with effect from the 1st day of april, 1985, namely:-35 "(i) in - case wlmr the previous year ends before the lst day of august 1980, ten iakh rupees; (ii) in a case where the prevbas yarenda after die 31st day ofjuly, 1980 but before the 18th day of march, 1985, twenty iikh rupees; and 40 (ui) in a ease where the prlvious year ends after the 17th·-dayofmarch 1985,  fbirtyfive iakh napees," i (b) in sub-secdon (8) the words " , not being earner than three yean from the date of such notification,  shall be omitted;  (e) after sub-section (ba) the following sub-section shall be inserted with effect from the lst day of apru 1987 namely:-45 "(88) no deduction shall be allowed under this section in the cue of an assessee who  claimed the c:ieducticn allowable under section 32ab" 8 after section 32a of the jncome-tu act, the fouowing section shall be inserted with effect ijiiei1ioo of dew from the lstday of api), 1987, namely:-iociioe 32 ab '32ab (1) subject id the 0iber provisions of diia section, whn iii 1sieisee whose total income meludes income eb  _1e to ru under ihe beid -profiis idd iin of business or profession-• bas clat m such income-(a) depoiileclmy  in  1ctcullt (hrreif'tei in this jeciioa jefemd eo deposit 1ccouiil) iiuiiniained by him with the de¥eiopment bank before the eqiry of six months from ibe end ra ii die previous yell or beftr fumishina the, m" income whichever is artier; or (b) utilijedy iidoiiiit durioa die previoas year for the purchase of my ship, aircraft machinery or plant without depcwlina any iiiiduiit in the deposit iccouiit under cliiiie (d) in iccoi'dance with ad for the purpoiei specified in 1 scheme to be framed by die ceatraj government (bereafter in this seclim refermd to - the scheme) the issessee shad be allowed 1 10 deduclion m-(i) - sum equal eo the amoun& or the iiiiftiiiie of the iiiiouni5, 10 deposited md li'iy amauni so utilised; or (ii) a sum equaild tmni)' per c:enl m the pmls m ejiaibie business or profession - cxjmputed in the ~ mthe  1udiied in iccciidance with aub-secbon (5), 15 whidieyer is lea (2) for the parpciiei of ihiiiktioa -eliaible buineu or pi'c)feuol- sbili mean business or profession 0iber tbin -(d) the ~ ofarowina _  _ in india; (b) the businea m c:cjiiiiiuciioa iiiiiiiificiin or prodllclion ralii)' article or thina apec:ified in 20 the list id the blevenib scbedule canied oa by - iddus1rial undcrtakina which is not 1 smallscale induslrillliiidenitid& - ciefinai in iiciioa idiha; (c) die busiaea of jeuina or hirina of _:nnly or,, iii indueal andei1itina odw ibm a small-scale industrial underiatiua - defiiied in secdod 8ciiha enalpd in ibe businen of oonstruction, manufacaure or poduction rain)' article or ihin& specified in the iiat in the eievendl 25 schedule (3) where leplrille iccouiiis in respect of euaible business or profession of iii aseaee ire not mlirailfjd or  not avlijablelbe pofiii of eii&ibie bus  or" ii1i1i for the jiuipoiii of luiheciion (1) be iucb __ wbicb bean 10 ibe loiii pd"di m die biiidea or" m the auealee, die same proportion - die total illes, biidoyer or if'oii receipii of die eliaible 30 busideu or profeuiod bell' id die tow  iiu'iio¥er or poll receipii of the bulinea or profeaion carried on by die __ (4) no deducticji udder iub-section(1) shill be idoweci in iiijiecl of 11'1)' _ill udlised for the pun:baae of,-(a) any machinery or pianild be insiiiied in iny otik:e premises or resktendal a:c:ommodation 35 includina any &'coiilii1ociai in the diiui'e of a pat bouse; (b) anyalrace applunces (not beina c:oqntiii); (c) any road nnspcxt vebida; 40 (d) ill)' machinery or plant, the whole of the lctual colt of which is adowed - 1 deduction (whether by way of deprecialion or odierwiae) in computina the inc:ome charpable under the head -profiisiiid pins ofbuiness or prof_ion- of in)' me pmioua ,- 45 (5) where ihe  eaee is 1 penon, ocher ii11ii1 cxjiiipiiiy or i co-operiiive 1ociety, the deduciion under sub·aectim (1 ) shall dot be admissible uniea the acc:ounls of die businea or profeuioa ra die assessee for the previous ye- relevant to the aseument year for which che deducdm is claimed have been audiied by  aa:ountanc def'med in the ezpiimtiiiota below aulhklioa (2) of section 288 and die assessee fwnishes, alon& with his return ci income die repon of iuch audit in the prescribed form duly siped and verified by iuch iccx)unllnt (6) where any amount, standing to ihe credit of the assessee in the deposit iccount, released during iny previous year by the development bank for beinl utilised by the assessee for the pu!poiieb specified in the iicheme or at the cjoiuje ~ the iiccoudt, is not uciiiiecj in iccoi'ciince willi die scheme either whouy or in pllt, within liiat previous year, die whole d such amount or, as the 5 case may be, pari ihereof which is not so utilised shall be deemed to be the profits and lains of business or profession of that previous year and shall acccrdingly be chargeable to income-aax as the income of chat previous year (7) where any islet acquired in acccxdance with the scheme is sold or 0iherwise uansfemd in any previous year by the usessee to any person at any time before the expiry of eight years from 10 the end of the previous ye:v in which it was acquired, such pan of the cost ~ such asset as is rejarable to die deductians allowed under sub-section (l) shall be deemed to be the ~is and gains of business or profession of the previous year in which the asset is sold or otherwise ii'idsfemd and shall accmiingly be ~ie to ~ as die income ~ihal previous yer provided tbat noching in this sub-bection shall apply -15 (l) where the asset is sold or otherwise transferred by the isseuee to government, a local authority a corporation established by or under a cenu'ai, state or provincial act or a 1 of 19s6 government compiily - defined in section 617 of die companies act, 19s6; or (ii) when die sale or irinfer of die asset is iiiide in call1ection willa die sua:eaian ~ a finn by a company in die business or pofession carried on by die firm as a result ~ which die fum sells 20 or otherwise transfers to the company any asset and the scheme continua to apply to the ~y in die manner applicable 10 die finn expliiniiion- the provisions of clause (ii) ~ die proviso shall apply only wm-(i) au the propenies of the finn relatinl to the business or profession immediately before the succession become die properties of die company; 25 (ii) au the liabilities of the finn relaaid& 10 die business or profession immediacely before die sucx:essioo become the uabuiiies ~ die c:oqniii)'; and (iii) all the shareholders of the company were partners of the finn immediaiely before the succession (8) the cenu'al government may, if it considers it necessary or expedient so to do, by 30 notiflcltion in the official gueue, omit any article or thida from the list of aniclei or liiinp specified in die eleventh schedule (9) the central government may, after makina such inqlliry as it may liiink fat, direct, by nocification in die 0fiiciai gareae  ibe provisions of chis seciion shad not lppiy to iii)' ciiss ~ llsessees, willi effect from sudl_  it may specify ill the nodficiiion 35 ~- in ibis sectioa "development biiik" __ the indusaial development b_ 1 1111964 ~ iddia estiblished under the indusaial dewiopment blat ~ india act, 1964 and includes such baat or idstiludon - may be specified ill the icheme in chis behalf' t in aection 43 ~ ihe inc:ome-tu act, in dause (l) after ezp/tlittuion 7 the following ezpimaddn shad be iniened iiid ibal1 be deemed to have  iniened willi effect from ihe 40 1st day ~ ajiiii, 1974, 1iiideiy:-·e~ 8-for ibe nmdval ci doubll, it islirnby dedinid ihal where y amount is piid or is payable  ill cciiimccion withlhe acquisition of  1stec, 10 much of sa iiiioudt - is niatabie ii) y period after lucia  is lint put to use sbai1 not be included, and sbau be deemed never eo have been included, in ihe -=tuai colt of such  10 in iecdaa so of the inccjmetu ad in clause (2) far ihe fia  ieaen and words wilt day ci i_ury 1964- die ftpia  and words -1st clay of apii 1974- shall be  'e!lwidufrectftandle lday~aprii, 1987 11 id secaian 54 of die idcomhax act" with effect from che 1st day of april 1987-(<<) in sub-section (1) for the words ·one yar betbre or after the date on wbich the transfer toe piice puchad" ihe words "one year ware or two years after the dare (]ft wbich ihe transfer mk piice purdiaed" shall be substibded; 5 (h) in sub-section (2) for ibe wards "one year befen or after die dare of receipt of the additional compenution purchlsed" the words "one year before or two yem after the da1e of receipt of ihe tdjrimal compensadon purdiased" shall be substilueed 12 in section s4e of the income-cu act in sub-section (j) in expitutadtm j with effect from ihe 1st day of april 1987-(a) in clause (e) after the words filura and jeuen "after the 28m day f4 february 10 1983" tbe words, raaures iild jeucn "but belare the 1st day of april, 1986" shall be imened; (b) ifti:r clause (c) as so amended, die foliowina clause iball be inserted namely:-'(ti) in i case where ihe original asset is b'anlfemd lifter die 31st day ofmaldl, 1986 y of abe islets specified in clause (e) and such bonds issued by loy public sector 15 company ii the ceintnl oovernment may, by notification in the official oueue specify in ibis behalf ezpltuuiiio1l- for the purposes of this clause, ·public sector company" means any corporation established by or under any centnl, state or provincial act or a oovemment company as def"med in section 617 of die companies act, 19~: 20 i or 1956 ameddmalt of &ectiod 55 | 13                 | in          | section     ||---------------------|-------------|-------------|| the                 |             |             || income-tax          |             |             || act,                |             |             || for                 |             |             || the                 |             |             || raaures,            | letters and |             || words               |           |             || ht                  | day of      |             || january            |             |             || 1964"              |             |             || wherwer             |             |             || lheyoccur          |             |             || the                 |             |             || figures1euas       |             |             || idd                 |             |             || words               |             |             || "1st                |             |             || day                 |             |             || of                  |             |             || april              | 1974"       |             || shall               |             |             || be                  |             |             || substituted         |             |             || with                |             |             || effect              | from        |             || the                 |             |             || i                   |             |             || it                  |             |             || day                 |             |             || of                  |             |             || april              | 1987       |             || amemmeat            |             |             || of                  |             |             || secuon              |             |             || 58                 |             |             || 25                  |             |             || 14                 |             |             || in                  |             |             || section             |             |             || 58                  |             |             || of                  |             |             || the                 |             |             || income-cu           |             |             || act,                |             |             || afrer sub-section   | (3)        |             || che                 |             |             || following           |             |             || sub-secl:ion        |             |             || shall               |             |             || be                  |             |             || inserted            |             |             || with                |             |             || effect              | from        |             || the                 |             |             || 1st                 |             |             || day                 | of          |             || april              | 1987       |             || namely:-            |             |             || 30                  |             |             || '(4)                |             |             || in                  |             |             || the                 |             |             || cue                 |             |             || fa                  |             |             || an                  |             |             || scssee             |             |             || bavin&              |             |             || income              |             |             || charpabje           | under       |             || ihe                 |             |             || head                |             |             || "lnca,ne from       |             |             || other               |             |             || sources"           | no          | deduction   || in                  |             |             || respect of          | any         | expenditure || or                  |             |             || allowance           |             |             || in                  |             |             || connection          |             |             || with                |             |             || such income         |             |             || sba1l               |             |             || be                  |             |             || allowed             |             |             || under               |             |             || any                 | provision   |             || of                  |             |             || chis                |             |             || act                 |             |             || in                  |             |             || computina           |             |             || the                 |             |             || income              |             |             || by                  |             |             || way                 |             |             || of                  |             |             || any                 |             |             || winnings            |             |             || from                |             |             || lotteries,          |             |             || crossword           |             |             || puzzles            |             |             || races               | including   | horse       || races              |             |             || card                |             |             || games               |             |             || and                 |             |             || other               |             |             || games               |             |             || of                  |             |             || any                 | son         |             || c                  |             |             || from                | gambling    | or          || betting             |             |             || of                  |             |             || any                 |             |             || form                |             |             || c                  |             |             || naiiiiewtiaisoewr: |             |             || provided            |             |             || ti1at               |             |             || nochin&             |             |             || coniiined           |             |             || in                  |             |             || this                |             |             || sulhectian          |             |             || shall               |             |             || apply               |             |             || in                  |             |             || c:ompulina          |             |             || the                 |             |             || income              |             |             || of                  | an          |             || asses~              |             |             || bel                 |           |             || ihe                 |             |             || owner               |             |             || of                  |             |             || hones               |             |             || maintained          |             |             || by                  | him         |             || for                 |             |             || ruming              |             |             || in                  |             |             || hone                |             |             || races              |             |             || from                |             |             || the                 |             |             || activity            |             |             || of                  |             |             || ownina              |             |             || and                 |             |             || mainiainin&         |             |             || such                |             |             || hones              |             |             || 35                  |             |             || expltwllio1l-      |             |             || for                 |             |             || the                 |             |             || pwposes             |             |             || of                  |             |             || this                |             |             || iub-&ection,        |             |             || "hone               | race"       | means       || i                   |             |             || hone                |             |             || race                |             |             || upon                |             |             || which               | waprina     |             || or                  |             |             || bellini             |             |             || may                 |             |             || be                  |             |             || lawfully            |             |             || made'             |             |             || amndmeatof          |             |             || mciioii'4          |             |             || 15                 |             |             || in                  |             |             || section             |             |             || 74                  |             |             || of                  |             |             || die                 |             |             || income-tax          |             |             || act,                |             |             || ill                 |             |             || sub-lecticln        |             |             || (j),                |             |             || in                  |             |             || ibe                 |             |             || proviso             |             |             || to                  |             |             || ciaaie              |             |             || (a)                |             |             || for                 |             |             || the                 |             |             || words               |             |             || "five               |             |             || thousancl           |             |             || rupeii"            |             |             || die                 |             |             || wmis                |             |             || "ten                |             |             || ihousand            |             |             || rupees·             |             |             || aball               |             |             || be                  |             |             || bid1ed            |             |             || widl                |             |             || effect              |             |             || from                |             |             || the                 |             |             || lst                 |             |             || day                 |             |             || fa                  |             |             || april              |             |             || 1987               |             |             |16 in ietlion 74a of ihe ~ ace, with eft'ec:l from diillt day of april 1987-40 (a) sulhecdons (1) and (2) shill be 0iiiiel; (b) in sulhection (3),-(;) in dii openq pcx1ion,-(a) the wuds "where for my  :re-: 'hid be omitted; (8) for the portion beginning with ihe words "ihe net rault of the c:omputldml"lftd 45 ending with the words "ownin& and maintainina nee hones" die foiiowin& shill be substituted, namely:-"the amount of loss incurred by the ishliie in the activity of owdi  and maintaining race hones in my asessment , shall not be set off apinst income if lily, flomlfty ioui'ce 0iher chin the ictivity ci ownina and maintaining race hcxses in ihal year and"; (ii) in clause (a), far die words, bracbts jeuer and fiaure "from the aaun:e specified in clauie (c) of su1hecdon (2r the wcxd& "from die acdvity of 0wdina and mainiainin& 5 race hones," shall be subsli&uted 17 in sedion 800q oldie inconjdtax act witheffectlrom the 1st day of april 1987,-(a) for the words "to the extedt 10 wbicb such exccaa expcndiiure does dot exceed four bundled napees per month (]i' flfteea per cenl 01 his iidtal ~ f(]l' the year, whichever is leu", the wcxd& "10 the excem to which such excess expenditure does not exceed one 10 thousand rupees per month or twenty-five per cent of his total income for the year, wbidlever is leu" shall be substituled;  (b) ia tbe ~, for the warda "fifteen per cent ", it both the places where they occur, ihe wordi "twenty-five per cent" ahili be aubstiluted 11 in ieciiod 80hha oltbe income-tu act, in ciauje (b) of ihe~, below sub-15 section (8), for suk1ausea (1) and (2)1he foiiowina aub-clausea shall be substituted and shall be deemed to have been substitued with effect from the 1st day of april 1985, aame1! :-"(1) in a case wheie the jrviou year ends befeft die 1st day of august, 1980, ia1iakh rupees; (2) in a case where die previous year ends after the 31st day of july, 1980 but before the 20 18th day olmii'ch, 1985 twenty iakh rupees; and (3) in a case wm the pevious yml' ends after the 17th day of march, 1985, thirty-five lath rupees, " - 19 section 80k of the income-tax act sball be omitted with effect from the lst day of april 1987 25 20 id section 8olofdle income-fix act, with effect from theist day of april, 1987,-(a) in auiheciion (1 ),for clause (il) the fo1iowina clause shad be sabstituted, namely:-'(u) interat 011 sueb debentures, issued by iii)' institution or audlority, or any public sector company, (]i' illy co-operative society (including i co-operaiive land mortgage bank or i co-operadve bnd development bank), as the central government may, by 30 nocif"atim in the official gazelle, specify in this bebaif ezpitatiiiota- for the purposes of this clause, "public sector company" means any corporation established by or under any central state or provincial act or a government company defined in section 617 of the companies at:j 1956;'; (b) sub-secdon (2) shall be omiaed 35 11 sectioll 80m of the income-tax act shau be omitted with effect from the lst day of april, 1987 ll~ section 80s of the income-tax act shall be omiued widl effect from the 1st day of april, 1987 13 in iettiod bar or the income-tax act with effect from the 1st da)' of april, 1987,-40 (i) for the wmda "five diousind~", wbeiev  diey occur, ibe wonts " cbouiind iuii" shall  subsdluled; (ii) in clause (b) for the portion bejinnin with the words "in aly other cae, five thousand rupees" and endinl with the words "capital usets exceed five thousald rupees", the foiiowina shall be lubslibllied, namely:-45 "in illy ocher cae,tcn ihousmd npil!l1i increased by i sum equal &0 -(a) fifty per cent of the iidoidt by which the 1on&-tmd capitaiains relatid& to capital assets, beina buildinal or  or an)' rillus inbuiktinaa or lands, aceed ten thousand rupees; 50 (s) sixty per cent of the amount by which the iona-ernn capilli pial reiadn1o ill)' ochs' capital isseis exceed left diouand rupees" - 24 section botr of the income-tax act shall be omiuecl with dect from die lst day of april,i987 5  iiii8itiob of _ leclioa lis bbl5 in sccion lisa 0i1be idcoinhu ace ill iuiheciion (j), wich effect fjom the 1st day of apil, 1987 -(a) far clause (a) ihe foilowin& clause shad be substiluled namely:-"(;;) the amount ofincome-ru calculated on die income by way of royalty if any included in the iocil income, at ihe rate 01 thirty per cent;"; (b) in clause (i;;), for the words "forty per cent" ibe words "thirty per cenl" shall be subldluled 26 in 0iapeer xii of the income-lu ace afta" section 1158 ibe fouowin& secdon shall be inserted with effect from ihe 1st day 01 april 1987 namely:-till 011 wilulillci from klueriel, croaworcl puujes, laces idc:ludidi hone rac:ea, cans lamesllld oiher  olaayloll or pmblilll or beaioly f_oruilin whaboevu 'tubb where die total income of an issessee includes any income by way of 10 winninp from  y lottery or crossword puzzle or nee includina hone nee (not beina income from ihe activity of ownin& and maintaining nee bones) ex' carci pme and 0iher lame of  y son or from gamblina or belling of any form or nature whalsoever the income-ta  yabie shad be the  01-m iheamount of income-~aed on income by way of winninki from such 15 ~ (j" crosswml ~ or  1iic1ud!nj bone race orcarclwt=: 0iher game of ~ sen ex' from &iunbling (j" beain& oi  y folld or naiuj8 il die rate of foity pet cent: aiicl (;;) ihe amount of income-cu with which ihe lsiessee woujd have been charaeable had his toiii income been reduced by ihe amunl of income referred 10 in clause (i) 20 expian:iiiott- for ibe purposes of this section "horse rrt:;e" shall hl\'e ihe same meaning is in section 74a,'  ldiedioa olllcw iiciicld 133 b pvwer 10 coi1ec:l  illformalioa17 in the income-tax act, after seclion 133a, the following seclion shall be insened, namely:-'133b (1) nohritbstaddid, ad1liq codtaided id ad, oter provision or 25 tbls act,  jacollle-au •• tiaorilj a, for tbe prpclle of collectl, a, ialonaatiaa relatld, to a, pel'loll  ida  , be  lul 'or or relevadt to tbe p - ,, ot ibis act, eater - (a) ad, buildia or place wltbla tbe  ot the area alped to lacb ~~_or ~ (b) ad, baudids or place occupied b, •• , period ia respect ot whom 1m aerdles jrlldktloa aad reqire a, perloll _110 is tile ocaapat ot tbe buudid, or place to ,  lucia ""onutlo u •• , be prescribed (2) an jnc:ometu  ihority my  my buiidiaa or piice  erred 10 in sub-reclion 35 (1p (a) if a buineu or profeaiod is ciiiied on in lucia baiidin& or place only darina die  widcb rcb imiiidida or place is open tor die conduct of loeb baiineu or  :-(b) id  ~,  id  orplace,  __  - 40 (3) fewdle - , ~  ii is" deciiied  jaconeia diority  __  __  oil, iccouiii ftiiiicm or cam 10 be i8iilmd flam die _iklna or place  be hai  y boob of lccoddiorom doc:a  or-y ciib lidckar  lllicleor _ e",fioft- , ibis aecaon -jncomeiu _ihority" _  impectifta ai__ 45 conniiiidib •• a"'" ~0i1npec8od or 1dcoinma ofticer  - , offtxirdeflll wild  1iiboriied by die  0iiicer 10 euidie &he powtii cobfernd under ibis secdan ill ndadan ii) die ilea ill nipiict of whic:b  iiico'  oft'k:-eun:iiei  arplll tbnai: 21 iii iiciiaa iss oftbe i  ad, willi eft'eci lana tbe lit day of april 191'7-ai '_ai  155 (a) id  (i) for die  -willda period 01  ,,  dill oldie  "wiiida apiliadoftwo,  01  ifir"  iii i  "  ; (b) in iub-aecdon (sa) for ihe words "widlin - period of one year afta' die date of receipt", the words "within i period of two years liter the date of receipt" shall be subsdtueed b iii seetiod 193 of the idcomhu act, in the proviso, far c1aae (ab) the following 5 ciaiie sbili be subllitullld with eft'ect fiom die iii day of june 1986,  y:-'(iib) my imeftst"yuie 011 ncb ewe •• es, issued by illy in_don (j'mlhority, (j' lily public sector coiiipiiiy (j' illy co-opendve society (includid& i co-opndve lind monaaae bank (j' - co-opendve lind developnal bint) ii the central oovemment may by nodficiiion in die official oaeae, specify in this behalf 1 0 ~- for ihe parpoiei of this cliase, ·public sect« compiiiy· means illy corpcxllion esllbusbdd by (j' under lily ceaii'ii s  (j' proridciii act (j' - oovernment i ofl956 campy ii defided dllecdon 617 «ibe coqtmies act, 1956; 01' 30 in section 194b of the income-tu act, for the words "one thousand rupees" the words "five thousand rupees" shall be subsdtullld with etject from the lst day of june, 15 1986 3l in section 194bb of the income-tax act, for the words "two thouslnd five hundnd rupees" - the wadi "five thouund rupees" shad be substiluled with effect from die iii day of june, 1986 3l in section 204 of die income-tu act, with effect &om die lst day of june, 1986,-20 (a) after clause (ii) fodowid& clime sbiii be insel1ed diidely:-"(iia) in the else of any sum payable to a non-resident indian, being any sum repac:ndna coiiiideridon far abe ii'insfer by him of any foreign exchqe iiset, which is not sbm-unn capital  die iuihorised dealer rlspoijiible far remiaina such sum 46 of 1973 25 to the non-residedt indian or for aeciicinj sach sum to his non-reaiclent (bktemal) aa:ount mainiained in iixddance with die pcnign bxchange reaulalion act, 1973 and  y rules made thereuncier"; (b) die following exp/imaiion sha1l be added at the end, namely:-'&:plantuion- for the purposes of this sectim, -30 (a) "non-resident indian" and "foreign excbange asset" shall have the meanings assigned to them in otapter xd-a; 46 of 1973 (b) "authorised della" shall bave the iiieiiiid& assiped 10 it in clause (b) of sectkij 2 of the fareip exdiange repiatioa act, 1973' 33 in secdon 269c of die income-taxact, in sub-section (1), after the seca1ci proviso, the fouowina proviso shall be insatecl with effect from die 1st day of october 1986, aamely:-35 "providecl also that no sucb proceeciinp shall be inidlfecl if scb property has been li'inifened after the 30dl day of seprember 1986'! 34 iii die income-tu act, afterolaplcr xx-b the following chapter sbali beinserlecl, ~cldof  1811dy:_  'chapter xxc 40 pujcwb by centital oovernment of immov~ propbrtlbs in certain case s of transper269u the proviaims of tbis oupra' aba1l come inid force 011 such _ ii cbe centtil gcmnuneat may, by dodfication in the official gazelle, appoint, and different diiiii may be appoinwld far dift'aait area 269ua in this 0uipiir" uiiieu the coiiiext otherwiie nquiies,-(a) "aareement for ii'iiijfer" means iii ~ whether registered udder die ~ aci, 10 (j'not for die  tlllly :immonbiepopeny; (b) "appllenl cxii1iideniikil" ,-(1) in relation to illy immovable property in respect of which iili1reemedt for trinsfer is id8de beida immovable property of die natift referred to iilsulh:1aie (i) ri clause (d), means,-(i) if die immovibie jirjpefty is 10 be "_ied by way ri sale die coiiiideraikxl for suda tnaifer - -hied iillhe  for trmd'ea, (ii) if die immovable popeity is 10 be  femxl by way ri uchanae-(a) in a case where the codsidention for the ttanafer coaaiatl of a1biq or diinp only, die pice iba aucb china or ihidp would cjl'ciiu:i1y felch on  in die open market on abe,diiie on which die  for  is made; (8) ill a cae wb&r die coiiiideraikxl 0 abe ii1nifercolllil1l ~  or did&a mel iiuid c:a maney, die  of die pice _1ucb diina or diinp woalci ordinirily fetcb on sale in the open idiibt oft the  oft which die -_ (or transfer is mate aad aucb sam; (iii) if the immoyabie popiil1y is to be liallfaied by way ri  -(a) in i cae where the cmsmteimiou for die  ~ c:ajiftiiiium maly, the ijiiouiilrlpremi&m ipiicified iilliie  _ for  , (8) in i cae wbeie the coiiiidei  for tile nnsfer codiiats ct rent only, the 1iiifei-ri die moneys (if y),abie by way ri rent iiid the iiii08ilii for die aerrice 01' ihidp fcll'lding pan of or coiliiitutida the relit - specified in die  0  , (e) ill i cae when die coiiiiderlliad for die innifei oonaj  ri premium and rill, the igrepiie of the amount of die peulium, abe moneys (if lily) ,able by ay of rent mel die _nil fol' die iiivice 01' tbidal fonnina put of 01' c:onstituiia& die  alpecified in die 111 __ for  , idd when the whole 01' y w-t of the cmside  for i1icb tnnifer is ,, oft my dale 01' d- flllina iftir abe  of such  _ for 1iidifer, the yilue ri the coiiiideracion payable after luch dale abid be deea" to be abe diic:oanted value of iucb coiiiiden&ion, on the dire ofsacb qreement for li'iiiifer deeernued by adbpdiij suda lie c:a inieniit may be)rlcribed in ibis bebaif; (2) in relaiioa to y immovlble property ill reapect of wbidi  -u for  is mate beina immovable popeny ctdle iiiiui'e niared to in sulh:iiuse (ii) ri c:jau (d),  -(i) id a cae wllllle the conajdeatiod for the tnlllfa' rona  of alum of maney only sucb iuiil; (ii) in a cae where the coiiiideiaiion for the --rer coiiiiiii ria thina or ihiap only die price _ sacb ibida or tbinp would ordinirily ·feu:b on llie in the oped __ ciiabe  cii wbicb die  _ for ii'iiiifir is made; (iii) in a case wild ibe conaideridon for die a-fir consi  of iduna cii' lhinal iild aluld of money die iujeiiiie of die price diet ncb diida or tbinp woajd ordinaiiy felch on lile in the oped idiibt on die dire on which the apeement for  is made, idcl aacb sam, and where die whole or lily pm of the conaideridon for luch  is payable on lily daq, cll'data fallina after the date of such qreement for triii"er the value of die ccbideailion pii)'ibje afw luch  siiiii be deemed to be die diacowlllecl value of iuch ccliliideradm - oft die _ ctlucb  for  dewjdinecl by iidopdna iudl !lie rliniinit may be pqicribed in ibis  ; (e) "iippiopriate audlority" mea  abority constllutecl under sectiod 269ub to pafann die funciions ctlll  lidinily under this 0uipw; (~) "bdldovlbie ~ __ -(i) ill)' lind or , buiidina or pili ct baijdina, and inc1uda where lily land or lily ~ or part d - baijdiaa is 0 be iiaiiifened _ether wiaby machinery plut, filmillll'e, fiidnp or other 1bidp sudi ftulchidery plant, fumilule, fiuinp cii' other diinp alto ~- for die purposes of this bulklause " land building, put of i bui1ciid& machinery plant, furniture, fittinp and other things" include illy riah:s diinin; (ii) illy rial in or with respect to lily iaad or any buildina or - pat of - bulldina (whether or not incluclin& illy machinery, plant furniture, fittinas or other thingl 1herein) which hal been constructed or whidl is id be constructed, iccruing or wina from any transaction (whether by way of becomina a member of, or acquiring shares in, a co-operative society, company or other association of penons or by way of any agreement or any arrangement of whatever nature) not being a transaction by way of sale, exchange or lease of such land, building or pan of a building; 5 (t) "penon inlerested" in relation to any immovable property includes all persons claiming or entitled to claim, an interest in the consideration payable on account of the vesting of thai propeny in the central government under this olapttr; (f) "transfer" -(i) in relation to any immovable property referred to in sub-clause (i) of clause cd) 10 means iransfer of such property by way of sale or exchange or lease for a tenn of not less than twelve yean, and includes allowing the possession of such property to be taken or retained in part performance of a conlract of the nature referred to in section  4 ~ 1111~3a of the transfer of property act, 1882 explanalion- for the purposes of this sub-tlause a lease which provides for the 15 extension of the term thereof by a further term or terms shall be deemed to be a lease for a term of not less than twelve yean if the aggregale of the term for which such lease is to be granled and the further lenn or lenns for which it can be so exlended is not less ihan twelve years; (ii) in relation to any immovable property of the nature referred to in sub-clause (ii) of 20 clause (d) means the doing of anything (whether by way of admitting as a member of or by way of transfer of shares in a co-operative society or cof11)8l'ly or other association of persons or by way of any agreement or mangement or in any other manner whatsoever) which has the effect of transferring or enabling the enjoyment of, such property 269ub (1) tbe central government may, by order, publisbed in the 25 omcial gazette-(a) constitute as many appropriate authorities, as it thinks lit, to perrorm the ,functions or an appropriate authority under tbis cbapter; and (b) define the local iimlls within wbicb tbe appropriate autborities sball perform tbeir (unctions under this chapter 30 (2) an appropriate autbority shall consist of three persods, two of wbom sball be members o( the indian income-tu service, group a, bolding the post of commissioner of income-tax or any equivalent or bigber poit, and one shall be a member o( tbe central engineerinl service, group a, bolding tbe post of cbief engineer or any equivalent or hitber posl 35 (3) in respect of any function to be performed by an appropriale authority under any provision of this chapter in relation to any immovable property referred to in section 269uc, the appropiaie audoity referred to iherein shail,-(a) in a case where such property is situlde within the kx:allimits of the jurisdiction of only one appropiiace authority, be such appiopiiare autlaity; 40 (b) in a case where such property is situale within the local limits of the jurisdiction of two or more appropriate authorities, be the appropdate authority empowered to perform such functions in relation , such poperty in acc:udance with ihe rules made in rhis behalf by the boa'd under section 295 expiamlio"- for the purposes of rhis sub-section immovable property being rights of 45 the nature referred to in sub-clause (ii) ex clause (d) ex iiection 269ua in, or with respect 10, any land or any building or part of a building which has been construcl8d or which is to be constnjcted shall be deemm to be situate at the place whae the land is silwlle or as the case may be, where the buildin& has been consuucled or is to be construclal 269uc (1) notwithstanding anythinl contained in the transfer of property act, 1882, 50 or in any other law for the time being in force, no transfer ex any immovable property of such value exceeding five lath rupees as may be p-escribed, shall be effecled ~iafter an agreement for transfer is entered into between the person who intends iransfening the immovable property (hereinafter referred to as the transferor) and the person to whom it is proposed to be iransfemd (hereinafter refemd to as the transferee) in accordance with the ~ provisions of sub-section (2) allellt three nmths before the intended date of transfer (2) the agreement refemd to in sub-section (1) shall be reduced to writing in the/f(dl of a statement by each of the parties to such transfer or by any of the parties to such transfer acting on behalf of hijme]f and on behalf of the other parties (j ) every statement referred to in sub-section (2) shau,-80 (i) be in the prescribed form; (it) set fm1h such pnculars as may be pescribed; and (iii) be verified in the prescribed manner  shall be furnished 10 the lilpopriale aathcxity in such idiriiei' and within such time is may be pmsc:ribed,byach of the pdes 10 such tnnsaction or by lily of the pll1ies to such --:tion actina on behijf of himself and on behalf of die 0iher panies 269ud (1) the appaupille 1u1harily after the teeeipc of the statement under sub-section (3) ofseccion 269uc in respect of any immovable popeny may,liolwkhstanding 1i'l)'thina 5 c:ontiinecl in any ocher law or my idslrumellt or 1ft)' aareement for the time being in farte and for relsods to be recorded in writina make 1ft order for the pwdaase by the cencral government of such inunovable popelt)' at an iii10uftt equal to the amount of apparent cmsidii  ; provided ibll do such order sball be made in respect of any immovable proper)' after dle 10 expjntion of a period of two months from me end of the monlb in which the statement referred to in section 269uc in respect of luch ploperty is received by the appropriue aalbority: provided further dlat in a case where the statement refened to in section 269uc in respect of the immovable property c:oncemed is given to an appropriate authority other than the 15 appopriale authority having jurisdiqlltion in accordance widl the provisions of section 269ub to make the order referred to in this sub-section in relation to the immovable property concerned, ihe period of limitation referred to in the jrcedini poviso shall be reckoned with reference 10 die date of fticeipt of the scllllnent by the appropriate authority havinajurisdicdon to make theorderundllr this su~1ion 20 (2) 1be ippi'opi iale aathority shall cause a copy of its order under sub-section (j) in respect of any immovable property 10 be wei on the tnnsferor the person in occupation of the inunovable property if the transfenx is not in occupation thereof the transferee and on evfll'j ocher penon whom the appropriate authority knows to be interested in the property 25 269ue (l) where an order under sub-section (1) of section 269ud is made by the appropriate authority in respect of an immovable property referred 10 in sub-clause (i) of clause (d) of section 269ua such property shall, on the date of such order, vest in the central government free from au m:umbrances (2) the transferor or any other person who may be in possession of the inunovable 30 property in respect of which an order under sub-section (1) of section 269ud is made shai1 surrender or deliver possession thereof to the appiopiiate authority or any other person duly authorised by the appropriate authority in mis behalf within fifteen days of the service of such order on him (3) if any person refuses or fails to comply with the provisions of sub-section (2) the 35 appropria authcxity or other person duly authorised by it under that sub-section may take possession of ihe immovable property and may for that purpose use such force as may be necemry (4) notwidjstandijl& anything contained in fub-section (2), the appopilieluthority may, for the purpose of taking possession of any property referrcc1 to in sub-section (1) 40 requisition the services of any police officer 10 assist him and it shad be the duty of such officer , comply wirh such requisition (s) for the removal of doubts, it is hereby declared that nothing in this section shall operate to discharge the transferor or any other person (not bein& die central government) from liability in respect ra any encumbnnces on die property and, notwilhstmldina liiyddna 45 contained in any other law for die time bein& in for:e, such liability may be enfm:ed ipinst the transfenx-or such oilier person (6) where an order under sub-section (j) of section 26900 is made in respect of 1ft immovable popeny bein& riahll of the nature refemd to in sub-cjadse (ii) ra clause (d) ra section 269ua such order shall have the effect of -50 (a) vesting such ri&ht in ihe cennl governmant; and (b) placing the central government in the same position in relation to luch riahllls the penon in whom such a ri&ht woujd have continued to vat if such order had not been made (7j where any rights in respect of my immovable property being riahts in, or with reapeclld any land or any buuding or pan of a building which has been constructed or 51 which is to be constructed, have been vesred in the central government under sub-lection (6) the provisions ofsub-sections (1) (2) (3) and (4) shall so far as may be have effect as if the references to immovable property therein were references to such land or budding or part diereof, as the case may be 269up (i) where an order for the purchase or any immovable property by 60 the central government is made under lub·sec:tion (i) or section 169ud,  catra go"ramat ball pay, by ay 0' eolldrtloa for lue" plwc  , a  t equal to tile aido •• t or the ppareat eoulderatlod (2) notwltbstaadla •• aylhlat codtalaed id lub·seeliod (1), "here, fter the  idedt lor lb  er or ibe imlllo\'able property referred to id t •• t lub· 5 leetloa  beea mde but before tbe property "a" i tbe centr1 goyeramedt uader leetloa 269ue, tbe property bal beed dmled (otberwlse tllad as - relult of aormal wer ud ter), the amoudt or the eonlldertloa pyble uuder that lub-seetloa ih1i be redueed by lueb sum •• tbe pproprlte uthority, for rfuolls" to be reeorded ia writldi' my by 10 orr detenalde 269ug (l) the amount of consideration payable in accordance with the provisions of hciion 269uf shall be rendered to die penon mo persons encided ibereto within a period of one month from die end of lite montb in which the imroovabje popeny concerned becomes vesled in dte cenira1 government under sub-section (1) mo 15 the case may be sub-section 15 (6), ofsecdon 269ue: provided thal if any liability for ii1y tax mo li1y other sum remainidg payable under this act, the wealth-tax act, 1951 the gift-tax act 1958 the eswe duty act, 1953 or the companies (profits) surtax act 1964 by any person entitled to the consideratiorl payable under section 269uf, die appropriale aathority may in lieu of the payment of the amount of 20 consideration, set off the amount of consideration or any part ibaof against such liability a sum after giving an intimalicla in this behalf to the person entitled to die consideration (2) notwithstanding anything contained in sub-section (1) if any dispute arises as to the apponionment of the amount of consideration amonast persons claiming to be entitled thereto, the centtaj government shall deposit with the appropriate authority the amount of 25 consideration required to be tendered under sub-section ( 1 ) within the period specified therein 30 ~" '~:  ,"i • 35 (3) notwithstanding anything contained in sub-section (1) if the person entitled to the amount of consideration does not consent to receive it mo if ihere is any dispute as to the tide to receive the amount of consideration the centra! government shall deposit with the appropriate authority the amount of consideradon required to be tendered under sub-section (1) wichin the period specified therein: provided that nothing herein contained shall affect the liability of any person who may receive the whole mo any part of the amount of consideration for any immovable property vested in die central oovemment under this chapller to pay the same to the person lawfully entitled 1hereio (4) where any amount of consideraiion has been deposited with the appophale authority under this section the appropriate authority may, either of its own motion or on an application made by or on behalf of any person interested or claiming to be interested in such amount, order the same to be invested in such government mo other securities as it may 40 think proper and may direct the inrerest or other proceeds of any such investment to be accumulated and paid in such manner as wid in its opinion, give the parties inrerested therein the same benefits therefrom as they might have had from the immovable property in respect whereof such amount his been deposited or as near thereto as may be 269uh (1) if the central government fails to tender under sub-section (1) of section 45 269ug mo deposit under sub-section (2) or sub-section (3) of the said section, the whole or any pan of the amount d consideration required to be tendered mo deposited thereunder within the period specifjeci therein in respect of any immovable property which has vested in the central government under sub-section (l) mo as the case may be sub-section (6) of section 269ue, the order to purchase the immovable property by the centtaj government 50 made under sub-section (l) ofsection 269ud shall stand abrogated and the immovable property shall stand re-vesficl in the transferor after the expiry of the aforesaid period: provided that where any dispute referred to in sub-section (2) or sub-section (3) of section 269ug is pending in any court fmo decision, the time taken by the court to pass a final order under the said sub-sections shau be excluded in computing the said period 05 (2) where an order made under sub-section (1) of section 269ud is abroaated and the immovable property re-vested in the transferor under sub-section (j), the appropriate authority shall make, as soon as may be, a declaration in writing to this effect and shali-(al deliver a copy of the declaration to the persons mentioned in sub-section (2) of section 269ud: and 80 (b) shall deliver or cause ~be delivered possession of the immovable property back to the transferor pro as the case may be to such other person is was in possession of the property at the time of its vestina in the central government under section 269ue  powenfllbe ajllll'clprille uiioriiy acdficaiiad oil11i1111k1l269ui the appropriate authority shall have for the purposes d this chapter all the powers that a commissioner of income-tax has for the purposes of this act under section 131 269uj with a view 10 rectifying my mistake apparent from the record the appropriate audoity may amend my order made by it under this outpter either m ils own motion or 5 m the mistake bein& brought to ill notice by any person affected by the mder: provided that if any such amendment is likely 10 affect any person prejudicially it shall not be made wiihout giving 10 such penon a ieuoi18ble opportunity of being heard: provided further thit no iii1eiidrneilt shall be made under this section after the expiry of six months from the end of the month in which the order sought 110 be amended wis made 10 269uk (1) notwithstandina mything contained in any other law for the time being in force no person shad revoke or alter an agn:ement for the transfer of an immovable pioperty ex'transfer such property in tapect of which a statement has been furnished under section 269uc uniess-(a) the appcopriale authority has not made m order for the purchase m the immovable 15 puperty by the centta1 government under section 269ud or the period specified for the matina m such order has expired; ex' (b) in a case where an order for the pm:hae of the immovable property by the central government has been made under sub-sectim (1) of section 269ud the order stlnds ibroglllled under sub-section (1) of section 269uh 20 (2) any ttansfer of any immovable property made in contravention of the provisions of sub-section (1) shall be void 269ul (j) notwithstancling anythina contained in any other law for the time being in force no registering otracer appoinled under the reajstration act 1908 shall register any document which purports 10 ttansfer immovable property exceeding the value prescribed 15 under section 269uc unless a ~cale from the appropriate authority that it has no objection to the iniiisfer of such property fex' an amount equal to the apparent consideration therefor as stated in the agreement rex' transfer of the immovable property in respect of which it has received a statement under sub-section (3) of section 269uc is furnished along witfl such document 30 (2) notwithstlncling anythina contained in any other law fex' the time beina in force no penon shall do anything or omit 10 do anything which will have the effect of ttansfer of any ijnrnjmvable popeaty unless the appiopriare authority cenifies that it ha no objection 10 the transfer of such property for 1m am:jui1t equal 10 the apparent consideration therefex' as stated in the agreement for transfer of the immovable property in respect of which it has received a 35 slllemenl under sub-section (3) ex section 269uc (3) in a case where the appropri_ authority does not make an order under sub-section (1) of section 269ud for the purchase by the central government of an immovable propaty or whir the order made under sub-section (1 ) of section 269ud stands ibrogaied under sub-iecdon(1) of section 269uh the lppopiiaie authority shall issue acertificaae ex 40 do objection referred to in sub-section (1) or as the case may be sub-section (2) and deliwr copies ihereof to the ii'inifemr s the tnmsfene 269um notwithstanding _ythina colitained in  yother law or in any instnunenl or any agreement for the time beina in force when iii order for the purchase of any immovable property by the central government is mide udder this olapcer no claim by the tnnsf_ 45 shall lie aaainst the transferm by reason ex such nnsfer bein& not in iccoidance with the agreeme  t for the transfer ex the immovable property entered inio between the transferor and ureree: provided that nochina contained in this section shall apply if the order for the purchaie of the immovable property by the central government is abroaared under sub-section (1) of 50 section 269uh 269un save 15 otherwi povided in this chapcer  y order made under luihec:don (l) ex iection 269ud or  y order made under sub-aecdon (2) of section 269up ahad be finalllld c:cnclusive and shall not be ciiied in question in  y pcoceeciina under this act or under any other law fex' the lime beina in fon::e 51 269uo the provisions of this 0iapw sba11 not ,,iy 1001' in reiiiiod 10 any imniwibie property where the apeement fex' tnnsfer of such property is made by - penon 10 his relative on account of nalurallove and affection if a recital to ihat effect is made in die  for transfer· 35 in die income-tax act after section 272a the fol1owin& _lion shall be inserted namely:-"272m (l) if i penon without reasonable cause, fails to comply with die provilionl of section 1338 he lhall on an order passed by the inspecting auiallnt commiiiioner alliallnt director of inspection or the income-tax officer •• the case may be pay by way of penalty a bum which may exlend to 5 0iii1hdiiind napees (2) no enter under sub-section (1) shall be passed unless the person on whom the penalty ia ji"opomicl to be imposed is given an opportunity of being helf'd in die  36 in the income-tax act, after section 276a, the following section shall be 10 inieniid - namely:-15 "27mb whoever without reasonable cause or excuse, fails to comply with die provisions m section 269uc or fails to surrender ex' deliver possession of the property under sub-section (2) of section 269ue or contravenes the provisions of sub-lection (2) of section 269ul shad be punishable with rigorous imprisonment fex' a ieml which may exiend to two years and shall also be liable to fine: provided that in the absence of special and adequate reasons to the contrary to be iicclided in ihe judgment of the court, such imprisonment shall not be for less than aix monlhs" 20 31 section 276m of the income-tax act shall be omitted with effect from the 1st day of october, 1986 38 the twelflh scheduje to the ~ act shall be omitted with effect from the 1st day of april, 1987 39 the following amendments (being amendments of a consequential nature) 26 shad be made in the income-tax act with effect from the 1st day of april, 1987, narreiy:-(a) in section boa, in sub-secdon (3)-(i) the words fiaures and letiier"ex' section sok" sbaii be omitted; (ii) the words, fiaures and letter "ex' section 80s" shai1 be omitted; 30 (iii) the words, fllures and leuers "or section soti'" shall be omitted; (b) section bom shall be omitted; -(c) in section soab, the brackets, words, f18ure5 and letter "(except section 8om)" shall be omitted; (d) in section sovv a, in sub-section (2)-35 (i) clause (ziiia) shall be renumbered as clause (ziiib), and before clause (ziiib) as so renulllbcnd, the foilowina clause shall be insened, namely:-"(jdiuz) section 32a8;": (a) clauses (zjciv) and (%%ii) shad be omitted; (it) in section 197, bub-secdan (3) shall be omiaed; 40 (f) in the eleventh schedule, after the words, fjlures and letter " sft section 32a," ,die wud, figures and leaen "sectioa 32ab" shad be insened  wedtll-m40 in section s of the wealth-cu act, 1957,-ainiiidma fi ad 27 fll957 (a) in sub-section (1),-46 (;) if1er clause (%!lid), the following clause shall be inser1ed, namely:-'(xvilt) in the case of an individual or hindu undivided family sucb debenlllles ilbued by - public sector company as the cenual government may, by notificaiion in the ofticial gazette specify in this bebalf ejtplalllllioll,- por the purposes of chis clause, "public sector company" means any corporation established by or under any central, state or provincial act or a government company as defined in section 617 of the companies ac&1956;'; (ii)  clause (jaziii)-5 (a) in me openina paraaraph, after ibe words "out of such moneys", the words -wilhin one ye immediately preceding die dare of his return and it any time ~ 5ha1l be inserted widt elfect from die lst day of april 1987; (b) the e:jrp/oniiidil shall be numbered as eirp/iiittiiion 1 and after e:jrp/oniiidilj u 10 numbered, die fol1owin& ~ shall be jnsertcd iftd shall be deemed 10 to ~ been inseited with effect from die lit day d april, 1971, nmnejy:-hexplaittltum 2- for the rernoval of doubts, it is hereby declared chat moneys standina to the aedit of such person in a non-resident (external) account in any bank in india in acc:orda1ce with the poreif,n exchange regulation act, 1973 and any rules made thereunder, on the date of his 16 reium to india shall be deemed to be rmneys brought by him inro india on tbatdlle"; (b)  sub-seclion (3)-(i) after the brackets, figures and tellerh (xvut)  the brackets, figures and 1eaier "(rtu), h shall be inserted; 20 (ii) for clause (aa)1he f'oilowq clause shall be substituted, namely:-"(aa) in the case of capital investment bonds referred to in clause (did), or debentures referred to in clause (nu) of sub-section (1) from the c1ate on which the bonds or debentures, as the case may be, were subscribed to by die assessee, or for a period of at least six months endmg with the relevant 25 valuation dare, whichever is shorter; and" ,  gift-tax41 in die gift-tax act, 1958 (hereinafter referred to as the gift-tax act) with effect from the 1st day of april 1987, section 3 shall be maumbered as sub-section (1 ) thereof, and -30 (a) in sub-section (1) as so renumbered, after the words, flgures and letters "the lst day of april 1958,", the words, figures and letters "but before the 1st day of april, 1987," shall be insened; (b) after sub-section (1) is 10 renumbered, the followina sub-section shall be insened, namely:-35 "(2) subject 10 the ocher provisions conwned in this act, there shall be charged for every assessment year commencing on and from the lst clay of april, 1987, lift-tax in respect of the gifts, if any, made by a person dwing the previous ys, at the raiie of rhir1y per cent oil die value of all taxable gifts," 41 in section 5 of the gift-tax act, with effect from the lst day ot april, 1987,- 40 (a) in sub-section (1) clases (iiia) (vi),(viii) (ix) ,(xiv) and (%vi) shall be cxniaed; (b) in iub-aeotion (la) the wolds, tiracketi and figures "or clause (vi)" shall beomiued; (c) in sub-section (2) for the words "five thousand", the words "twenty 45 tbouaand" shall be substituted: (d) sub-section (3) shall be omiaed 4l section 6a of the gift-tax act shall be omitted with effect from the 1 it day of april, 1987, 44 in section 18 of the gift-tall act, widt effect from the lst clay of april, 1987,- 50 (a) in the opening portion, fer the wmib, figure and letter "or, in a case where die povisions of section 6a are applicable to a jift, in the manner specified in that section", the wolds bncteta and ti&ures "or at the rile speeifled in subsection (2) of secdon 3" shall be subsdiuted; (b) in the explanollolt, for the words,rllure and letter "in the manner specified in section 6a", at both the places ",!,here they occur, the words, brackets and 5 ragurea "at she rare specified in sub-section (2) of section 3" shul be substituted 45 in section 19a of the gift-tax act, in sub-section (2), after the words "or rates specified in the schedule", the words, brackets and figures "or, as the case may be, at the rare specified in sub-section (2) of section 3" shall be insened with effect from the lst day of april, 1987 10 46 in the gift-wt act, in the schedule, for the brackets, words and figure "(see section 3)", the brackets, words and fia_"[(see section 3(1)]" shall be substiluled with effect fmm the 1st day of april, 1987  swfid:amelldmeat of act 7 of 1964 47 in the companies (profits) surtax act, 1964, in section 4, after the words 15 and figures "the rust day of april 1964", the words and figures "but before the first day of april, 198~" shall be inserted with effect from the lst day of april, 1988  0iap1er iv indirect taxes20 customs aineddmeiit of act 51 0(1975 48 the customs tariff act ,1975 (hereinafter referred to as the customs tariff act), shall be amended in the manner specirled in the sec~ schedule awtilialy duiiea ofcultoml 49 (j) in the case of goads mentioned in the first schedule to the customs tariff act, or in that schedule, as amended from time to time, there shall be levied 25 and collected as an auxiliary duty of customs an amount equal to fifty per cent of the value of the goods as decerrnined in accordance with the provisions of section 14 of the customs act, 1962 (hereinafter referred to as the customs act) 52 of 1962 100f 1897 (2) sub-section (l) shall cease to have effect after the 31st day of march 1987, 30 except as respects things done or omitted to be done before such cesser; and section 6 of the general oauses act, 1897, shall apply upon such cesser as if the said subsection had then been repealed by a cenlral acl (3) the auxiliary duties of customs referred to in sub-section (1) shall be in addition to any duties of customs chargeable on such goods under the customs act, or any other law for !he time being in force 35 (4) the provisions of the customs act and the rujes and regulations made thereunder, including those relating to refunds and exemptions from duties, shall, as far as may be, apply in relation to the levy and co1lection of the auxiliary duties of customs leviable under this section in respect of any goods as they apply in relation to the levy and collection of the duties of customs on such goods under that act or 40 those rules and regulations, as the case may be amendment of acl52 of 1962 50 in section 16 of the customs act, for sub-section (1), the following subsectio!' shall be substituted namely:-"(1) the rate of duty and tariff valuation, if any, applicable to any export goods shall be the rate and valuation in force,-45 «(i) in the case of goods entered for export under section 50,·on the date on which the proper officer makes an order permitti~g clearance and loading of the goods for expcrtation under section 51; (b) in the case of any other goods, on the date of payment of duty" ameadlmdlor acl j of 1944 exdte 50 51 in section 37 of the cenll'll excises and salt act, t 944 (hereinafter referred clause shall be inserted, namely:-"(rvia) provide for the credit of duty paid or deemed to have been paid on the goods used in or in relation to, the manufacture of excisable goods;"  = 52 the central  tariff act 1985 (hereinafter referred to as the central excise tariff act), shall be amended in the manner specified in the third schedule ameadmiat of ad 5 of 1986 :r=--ciie 53 (1) in the case of goods chargeable with a duty of excise under the central excises act as amended from time to time read with any notification for the time beina in force issued by the central government in relation to the duty so chargeable (not being a notifacation providing for any exemption for giving credit with respect to or reduction of duty of excise under the said act on such goods equal to, any duty of excise under the said act, or the additional duty under section 3 of the customs tariff act already paid on the raw material or component pans used in the production or manufacture of such goods), there shall be levied and collecred a special duty of excise equal 10 ten per cenl of the amount so chargeable on such goods (2) sub-section (1) shall cease to have effect after the 31st day of march 1987 except as respects things done or omitred to be done before such cesser, and section 6 of the general clauses act 1897 shall apply upon such cesser as if the said subsection had then been repealed by a central acl (3) the special duties of excise referred to in sub-section (l) shall be in addition to any duties of excise chargeable on such goods under the central excises act, or any other law for the time being in force (4) the provisions of the central excises act, and the rules made thereunder including those relating to refunds and exemptions from duties, shall as far as may be, apply in relation to the levy and collection of the special duties of excise leviable under this section in respect of any goods as they apply in relation to the levy and collection of the duties of excise on such goods under that act or those rules a~ the case may be a_i'iii_of ad 11 of 195] 30 54 in the khadi and other handioom industries development (additional excise duty on cloth) act, 1953-(i) in section 2, for clause (b) the following clause shall be substituted, namely:-35 '(b) "cloth" means textile fabrics falling under heading nos5003 5106, 5107, 5108, 5205, 5206, 5207, 5208, 5209, 5210, 5211 5212, 5408, 5409, 5410, 5411 5412, "07, "08, "09, "10, ssl1, 5512, 5802, 5804 and 6001 of the schedule to the central excise tariff act, 1985; '; (ii) in section 3, in sub-section (1) fmo the faaures and words "19 naye paise per square metre", the figures and wcrds "25 paise per square metre" shall be subsdwled 40 ui-ai ad 51 of 195'7 55 the additional duties of excise (goods of special importance) act, 1957 (haeinafter referred to as the additional duties of excise act) shall be amended in the manner specified in the fourth scbedule ~  fa ,\cuo fa 1978 56 the additional duties of excise (textiles and textile articles) act 1978, shall be amended in the manner specified in die fifth scheduje 45  lkclorrjlitm"",, 1m provisionll coil«tiot& oftfj28 act, 1931it is hereby deciarer11hat it is expedient in ~j,blic inteaat that the ~iona ra clausea 48, 49 , 52, 53, 54, 55 ancr 56 ~ this bill shill have inunediate effect under the provisional collection ra taxes arj 1931  (see section 2) part i income-tax and surcharge on income-tax 5 pottl8raph a sub-paragraph iin the case of every individual ex' hindu undivided family or unregis1aed fum ex' other association of persons or body of individuals, whether inccxporatecf ex' nor or every artificial juridical penon memd to in sub-clause (vii) of clause (31) of section 2 of the income-cax act, dot being a case 10 which sub-paragraph n of this paragraph or any other paragraph of this 10 pan applies,  rates of income-taxnil  , (i) where the totaj income does not exceed rs18,ooo (2) where the total income exceeds rs18,ooo 15 but does not exceed rs2s,ooo (3) where the total income exceeds rs25,000 but does not exceed rsso,ooo (4) where the total income exceeds rs50,ooo but does not exceed rsl,oo,ooo 20 (5) where the total income exceeds rsl,oo,ooo 25 per cent of the amount by which the total income exceeds rs18,000; rs 1 ,750 pills 30 percenl of the amount by which the total income exceeds rs25,ooo; rs9,2so pills 40 per cent of the amount by which the total income exceeds rsso,ooo; rs29,250 plus so per cent of liie amount by which the total income exceeds rs 1 ,00,000 sub-paragraph 1/ in the case of every hindu undivided family which at any time during the previous year has at least one member whose total income of the previous year relevant to the assessment year commencing on the 1st day of april, 1986 exceeds rsl8,ooo,- rates of income-tax(1) where the total income does not exceed rs12,ooo (2) where the total income exceeds rsl2,000 but does not exceed rs20,ooo (3) where the totaj income exceeds rs20,ooo but 30 does not exceed rs40,ooo (4) where the uyjil income exceeds rs40000 but does not exceed rs60,ooo (5) where the total income exceeds rs60,ooo but does not exceed rsl,oo,ooo 35 (6) where the total income exceeds rsl,oo,ooo nil; 2s per cent of the amount by which the idtal income exceeds rs12,ooo; rs2,000 pills 30 per cent of the amount by which the total income exceeds rs20,ooo; rs 8,000 phis 40 per cent of the amount by which the total income exceeds rs40,ooo; rs16,ooo pills so per cent of the amount by which the total income exceeds rs60,ooo; rs36,ooo pllls 55 per cent of the amount by which the total income exceeds rsl,oo,ooo (i) where abe idtai income does not exceed rsioooo is per cent ~ die tocal income; (2) where iheiocai income exceeds rsio,<xx> but does' rsisoo pllls 2s per alit of die iiiiount by which die total 5 not exceed rs20000 income  ralo,cm; (3) where die total income exceeds rs2o()oo ri4<xx> pbu 40 per cent of die amount by which the toral income exceeds ri 20000 10 in die case of ewiy jebiaed firm, dot bein& i case ii) which sub-pnantph n of chis panrpapb 1ippiies  rates of~-tmc(i) where the ioiai income does not __ rsio,ooo m: (2) where die iotil income exceeds rsi0000 but does dol exc:eed ri2s,ooo 5 per cent of ihe amount by which die total income exceeds 15 rsio,oooi (3) where die idw income exceeds rs2sooo but does not exc:eed rs5o,ooo rs7so pllls 7 per cenl of abe amount by which the total income exceeds rs25000i rs2500 pllls 15 per cent of ihe amount by wluch ihe total (4) where ihe total income exceeds rssoooo but does not exceed rsl00,ooo income exceeds rs5o,ooo: 20 (5) where ihe total income exceeds rsi,ooooo rs10ooo pllls 2a per cenl of the amount by which the total income exceeds rsl00000  sub-ptltagroph iiin ihe ce of ewiy registered firm whose iiotal income includes income derived from i profession carried on by it and the income so included is not less thin fifty-ale per cent of such ijtil income 25  rates of income-tax30 (1) where the total income does not exceed rsto,ooo (2) where ihe total income exceeds rsi0,ooo but does not exceed rs25,ooo (3) where the total income exceeds rs2s,ooo but does not exceed rsso,ooo (4) where ihe total income exceeds rs50,ooo but does not exceed rsioo,ooo nil; 4 per call fa ihe aumunt by which ihe total income exceeds rsioooo; rs600 pllls 7 per call of die id'iouiit by which ihe total income exceeds rs25,ooo: rs2,3so pllls 13 per cent of ihe amount by which ihe total income exceeds rsso<xx>: (5) where ihe total income exceeds rsl,oo,<xx> rs8,8so pllls 22 per cent of the amount by which ihe cotal 35 income exceeds rsi,ooooo explamtwn- for ihe pu!poiies of chis pari&nph, "reiislrled fann" includes an uilmiistend firm assessed as a registered rann under clause (b) fa section 183 of,lhe income-td act in the case of every ioc:ai authority-rate of income-tax on the whole of the total income  pti1't1f'c1ph ein the c:ase ra i compay-raid of inco~-tq%  i in the calle ra ldomellic compifty5 (1) wtwn the c:on--y ill c:cjii1'iil1 in wbidlihe !o per cent of the tatai idcome; publicaa  y  (2) wbn die coiiipifty is dot i ccjidiimy in which the public a  'y ialllulell, (i) in die ciiie ra i tradina collipill)' ex' an 60 per cent c'i the toraj income: 10 in  coft1'iii)' (ii) in iif'j ocber case ss per cent of the tocaj income - d in the cae of i compay adler iban i domestic company  (i) cillo muc:ii of the all idcome - c:cmsiiii of (ii) io)'iiiiei mceiwd fiom 0cmmment ex'  1ndiin 15 ccliicsil in puiiuiiice of 11'1 -a mille by it wiib ihe govemnaitu'die indian concan  the 31st day of march, 1961 but belen the 1st day of apil,1976 ex' (b) feel for jlllderilllliecbnicai services naiwld from govea_  _ u'  1ndia concern in panuance 01 20 an ~ mille by it wiib ihe governmeiitu' ihe indian concern dr the 291b day of pebruary 1964 but before the lit day of april 1976 sopercenl; and where such --has in either cue, been approved by ihe ceninl goyemment 25 (a) on the niance, if any of the total d:ome 6spercenl  surcharge on income-tq%the amauntof income-fu computed in accontce with the preceding povisions of ibis paragraph shall be increased by a sujciuqc cab"'" - the rile of five per cciil of lucia incxjnierax  partd- 30 rates for deduction of tide at source in certain casu in eveay ca in which under the provisions ofsectkm 193, 194, 194a, 194b, i94bb, 1940 and 19s of the income-tax act, laif is to be deducirjd - the  in fon:e, deduciion sbiii be mille from the income subject to deduction at the following rates: 35 l in die cae of i penon giber diiill c:on-y (tij ·whae the pmod is reaiderl in jadia (ii cil idcome by way of uest 0iher dull 10 per cent; - -  011 ___  40 per cent; (i) cil income by way of winnings fmm iaueries 40 and aouwml puzzles (ii) on income by way of winnin&s fiom hone nces (iv) cil income by way of insurance commission m on income by way ra iniaest payible on 40 per c:ent; 10percenl: 10 per cent: 5 (a) any security other than i tu-free seaarity ex the centtii ex' i s_ ooveaulllent; (b) any debentures ex' 0iher securiiies fex' money issued by ex' on bebajf ex iifj 1ocal8ulhority ex' i oorpcntion estabtished by i cencrai, state ex' proyincial ad; (c) any debenlufts issued by i coii1jiily wild such debenbua 1ft listed on i mcopisecl siock excbanae 10 in india in iixxiidance widt the securities canncis (regulaiion) act, 19s6, md illy rules rude ibeftunder (vi) on any ocher income (excludina  t paylble20 per cent; on i tu-free aecurity) (b) whee die penon is not rsideat in india-(i) in die ciie ex i doil-nsidellllndild-15 (a) on iimsiroent income md lona-lil'lm capiial 20 per cent; gains (b) on income by way ex inltnst payable on i 15 per cenl; tu-free aecurity (c) on ibe whole of ibe ocher income incomhax 1130 per cent of die amount of the 20 income, ex' income-tu in mspect ex ihe income at die  praaibed in sub-paragraph i olparaaraph a of part iii of ibis schedule, if such income bad 25 been ihe toiil income, incqme-tu it 30 pel' ca:iitdf the iii10udl of ihe income, 30 (i) in ibe case of lily adler penon (a) on ibe wbo1e ex ibe income (acluding interest payable onl tu-free~) ex' income-iu in ispect ex die income at the, praaibed in sub- 1 of  a of part m of chis scbeclule, if such incoide bad been ihe ioiil income, 35 whichewr is biper; 15percenli 40 (b) on income by way ex infaat payable on a tax-free security 2 in the cae of a coiiipiily-(a) where the oornpiiiy is a donadc ~_ 2operoenli (;) on income by way d interest 0iher chin "imaest onlllcurilies" | 215      | percenl;    ||-----------|-------------|| (i)       |             || on        |             || 811)'     |             || odw       |             || income    | (excludina  || interest  |             || payable   |             || on        |             || a         |             || tu-fiee  |             || security) |             || 45        |             |(b) where die coil, is not a domestic c:oc-y-2s per cenli (i) on income by way d dividends payable by 2speroenli 50 any domestic compiiiy (i) on income by way ex intaest payable by government ex' an iiidiiil concern on moneys bcaiuwed or debt incumd by government ex' die 30 per cent; 5 10 indian concern in bejan c:umn:y (ii) on inane by way rlmyllty payable by government (ii' iii indian oancem in punuance d an -nent iiiide by it willi ihe ooveinlllent or die indian ccn:em lifter the 31st day of march, 1976, whele such io)'iity is in coiiiidendan fur the tnmfer of au or illy ri&hd (includina die  d alicellce) in relpectaf copyriam in 1ft)' boot 011 i subject re&md 10 in the pnwiio to  --=don (ia) of iecdon lisa of the income-iu act, to die indian c:oncem 15 (w) on income by way ofmyalty [doc - royally of the natuje referred to in lub-iienl (bxiii)] payable by oovernmmt (ii' iii indian ccn:em in purswnce of iii agreement made by it willi the govement or ihe indian coocem and which has been approved by the centtai government, -- soper cent; 20 (a) where the agreement is made  the 31st day of march, 1961 but before the 1st day of april, 1976 3opercenl; (b) where the agreement is made after the 31st day of march, 1976 25 (v) on income by way of fees for technical services payable by government or iii indian concern in pursuance of an agrenlellt iiiide by it willi the 60vemment or the indian concern and which has been approved by the central gowmmentso per oent; 30 ~) whrre the igftanent is made lifter the 29th day offebrumyl964 but before the 1st day of april 1976 30 per cent; (b) where the agreement is made after the 31st day of march, 1976 44percenl; (iii) on income by way of interist payable on a taxfree securiif (tjii on illy ocher income 65 percent exp/aniiion for the puijxlscs ofdlis pin, "mesadent income", "iong-lelm capital gains" and "non-raident indian- shall have the meaninas assipled 10 them in ciapw xii-a of the ~tax act  partmraks /or calculating or c~                           inc()1m-1a% in certtlht cases deducting il'lcofm-itijcjrom inctnm charpable unhr lhe head "sajaivs" or any jklyifviil                            10 in sub-sectitm (9) tf ,"lion ikje ~                                                         computing "odvrjiice ~     in cases in which income-tax has 10 be calculated under' the first proviso to sub-section (5) of section 132 of the income-tax act or charged under sub-secdon(4) ofsectiool72 or sub-section (2) ofsecdon 174 or section 1" or sub-section (2) of section 176 of die said act or deducced under section 192 of ihe said act from income cluqeable under the head "salaries" or deducted under sub-section (9) of section 80e of the said act from illy paymenl refenecllo in the said sub-section (9) or in which the "advance tax" payable under oiapler xvn-c of rhe said act has to be computed at the rate or riles in ~                                                                                                                               such income-tax or, as the case maybe "advance tax" [not being "advance tax" in respect of any income chargeable to tax under chapterxn orchaoiier xii-a or sub-section (la) of section 161 or section 164 or section 164a or section 167a of the income-tax act at 1m rues as specified in that 0iapier or section) - shall be so calculated, chbijed deducted or computed at the fonowing rate or nwes:-                                                                                                                _                                                                                                                                 in the case m every individual (i' hindu undivided family (i' ~ finn (i' 0iher aaoc:iation of persans (i' body of individuals, whether incciponied (i' noc (i' every aniflcial juridical penon refened 10 in sub-dause (vii) of ~(3j) of section 2 of the income -tax act not beina a c:a to which sub-p-1&f'iph d of this pngraph (i' any ocher paraariph of this part appiies,-(i) where the iioiai income does not exceed rsis,ooo (2) where 1he iioiai income exceeds rs1s,ooo but does dot exceed rs25000 (3) where die loiii income exceeds rs2sooo but does not exceed rs~ooo (4) where die loiii income eu:eeds rsso,ooo but does dot elaled rsl,oo,ooo (5) where the toca1 income exceeds rsiooooo nj; 2s per cent olche amoant by whjch the mtai income ekiids rs18000; rii7so pl", 30 per cent 01 the iiiloadt by which the iocii idcome aceeds rs2s,ooo; rs9,lso plllf 40 per cent of the amount by which die 10lil inc:cxne excea rsso,ooo; rs29,250 pllls 50 per cent fiche amount by which the idcii income nceeds rsi,oo,ooo  sub-p~din che c:a of every hindu undivided family which at lily time durina the previous 'ie has - least one member whose total income of the previous jell' jeievint k) the __ year commencing on the lst day of april, 1987 ekceeds rs 1 8000-(i) where the toiii inoome does not exceed rs12,ooo (2) where die 10lil income exceeds rsl2,ooo but does not aceeci rs2dooo (3) wiler die ioiai income exceeds rs20,ooo but does not aceed rs4o,ooo  (4) where die 10lil income exceeds rs4o000 but does not exceed rs60000 (5) where the loiii income exceeds rs60000 but does not exceed rsiooi/1j (6) whele die toiii income exceeds rslooooo ni:  2s per cent of the amount by which the 10lil income exceeds rsi2,ooo; rs2,ooo pills 30 per cent of the amount by which the local incuiie eiciick rs2d,ocx); ra8,ooo pills 40 per cent of the iiiioui1t by which the total income aceecis raao,ooo; rsi6,ooo pl", so per cent of the amount by which the tall income exceeds rs6o,ooo; rs36,ooo pllls 55 per cent of the amount by which the total income exc:eeds llsi,oo,ooo  paragraphbin the ci!ie of every cxhjperiiive 1ociety- rates of income-tldc is per c:ent of the iotai income; rsl,soo pl", 2s per cent of the amount by which the loiii income exceeds rsio,ooo; rsa,ooo piiii 40 per cent of the iiiiounl by which the (i) whele the iolaj income does 1k't uc:eed rsio,ooo (2) where the tota1 income exceeds rsjoooo but does not exceecl rs20000 (3) wheie die total income cxeedi rs2d,ooo  ptjidi'fiph c spamgrtlph iin the case of evert regislered fum, not being a case 10 which sub-paraeraph d of this panf&rapb applies,-rates of income-tax (1) where the loiii income does not exceed rs10ooo hi; (2) where the tow income exceeds rsi0,ooo but does 5 per cent of the amount by which 1he total income nol exceecl rs2s,ooo exceeds ral0,ooo; (3) where the tota1 income exceeds rs 25,000 but does ri 750 pi," 7 per cent of the amount by which the total not exceed rssoooo income exceeds rs2s,ooo; (4) where the total income exceeds rssoooo but does not exceed raiooooo  (s) whele the tota1 income ac:eeds ralooooo  ra2,soo plus is per cent m the iii10wlt by which the rocai income ac:eeds rs!o,ooo; rsloooo plus 24 per cent c ihe _ by which ihe iotal income excoedi rslooooo sub·ptuagraph 11 in the case of every reaisiered firm whole tocal income includes income derived &om - pofeuion carried oil by it iiid the income 10 included is dot less than fifty-one per cent c such idtil inoome,- rima of iitcome-ta%(1) whae the tocal income does not exceed rsl0000 (2) where the rota1 income exceeds rsloooo but does not exceed rs2s000 (3) wbere the rota1 income cw:eeds ra2s,ooo but does not exceed ra5o,ooo (4) whae die tocal idcome exceeds ~,ooo but does not exceed ral00,ooo  (5) where the iocil income ac:eeds rsloo000 hi; 4 per cent c1 the  by wbicb die loiii iacome exceeds rsi0000: ra600 pbu 7 per ceat c die _ by wbicb die iotii iacome ac:eeds rs2s000; rs2,3so plus 13 per ceat c die  by wbicb die loiii income esceedi rs5o,(o); ra88so pbu 22 per ceat c die, by which ibe rocaj income m:eedi rsl00000 ~il- po' the ~ 'of ibis pira&npfi, -regislered finn  includes iii unreaislleled firm assessed •• registtnd finn uriier clauie (b) of seciioa 183 of ihe fncclii1hai ad: p~d in the case of every loca1lu1hority-rate of income-tiljc sqpercenl on the whole of the foiai ~ pamgmphe in the case of a company,-rates of income-tiljc i in the case of a domestic oompany,-(i) where the company is a ~y in which the public so per cent of the total income; are substantially intaesied (2) where the compiiiy is not a toq)8ry in which die public are substmtiauy interested-(i) in the case of a irading company or an invest-60 per cenl of the total income; nat coqjiiiy (ii) in any other case 55 percenl of the rocal income ii in the case of a company other than a domeslic compiily,-(i) on so much of ft total income u consists of -(a) royalties received from oovemment or iii indian concern in pursuaace of an ap:cment made by it wiib the government or the indian cancem after the 31st day of march, 1961 but before the 1st day of april, 1976, or (b) fees for rendering iechnical services received from government m iii indian concern in punuance of an agreement made by it with the government or the indian concern after the 29th day of february 1964 but before the 1st day of april 1976, sopeccent,; and where such agreement has, in either case, been approved by the ccnral government (ii) on the balance, if any, of the total income 6spercenl  part iv (s section 2(7x ~n rules for cxlmputa~ opnbt aoriculnjral inromerilk 1 -agricultllrll income rldle diiuie refemd 10 mlub-dlule (a) fa diuie (1) fa sectim 2 fa die jncometax act shall be computed - if it were income c,1e to income-tu under chit att under the head "income from other 1iouites" and the g provisions fa seciiona sllo 59 fa ihat act shlu, 10 , - may be, apply 1tcoidinaiy: provided that aub-seccion (2) fa section s8 aball apply aubject 10 the modification chat the reference 10 iection «ja therein shad be ccnsaued not including litef66iu 10 iu~ (3) _ (4) fa secticn oa r_ 2 -apicubaral income rlthe_ referred to mlub-clluae (b) or suklause(e) of cllu8e (1) of section 2 of the 10 iricome-tu act [other than idc:ome derived from any building required is i dwelq house by the receiver of the rent or rewnue or die cujtiviior or die mceiver of ftiiit-in-jdnd merred 10 in the said sub-clause (e)] shall be computed is if it were income charaeable to idcome-tax under chat act under the head "profits and aains of business or profession" and the provisions ofsectimla 30 31, 32 34, 36 37, 38,4o,oa [ocher ihan sub-sections (3) iftd (4) thereof) 41, 43 and 43a fa the income-tax act sbad, 10 far - may be, iiijply iccadingly rilk 3 -agricul1ujal income fa the iiiiuie refened 10 in sulh:lauae (e) of clause (1) of section 2 of the income-tax act 15 being income deriwld from lily buildina required - i dwel1ina house by the receiver fa the rent or revenue or the cultivllo' or the receiver of 1eilt-in-tind refened 10 in the said sub-ciauje(e) sbajl be canpuiiid if it wa income chargeable 10 inoome-tax under dial act uqder dle bead "income from house property" and the provisions of sections 23 10 27 of that att shall, so far as may be, apply accordingly: provided that sub-section (2) of the said section 23 shall apply subject 10 the modifications that the references to  total 20 income" therein shall be ccldstnied - references to net agricultural income and chit the words, figures and letter "and before mating any cleduction under 0iapier vi-a" shad be omiaed r_ 4 -notwithstanding anything contained in any oilier pioyisionl fa these jules in i case where the asessee derives income from sale of tea grown and lulufactured by him in india such income shall be computed in iixoi'dinoe with rule 8 of the incomo-tax rules 1962 and sixty per cent of such income sbail be mprded - the agricultural income of the assessee 25 rule 5 -where the assessee is a partner of a registered firm or an unreaistered finn assessed as a registered flllll under clause (b) of section 183 of the income-tax act which in the jftvioua year has any agricu1turll income or is a parmer of an wuegisterm find which has not been assessed as a registered finn under clause (b) of die hid section 183 and which in the previous year has either no income chqeable 10 tax under the income-tax act or has total income not exceedin& the maxinmm amount not chargeable to tax in the case of an unregistered firm but has lily i&ricultural income then, the agricultural income 30 or 1ms of the fum shall be computed in acconiance with these jules and his share in the agrfcullul'll income or loss of the finn shall be computed in the manner laid down in sub-sectioo (1), sub-aection (2) and sub-section (3) of section 67 of the incometax act and the share so computed shall be regarded is the agricullural income or loss of the assessee rule 6 -where die assessee is a member of an association of persons or a body of individuals (other than a hindu undivided family, a company or a finn) which in the previous year has eidler no income chapable 10 tax under ihe income-tax 35 act or has total income not exceeding the maximum amount not charpable id tal in the case of an association of persons or a body of individuals (other than a hindu undivided family, a company or i finn) but has any agricultural income then the agricultural income or 1ms 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 compulled shall be regilded - the agricultural income or 1ms of the assessee rul~ 7 -where the result of the computation for the previous year in respect of any source of agricultural income is a loss, 40 such loss shall be set off against the income m the assessee if any, for that prmous year from any other source of agricultural income: provided that where the assessee is a partner of an unregistered fum which has not been assessed as a registered fum under clause (b) of section t 83 of the income-tu ~ 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 farm, 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 ihe agricultural income shall be deducted in computing the agricultural income 5 10 rule 9 -1) where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of april 1986, any agricultural income and the net result of the computadon of the agricultural income of the assessee fcx' any one or more of the previous years relevant to ihe assessment years conunencing on the 1st day of april, 1978 or the lst day of april 1979 or the lst day of april 1980 or ihe 1st day of april 1981 or the 1st day of april, i 982o-the 1st day of april, 1983 or the lst day of april, 1984 or the lst day of april 1985, is a loss, then for the pwposes of sub-section (2) of section 2 of this act --15 (i) the loss so computed fcx' the previous year relevant to the issessment year c:onunencing othe 1st day of april, 1978, 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 fust day of april, 1979 or the 1st day of april, 1980 or ihe 1st day of april 1981 or the 1st day of april, 1982 or the lst day of april 1983 or the lst day of april j 984 or the lst day of april, 1985, (ii) ihe loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 1979, 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 commencirig on 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 or abe lst day of april, 1984 or the lst day of april 1985, (iii) the loss so computed for the previous year relevant to the assessment year commencing on ffie tsr 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 or the lst day of april, 1983 or the 1st day of april, 1984 or the lst day of april, 1985, (;v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st 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 or the 1st day of april, 1983 or the lst day of april, 1984 or the 1st day of april, 1985, 30 (v) the loss so computed for the previous year relevant to the assessment 'year commencing on the 1st day of april, 1982, to the extent, if any, such loss has dot been set off against the agricul-tural income for the previous year relevant to the assessment year commencing on the 1st day of april, 1983 or the lst day of april, 1984 or the lst day of april, 1985, (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 1983, to the extent, if any, such loss has dot been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of april, 1984 or the 1st day of april, 1985, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 1984, 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, 1985, and (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 1985, 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, 1986 (2) where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of april, 1987 or, if by vinue of any provision of the income-tax act, income-tax is to be charged in respect of the income of a period other than chat 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 yean relevant to the asse&&ment yean commencing on 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 or the 1m day of april, 1984 or the 1st day of april 1985 or the 1st day of april, 1986 is a loss then for the purpose~ of lub-aection (6) of &eetion 2 of this act--(i) the loss 10 computed for the previous year re1evult to the asseument year commencing on the 1st day of april 1979 to the extent, if any such lou his dot been let off lliinst the qricultural income for the previous year relevant to the assessmont year commencing on the lit day of april 1980 or the 1st day of april 1981 or the lst day of april, 1982 or the 1st day of april 1983 or the 1st day of april 1984 or the 1st day of april 1985 or the 1st day of april 1986 (ii) the loss 10 computed for the previous year relevant to the usessment year commencing on the lst 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 ihe assessment year commencing on the lst day of april 1981 or the lst day of april, 1982 or the 1st day of april 1983 or the 1st day of april, 1984 or the lst day of april, 1985 or the lat day of april, 1986 (iii) the loss 10 computed for the previous year relevant to the assessment year commencing on the 1st day of april 198110 the extent if any, such loss has not been set off against the agricultural income for the ~ous year relevant to the iisilessment year commencing on the 1st day of april, 1982 or the 1st day of april 1983 or the 1st day of april 1984 or the lst day of april 1985 or the 1st day of april 1986 (iv) the loss 10 computed for the previous year relevant to the assessment year commencing on the lst day of april, 1982 to the extent, if any such loss has not been set off against the agricultural income for 2q the previous year relevant 10 the assessment year commencing on the lst day of april 1983 or the 1st day of april 1984 or the 1st day of april 1985 or the 1st day of april, 1986 25 (v) the loss 10 computed for the previous year relevant to the assessment year commencing on the 1st day of april 1983 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 daypf april, 1984 or the 1st day of april 1985 or the 1st day of april, 1986 30 (vi) the loss 10 computed for the previous year relevant to the assessment year commencing on the 1st day of april 1984 to the extent, if any, such loss has not been set off against the agricul-tural income for the previous year relevant to the assessment year commencing on the lst day of april, 1985 or the 1st day of april 1986 (vii) the loss 10 computed for the previous year relevant to the assessment year commencing on the 15t day of april 1985 to the extent, if any such 10&& has not been set off against the agricultural income for the previous year relevant to the asse&&ment year commencing on the lst day of april, 1986, and (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april 1986 shall be set off against the agriculmral income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of april 1987 or the period aforesaid (3) where a change has occurred in the constitution of a firm nothing in sub-rule (i) or sub-rule (2) shall entitle the firm to set off 10 much of the loss proportionate to the share of a retired or deceased panner 4() computed in the manner laid down in sub-section ( 1 ) sub-section (2) and sub-section (3) of section 67 of the income-tax act  exceeds his share of profits if any; of the previous year in thefirtn, or entitle any partner to the benefit of any portion of the said loss (computed in the manner aforesaid) which is not apportionable to him (4) where any person deriving any agricultural income from any lource has been succeeded in such 45 capacity by another person otherwise than by inheritance nothing in sub-rule (1) or sub-rule (2) shall entitle any person, other than the person incurring the loss, to have it set off under sub-rule (1) or as the case may be, sub-rule (2) 19 of 1978 21 of 1979 44 or 1980 16 of 1981 14 of 1981 11 of 1913 21 of 1984 32 of 1915 (5) notwithstanding anything contained in this rule, no loss which has not been detennined by the income-tax officer under the provisions of these rules or the rules - contained in part iv of the schedule to the finance act, 1978, or of the first schedule to the finance act, 1979, or of the first schedule to the finance (no2) act, 1980, or 5 of the first schedule to the finance act 1981 or of the first schedule to the finance act, 1982, or of the first schedule to the finance act, i 98lor of the first schedule to the finance act, 1984 or of the first schedule to the finance act, 1985, shall be set off under sub-rule (j) or, as the case may be, sub-rule (2) rule 10 -where die net result of the computation made in accordance with thelle rules is a loss,the loss 10 so rdq)u1ed sha1i be igncnd and the net 8(p'icu1tuni income shijl be deemed , be nil rule j j  -the provisions of the income-tax act relating to procedure for assessment (including the provisions of section 288a relating to rounding off of income) shall, with the necessary modifications, apply in relation to the computation of the net agricultural income of the assessee as they apply in relation to the assessmem of the total income 15 rule 12 -for the purposes of computing the net agricultural income of the assessee, the income-tax officer shall have the same powers as he has under the income-tax act for the purposes of assessment of the total income  1lie second scheduib (set section 48)in the rust schedule ~ the customs tariff act,-(i) in clapta' 9 in sub-heading no 090420, ihe enby in coiurm (5) shall be mniaed; (ii) in chapter 28 in sub-heading no 281512, for the enuy in coiunm (4)1be enuy"~ plus rslsao per 5 tonne" shall be substilu1ed; (iii) in 01apcer 29-(1) in sub-heading no 291736, fcx'b enby in column (4) tbe enay "1s()'j, plus rsi0 per kilogram" shall be substituted; (2) insub-headingno291737,fcx'b entries iocolumns (4) ijid (5) the entries"15~ plus rsi0per 10 kilogram" and "1~ plus rsi0 per kiqram" shall respecdve1y~ be subsdbl1ed; (iv) in chapter 39 in sub-belding nos 390410 390421 ancl390422 for the enuy in colunm (4), the enuy "2qocj, plus rsi05oo per bne" shau be substiblted; (v) in chapter 48 in sub-heading no 481420, for the entry in column (4), the entry "~" shall be substiblled; 15 ,f (vi) in 0iapier 84-(1) in sub-heading nos 840110, 840120, 840211, 840212, 840219, 840220, 840420, 840510, 840611 and 840619, fcx'lheenuy in colunm (4), the entty "5()11," shall be subsdblled; (2) in sub-heading nos 840710, 840721, 840729, 840731, 840732, 840733, 840734, 840790, 840810,840820 and 840890, fcx' ihe enay in column (4), die entry "1l~" shall be substituted; 20 (3) in sub-heading nos 841011, 841012, 841013, 841111, 841112, 841121, 841122 841181, 841182, 841210 841221, 841229, 841231 and 841239, for the entry in column (4), the enuy "s~" shall be substituted; 25 (4) in sub-headilig nos 841280, 841311, 841319 and 841320, for the enay in column (4), the entry "7~n shau be subsdtuled; (5) in sub-heading no 841330, for the entry in column (4), the~ "11~" shall be subsdblled; (6) in sub-heading nos 841340, 8413so, 841360, 841370, 841381, 841382, 841410 and 841420, for the entry in colu  (4)' the enay "5<" shad be substiblted; (7) in sub-heading no 841430, for the entry in column (4), the entry "11~" shall be subsdblled; (8) in sub-heading no 841440, for the entry in column (4), the entry "~" shall be subsdblted; 30 (9) in sub-heading nos 841451, 841459, 841460, 841480, 841510, 841581, 841582 and 841583, for the entry in column (4), the entry "11~" shall be substiblted; (10) in sub-heading nos 841610, 841620and 841630, for lheenay in column (4), the entry "~n shall be ~ubstiwted; (/1) in sub-heading nos 841810, 841&21, 841822, 841829, 841830, 841840, 841850, 841861 and 35 841869, for die entry in coiuma (4), die enay "11~" shall be subsdtu1ed; (12) in sub-heading nos 841911 and 841919, for the entry in column (4), the entry "70%" shall be substkuled: (13) in sub-heading nos 841920, 841931, 841932,841939 and 841940, for the entry in column (4), the enay "50%" shall be substiluted; 5 (14) in lub-heading nos 841950, 841960, 841981 and 841989, for the entry in column (4), the entry "70%" lball be substitured; (15) in sub-heading nos 842010, 842111, 842112, 842119,842121 and 842122, for the entry in coiunm (4), the entry "50%" shall be substiluted; (16) in sub-heading nos 842123, 842129, 842131 and 842139, for the entry in column (4), the entry 10 "110%" shall be substilured; (17) in sub-heading nos 842211, 842219, 842220, 842230, 842240, 842310, 842320, 842330, 842381, 842382, 842389, 842410 and 842420, for the entry in column (4), the entry "70%" shall be substituted; (18) in sub-headin& nos 842430, 842481, 842489, 842511, 842519 842520, 842531, 842539, 15 842541,842542, 842549 and 842611, for the enay in colunm (4), the entry "50%" shall be substituted; (19) in sub-headin& no 842612, for the entry in column (4), the enay "70%" shall be subsutulett; (20) in sub-heading nos 842619,842620 and 842630, for the entry in colunm (4), the entry "50%" shall be substitulled; (21) in sub-heading no 842641, for the entry in column (4), the entry "70'j," shall be subsulured; 20 (22) in lub-heading nos 842649, 842691 and 842699, for the entry in column (4), the entry "50'j," shall be substitulled; (23) in sub-heading nos 842810, 842820, 842831 842832, 842833, 842839, 842840, 8428so, 842860, 842890 842911, 842919, 842920, 842930, 842940, 842951, 842952, 842959, 843010, 843020, 843031, 843039 843041, 843049 843050, 843061, 843062, 843069, 843210, 843221 25 843229,843230 and 843240, for the entry in colunm (4), the enay "so%" shall be substituted; (24) in sub-heading no 843280, for the entry in column (4), the enay "7()tj," shai1 be substiluted; (25) in sub-heading nos 843311, 843319, 843320, 843330, 843340, 843351, 843352, 843353, 843359,843360, 843410 and 843420, for the entry in column (4), the entry "socj," shall be substitured; (26) in sub-heading no 843510, for die entry in column (4), the enay "70%" shall be substituted; 30 (27) in lub-headin& nos 843610,843621,843629,843680,843710 and 843780, for the entry in column (4), the entry "so"'" shall be substituted; (28) in sub-heading nos 843810 and 843820, for the entry in column (4), the entry "709&" shall be substitulled; (29) in sl'b-heading no 843830, for the enay in column (4), the entry "so%" shall be substituted; 35 (30) in sub-heading nos 843840, 843850, 843860 and 843880, for the entry in column (4), the entry "70'j," shall be substituted; (31) in sub-heading nos 843910, 843920,843930 and 844010, for the entry in column (4), the entry "~" shall be substiluted; (32) in sub-heldina nos 844120, 844130, 844140 844180, 844210, 844220, 844230, 844311, 844312, 844319, 844321, 844329, 844330, 844340, 844350, 844360, 844400, 844511, 844512, 844513, 844519,844520,844530,844540,844590,844610,844621, 844629 and 844630, for die entry incoludll (  ), theenlly ~ shall be substituled; (33) in sub-headin& nos 844711, 844712 844720 and 844790, for the enlry in column (4), the enlry 5 "1<" shall be substilulled; (34) in sub-beading no 1811, fm che entry in column (  ), the entry "~ shai1 be subsdtuled: (35) in sub-belding no 844819 fm che entry in column (4), che entry "1<" shai1 be substituted: (36) in sab-heldin& no 844900, fm che entry in coiud1l (4) che entry "sow," shall be subsdtuled: (37) in sub-beading nos 845011, 845012, 845019, 845020 845110 845121 845129 845130 and 10 8451  -0, fm che entry in column (4), die enii'y "~" shall be subsdtuted; (38) in sub-~ no 845150, fm che entry in column (  ) che enll')' "~" shill be substituted; (39) in iub-heidina no 845180, fm the entry in coiliiid (  ), che entry "70" shall be subsdtuled: (40) in sub-heidina no 845210, fm the entry in column (4), che entry "110" shall be subsdtuted; (41) in sub-badin, noi 845221 845229, 845310 845320 845380 845510, 8455211ncl845522, for 15 che enuy in coimm (  ), che entry "~" shill be subltiluled; (42) in sub-beldina noi 845610, 845620, 845630, 845690, 845710, 845720, 845730, 845811, 845819, 845891, 845899, 845910, 845921, 845929, 845931, 8"5939, 8459"0, 8459s1, 845959, 845961, 845969 84'910 846011 846019 846021 846029, 846031, 846039 846040, 846090, 846110 846120, 846130, 8461"0, 846150 846190, 846210, 846221, 846229, 846231, 846239, 20 846241, 846249, 846291 846299 846310 846320, 846330 846390, 846410, 846420, 846490, 846510 846591, 846592, 846593, 846594 846595, 846596 and 846599 fm ihe entry in column (  ), the entry "2soii" shad be subsliculld; (43) in -b-hadina noi 846711 846719, 8461811dd 846789, for die enlry in column (4), the enlry "sc" ibid be 18il_; 25 (44) in ~ noi 846810 84682d "846880, fm die entry in coiamn (4) the entry "7()1jf," shill be soilulrjll; (45) in sub-beadina noi 847410 841420, 847"31, 847432, 841439 841480847510 and 847520, fm the enb')' in c:oiudm (4), die entry "~" shad be subsliluled; (46) in sub-beldin, noi 841611 and 847619, for the entry in coludui (  ) ihe enlry "7()4j," lhall be 30 sublliluled; (47) in lub-beidin& noi 847710 847720 847730, 847740 847751 847759 847780 and 847810, for die entry in c:01unil (4), die entry "~" iliad be subiiituied; (48) in sub-headin& no 847910 for che entry in column (4), ihe entry "~" shall be substituted; (49) is lub-beadina noi 847920, 847930 iiid 847940, for cbe enii'y in column (  ), ihe entry "sow," shall be 35  ilu  ; (50) in aab-iadina noi 847981 8479821dd 847989 for ihe entry in column (4), ihe enii'y "70" shill be  (51) in sab-badin& no 848130, b cbe eniiy in column (  ), ihe enay "60" shai1 be lubsdtuted; (52) in sub-heading nos 848291 and 848299, for the entry in column (4), the entry "2qocj, plus rsl00 per piece" shall be substituted ;  (vii) in 0uiir 85,-(1) in sub-heading nos 850110, 850120, 850131 ancl850132, for the entry in column (4), the entry 5 "1l~"1ha11 be substiluted; (2) in sub-heading nos 850133111d 850134, for die entry in colunm (4), die entry "5()15" sbiil be substiluled; (3) in sub-heading nos 850140, 850151 anci8501s2, for the entry in colunm (4), dle enay "110%"wn be substiluted; (4) in sub-heading nos 850153, 850161, 850162, 850163, 850164, 850211, 850212, 850213, 10 850220,850230 and 850240 for the entry in colunm (4), the entry "50%" shall be substituted; (5) in sub-heading nos 850410 and 850421, for the entry in column (4), the entry "110%" shall be substituted; (6) in sub-heading nos 850422111d 850423, for the entry in column (4), the entry "50%" shall be substiluted; (7) in sub-heading nos 850431 and 850432, for the entry in column (4), the entry "110%" shall be 15 substituted; (8) in sub-headinl nos 850433, 850434 and 850440, for the entry in column (4), the entry "50%" shall be substitutal; , (9) in sub-heading no 850450, for the entry in column (4), die entry "110%" shall be substituted; (10) in lub-headinl nos 850810, 850820, 850880, 850910, 8s0920, 8s0930, 850940, 850980, 20 851010 and 851020, for the entry in column (4), the entry "70%" shall be substituted; (11) in sub-heading nos 851511 and 8sls19, for the entry in column (4), the entry "7()tj," shall be substituted; (12) in sub-heading nos 851521,851529,851531,851539 and 851580 for the entry in column (4), the entry "so%" shall be substituted; 25 (13) in sub-heading nos 851610, 851621, 851629, 851631, 851632, 8sl633, 851640, 851650, 851660, 851671, 851672, 851679 and 851680, for the entry in column (4), ~ entry "70%" shall be substituted; (14) in sub-heading nos 851710, 851720, 851730, 851740, 851781, 151782, 854310, 854320, 854330 and 854380, for the entry in column (4), the entry "110%" shall be substituted; 30 (viii) in chapter 89, in sub-heading no 890800, for the entry in column (4), the entry ~ pi," rs 1,400 per light displacement tomage" shau be substituted  part i in die sc:heduje to die central excise tariff act,-(1) under the heading "rules for the inllel'pl'ewion of chis schedule", in rule 2, in clause (a), for the words "a 5 reference to that goods", at bodi the pllces where they occur, ihe words " reference to those goods" shall be subsdtuted; (2) in <l1apier 9, -(a) in sub-heading no 090111, for die entry in column (4) the enay "rs 78 per quintij" shall be substituted; (b) in sub-heading no 090119, fex' die enay in column (4), die enay "rs los per quintal" shall be substituted; 10 (c) in sub-heading no 090211, in column (4), fex' the figures and word "40 paise", the fijul'es and wcl'd ·44 paise" shall be substituted; (d) in sub-heading no 090212, in column (4), for the abbreviation and figure "re 1", the abbreviation and figures "re 110" shall be substituted; () in sub-heading no 090213, in column (4), for the figures and abbreviation "1~", the figures ii'id 15 ~ "11~" shad be substituted; (3) in olapter is, in sub-heading no 150310, for the entry in column (4), the entry "rss,ooo per tonne" shall be substibded; (4) in 0iapcer 17,-(a) in note 2, for the words "for the purposes of this chapter", the words, letters and figures "for the 20 purposes ofsub-heading nos 1701 10 , 17012d, 170131111c:l170139" shall be substituted; (b) in heading no 1701, after lub-heading no 170120 and the entries relating 1haeio, in column (3), for the entty "-cane lugar, other than khandsari suaar:" the entry "-sular, other tilli'i thandsari sugar:" shall be snbscihted; (5) in 0iapter 19, in hading no 1905, after sub-headina no 190519111d the entires relating 25 thereto, in column (3) for the entry "cabs and putty:", the entry "-cakes ii'id putry:" shall be sublllituled; (6) in cbipeer 20, in lub-beadina no 200110 fex' the entry in column (4), the entry "is~" shall besubsdluled; (7) in 0uiper:r 21, -(a) for nod! 3, die foiiowiiw shall be sabslibded, niiiie1y:-30 '3 in this chapter, "pin masaia" means my pepwation conlaining betel nuls iijid li'iy one or more of ocher ingredients such a lime, tatba (cllechu), cardamom, copra, mentholll'ld tobacco: and in relation to such a peparation, iabeiiin& or re-1abedina m cciiifainea and  pactina from bulk packs to nail picks ex'the iiiopdon of ii'iy ocher treatment to __ the podact iiiiibtable to die consumer, shad imount lid "manufacture'': 35 (b) in sub-heading no 210110, in column (4), for the filures and abbreviation "2s~" the figures ii'id abbmriaiion "~" shall be 1ubldlu1dd: (c) in sub-heading no 210120, in column (4), for the figures ii'id abbreviation "i~", the figures ii'id abbreviaiioa "ii 'ji" shad be subllituteci; 40 (d) in sub-beading no 210319, fex' the eniiy in co1umn{4) the entry "1~" shall be substituted; (8) in 0lipw 22,-, (a) for the tide m the chapra', ihe foiiowin& tide and noce shall be substituted, namely:-"beverages, vinegar and spduts nod! this 0iapfer does not cover ajcohoiic iiquon fex' human consumption"; (b) in sub-heai:iina no 220290, for the entry in column (4), the entry "is'ji" shall be substituted: 45 (9) in 0uipta' 23, in sub-heading no 230100, for the entry in column (4) the enay "12"" shall be substituted; (/0) in chapter 24 -(a) in heading no 2402 after sub-heading no ~40210 and the entries relating theretn in column m for the entry" -bearing a brand name and of which the value per thousand:" '0 ii\(; cntry , -bearing a brand name and of which the value ptj' hundred:" shall be 5ubstiluted; 5 (b) in sub-heading no 240431, for ihe entry in column (4), the cnlry "rs 630 per thou!;and" shall be substituted; ( jj ) in chapter 27, -(a) in sub-heading nos 270100 and 270400, for the entry in mlumn (4), the entry "12%" shall he substituted; (b) in heading no 2710,-10 (i) in sub-heading nos 271021 and 271031 for the entry in wlumn ('4) the entry "rsl,ooo per kilolitre at is· e" shall be suhstituted; (ii) after 5ub-heading no 271029 and the entries relating thereto, in wluoln (3), in the portion occurring before sub-heading no 271031 for the words and figures "smoke point of less than 10 mitjimt'1reli or more" the words and figures "smoke point of 10 millimetres or more" shall he substituted; 15 (c) in sub-heading no 271050 for the entry in column (4), the entry "rs 12710 per kilolitre at l!i'c" ~hall be substituted; (d) in sub-heading nos 27]060, 271070 and 27]080, for the entry in l~ulumn (4), the entry '·rs 3,675 per tonne" shall be substituted; (e) in sub-heading no 271092, for the entry in column (4), the entry "2 i %" shall be suhsti,u!ed, 20 if) in sub-heading no 271093, for the entry in column (4) the entry "rs 630 per lonne" shall be substituted; (8) in sub-heading no 271094, for the entry in rolumn (4) the entry "rs, 62025 per tonne" shall be substituted; (h) in sub-heading no 271095, for the entry in column (4 i the entry "rs¥75 per tonne" shall be substituted; 25 (;) in suh-heading no 271099, for the entry in column (4), the entry "20% pluv rs 250 per tonne" shall be substituted; oj in sub-heading no 271119, for the entry in column (4), the entry "rsl ,000 per umne" shall be substituted; (k) in sub-heading no 271220, for the entry in column (4), the entry "20% plus rs550 per tonne" shall be substituled; 30 (i) in sub-heading no 27]31 1 for the entry in column (4) the entry "219f," shall be substituted; (m) in sub-heading no 271312, for the entry in column (4), the entry "21%" shall be substituted; (11) in sub-heading no 271321 for the entry in column (4), the entry "rs 157 per tonne" shall be substituted; (0) in sub-heading no 271322, for the entry in column (4), the entry "rs 11030 per tonne" shall be substituted; 35 (p) in sub-heading no 271331, for the entry in column (4), the entry "rs 15450 per tonne" shall be substituled; (q) in sbb-headina no 271332, for the entry in column (4), the entry "rs 15450 per tonne" shall be substituled; 40 (r) in sub-heading no 271339, for the entry in column (4), the entry "209b plus rs 150 per tonne" shall be substituted; (s) in headirig no 2714 in column (3), for the entry "-bitumen straight grade:", the entry "-bitumen and -phalt, sll'aight grade:" shall be substituted; (i) in sub-heading no 271411 for the entry in column (4), the entry "rs 157 per tonne" shall be substituled; (il) in lub-heading no 271412, for the entry in column (4), the entry "rs 11030 per tonne" shall be 45 subsdtuled; (v) in heading no 271s, in column (3) for the entry "-bituminous cut backs:" the entry "-cut-back bitumen or _phalt:" shall be substituted; (w) in sub-heading no 271511, for the entry in column (4) the entry "rs ]s73o per tonne" shall be substituled; (]c) in sub-heading no 271s12, for the entry in column (4), the entry "ri 11000 per tonne" shall be substibded; (12) in oaapler 28, -(a) in sub-heacting no 280190, for the enay in column (4), the enay "is%" shall be substituted; (b) in sub-heidin& no 280220, in column (3), for the entry "-sulphuric acid: oleum", the entry "-sulphuric 6 eid iiid anhydrides diemot': oleum" shall be subsdlured: (e) in aub-headinb no 280230, in colunm (3) for die entry "-nbric acid; lulphonitric acids", ihe entry "-n1trir: acid" shall be substituted; (d) in sub-heading no 280290, for the entry in column (4) the entry "15%" shall be substituted; (e) in su~o 280300 for die entry in columa (4) the entry "is'll" shall be subslitutecli 10 (f) in sub-heldin& no28041o far die entry in column (4), die entry "rs 1,000 per""" shad be iubstilured; (,) in iub-bpciina nos 280440 280450 and 280460 for die entry in column (4), the entry "10%" shall be  (ia) in sub-heading no 280490, for the enay in column (4) the entry "15%" shall be substituted: (i) in sub-heldilll nos 280530, 280s9o and 280690, for the entry in column (4), the entry "15%" shall be 15 substituted; (lj) in 0uipier 29, -(a) in noll! 2 for clause (b) the following clause shad be subtdtllllbd·namely:-"(b) ethyl alcohof': (b) in sub-heading no 290110, in column (4), for the abbreviation and figure "rs 7", the abbreviation and 20 fi&wes "rs 11" shad be substituted; (e) in sub-heading no 290120, for the entry in column (4), the entry "35%" shall be substituted; (d) in sub-headins nos 290190, 290290, 290390, 290400 and 290500, for the entry in column (4), the entry "15%" shall be substituted; (e) sub- heading no 290220 shall be omitted; 25 (f) sub-headins no 290230 shall be renumbered as sub-heading no 290220; (,) in headin& no 2906 the enuy in column (4) shad be omitted; (ia) in sub-helding nos 290690,290790,290800290990,291000,291190 and 291300, for the entry in column (4), the entry "15'1," shall be substituted; (14) in oaapter 30, in sub-heading nos 300319, 300400, 300s20 and 300590, for the entry in 30 column (4) the entry "is~" shall be substituted; (15) in chapier 31,-(a) below the title of the o1apter, the following notes shall be inserted, namely:- 'notes1 heading nos 31023103,3104 and 3105 cover mineral or chemical fertilisers, even when they are 35 clearly not to be used as fertilisers 2 for the purposes of heading no 31os, the term "other fertilisers" applies only to products ofa kind used as fertilisers and containing as an essential constituent, at least one of the ftnilising elements nitrogen, phospiaus or potassium '; (b) in sub-heading nos 310200, 310300, 310:400 and 310500 for the entry in column (4), the entry 40 "15%" shall be substiblted: (16) in oulpter 32 -(a) in the n01es,-(i) in note 2 after the words "dispened in non-aqueous", the words "media, in liquid or paste form, of a kind used in the" shall be insa1ed; 45 (ii) after note 5, the followins tt7re shall be inserted, namely:-'6 in relation to synthetic oi'8anic dyes (including piament dyes) of headina no 3204, conversion of unformulated, unstandanfised or unprepared forms (for example, wet cakes) of such dyes by -(a) reduction in panicle size, (b) addition of dispersing agenrs or diluenrs, or (e) adopdon of my other aear:ment, into their formulated sllndardised or pep;nd fams ready for use in the process of dyeing shall amount to " manufactuje"': (b) in sub-helding nos 320100, 320200 and 320300, for the entry in column (4), the entry "is~" shall be sabstituted; (e) in sub-heading no 320s00 for die entry in column (4), die entry "2()cj," shall be substituled; (d) in sub-heading no 320611, for die entry in column (4), die entry "is~"lhall be substitured; (e) in sub-heading nos 320619, 320620, 320690 1ilcl320790, for the entry in column (4), ihe entry "109ft shall be substituled; (f) in sub-heading nos 320810, 320820, 320830, 320840, 320890, 320910, 320920, 320990, 321010, 321020 and 321090, for die entry in column (4), the entry "60%" shall be substituled; (g) in sub-headin& no 321100, for die entry in column (4), the entry "is~"1haii be substituled; (h) in headina no 3212, in column (3), for the words "dyes and 01hbr colouring ma tj'br", the wolds and brackets "dyes and 01her colouring matj'br put up in forms (for example, balls, tablefs and 1hb like) or small packings (for example, sachets or botiles of uquid) of a kind usfd r>r ix>mesi1c or laboratory purposes" shad be substituted; (i) in sub-heading no 321210, for me entry in column (4), the entry "i 5~" shall be substituled; (j) in sub-heading no 321290, for the entry in column (4), the entry "209&" shall be substituled: (k) in sub-heading no 321300, for die entry in column (4), the entry "1~" shall be substituted: (l) in sub-heading nos 321400 and 321500, fa' the entry in column (4), the entry "1s~" shall be ,sutsdtuled; (17) in chapter 33,-(a) in nom 3, the wcxds "cxbiferous jleparadons which operaie by burning:" shall be omiaed; (b) in sub-heading no 330100, for the entry in colunm (4), the entty "2()cj(," shall be substituled: (e) in sub-heading no 330300 for the entry in column (4), the entry "2()cj," shall be substituted; (d) in sub-heading no 330s10, for the entty in column (4), the entty "25~" shall be substituled; (e) in sub-heading no 330600 for the entry in column (4), die entry "is~" shall be substituted; (f) in sub-heaclin& no 330890, for die entry in column (4), the entry "ls~" shall be substituled; (18) in chapter 34,-(a) in sub-heading no 340120, for the entry in colunm (4), the entry "~" shall be substituted; (b) in sub-heading no 340130, for the entty in colunm (4), the entry "is~" shall be substituted; (e) in sub-heading no 340290, for the entry in column (4), the entry "209&" shall be substimred; (d) in sub-headirig no 340400, for the entry in column (4), the entry "15~" shall be substituted: (e) in sub-heading nos 340510, 340520, 340s30, 340540 and 340590, for the entry in column (4), the entry "2()cj(," shall be substituted; (f) in sub-heading nos 340600 md 340700, for the entry in colunm (4), the entry "1s~" shall be substituted; (19) in chapter 3s, in sub-heading no 350190, for die entry in column (4),die entry "is~" shall be substituted: (20) in chapter 36, in sub-heading nos 360100, 360210, 360290 and 360400, for the entty in column (4), the entry "i s'fi" shall be substimled; (21) in cbapter 37, -(a) in sub-heading no 370110, for die entty in column (4), die entty "ls'fi" shall be substituted; (b) in sub-heading no 37019q, for the entty in column (4), the entry "2()cj(," shall be substimted: (e) in sub-heading nos 370210 and 370220, fm' the enlry in colun (4), the enlry "~" shall be substituted; (d) in sub-headina no 370400, for die entry in column (4), the entry "30 paise per metre" shall be substituted; (e) in heading no 3705, in column (3), for the wmts "-priors of films inlended for specific puipoies", the words "- prinis of films inteikied for speciftecl purposes:" shall be subltiluled; (jj sub-headin& no 370534 idd the entries jdatina dwrio sbai1 be omiuedi (g) in sub-heading no 370539, for the entry in colunm (4) die entty "55 paise per metre" shall be sllbsdtuled; (h) in sub-heading no 370600, for the enby in colunm (4), die enby "ls~" shall be substituled; (22) in chap1m' 38, -(a) in sub-heading nos 380111111ld 380119, for die entry in column (4), the entry "ls~" shall be substituted: (b) in sub-heading nos 380140 and 380190, for the enby in column (4), the entty "ls~" shall be substituted: (23) in chapter 39, -' (a) in nom 11,-(i) in the opening portion, for the words and figures "heading no 3923 applies only 10", the words and figures "heacm no 3922 applies iiiiiii' alia flj" shllli be substituled; (a) in clause (a), die wo'ds iiid fiaws "fa capdy exceeding 300 iins" shad be omiaed; (iii) in c  (i), the ward "and" it die end shall be omftd; (iv)  claise (j), die foiiowing clauses shall be inseded, namely:-"(ie) transmission conveyor or elevator belts endless or cut-to-iength andjuincd end to end, or fitted with fasteners; and (l) household articles of plastics (for example dust bins buckets watering cans luncheon boxes knives forks)"; (b) in sub-heading nos 390110 390120 390190 390210, 390220 390290, 390310, 390320,390330, 390390, 3904_10, 390420390430390490 390510 390520, 390590, 390610, 390620 390690,390710 390720,390730, 390740, 3<}0751 390759 390760390770,390780,390791,390799 and 390800, for the entty in column (4), the entty "60%" shall be substitued; (c) in hewna no 3909, in column (3), for the word "amino-resins", the words "amino-resins, pol yphenylpne oxide" shad be substituted; (d) in sub-heading nos 390910 390920, 390930, 390940, 390951, 390952 and 390959, for the entry in colunm (4), the entry "60~" shall be substituted; (e) in sub-heldina nos 391000, 391110, 391190, 391210, 391221, 391222, 391230, 391240, 391290, 391310,391320,391330,391390,391400, 391s00, 391600, 391700,391800,391900,392011,392012, 392021,392022, 392029, 392031 and 392032, for the entry in column (4), the entry "6()w," shall be substiblted; (f) in heading no 3921, in column (3), for the words "-cellular, including polyuedlme, foam", the words "-cellular, including polyurethane foam:" shall be substiblllld; (g) heading no 3922l1ld the entries relating ihereto shall be omiaed; (24) in claplei' 40, -(a) in note 3, for the wen "excludina", the wci'd "including" shall be subsliluted; (b) in sub-heading nos 400100, 400200, 400300 ancl400400, for the entry in column (4), the entry" ls~" shall be sulwrin-'; (c) in sab-belding nos 400500 mel 400610, for the entry in colulll1 (4), die entry "4o'ji" shall be subsdtuted; (d) in sub-belding nas 400690 idd 4007 00, for the entry in column (4), die entry "is~" shall be substituted; (e) in sub-hadin& nos 4cdi11dd 4(ql19, for die entry in colwm (4), the entry"~" shall be substituted; (f) in sub-beidin& no «doll, for the entry in column (4), the enay "4()ij," ihail be substituted; (g) in sub-heldina no 401090, for the entry in column (4), die enlly "3o'j," shall be substituted; (ii) ill  no «)1490, for the entry in coiumd (4), the entry "15'j," shall be 1ubsdluted; (ij ill  no 401510, for the entry in coiunm (4), the enay "~" shad be subsd1uiecl; c;)i  fbi naa 401590, 401600,-401700, 401810 1dd40182o, fortheenay ineal  (4), theentry"15~" sbiil be labldluled; (25) in 0iper41, in _-iieidia&no 410100, forlheentry inc:olumn (4), the entry "12~" ihall be sabstilllted; (26) in aup 44, -(a) in beadina no 4407, in colamn (3), for the word "-fibreboard", the word "f1breboard" shall be su'" i"derj; (b) in beidin& no 44c, in coiuim (3), for the wmi "-pi ywood", die word "plywood" shall be subsdtuted; (c) in sub-belding nos 44<mi0 _4020, for the entry in c:oiuldl (4), the entry "~  shall be substituted; (d) in sub-heidin& no44084q, in column ('3), for the words  -cuainas and trimmings of plywood", the words and 6pre "-cuainp mel trimmidp of plywood of width dot exceeding 5 ~" shall be substituted; (27) in 0iipier 48, -(a) sub-beididg no 480120 shall be i'eiluii1bcrd is sub-beading no 480190; (b) in sub-headin& no 480291, for the entry in column (4), the·entry "1~ plus ri 1,700 per tonne" shall be subailt""ci; (c) in sub-heading no 480299, for the entry in colanaa (4), the entry "1~ plus rs 1,300 per tonne" shall be mbitiiuiied; (tl) in sub-heidin& nos 480419,480429idd48043o, fortbeentry in column (4), theenll'y "10% pi", ri 1,700 per ulnae" shall be sabldlullld; (e) in beadina no 48os, in column (3), for the wmis "1iiide aut of mixed waste papers with or without lcl'iiiiiinp idd mecbanic:al pulp" ,ihe words "made out of mixed wille papers, whether or not containing screenings or mechlnicll pulp" shall be sullltihlted; (f) in sub-headid& no 480s19, for the entry in column (4), the entry "1~ pi", ri 575 per tonne" shall be substituted; (g) in sub-beading no 480s30, for the entry in column (4), the entry" 10'j> plus rs 2,000 per tonne" shall be sub","; (ii) in sub-beading nas 480610 and 480620, for the entry in column ( 4), the entry "1~ plus ri 2,200 per tonne" shall be substituted; (l) in lub-heading no 480710, for the entry in column (4), the entry "1~ plus rs i,s5o per tonne" shall be subitih""ci' (j) in sub-headida no 480791, in coiunm (3), for die wold "tkyina" ,ihe word "sun-dryina" shall be mbltiblted; (k) in sub-heldina no 480792 for the entry in column (4), the entry "1~ plus ri 575 per toane" shill be  ; 5 10 15 20  26 30 36 o (i) in lub-heading no 480799, for the entry in column (4), the entry "1~ pills ri 1,550 per tonne" shall be substituted; (m) in sub-heading nos 48~10 and 480890, for the entry in column (4), thentry "iocj, pills ri i,s50 per tonne" shall be substituted; (n) in sub-heading nos 480910480920 and 480990 for the entry in column (4), the entry "35%" shall be subuuted; (0) in sub-helding no 481010, for the entry in column (4), the entry "10% pills rs 1,700 per tonne" shall be substilured; (p) in sub-heading no 481020, for the entry in column (4), the entry "10% pills ri 2200 per tonne" shall be substibded; (q) in sub-helding nos 481110 and 481120, for the entry in column (4), the entry "1~ pills ri 1,550 per tonne" shall be substituted; (r) in sub-heading nos 481139 and 481 140, for tile entry in columa (4), the entry "10% pills rs 2,200 per tonne" shall be substituted; (s) in sub-heading no 481300, for the entry in column (4), the entry "10% pills rs 2,200 per tonne" shall be substituled; (i) in sub-headin& no 481600, for the enay in column (4), the enay "35cj," shall be substituted; (il) in sub-beadidg nas 481710, 481720 and 481790, for the entry in column (4), the entry "io%plilsri 1,550 per toone" shall be substituted; (\i) in sub-heading no 481813, for the enay in column (4), the entry "35cj," shall be substituted; (28) in cllpla'49, in nam 1, clauae (c) shall be omilted; (29) in 0iapier 52,-(a) after nam 5, the fo1lowiqg note shall be inieneci, namely:-"6 headida no 5201 ipplies oaiy to iuch ware yli'ii (bird wte) a may arise prior to the removal of yam for weaving"; (b) in sub-beadid& no 520332, in colunm (4), for the words "per count", the words "per cquilt per kiloaram" shall be sabltih""j (c) in sub-headin& no 520333 for the entry in co1umn (4), the entry "2640 paise plus 440 paise per count per idiapim  iw 35"  be iuiidtamd; (d) in sub-heddg noi 520334, 520j35, 520341, 520342 and 520343, in column (4), for the words "per count", the wads "per couiil per tijoirim"lhiiltle  ; (e) in sub-helding no 520421, for the entry in column (4), the entry "ri 10 per kilogram" shall be substibdld; (30) in cbipier ,3 after sub-beididg no 530320 idd the enaies relating thereto, in column (3), for the words" -in ex' in relation ,", the words "-ramie yll1l, in ex' in ieiaaion to" shall be substituted; (31) in 0iipier 54,-(a) for nom 4, ibe fouowin& no'i1!s shad be substituted, jiiii1ely:-'4 for the purposes «heading noi 5402 and 5404, the denier« the mother yam for split yam shall be the denier «the sid&ie mcnofiiament yii1l (<< ibe lowest denienp) c:oqding the mother yam s1n this cuipter "waste" means wastes arising in ex' in reliiion to the manufacture of (i) ft1amen1s; ex' (ii) strips and die like of syntheric ex' anificiallutile maiftiaia of iilippiredt width not exceeding 5 miilimecres '; (b) in heading no 5404,-(i) in sub-heading no s40416, in column (4), for the abbreviation and fapres "rs 372", the abbreviation and figuia "ri405" shall be substituted; (ii) sub-heading nos s40421, s40422, 540423, s40424 and s4042s shall be renumbered as sub-heading nos 540491, 540492, 540493, s40494 and 540495, respectively; (32) in 0iapier 55, -(a) ifirr nmi 3, die fouowida nom sbal1 be inaertid, diijiely:-"4 in re1ation to wllte yam (bard wllte)« artifjcial staple fibres, sub-heacting no 550339 applies only 10 such waste yam as may  pior to che removal, for weaving, of ya'ii« iitificial staple fibres:; (b) sub-hading no 550140 and the entries reiatin& iheieio shad be omitted; (c) in lub-heading noi 550421 and 550422, for the entry in column (4), the entry "ri 10 per kilognm" shad be subsdruted: (d) in sub-helding no s50532, in coiudui (4), for ihe wads "per ~t", ihe wads "per cquilt per ki1op'am" shad be substituted; (e) in sub-beading no 550533, for the entry in column (4), the entry "2640 paise plus 440 paise per count per idiogram exceedin& 35" shall be subltillllled; (j) in sub-heading noi s50534, 55053" s50541,550542 and 550543, in column (4), for the words "per count", the wards "per count per kijofam" shad be substilulled; (,) in sub-headio& no 550621, for die enay in column (4), the entry"ri 10 per kilogram" shall be substituted; (33) in chapter s6 in beidina no 5605-(a) sub-heldina no 560500 iihiil be omiaed; (b) in sub-headina no 560510 b the eniiy in eoiunm (4) die eaay'rsi0625 per tijoanmw shall be 1ubstilutrjd; (c) sub-beidina no 560521) shall be  iilub-heldina no 560590; (34) in a, ss, -(a) in sub-belding no 580519, in columd (3), for the words w __ other embroideryw, the word w-other" ihili be subsdbdcl; (b) in lub-headul& no ssos90, in colunm (3), for the words w-oiiier embroideryw, the word w-other" shall be _mated; (35) in 0iape 59,-(a) in iledng no 5901, sub-beidin& no 590100 shall be cwnitwi; (b) in sub-beldin& no s90319, in column (4) for1he figures iiid abbnmadon w~, the fiprei, ablnviadons and wards "~p1116 ri 6 per aqua  -1hail be iubidtueed; (c) in sub-headin& no s90329, in column (4), for die ftpreilrd ibbreviadon w3o'lfiw , die fipia, lbbreyiitioiiiad words w~ wplu rs 7so per ill" mellew rbail be 1ubsdluaed; (d) in sub-heididi no 590399, for die entry in column (4), the entry w3o'lfi plu rs 8 per square meae- shall be suntituird; (e) in lub-belding noi 590611, 590612111d s90619, in column (4), for die fi&ures iild 1bbreviiti0ll wl5fjf,, die fi&ms and abinviidad w~wlhail be sublltilulled; (36) in cliplei' (i), -(a) in sub-heidina no 690s00, fer ibe enuy in coiudm (4)1be eniry w~w shall be substi1uted; (b) in sub-beading no 690610 for die enay in colunm (4), the enay "45"" shall be 1lubsdtuted; (c) in iub-headin& no 690690 fer the enay in column (4)1be entry -~-1hail be substituled; (37) in cliplei' 70, -(a) in sub-heidin& no 700190, for ibe eaay in colunm (4), ibe entry w~" ihad be substituted; (b) in sub-beading no 700210 in column (4), fer die abbreviation and fi&ura "ri 335", die abbreviation and fipies "rs 37s" shad be substituted; (c) in sub-headin& no 7003 00, in column (4) for ibe abinviidad and fipies wri33sw,die abinviidad and fi&uns "rs37s" sbail be substillded; (d) in sub-belding no 700410, fer ibe enay in column (4),die may w~w shall be substitullld; (e) in sub-belding nos 700500, 700610, 700690, 7fx1710, 7fx1190 iiid 700890, for die entry in column (4), die , w 409&" shall be subsliblllld; (f) in sub-heading nos 701190, 701290 and 701390, for the entry in colunm (4), the entry "~w shall be substituled; (g) in sub-beading no 701500, for ihe entry in colunm (4) die enay "~w shall be substitullld; (38) in 0iip(er 72, -(a) after nan! 2, ihe following noi'! shad be insened, namely: -"3 heading nos 7201, 7203, 7204, 7206, 72fll, 7208, 7209, 7210, 7211, 7212 and 7213 sball not apply 10 goods iild materials of heidina no 7215"; (b) in sub-heading no 720990 for die entry in column (3), ihe may w -oibet' sha11 be subltitaiiid; (c) in sub-beading no 721020, for the enay in column (4)1be emry "15"" shall be substitulecl; (d) sub-heading no 721190 shad be renumbered  sub-heiding no 721140; (e) in sub-heading no 721260, fertheenay in column (4) the entry "159(," shall besubstituted; (/) in sub-heading no 721400 for ihe entry in colunm (4)1he ei1iry wls9(," shall be substitullld; (39) in 0iapier 13, -(a) ftx' the nam, the following n01es shall be substituted, namely:-"narss 1 n01es of 0iapier 72, shad , as far as they may be, apply iiso to ibis cliplei' 2 heading nos 7303, 7304, 1305, 7306, 1307 ad 7308 shall not apply 10 goods and rnalfrials ofheadina no 7309"; (b) sub-heading no 730322 shad be  umbered  sub-lleldin& no 730327; (c) in sub-heading nos 730500, 730820, 730830, 730849, 7308so, 730860,730870,730880 ijlcl 7)0890, for the entry in colunm (4), ihe entry "159(," shad be iubstitutiid; (40) in qapeer 74,-(a) in sub -heading noi 740100 and 740200, for the entry in column (4), the entry '1b 3,300 per 1ionne" shill be substiluled; (b) in sub-heading nos 740311 and 740319, for the entry in column (4), the entry "ri 6,200 per 1ionne" shall be substitullld; (c) in sub-heading no 740390, for theenuy in column (4)1he entry "rs 7,000 per tonne" shall be substitulllld; (d) in sub-heading no 740400, ftx' the entry in column (4) the entry "ri 4,500 per lonne" shall be substituted; (e) in sub-headin& no 740600 f« the entry in column (4) the entry "rs 4soo per tonne" shad be subsdtuted; (f) in sub-heldlng noi 740700, 740800 and 740900, for the enery in column (4), the enery ·ls~· shall be suiiidbm"d: (i) in sub-beldin& no 741000, for the entry in coiudll (4), the encry "ri 3,300 per  abau be iubsdluled; (ii) in sub-heldida no 741100 for die entry in qoiudiii (4), the entry ·15,,· sbail be subsdlutllcl; (41) in cbipeer 75, in sub-beidida no 750100 for the entry in column (4), the eaiiy ·15,," shall be subltibddd; (42) in 0upir 76, - (a) aab-beidida no 760390  be 18iiii1benid aub-beldina no 78)320: (b) in aab-lleldida no 761000 for the entry in cxjiamn (4), abe tidi)' "3)5" ihiil be aubadluled; (43) ill 0,78,-(a) in ~ no 180100 far  , in caiamn (4), ibe enij)' "ra 930 per 1diide"  be _dialled; (b) in aub-beadin& no 780200 for die encry in column (4), the entry "ri 930 per"''' sbiii be subsdluled; (e) in aub-headina noi 780300 and 780400, for the entry in coiwm (4);-tbe entry "17,,"  be bldlllted; (d) in sub-beadina no 780590, far abe eniiy in qoiuiiil (4), abe entry "ri 1,100 per imide" shall be aabsdlulllcl; (e) in iubmadina nos 780600 780700 iiicl 780800 for die _ii')' in coludlll (4) die filii')' "15"''' abail be  1tftii: (4f) in aa-19 -(a) in ~ no 790ulo, for abe, id co1uam (4), die eaay "ra 3,600 per 1oade" aha11 be  ,: (b) in sab-badlna no 790200 for die eaay in cxjiamn (4), tile entry "ra36oo  be aabldlalld; (e) in suihieidina no 790310 for  , in coiunm (4), die entry "ri 3,fioo per iodde" abii1 be iubid,; (d) in sub-beidin& no 790320, for  encry in column (4), die entry "ri 4,200 per eonne" sbiil be subadluled; (e) in sub-beadina no 790410 for the enay in qoiumn (4), the entry "ri 4,3)0 per"''' 8hiil be iubsdluled; (/) in sub-beidid& no 790490, for'" entry in colunm (a), abe entry "ra 4,200 per tonne" abi1i be iubllilulllcl; (i) in sub-beidina no 790500, for die entry in column (4), die entry "ri 5,225 per"''' ihall be subldlulllcl; (it) in  no 790600 fordleuy in coiam (4) die enay "i"''' sbiii be aabadlllaici; (i) in ~ noi 79f1100 and 79<1100, for the entry in colunm (4), theencry "28~" shall be subsdllllecl; (j) in sub-heldin& noi 79(1)00 and 791000 for the entry in column (4), the encry "15"''' abi1i be subatiluled; (45) in chapter 80 in sub-helding no 8001'00, for the entry in column (4), the entry "15~" shall be ~ubsdlutecl; (46) in ciipter 81 in sub-heidin& no 810ux), for the entry in column (4), die entry "15,," ahajl be substiluled; (47) in 0iipier 82, -(a) in sub-headin& noi 820110, 820190 820210, 820290, 820380 and 820390, for the entry in column (4), the entry "2()cj," shall be iubslibl1ed; (b) in sub-heading nos_ 820500, 820600 and 820700, for the entry in column (4) the entry "is~" shai1 be subsdluied; (e) in sub-heading nos 820880 and 820890, for the entry in column (4), die entry "2()ck," shall be iubsdblled; (48) in ciipter 83,-(a) in sub-heading no 830100, for the entry in column (4), the entry "is~" shall be subsdtured; (b) in sub-heidin& noi 830290 and 830390, for the entry in column (4), the entry "~" ihail be subsdbllecl; (e) in sub-heading nos 830420 and 830499 for the encry in qoiudil (4), the enay "2s~" shajl be aubsdluled; (d) in sub-heading nos 830500, 830600, 830700 and 830800, for  entry in colunm (4), die eaiiy "is~" sha1l be subsdtulell; (e) in sub-headin& no 830920, for the entry in column (4), the entry "5  eacb"lhail be iubsdblllell; (f) in sub-headina no 830990, for the entry in column (4), die entry "15"''' shall be aubsdluled; (i) in sub-headina noi 831010, 831020,831080, 831090, 831211, 831212, 831290 831310, 831499 md 83is00, for the encry in coiunm (4), the entry ~" ahad be aubitiiui8d; (49) in chapter 84, -(a) in sub-heading nos 840100, 840200, 840300, 840400, 840500, 840600, 841000, 841100, 841200 iilci 841300, for the encry in coiunm (4), the encry "is~" sbail be subsdlulllcl; (b) in sub-headin& no 841410, for the entry in column (4), the entry "11~ pllls ri 12,000 perc:oj1llrlsclr" shall be svbsliblled; (e) in sub-heading no 841500, for the entry in colunm (4), ihe entry "11~ plru ri is,ooo per machine" sha1l be subsdbded; (d) in sub-heidin& noi 841600 and 841700, for the entry incojumn (4), theenay "15"" shall be subsdblcm; (e) in sub-beidin& no 841900, for ihe entry in column (4), the entry "110" ibiil be imbstib',,",; (f) in sub-heading no 842000, for the entry in column (4), the entry "is"''' shall be subsdlaled;  (i) in heidin& no 8423, in cojumn (3), for the fiawe and words "s mjujgram or be"i"mr", the figure and words "s centigrams or bbtier" shill be subslilulieii;  (ia) in sub-heading nos 842400 and 842500, for the entry in colunm (4), the entry "is"" shall be subsliblled; (i) in sub-headinj no 842700 for the entry in column (4), the entry "~" shall be subsdblcm; (j) in sub-heading nos 842800, 842900, 843000, 843200, 843300, 843400, 843500, 843600, 843700, 843800 843900, 844000, 844100, 844200, 844300, 844400, 844500, 844600, 844700, 844800 and 844900, fer the enery in column (4), the enery " 15'l1" shall be substituted; (1:) in sub-heading no 845000 for the entry in colunm (4),the enll')' "~" shall be substituted; (i) in sub-headina nos 845100, 845300, 845400, 845500, 845600 845700, 845800, 845900, 846000, 5 846100, 846200, 846300, 846400, 846500 and 846600, for the entry in column (4), the entry "ls"'" shall be substiblted; (m) in sub-heading no 846700, fer the entry in column (4), the entry "2ocjf," shad be substilured; (ii) in sub-headina no 846800, fer the entry in column (4), the entry "iscjf," shall be substituted; (0) in subfleadina no 846900, for the entry in column (4), the entry"2()cjf, pills ri 5,000 per machine" shall be substituted; (i') in sub-heading no 847300 , fer the enery in column (4), the entry "lo'li" shad be substitured: (q) in sub-heading nos 847400, 847500 847700, 847800, 847900 and 848000, for the entry in column (4), the entry "15"· shall be subsdtured: (t) in sub-headina no 848190, far the enll')' in column (4), the entry "15%" shall be substitured; (s) in sub-heading no 848200, far the entry in colunm (4), the entry "20%" shall be substituted; (i) in sub-beldina nos 848510 and 848590, for the entry in column (4), the entry "15"" shall be substituted; (50) in chapter 85, -(a) in sub-headin& no 8s0200, fer the entry in column (4), the entry "15" it shall be substituted; (b) in sub-heading no 8sos00, far the entry in column (4), the entry "2()9(," shall be subsdblred; (e) in sub-heading no 850600, for the enay in colurm (4), the entry "3o'li" shall be substituted; (d) in sub-heading no 850800, far the enay in column (4), the entry "2()9(," shall be substituted; (e) in sub-heading noi 850900 and 851000, for the enay in colurm (4), the entry "3()cj," shau be substiblred; (f) in sub-heading noi 851300, 851400 and 851500, for the entry in column (4), the entry "15"" shall be substituted; (8) in sub-heading no8s1600, for the enay in coiurm (4), the enay "3()9(," shall be substituted; (ii) in sub-heading no 851800 far the enay in column (4), the enay "lscjf," shall be substituted; (i) in sub-heading noi 852600, 852900, 853000, 853100 ad 853200, for the entry in column (4), the entry " 15cjf," shall be substibafed; (j) in sub-heidina no 853400, fer the entry in column (4), the entry "iscjf," shall be substitured; (i) in sub-heading noi 853700, 853800, 854000, 854100, 854200 ad 854300, for the entry in column (4), the enery "15"" shall be substilullld; (ij in sub-heading no 854400 fer the entry in column (4), the entry "~" shall be substituted; (m) in sub-headins no 854500, for the entry in column (4), the entry "2()cjf," shall be substitured; (ii) in sub-beading nos 854600, 854700 and 854800, for the entry in column (4), the entty "15"" shall be iv  (51) in chapcer 86, in sub-heading nos 860100, 860200,860300, 860400, 860500, 860600, 860700, 860800 and 860900 fer the enay in cojunm (4), the entry "is"" shall be substituted; (52) in 01-87,-(a) for no'll! 4, the fouowin& no'll! shall be substi1uled, namejy:-"4 heading no 8706 shall include chassis, wheiber or not fiaed with a cab"; (b) in sub-heading no 870300, for the enll')' in column (4), the enery "3scjf," shall be substiblred; (e) in sub-headins no 870400 fer the enay in column (4), the enay "lscjf, shall be substiblred; (d) in sub-headina no 870500, fer the entry in column (4),1he entry "15"" shall be substituted; (e) in sub-heading no 87ot~3o, fer the entry in co1unm (4), the entry "35"" shall be substiblred; (f) in sub-heading nos 870640 and 8706so, fer the entry in column (4), the enay "ls"" shall be substituted; (8) in beading no 87cn, in column (3), for the figures "8705", the figures "8706" shall be substituted; (it) in sub-beading nos 870900 and 871000, fer the entry in column (4), the enay "2()9(," shall be substiblred; (i) in sub-headina no 871100, fer the enay in colurm (4), the entry "25"" shall be substituted; (j) in sub-heading no 871400, fer the enay in column (4), the entry "~" shall be substituted; (i) in sub-beading no 871500 for the enay in column (4), the entry "15"" shall be substituted; (i) in iub-beading no 871600 fer the entry in column (4), the entry "15"" shall be sultstituted; (53) in c;bapcer 88, in sub-heading nos 880100, 880200, 880300, 880400 and 880500, for the enll')' in column (4), the eaiiy "15cjf," shall be iubstitured; (54) in qapib' 89, in sub-belding nos 890100, 890200, 890300 890400, 890500, 890600 and 890700, for the entry in column (4), the entry "is~" shall be lobed  ; i (55)inollpw90,-(a) in sub-beidida nos 900100, 900200, 900390 and 900500, fer the entry in column (4), die entty "15"" shall be subldal-'i (b) in sub-beldin& no 900700, fer die enery in column (4), the enery "409(," shall be substituted; - s (c) in sub-heading nos 900800, 901000, 901100, 901200, 901300, 901400 and 901s00, for the entry in column (4) the entry "ls~" shall be substilu1ed; (d) in sub-heading nos 901700 and 901800, for the enuy in column (4) the entry "is~: shall be substiblled; (e) in sub-heading no 901900, fm- the entry in column (4) the entry "30%" shall be substiblted; (f) in sub-heading nos 902000 902100, 902200, 902300, 902400 902s00, 902600, 902700, 902800, 902900, 903000 anc:l903100, fm- the entry in column (4), the entry " is~" shall be substiblted; (g) in sub-heading no 903212, fm- the entry in column (4), the entry "is~" shall be substituted; (ii) in sub-hedn& no 903300 fm- the entry in column (4), the entry "is~" shall substituted; (56) in chapter 91, in sub-heading nos 910100, 910200, 910300, 910400, 910s00, 910700, 910800, 910900, 10 911000,911100,911200 911300 and 911400, for the entry in colum (4), the entry "is~" shall be substituted; 15 20 (57) in chapter 92, in sub-heading nos 920100, 920200, 920300, 920400, 920s00, 920600, 920700, 920800 and 920900, for the entry in column (4), the entry "is~" shall be substiblted; (58) in cllapler 93, in sub-heading nos 930200, 930300, 930400, 930s00, 930600 and 930700, for the entry in column (4), the entry "is~" shall be substituted; (59) in chapter 94, in sub-heading no 940600, for the entry in column (4) the entty "is%" shall be substiluted; (60) in chapter 9s, in sub-heading nos 9s0100, 9s0200, 9s0300, 9s0s00, 9s06'oo, 950700 and 9s0800, for the entty in column (4) the entry "isc)('" shall be substiblted; (61) in cllapter 96, -(a) in sub-heading nos 960100, 960200, 960300, 960400, 960590, 960600, 960800, 960900 and 961100, for the entry in column (4) the entry" is%" shall be substiblted; (b) in sub-headin& no 961200 for the entry in column (4), the entry "25%" shall be substiblted; (c) in sub-heading no 961310, fm- the entry in column (4) the entry "rs 4 per lighter" shall be substiblted; (d) in sub-heading nos 961390, 961400, 961500, 961600 and 961800, for the entry in column ~4), the entry "is%" shall be substituted  part ii2s heacnr~no su6-he8didg no (2) description of goods (3) rate of duty (4) in the schedule to the central excise tariff act, -(1) in chapter ii, for heading no 1101, the following heading shall be substiblted, namely:-|              |             |                |           |           |           | 30      | "1101     ||--------------|-------------|----------------|-----------|-----------|-----------|---------|------------|| products     | of          | the            | mllling | industry, | inquoing | flours, | groats,    || meal         | and         | grains         |           |           |           |         |            || of           |             |                |           |           |           |         |            || cereals,     | and         | flour, meal or |           |           |           |         |            || flakes       |             |                |           |           |           |         |            || of           |             |                |           |           |           |         |            || vegei'ablb)  |             |                |           |           |           |         |            || -            | put         | up             |           |           |           |         |            || in           |             |                |           |           |           |         |            || unit         | containers  |                |           |           |           |         |            || and          |             |                |           |           |           |         |            || ordinarily   |             |                |           |           |           |         |            || intended     |             |                |           |           |           |         |            || for          |             |                |           |           |           |         |            || sale:        |             |                |           |           |           |         |            || 110111      |             |                |           |           |           |         |            || --grains,    |             |                |           |           |           |         |            || hulled,      |             |                |           |           |           |         |            || roued,       | flaked,     |                |           |           |           |         |            || pearjed,     |             |                |           |           |           |         |            || sliced or    |             |                |           |           |           |         |            || kibbled,     | of          | barley         | or        |           |           |         |            || oats         |             |                |           |           |           |         |            || 15%          |             |                |           |           |           |         |            || 35           |             |                |           |           |           |         |            || 110119      |             |                |           |           |           |         |            || 15%          |             |                |           |           |           |         |            || 110190      |             |                |           |           |           |         |            || nil";        |             |                |           |           |           |         |            || (2)          |             |                |           |           |           |         |            || in           |             |                |           |           |           |         |            || cllapter     |             |                |           |           |           |         |            || 17,          | for         | sub-heading    | no       | 170310,  |           |         |            || the          |             |                |           |           |           |         |            || following    | sub-heading | shall          |           |           |           |         |            || be           |             |                |           |           |           |         |            || substituted, | namely:-    |                |           |           |           |         |            || -            |             |                |           |           |           |         |            || 40           |             |                |           |           |           |         |            || "170310     | -molasses   |                |           |           |           |         |            || produced     |             |                |           |           |           |         |            || in           |             |                |           |           |           |         |            || the          |             |                |           |           |           |         |            || manufacture  |             |                |           |           |           |         |            || of           |             |                |           |           |           |         |            || sugar        | by          |                |           |           |           |         |            || the          |             |                |           |           |           |         |            || vacuum       |             |                |           |           |           |         |            || pan          |             |                |           |           |           |         |            || process      |             |                |           |           |           |         |            || rs          |             |                |           |           |           |         |            || soo          | per         |                |           |           |           |         |            || tonne";      |             |                |           |           |           |         |            || (3)          |             |                |           |           |           |         |            || in           |             |                |           |           |           |         |            || chaprer      |             |                |           |           |           |         |            || 22, -        |             |                |           |           |           |         |            || "2201       |             |                |           |           |           |         |            || 45           |             |                |           |           |           |         |            || (a)          |             |                |           |           |           |         |            || for          |             |                |           |           |           |         |            || heading      |             |                |           |           |           |         |            || no220i,    |             |                |           |           |           |         |            || the          |             |                |           |           |           |         |            || following    |             |                |           |           |           |         |            || heading      |             |                |           |           |           |         |            || shall        | be          |                |           |           |           |         |            || substiblted, | namely:-    |               |           |           |           |         |            || na1uralor    | artifioal   | mineral        | waters    | and       | aera1ed   |         |            || waters,      | not         | containing     | added     | sugar     | or        | oiher   | swee1ening || mati'er,    | not         | flavoured;     | ice       |           |           |         |            || -aerated     |             |                |           |           |           |         |            || wa1ers,      | not         | containing     |           |           |           |         |            || added        |             |                |           |           |           |         |            || sug          |           | or             |           |           |           |         |            || other        |             |                |           |           |           |         |            || sweetening   | mauer,      |                |           |           |           |         |            || not          |             |                |           |           |           |         |            || flavaured:  |             |                |           |           |           |         |            || 220111      |             |                |           |           |           |         |            || -pm-each     |             |                |           |           |           |         |            || glass        |             |                |           |           |           |         |            || boale        |             |                |           |           |           |         |            || containing   |             |                |           |           |           |         |            || 200          |             |                |           |           |           |         |            || millilitres  |             |                |           |           |           |         |            || or           | jess        |                |           |           |           |         |            || 10           |             |                |           |           |           |         |            || paise        |             |                |           |           |           |         |            || 220112      |             |                |           |           |           |         |            || -for         |             |                |           |           |           |         |            || each         |             |                |           |           |           |         |            || glass        |             |                |           |           |           |         |            || boule        |             |                |           |           |           |         |            || containing   | more        |                |           |           |           |         |            || than         |             |                |           |           |           |         |            || 200          |             |                |           |           |           |         |            || millilitres  |             |                |           |           |           |         |            || 10           |             |                |           |           |           |         |            || paise        |             |                |           |           |           |         |            || plur         |             |                |           |           |           |         |            || s            |             |                |           |           |           |         |            || paise        |             |                |           |           |           |         |            || for          |             |                |           |           |           |         |            || every        |             |                |           |           |           |         |            || 100          |             |                |           |           |           |         |            || miuilitres   |             |                |           |           |           |         |            || (x'          |             |                |           |           |           |         |            || f'raon      |             |                |           |           |           |         |            || thereof      |             |                |           |           |           |         |            || in           |             |                |           |           |           |         |            || excess       | of          | 200            |           |           |           |         |            || miliililrs   |             |                |           |           |           |         |            |he8duig no su1):hiidilig no (1) (2) ~oflooas (3) rii of duty (4) 220119 220190 12~"; ~"; rs2,25388 per kilolilre at i~c"1 (b) in heading no2202, after sub-heading no 220214, the following sub-heading shall be inserted, namely:-"220219 -oiher (e) after belding no 2203, the following heidida sbiil be inserted, namely:-"2204 220400 ei'hylalcohol of any grade (inwjding such alcohol when denatured or otherwise mealbd), whim ei1her by ri'seijl or in admix1ure wrm any 01hbr substance, is surrable for being used as fuel for spark-ignition engines (4) in chapter 2a, fm' sub-heading no 2a0432, the following sub-heading shall be substiwted, namely:-"240439 -other rs 28s per thousand"; (5) in 0iapter 25 after sub-heading no 250439 the following sub-heading shall be inserted, namely:-"2s0490 other 12~"; (6) in o1apter 28 fm' sub-heading no 280430, the following sub-heading shall be substiwted, namely:-"280430 -7mcoxide 10%"; (7) in chapter 32, for heading no 3204, the following heading shall be substiwted, namely:-"3204 syn1hetic organic colouring malter, whe11ier or not chemically defined; preparations based on syn'ihetic organic colouring matier as specififd in note 2 to nus oiapi'er; syn'ihetic organic products of a kind used as fluorescent brlghl'enlng agents or as wminophores, whe1heror notchbmicaily defined -pigments and pn:parations based thereon: -in unformulated« unstandardised« waprepaied fonds, noclady r« use 320411 -other 320419 -5yn1bedc mpuc dya idd jriiiiiiions baled 1hinoa: 320421 320429 --in ~ or ullllllldadised ex'  epact fcmns, not lady for use -at 320430 -5yn1bedc mpuc poduc1s m kind uaeci flucnlcent ijriahumini aaents ex' - luminophores 35«)(,"; 320490 -other _ (8) in otapter 33, in belding no 3302, for sub-heading ~os 320210 and 320290,1he following sub-headings shall be subsdluted, namely:-"330210 -of a kind used inthe food« beverage induscry 20%"; 330290 -oiha"  (9) in 0uipfer 39, -(a) f« sub-heading no 390970, the following sub-heading shall be substiwted, namely:-7s~"; "390960 -polymethades ~no (1 sul):ohei(!iiii no (2) rate of duty (4) (b) f(x' heading no 3923, the following heading sball be substi_ namely:-| "3922    | 01hbr    | arllclm    |   opplastics  | and    |   arnclbs of  ||-----------|----------|------------|---------------|--------|----------------|| of        | heading  | nos       |         3901 | to     |          3914 || 5         |          |            |               |        |                || 392210   |          |            |               |        |                || 392290   |          |            |               |        |                || 30%";     |          |            |               |        |                |(10) in qapier 40, f(x' sub-heading no 400993, the following sub-heading shall be substituted, namely:-"400992 --designed to perbm the function of conveying air, gls (x' liquid ~"; 10 (11) in 0iapter 48, -(a) fol" sub-heading no 480590, the following sub-heading shad be substituted, namely:-"480590 ~ 10'11 plus rsl550 per tonne"; (b) f(x' sub-heading no 481812, die following sub-heading shad be substituted, namely:-"481812 -printed canons, boxes containers and cases, made wholly out of paper 3sc11 "; 15 - 01" paper-board of heading no 01" sub-heading no 4804 480511 480519, 480791480792,4808 or 481110 as the case may be (12) in otapter s2, -20 (a) fol" sub-heading no 520912 the following sub-headings shall be substituted, namely:-"520912 --of value exceeding rupees twenty-five but not exceeding rupees fifty per square metre rsl60per &qudmetre 5209 13 --of value exceeding rupees fifty per square metre 25 rsl60per square metie"; (b) for sub-heading no s20922 die following sub-headings sball be substituted, namely:-"520922 -of value exceeding rupees twenty-five, but not exceeding rupees fifty per square metre 8%plks rs160per square melle 520923 -of value exceeding rupees fifty per sque metre 30 - 8, plus rs160per &qud metie"; (c) for sub-heacjinlno 521020 the following sub-headings shall be substituted, namely:-35 "521020 -of value exceeding rupees twenty-five, but not exceeding rupees fifty per &quare metre 4, plus rs160per squdmetre 521030 -of value exceeding rupees fifty per square metre 40 4%plks rs160per square melle"; (d) for heading no 5211 the following heading shad be substituted, namely:-|        |        | "5211    ||--------|----------|-----------|| c01ton | fabrics | -         || (a)    |          |           || woven |          |           || 45     |          |           |(b) subjec'ieo to me process of bleaching mercerising dyeing printing water proofing shrink-proofing organdje processing or any 0tifer process or any lwo | headirig    | no        | sus:liebdirtg    | no          ||-------------|------------|------------------|--------------|| (1)         |            |                  |              || (2)         |            |                  |              || description |            |                  |              || of          |            |                  |              || goods       |            |                  |              || (3)         |            |                  |              || rate        |            |                  |              || of          | duty       |                  |              || (4)         |            |                  |              || or          | more       | of               | lhese        || (c)         |            |                  |              || containing  |            |                  |              || (i)         |            |                  |              || cqtion,     |            |                  |              || and         |            |                  |              || (ii)        |            |                  |              || pol         |            |                  |              || yester     |            |                  |              || staple      | fibre,     | and              |              || (d)         |            |                  |              || of          | value      | exceeding        | rupees       || 5           |            |                  |              || 521110     |            |                  |              || -of         |            |                  |              || value       | ,exceeding | rupees           | twenty-five, || not         |            |                  |              || exceeding   | rupees     | fifty,           | per          || square      |            |                  |              || metre       |            |                  |              || 8%plus      |            |                  |              || rs160per  |            |                  |              || square      | metre      |                  |              || -of         |            |                  |              || value       | exceeding  | rupees           |              || fifty       |            |                  |              || per         | square     |                  |              || metre       |            |                  |              || 521120     |            |                  |              || 10          |            |                  |              || 8%          |            |                  |              || plus        |            |                  |              || rs160per  |            |                  |              || square      |            |                  |              || metre";     |            |                  |              |(13) in chapter 53, after sub-heading no 530339, the following sub-heading shall be inserted, namely:-nil"; "530390 -other (14) in olapcer 54,-15 (a) fa' heading no 5401, the following heading shall be substituted, namely:-"5401 waste 540110 -of synthetic filaments rs 9 per kilograrnorso% whichever is 20 less 540120 -of artificial filaments re 1 per kilogram 540190 rs9per 25 kilogram or 50% whichever is less"; (b) fo- sub-heading nos 540426 and 540421, the following sub-headirlgs shall be substituted, namely:-30 "540496 -350 deniers and above but not above 1100 deniers rs 418 per kilogrun 540497 -above 1100 deniers rs 273 per kilogram"; (c) f<x' sub-heading no 540960, the following sub-headings shall be substituted, namely:-35 nil "540960 -of value exceeding rupees twenty-five, but not exceeding rupees fifty, per square mecre nil": 5409 70 -of value exceeding rupees fifty per square metre nil 40 (d) fo- sub-heading no 541220, the following sub-headings shall be substituted, namely:-"541220 -of value exceeding rupees twenty-five, but not exceeding rupees fifty, per square mecre nil"; 541230 -of value exceeding rupees fifty per square metre (15) in 0iapter 55, -(a) fo- sub-heading no 550860, the following sub-headings shall be substituted, namely:-45 "-of value exceeding rupees twenty-five but not exceeding rupees fifty rate of duty (4) he8dif~no description of goods (3) su6-be8diiig no (2) per square idette: nil -containing polyester fibre 550861 nil -ocher ssos69 5 - of value exceeding rupees fifty per square metre: nil -containing polyester fibre 550871 nil"; -other 550879 (b) fm sub-heading no 551112, the following sub-headings shall be substituted, namely:-10 "551112 -of value exceeding rupees twenty-five but not exceeding rupees fifty, per nil square metre 5s1113 -of value exceeding rupeesfd'ty per square metre nil"; (c) for sub-heading nos ssi128 and 551129, the following sub-headings shall be substituted, namely:-"s51127 --other fabrics of value not exceeding rupees twenty-five per square metre nil nil 5s1128 --other fabrics of value exceeding rupees twenty-five, but not exceeding rupees fifty, per square metre nil"; 15 - --other fabrics of value exceeding rupees fifty per square metre ssl129 (d) fm sub-heading no ssi212, the following sub-headings shall be substitu~ namely:-nil "551212 -of value exceeding rupees twenty-five but not exceeding rupees fifty, per square metre 20 nil"; ss 1213 --of value exceeding rupees fifty per square metre (e) fm sub-heading nos ssi228 and s51229, the following sub-headings shall be substituted, namely:-"ss 1227 -other fabrics of value not exceeding rupees twenty-five per square metre nil ss 1228 --other fabrics of value exceeding rupees twenty-five, but not exc«lding rupees nil 2 5 fifty, per square metre 551229 -other fabrics of value exceeding rupees fifty per square metre nil"; (16) in chapter 69, for sub-heading no 690490 the following sub-heading shall be !ilbstitu namely:-"690420 -of sldneware 30%"; (a) fm sub-heading no 700290 the fouowing sub-heading shall be substituted, namely:-(17) in 0uipter 70 -30 "700220 -not tinted 35 rs3s0per millimetre thickness or part thereof per square metre"; (b) fm sub-heading no 700490 the following sub-heading shall be substituted, namely:-"700420 -laminated safety g1w 50%"; (c) for sub-heading no 701090 the following sub-heading shall be substituted, namely:-"701020 -glass chimneyi 1()1a;"; (d) fm heading no 7014 the following heading shall be substituted, namely:-sulhliidi!'l no (2) ~)ofaooas rille of duty (4) "7014 701400 glass fibres (including glass wool and glass filaments) "; | and        | ar'l'iclbs              ||------------|-------------------------|| nmreof     |                         || (for       |                         || bxample,   |                         || yarn      | woven                   || whel'her   |                         || or         | notimpregnaled coaled || or        |                         || laminatiid |                         || wrm        |                         || plas11cs   | or                      |(18) in apter 72, -(a) for heading no 7213 die foiiowina headin& shall be substituted, namely:-"7213 iron or steel wire whe1her or not coa1ed btrrnot insulaled 1~ -eleciric iaistance wire (includina eleciric esislldce beating wire) 721310 10 721390 -ocher rs36sper kjnne"; (b) after headina no 7214 die fodowin& headin& shall be inserted, namely:-"7215 721500 rsl800 per tonne"; 15 goods and matbluals of heading nos 7203 7206 72m 72087209721072117212 and 7213 obtained by breaking up of ships boats and 011ier floating struc'iures (19) in 0iapfer 73 -(a) for sub-heldina no 730220, die following sub-ladina shall be substituted, namely:-15%"; "730290 -ocher (b) after heading no 7308 the fo1lowin& belding shall be insened, namely:-20 "7309 730900 rsl,800 per tonne"; goods and materials of heading nos 7303 7304 7305 7306, 73m and 7308 obtained by breaking up of ships boats and 01her floating slruc'iures (20) in ciipter 74 -(a) for headin& no 74osdie foiiowin& heidin& shall be substituted, namely:-25' 2d% 740510 nil"; 740590 (b) for heading no 7412, die followina headings shall be substituted, namely:-30 "7412 741200 stranded wires, cables plaited bands and nib like of <xjppek, noteu!ci1ucaily insulated ·7413 o'iherarllaj!sopcoppbr 15% 741310 -nails, tacks, drawing pinl1tipies (oilier dim thole of headina no 8305) iidcisimilar ,ods of copper or m iron or steel with beads of cc::jilpei'; rivets, c:oaen, eoaer-pins wisben (mcluding spina wathen) and similar articles of 35 15% 741320 coppri' cos-spinp; cbiin 1dd, tbenof 741330 -cooidna or baiid&  of kind ued for domestic pwpoaes (giber ihin jriiiiie coobn) - nm-eieciric, and pans thereof of copper 15cjf1"; -oller 741390 (21) in chapier 76, for bedn& no 7612, die followina hadinp shih be substituted, n~ly:-~no su6-&eadiiig no (2) desciijiiiqi1 of goods (3) rite of duty (4) "7612 761200 stranded wirbs, cabies, plal11id bands and me like of awminium not blecirically insulated o'iher artioj!s of aujminium 7613 761310 -utensils made of aluminium 761320 nil m -nails, tacks, staples (ocher thin those of heading no 830s), rivets, cotters, cotter-pins, washers and sinwar a1icies -sanitarywae and pans thereof 761330 ~"; 761390 -other (22) in 0tapia' 84,-(a) for sub-heading no 841490, the following sub-headings shall be substituted, namely:-"~8i1s and accesdies: 110% 841491 --of goods covered by sub-heading no 841410 15%"; 841499 --other (b) for heading no 8422, the following heading shall be substituted, namely:-"8422 dish washing maoiines; machlnery for cleaning or drying botiles and o'iher containers; maoiinery fur fuling, clqsing, sealing, capsuling or labeiling botiles, cans, boxes, bags or 01her containfrs; 01her packing or wrapping maadnery; machinery for aerating beverages 842210 -dish washing machines qcher ~"; 842290 (c) for heading no 8476 the following heading shall be substituted, namely:-"8476 aui'omatic goods-vending maodnes (for example, postage stamp, clgaretie, food or beverage machines), ino-uoing money~ging maoiines -machines: 847611 -1nccxpcniing ldiigerating devices 847619 --other -pins: 847691 -pidi of ma:iaina of i8b-beidina no 847611 ~"; 847699 --other (d) for sub-heading no 848190, the fo1lowin& sub-heading shall be substituted, namely:-"848180 -other 159f, -pads: 110% 848191 -of aoods covered by sub-heading no8481l0 159f,"; 848199 --other (23) in olapter9o,-aea&iijri no su&:heidiiig no (2) ~ofgooas rale of duty (4) (a) for beading no 9016 the following heading shall be subsliwted, namely:-"9016 balances of a sensltmty ofs centigrams or belter 901610 15% 5 -bajances 901690 15%"; -pans (b) b sub-heading nos 903220 and 903290, the following sub-headings shall be substiwtod, namely:-"903280 -other instrumenls ;nl apparab1s 15% -pans and accessories: 903291 -of goods covered by sub-heading no 903211 110% 10 qda 903299 15%"  1hefournj soiedule (see seedm 55) part i in the fust schedule to the additional duties of excise act,-15 (1) in ~no1701, after sub-heading no 170120, in co1unm (3), for the entry "-cane sugar, other than khandsari sug_:", the entry "-sugar, other than khandsari sugar:" shall be substiwted: (2) in ~ no2402 afta' sub-~ no240210, in colunm (3), for the entry "-bearing a brand name and of which the value pel" thousand:", the entry "-bearing a brand name and of whicli the value per hundred:" shall be substituted; 20 (3) in sub-headinjtjios520631, 520632, 520633, 520634, 520635, 520636, 520637, 520638, 520639, s206?o  520911, 520921 and 521010, for the entry m colunm (4), the entry "10% plus rss per squa metre" snau be substituted; (4) in sub-heading nos540910, s40920 s40930  540940, 540950 and 541210, for the entry in column (4) the entry "10% plus ri  s per square metre" shall de substiwced; 25 (5) in sub-beading nos5sml0, 550820, 55os30, 550840,550850,551111 and 551211, for the entry in colunm (4), the entry "10% plus rs 5 pel" square metre" shall be substituted; (6) in sub-~ nos90319, in colunm (4), for the fi2ure and abbreviation "5%", the figures, abbreviations and words "5% plus rs 2 pel" square metre" iha11 be substiwced; (7) in sub-heading no590329, in ciolunm (4), for the figure and abbreviation "5%", the fagures, abbreviations 30 and wards "5'11 plus ri 250 pel" square metre" shail be substiwteci  partu~ sub-heading no no ilesaiptim of goods raleof additmal duty 35 (4) (1) (") (3) in ~~j'"   duties of excise act -ti) for sub-heading no s20912, the following sub-headings shall be substituted, name1y:-"520912 -of value aceeding rupees twenty-five but not exceeding rupees fifty, per square metre 520913 -of value exceeding rupees fifty per square metre 10% plus 40 rs s per square meire l()1j,plw (b) b sub-heading no 520922, the following sub-headings shall be substituted, namely:-r, no sui):, no "520922 6 520923 10 521030 l~pllu rs5per n~ meft l~pllu rs5per square meft"; (d) fci' heiding no 5211 die fouowina heading sbail be ~ aamely:-"5211 cotion fabrics-(ii) woven 15 (b) subjec'led to 1hb process of bu!acldno mercerising dyeing printing water-proofing shrink-proofjng org~'dm processing or any 0'i1lim process or any lwo or more opthese processes, (c) containlng (i) co'iton and ~o 521110 521120 (ii) pol yes1er staple fibre and (d) of value exceeding rupees twenty-five per square me1re -of value ex""- ~ twedly-fm but dol 1~ plll8 cxceedin& 11ipees ~ per squan: mecre rss per square meae -of value exceeding 11ipees fifty per square mer l~ plll8 rs5per square meft"; 5 (~) fex' sub-heading no 540960 the fouowin& lub-heldidp abail be substimled" namely:-"540960 -of value exceeding 11ipees twenty-five, butnotexc:eeding11lpees fifty per square metre 540970 -of value exceedin& 11ipees fifty per square mer l~plus rssper square meae l~pllu ~per square nieere"; (f) for su~ no 541220, die fo~ sub-headijw shall be substiluled, namely:-"541220 -of value exceeclin& 11ipees twenty-five, but not exceeclin& 11ipees fifty per square metre l~ plll8 rss perflltae meae  541230 -of value exceeding rupees fifty per square mer l~pllu ~: meae"; (,) for sub-headida no sd60die fouowin& sub-headinas shau be substimled" namely:-"-of value  rupees twenty-five, but not exc:eedina 11ipees 550861 ~-;r:fiin sd69 l~ plll8 rs5per square meae low, pills rs5per sq,uare 1ii!ioe'"  (2)-{)f value ~""'in& rupees fifty per square melle: 5d71 -containina polyester fibre 10% pllls 5 rssper 5s0879 square ji1eb 100pllls rs5per square 10 meeae"; (ia) for sub-heading no 551112, the following sub-headings shall be substituted, namely:-"551112 -of value exceedin& rupees twenty-five, but not exceeding rupees fifty, per squre iiiciii'e 15 551113 -of value exceeding rupees fifty per square metre 25 10% pllls rasp« square rm:tre 100pllls rs$p« square (i) for sub-~ nos ssl128 and 551129,1he following sub-headings shall be substituted, namely:- melle"; "5$1127 ~ fabrics of value not exceeding rupees twenty-five per square metre 10% pills rs5 per square 551128 -oiher fabrics of value excading rupees twenty -five, but not exceeding rupees fifty, per square metre 551129 ~ fabrics of value exceeding rupees fifty per square metre 30 rm:tre 100pllls rs sper square melle 10% plus rss per square metre"; 35 (j) for iu~ no 551212, the fouowing sub-heaciinas shall be substituted, namely:-"551212 -of value exceeding rupees twenty-five, but not exceeding rupees fifty, per square metre s51213 -of value exceeding rupees fifty per square metre 45 10% plus rss per square rm:tre 10% plus rss per square (1) for sub-~ nos s51228 and 5s1229,1he following lub-headings shall be substituted namely:- metre"; "551227 ~fabrics of value not exceeding rupees twenty-five per square metre 10% plus rs5 per square 551228 ~ fabrics of value exceeding rupees twenty-five, but not exceeding rupees fifty, per square metre 50 ssi229 -other fabrics of value exceeding rupees fifty per square metre metre 10% plus rss per squir metre 10% plus rs5per square mette" -  me fip1h schedule (,see section s6)in ihe schedule 10 ihe additicna1duties of excise (textiles ind textile artic=' les act, 1978, after s no8 and the enbies relating thereto, the following sna; and enlries shall be namdy:-"9 mecadiw:d yam, falling within heading no 56os 10 embroidery in the piece, in strips or in motifs, falling within heading no 58os" \  5ratement of objeci's and reasonsthe object of the bill is to give effect to the imancial proposals of the central government for the financial year 1986-87 the notes on clauses explain the various provisions contained in the bill vishw anatii pratap singh new delhi: the 28th february, 1986  president's recommendation under articles 117 and 274 the constitution of india[copy of letter nof3(1)-b(d)/86, dated the 28th february, 1986 from shri vishwanath pratap singh, minister of finance, to the secretary-general, lok sabha] the president, having been infonned of the subject matter of the proposed bill, recommends under clauses (1) and (3) of article 117, read with clause (1) of article 274, of the constitution of india, the introduction of the finance bill, 1986 to the lok sabha and also recommends to the lok sabha the consideration of the bill 2 the bill will be introduced in the lok sabha immediately after the presentation of the budget on the 28th february, 1986  nota on c/qusesaau 2, rem willi ibe pint schedule 10 the bill seeks 10 pmlcdbe the  it which income-tax (including surchaqe therean) is lid be levied on income chqeable to tax far tbe _ yar 198&87 punher it lays down lite  it which tax is 10 be deduded aloud durin& the financial yar 1986-87 from incomes abject, such deduciion under the iiicome-tax act; and tbe riles it which "ldvace tax" is to be piid iiid tax is 10 be c:ajcullied and c:iuqed in special cases far tbe financial yell' 1986-87 part i d tbe pint scheduje to the bill specifies the  d incame-tax (includina sulcharje) on incomes liable to 1ix for the assessmeat yell' 1986-87 1'hr:ie l'iiieiilie the 1liiie - due specified in pin m d the pint scheduje to the finance act, 1985 for the purposes of deduction of tax at souice from "salaries" iiild far computation of "ldvance tax" payable during the tinanciai yar 1985-86 where a company his made any deposit during the financial year 1985-86 under the companies deposits (surcharge on income-tu) scheme, 1985 wiiil die indusiriai developmeat bank oflddia, the amount d iur:hirp on income-tax payable by it for die assessment yell' 1986-87 will be reduced by the amount of deposit so made  rqiu for tiailictioii tf ltd: t1160iiiu dwiiig iiw jinincitil ytjtit 1986-81 from inc:orrw othir tirtm "stiitiria":pan n of the fint scbeduie 10 the bill specifies the rates at which income-tax is 10 be deducted at source during the financial year 1986-87 fiom incomes ocher thin "salaries" and retirement annuities under section boe (9) of the income-tax act in pikt n d the finance act, 1985 die i1iiies for deduction of tax it souite in die case of non-oorporate assessees on income by way d winnings from ioairries and croaword puzzles was 2s per cent and that on income by way of winnings from horse races was 30 per cenl the rata of deduction d tax at soun:e in iespect of the income of the aforesaid natures is proposed to be raised to 40 per cent in the cae d a co-ny which is not a dcneltic coilipiily die i'iiia for deduction of tax in respect of the income by way of loyalty [other dian loyalty of the na1ure referred 10 in section 115a(1a) of the act] payable by government or an indian concerll under iii approved aan=ement made after 31 march, 1976 are 20 per cent on lumpsum royalty payments and 40 per cent on lite balance the nile of deduction d tax on income by way of fees for technical services payable by government or an indim coiicenlilllder an 8ppi'ovid aapeement made iftrr 31st mirch, 1976 is 40 per cent the rate of deduction of tax at soun:e in respect d incomes of the aforesaid iiiiir is p'opoicd it 30 per cent raus for deductitm tf ltd: at 6ourr:e from hsalti1v,h and ~lilllllllllilies computation ofhadvance itd:h and charging of ~ ill speciijl cma tbirl1ig iiwflntmciol ytjtit 198687: part m d the first scheduje to the bill specifies the rates at which income-tax is to be deducted at source from "salaries" and ~ anmdties referred to in section 8(e(9) of tbe income:tax act and also the l'iiieii at which "advance tax" is to be paid and incame-tax is to be ca1aj1_ or cbaqed in special cases for the financial year 1986-87 the , raties of income-tax _ the same - tbo&e specified in part i of the first schedule to the bill for the assessment of income liable to tax for the aslcllment year 1986-87 howeyer suldlalp an income-tax payable by corporate taxpayers has been abolished oillse 3 seeks to amend aection 10 d die idcome-tax aa1eiadiw to inccliii!i not included in focal income  i s1jbc  (a) leeks to iiiiiiid cie (3) maoa 10 d die ~iii actunder the exiatida provisiona any rec:eipci which lie of a cuual and non-recwrina nature, odier than wioninp from ioairies, 10 die  such:eipl do not aceeci one ibouaad rupees in die  118 not included in cojqjutida the total income of an ___ subject to c:eradn acepdons 1be pmposedamendment seeks to p-ovide that ~y receipts of a casual and non-iecurjida -- subject to the e:ustid& cxcepdons, not cu:eedin& five thousand rupees in the auregate shall not be included in ibe iidiii income of·the previous year dill - sub-clauae (b)  to amend clause (13a) of section 10 m the fncometu act reiiiid& to exemption of income-tax in respect of houae rent allowance granted by iii employer 10 iii employee under the existing provisions any speciallllowance panted by iii empio)<er 10 •• emplo)'ee 10 meet expenditure actually incurred on payment of rent ii exempt 10 luch extent dol exceedina rupees four hundred per mondl as may be prescribed by ru1es the amendment seeks to omit the ceilid& limit of rupees four hundred per ii1qilih laid down under chis provision these ameadmenll will lib effect from lit april 1987 and wid, ax:oniid&ly,apply in relation to the issessment year 1987-88 and nblequent yean  clause 4 seeks to mate 111 amendment in clause (i) m iection 16 mille inoome-tu act rdadna 10 standjid deduction in die cue of salaried as __   under the existin& provisions, i standard deduction is ifiid to salaried issessees at a unifonn rate of 25 per cent of the salary subject to i maxinumofrs 6,000'- under the proposed ijl1eiidment, dje standird deduclion wid be iliowed at dje ram of 30 per cent of the salary subject to an enhanced oei1ing m rsi0,oooi- this amendment wid tab e1rect from 1st april 1987 and widlccoidingly, apply in reiaiion to the assessment year 1987-88 and subsequent years  cause s seeks to aand section 23 of dje income-tu act relating 10 deierminaiion of annual value ofbowe propertyunder the existing provisions of section 23(2) of the income-tax act, the annual value of i se1f-occupied house is detennined on a concessional basis the annual value of such i ploperty is fust detenninecl in tboaame manner u if the property had been let and then it is reduced by one-half of the amount so deleajllined or rs3,600, whichever is less where the sum 10 aarived at exceeds 10 per cent of the total income of the owner, as computed without including the income from such property and without making any deduction under chapter vi-a, the excess is disregarded where the assessee is the owner of like than one such house used fm' the purposes of his own residencie the above concessional treatment shall apply only in respect of one residential house, which the assessee may specify in this behalf in iespect of residential houses other than the one whose annuli value is nduced is above, the annual value is determined - if such houses had been let further, where the owner has only one residential house and it cannot be occupied by him due to his employment, business or profession being cmied on at some othec place and the owner resides in a building which does not belong to him at the other place, the annual value in such case is taken as nil if the bouse was not actuiliy occupied by the owner during the whole of the previous year and is taken as that fraction of the annual value if it is occupied fm' a fraction of that year the liidual value will be detennined in the above manner if the house is not actually let during the previous year and no other benefit therefrom is derived by the owner sub-clause (a) seeks to substiule sub-section (2) 10 as 10 provide that where ihe property consisls d one house or a part of a house in the occupation of the owner for the purposes of his own residence, and is not actually let during any part of the previous year and no ocher benefit therefrom is derived by the owner, the annuli value of such i house or part of the house shall be taken is nil where such property is let during any part or parts of the previous year, that part of the annual value which is proportionate to ihe period during which the property is in the occupation of the owner for the purposes of his own residence, or, is the case may be, where such property is let out in pans thatportion of the annual value appropriate to any part which was occupied by the owner for his own residence, which is proportionate to the period during which such part is whody occupied by him for his own residence shall be deducled in determining the annual value it is also being provided that such deduction shall be allowed irrespective of whether the period during which the property or part of the p-operty was used for self-residence jrcedes tx" fodows die period durin, which it is let in case the property cmsisls of more dian one house in the occupation of the owner fm' the purpose of his own residence, the annuli value in respect of one of such houses which the assessee may specify shall be taken as nil or, as the case may be, detamined as aforesaid, provided the other conditions are satisfied the liidual value of the houses ocher than the house the annual value of which is taken to be nil or, as the case may be, decamined as afcrcsaid, will be detamined as if such houses had  let sub-clause (b) seeks to omit sub-section (2a) of section 23 as a con  uential amendment sub-c1ause (c) seeks to sllbstitule sub-section (3) of section 23 to provide that where aelf-<jccupied house property consisls of one residential house only and it cannot actually be occllpied by the owner by reason of the fact that owing to his employment, business or profession carried on at lily other place he has to reside at tbat other place in a building nol heimaina id bim1be iiiiiiil viiue d aucb a bouae ibail be  ii) be iii' provided that the house is not actually let and no ocber baw:fit  efroan is dahed by b owner t'beie iiididdmen1i wid  effect from lit april, 1987 and wii1, acccxdinaly, apply in relation id the assessment year 1987·88111d 1ubieq_, cause 6 seeb id iidedd -=den 2a d the ~ ad reiiiina id deductions from income from house property under sub-section (2) of iectiod 2a, where the lopei11 ~ of one residential boule which cannollctually be occupied by b owner owida , ilia ~ lwi_ or  being caniedon at any ocber pla;:e and the house was iiollccually let loci do odicr bene& w deriwld lbeaeticill by die owner, die deduction undei'sub-section (1) of section 24 rejmna id repairs idterat payable oil bellowed capiw, inaunnce premium c, cannot exceecl the annual value of such property this amendment  , poyide 1bat in mspect d pqjfiity wtae annual value bas been taken to be nil under the amended provisioaa d -=den 23(2xixi) d ibe inc:cdhu ad or under secdon 23(3) of that act no deductim shill be allowed under sulheclioa (1) of sectioa 2a db aid act k is il1o ptopcmd , provide ibat bldcll amount deductible under sub-secdon (1) of section 24 of die act in respect of the property refa:red to in -=don 23(2xa)(ii) of die act shad not exceed die annual value of the property this 1!iifiiiiijment wid lib eftect from 1st april, 1987 and will, accordingly ,apply in relation to the assessment year 1987-88 idd auhiequeat,an under the aiitiua pro¥iaions of c:ja- (c) of sub-section (2), any new iiiichinery or plant installed for the purposes of bujineu of iipiin ii) ~ wueja or other powered aaft if die busineu is cllried on by an indian company and the busidells 10 cmied on is approved by the ceolnl government in this behalf, is entitled id investment allowance if such machinery or pllntis jnsgjied after 31st milch, 1983 but before 1st april, 1988 under die poposed amendment by item (i) of aub-cllllle (i), for die dale iii april, 1988, b dale 1 apri1, 1987 is beida substituted this amendment wid take effect from 1st apri1, 1987 ancl wid, 1cali'din&ly, y in relaticxlld the aueument year 1987-88 and subsequent years under die exiadna provisioaa d clajie (b) of aalhection (2) of this section, investment allowance is granted in respect of new machinery or piint initailed in iijdill«lle idduacrial underiikina for the manufacture of any article or thing including a1iciei 01' thinp specified in the lilt ill b b1evah schedule to the act for tbia purpose, in cases where the previous year eada before the iii day of auaust, 1980, i amad·1ciie induacrial undertakina means an induscrial undertaking in which the aure&1le value of die machinery ides plant inltaued - on the 1at day of the relevant previous yeat does not exceed rsio laths where the pterioua )'ell' ends after the 311l day of july, 1980, this limit is ri 20 lakhs under the proposed iiifli"'ment by iiem (ii)d aub-diaie (i), dda limit is beina raised to ra3s lakba in i case where the previous year ends after die 17 mir:h, 1985 'ibis amendment wid cite effect idlolpeclive1y from 1st april, 1985 and will, accordingly, apply in ntiadoa 10 die """""')'eii' 1985-86_ aubieqaeat yan us die aiidda proviaioai ~ ahecdoa (8) of ibis aection, tbe central oovemment may, by notification in the official a- ctnct ibit ibe  aiiowibje __ 1eccioa 32a d die act shall dot be adowid in respect of any ship or aira'aft acqaired 01' ay machinery 01' piidt idltalled , such date, not being earlier than three yean from the date of such dilcificllion - may be ipeclfled slib-c  (b) nib to unedd aab-1kiioa (8) 10 to secure that the requirement of three years from the date of noti6cation r wbidllbe amiific  wida  adowince abail be eii'ectm is not necesaaay this iulbidment will tab eft'ect from 1st april 1986_ will &coidinalj, apply in reliition to the aueument year 1986-87 and subsequent yem s~ (c)  10 iiiien i new ~ (88) 10 povide ihit do deduction by way ofinwltident auowance shill be adowed in the ca ri m au ii wbo bii rjainwl dedaclioa adowable ~ dew section 32ab of the act relating to inveslmem depoiit accoant tbia,",,, wid tid eirect fiom 1st apil, 1987 idd wid, u:ordinjly, apply in relation id tbe  yea-i9c7-881i1d  _, ciiuie 8  to inien i new iectiod 32ab  die idamhix act reiatina id investnnt deposit iccouill the provisions of ibis new iecdoa idd the icbae  will be ,,1icib1e 10 au the __ eel 10 whom the existing provisions ra iecdan 32a ra the jncame1d act _y lid ie) c:a'iiln odis' _ieel:rhe new pnwiiionilllow deduction upto - 20 per cent ra die profits ra iuaibte business if such pofiti are depoiited in iccmdince with die acheme mide under this provision m il8 udiiied for the purchae of l1li)' ship1in:raft machinery iiid plant the benefit unciej' the new povision will not be iviijibie in a particuj- year id  asansee who his claimed investment iijowince in thit year sulheclion (1) pmvideilhalsubject id the other provisions ra this secdan where an ales_ whole fotii income includes income chaljeable to tax under the bead -profits iilcliiins of business or profession- hu out of such income and in accordanc:e with the scheme framed by the centnl government, deposiieclany amount in ihe deposit iccouilt maintained by him with the development ba befcn the expiry of six months from die end ra the pievious year m befee fumishing the reiu1'ii ri his income whichever is _iier or bas utilised any iiiiouiit durin& die previous year for the purchue of any ship aircraft, machinery m plant wi1houl depositing l1li)' amount in a depoiit 1ccouilt, the essee sha1i be allowed a deciuciion of a sum equaiid the iiiiouiit deposilelt iiid l1li)' amount 10 utiliaed m a sum equaild 20 per cent of the profits ra eligible business m profession a per audited iccouilts ra the _see whichewr is less sub-section (2) provides that -eligible business or profession- shall mean business iilcl profasion other dian <a) the business of growing iiid manuflcluring  in india, (b) the business of cmsinicdon manufac1ure m producdoa of any ii1icie or thing specifiecl in the eleventh scbeclule carried on by an industrial undertaidna which is not a smalkcale industrial undartaldni is defined in section 80hha and <c) the business of leasing or hirina of machinery or pllrt id an industrial undertaking (odler than a small-scale indusaial unclertlting as defined in section sohha) engqeci in the business of construction, manufactuje m production of any iiticje m thing specified in the ~ schedule sub-section (3) provides that where separate accounts in ~pect of eligible business m profession of an idiesiee  not - maintained (]i' ii'e not available, ihe profits of eiigt"b1e business (]i' profession for die purposes of sub-section (1) shad be such amount which bean id the idtal profits of the business or profession ri the asessee the same projkxtion as the total sales, turnover or gross receipts of the elilible business or profession bear to the idtalsales turnover oj gross receipts of the business m profession carried on by ihe assessee sub-section (4) provides that no deduction under sub-secdon (1) shall be allowed in tapect of any amoum utilised for the purchase of any machinery or plant to be installed in any office premises or residential accommodation, including any accommodation in the i1ituie of a &uest house; any office appliances (not beina computers); any road ci1irispm vehicles; any machinery or plant the whole of the ictual cost of which is allowed as a deduction (whether by way of depreciation or otherwise) in computing the income chargeable under the head -profits ancllains of business or profession- of any one previous year sub-section (5) provides that in ihe case of an lssessee other than a company m a co-aperative society1he deduction under sub-section (1) shall not be admissible unless ihe accounts of ihe business or profession of ihe assessee for the previous year relevant to the usessment year for which ihe deduction is claimed have been audited by an accountant as defmed in the explanation below sub-section (2) of section 288 and ihe assessee furnishes aiona with his return of income ihe report of such audit in ihe presaibed fc:wm duly siped and verified by such 1ccoudtant - sub-section (6) pmvides that whir any amount standins , ihe aedit of ihe ilsesilee in ihe deposit account rejeasecl durina any previous year by ihe development bank for being utilised by the assessee for the purposes specified in the scheme or at the closure of the accounts is not utilised in iccoidance with the scheme, eithet wbouy or in part, within ihal previous year, the wbole of such amount m part thereof, as the case may be, which is not so utilised shall be deemed to be the profits and gains of ihe business or profession of that previous year iiid shall be acccrcunaiy charjed id income-tax as the income of that previous year sub-section (7) provides that where any asset iiccpircl in iccoi'dance with the scheme is iold m otherwise transferred in any previous year before ihe expiry of eight years from the end of the pnmous year in which it was acquired, such part of ihe cast of such asset as relatablfo the deductions allowed under sub-llection (1) shad be deemed to be profits and gains of business or profession of the previous year in which the isset is lold or otherwise innsfened and shal1accordingly be chargeable to income-tax is the income of that previous year however, the provisions of this sub-section shad not apply where ihe auet is ioid or ii'insfened by ihe - __ to ihe govemmallt,iocal  lhority, a ccxpcntion earablished by (]i' under a centra1, state ex' provincial act or a government company as defined in section 617 of ihe companies act, 1956 or the sale or transfer of the uset is made in connection with the succession of the firm by a company in the business or profession carried on by the firm as a result of which the firm sells or otherwise transfers id the company any asset and the scheme continues 10 apply to ihe coqmil)' in ihe jiiiiiia' applicable id ihe linn sub-sectioa (8) pnwides ibit die cedll'ii government may omity aicje or ibina from die lilt ofucla or dun  specified in the eiewidh schedule by dodficiiian ill ibe 0fticiai 0  if it coiiiidm it neea, or upetjient to do 10 sub-iecdcm (9) providea  die ceaind oo¥e:mmeat may ciinict ibat ibe proviaicm of tbii seciim shii1 not apply id illy ciau of _esse lis widl effect from such _ - it may specify in ibe nodficllian aftir iiiikiiia luch inquiries 15 it may dunk fit the ezpltuitiiioll defines "development bank" to man die induslrill development bank of india established under die indusuial development bank of india act 1964 and includes luch bank or institution a may be apecified in the scheme drawn in ibis bebaif 'ibis iljlell(lment will take effect from lit april, 1987 and wi1iliccoi'dinaiylpply to the asessment ye  1987-881dd subsequent years clause 9 seeks to insert a dew e1tpltiniiioiibid claae (1) of seciiod 43 of die income-tax act rejatin& to the def'mition of ii:biii colt under the exiatin8 poviaioaa of ciiuse (1) d ihil section "k1uii colt" _die ictuil colt d die islet lid the ana •• reduced by ibal pmdon d die colt 1imnof if illy a bas bem met directly or indimctiy by any other person or athority the plopoiod amendment aeeb to clarify ihit iii)' amount paid or payable _ infinit in cloiiiiiictim widldle lcquiaition of an asset and aeliiible id a period ifter die asset is tint put to  ahau not fmn part md ahau be deemed never 10 have formed pm d die iciuil colt d die  'ibis amendment will take effect retrospectively from lst april 1974 and wi1l accordingly apply in relation to the _  meat year 1974-751dd aullsequent yean clauses 10 idd 13 seek 10 iiiii!iid iciioos 50 idd 55 of the idcome-tu actreapec:tively under the exiaiina proyisiona in csjiiputina the capital gains nina on the trrer of a capitalset an sessee is jiven an option lid batituee the fair maabt value of the asset _ on lit janllll')' 1964 far ils colt of acquisition in cases where such asset walcquirecl by the  prior to that dale this opcioa is aiao available in caes where such uset became ihe ixopeny of die  see by idy d the modes specif'jecl in lulhection (1) of section 49 idd die _set wis acquired by the "pmtious ow-of die pmpetty" prim'1o the slid d& under the popoaed !ld'ii!ftiimenidie aaessee will have the option to subslilule die fair miibt value d the  _ em lit april 1974 far ill colt d acquisition where the  wis acquired by die _  or _ the ciie may be by the "prevaa owner" prior id ibat dille 'l'heiic amencimmta wid like effect from lit april 19871dd will, iaxlidinalyapply in relationld the assessment year 1987-881dd aublequent yeiii clause 11 seeks 10 amedd aectian 54 of the income-talt act reiaiina to profit on  d property used for residence under die existing provisions if an asse5see ttansfen his residential house givina rise to capital gains and purchases a residential house within one y before or after the dale d such iriilsfer or conslnlcts a residentill house within three years after ihit dale, the capital gain is uempt id the eiiient such gain has been utilised for ihe aforesaid purposes under the proposed amendment by sub-clluse (a), the period of one year after die dale of the aforesaid nnsfer for purchase of a residential house is being inae!ised id two yean under the proposed amendment by sulh:1ause (b), where the aforesaid transfer is by way of compulsory acquisition1dd the compensation awarded for such acquisition is enhanced by iii)' coun tribunal or ocher authority the period of one ye-after die dale of riceipt of die ackfitimal cxjil1iiiiiidon for pun:base of a msidentiil house is also being increased id two yean the8e iullerdmenti will tate dfect fmm lit april 1987 and will, iccoi'dingly, ipply in relation to the aaessment ye-1987-88 loll aublequent yeaa clause 12 seeks to amend section s4b of die income-td al;t rejadna to exemption m capital gain on trinifei' of long-term capitalauell in cer1iin cases  under die exiitina provisions, where die capital pin __ from die transfer of a jona-tenn capiral asset, luch capital gain will be exempt if it is invested or deposited within six monlhs from the dale of loeb transfer in eertain specified assels mentioned in ihat iection the amendment seeb to provide that in ciiiiei where ihc original_set is transferred after the 31st march, 1986 exemption under the section wid be adowed in cases where the net consideration is invested or deposited in notified central government securities; notified la-pecial series of units of the unit trust of india; notified national rural development bonds; nodfied debentures issued by the housing and urban development corporation lunited, and notified boods issued by lily public sector company  the amendment will take effect from lst april, 1987 and will, accm!ingty, apply in relation to the 8lam:ssrnent year 1987-88 and subsequent years clause 14 seeks cd insert, new sub-section (4) in section s8 of the income-tax act relating to amounts nof deductible in computing income cluqeable under the head "income from ocher sources" the proposed amendment seeks to provide that no deduction in respect of any expenditure or allowance in connection with income by way of winnings from lotteries crossword puzzles, flas including horse fla!s, card games and other games of any sort or from gambling or betting of any form or nature whatsoever, shall be allowed in computing the said income this prohibition will not, however, apply in respect of the income of an ll'isessee, being the owner of horses maintained by him f<x' running in hone races, from the activity of owning and maintaining such horses nus amendment will take effect from 1st april, 1987 and will, accordingly, apply in relation to the assessment year 1987-88 and subsequent years clause is seeks to amend clause (a) of sub-section (1) of section 74 of the income-tax act relating to losses under the head "capilli pins"  under the existing provisions, where the net result of the computation under the head "capital gains" is a 10'8 in respect of any usessment year, such loss in the case of assessees other than companies is not allowed to be carried forward unless it exceeds ri 5,000 under, separate amendment proposed by clause 23, the limit of initial deduction of rs 5,000 in respect of income from long-rerm capital gains is sought to be raised to rsio,ooo accordingly this amendment seeks to raise the limit of rs s,ooo under the proviso cd clause (,) of sub-section (1) of section 74 of the income-tax act also to rsio,ooo nus amendment will take effect from lst april, 1987 and will, accordingly, apply in relation to !he a~sessment year 1987-88 and subsequent years clause 16 seeks to amend section 74a of the income-tax act relating to losses from certain specified sources falling under the head "income from other sources"  sub-clause (a) seeks cd omit sub-sections (i) and (2) of section 74a under the existing provisions of sub-section (3), in the case of an a~sessee being the owner of horses maintained by him for running in hone races, where the net result of computation is a loss under the source "races including horse races", so much of the loss - does not exceed the amount of loss incurred by the assessee in the activity of" owning and maintaining race horses" is allowed cd be carried forward to the four assessment years next fouowing the assessment year for which the loss was tint computed under the proposed amendment by sub-clause (b), the loss incurred in the activity of "owning and maintaining race bones" shall not be set off against income, if any, from any source other than the activity of owning and maintaining race horses in that ye such loss shall be allowed to be canied forward in the four assessment years fouowing the assessment year in which the lou was fint idcurred and will be set off against the income, if any, from the activity of owning and maintaining race horses these amendments will take effect from lst april, 1987 and will, accordingly, apply in relation to the assessment year 1987-88 and sublequent years c1ause 17 seeks to amend section 80g0 of the income-tax act relating to deduction in respect of rents paid in cases not covered under clause (13a) of &eciion 10  under the existing provisions, any expenditure incurred by an assessee [other than those covered under clau~e (1 ~a) of section 10] in excess of ten per cent of his tota1 income towards payment of rent is allowed as deduction in computing h~ total income provided the amount of deduction does not exceed rupees fouf hundred per month or fifteen per cent of his total income of the year whichever is less the amendment seeks to raise chis ceiling to rupees one thousand per month or twentyfive per cent of his tow income of the year, whichever is less this amendment will take effect from 1st april 1987 and will, aa:ordingly, apply in relation to the assessment year 1987-88 and subsequent years cause 18 seeks to amend section 80hha of the income-tix act re1atin& to deduction in respect of profits and gains from newly established small-scale indusuial undeniidngs in ruralareu under the existing provisions, an assessee is entitled to a deduction of 20 per cent of the profits and gains derived by him from a small-scale industrial undertaking set up in a rural area for the initial period of ten years for this purpose, in a case where the previous year ends before the lst day of august, 1980 a small-scale industrial undertaking means an industrial undertaking in which the aggregate value of the machinery and plant installecl as on the last day of the relevant previous year does not exceed rupees len lakhs in a case where the previous year ends atter the 31st day of july, 1980 this limit is rupees twenty lakhs under the proposed amendment, this limit is being raised to rupees thirty-five lalths in a case where the previous ysends after 17th meh, 1985 this amendment will take effect rettospectively from 1st april, 1985 and will, accordingly apply in relation to the assessment year 1985-86 and subsequent years clause 19 seeks to omit section 80k of the income-tax act relating to deduction in respect of dividends attributable to profits and gains from new industrial undenakings or ships or hotel business this amendment seeks to disaxltinue the deduction auowed under the said section this amendment will take effect from 1 st april, 1987 and will, accordingly, apply in relation to the assessment year 1987-88 and subsequent years  clause 20 seeks to amend section 80l of the income-tax act relating to deductions in respect of interest on certain securities dividends etc sub-clause (a) seeks to substiblte clause (ii) of sub-section (1) of that section under the existing provisions, interest on such debenblra issued by any e;ooperative society (including a co-operative land mmgage bank or a co-operaiive land development bank) or any other institution or authority, as the centta1 government may notify in the official gazette, is allowed as a deduction within specified limits under the proposed amendment, the debenblra issued by a public sector company are also proposed to be included in this clause a defmition of "public sector company" bas also been included 10 mean any corporation established by or under any central, state or provincial act or a government co,any as defined in section 617 of the companies act, 19s6 sub-clause (b) seeks to omit sub-section (2) as a consequential amendment 10 the omission of section 80k these amendmenls will take effect from lst april, 1987 and will, accordingly, apply in relation to the assessment year 1987-88 and subsequent years clause 21 seeks to omit section 80m of the income-tax act relating to deduction in respect of certain inter-corporate di~ this amendment seeks to discontinue the deduction allowed under the said section this amendment will take effect from 1st april, 1987 and will, accordingly, apply in relation to the assessment year 1987-88 and subsequent years cause 22 seeks cd omit section 80s of the income-tax act relating to deduction in respect of compensalion for termination of managing agency, etc, in the case of assessees other than companies this amendment seeks to discontinue the deduction auowed under the said section this amendment will take effect from 1 st april, 1987 and will, aa:ordingly, apply in relation to the assessment year 1987-88 and subsequent yean clause 23 seeks to amend section sot of the income-tax act relating to deduction in respect of long-tenn capital gains in the case of assessees other than companies under the existing provisions, the deduction in respect of long-term capital gains in the case of assessees other than companies is granted at the rares specif"1ed in the twelfth schedule to the act with reference to the amount of such long-term capital gains as are in excess of rs5,ooo under the proposed amendment, the limit of initial deduction of rs5,ooo will be raised 10 rsi0,ooo further, the deduction in japect of the balance of long-term capital gains wid be granted at the rate of 50 per cent where the gains relate 10 buildings or lands or interest in buildings or lands and at the rare of 60 per cent where the gains relare to other assets with reference 10 the amount of such long-term capital gains (as reduced by rs10,ooo) this amendment wid take effect from 1st april, 1987 and will, accordingly, apply in relation 10 the assessment year 1987-88 and subsequent yem clause 24 seeks to omit section 801t of the inrome-tax act relating to deduction in r!spect of winnings from louery this amendment seeks 10 discontinue the deduction allowed under the said section this amendment wid take effect from 1st april, 1987 and wi1i, accordingly, apply in relation to the assessment year 1987-88 and subsequent years clause 25 seeks 10 amend sub-section (1) of section 115a of the income-tax act relating 10 tax on dividends, royalty and tflctmical service fees in the case of foreign companies under the existing provisions, the gross amount of ' income by way of royalty or fees for technical aervices received by foreign companies from an indian concern under an approved agreement or from government is chargeable 10 tax at the flat rare of forty per cent a lower rare of tax at twenty per cent is, however, payable on the gross amount of such income as consists of lump sum consideration received for the transfer outside india of, or the imparting of information outside india in respect of, any data, documentalion, drawing, etc the proposed amendment seeks 10 charge inco~tax on the income by way of royalty (including income by way of lump sum consideration) or fees for iecimical services, included in the total income, of a foreign company, at a uniform rate of thirty percent this amendment wid take effect from 1st april, 1987 and wi1i, accordingly, apply in relation to the assessment year 1987-88 and subsequent years clause 26 seeks to insert a new section iisbb in chap1er xii of the income-tax act under the existing provisions, any income by way of winnings from lotteries, crossword puzzles, races including horse races, card games and ocher games of any sort or from gambling or beuidg of any form or nature whalsoever is chargeable 10 tax under the head "income from other sources" along with the other incomes of an assessee under the proposed amendment, the new section seeks 10 provide that any income of a casual and non-recurring nature as referred 10 above shall be charpcllo ~tax at a flat rate of 40 per cent this amendment wid take effect from 1st april, 1987 and will, accontingly, apply in relation 10 the assessment year 1987-88 and subsequent yem clause 27 seeks to insert a new section 133b in the income-tax act which deals with the power to collect certain infonnation under the provisions of section 133a, an income-tax authority has the power to enter any place at which a business or profession is cmied on and to require any proprietor, employee etc, of such business or profession to allow such authority to inspect such books of account or other documents, or to check or verify the cash, stock, etc, or to furnish such information as he may require which may be useful for, or relevant to any proceeding under the act further, under this section an inspector of income-tax has to be specifically authorised for the pmpose of inspecting the books of account or other documents the proposed new section 1339 enables an income-tax authority to collect any information relating to any person which may be useful for, or relevant to, the purposes of the act and to enter into any building or place within his jurisdiction or any building or place which is occupied by any person in respect of whom such authority exercises jurisdiction for the said purpose and require any person who is the oc~upant of the building or place to furnish such information as may be prescribed by rules made under the act sub-section (2) specifies that the lrlcome-tajt authority may enter a buudin& or place where business or profession is carried on only during the time at which such building or place is open for the conduct of business or profession, and in respect of any other place, after sunrise and before sunset  sub-section (3) clarifies that an income-tax authority acting under this section shall not remove or cause to be removed from the building or place wherein he has entered any books of account or other documents or any cash, stock or other valuable article or thing  this amendment wm like effect from the date on which this bill receives the assent of the presidenlclause 28 seeks to amend section iss of the income-tax act to cany out certain consequential amendments in view of the proposed amendments in section 54 of that act by clause 11 these amendments will take effect from 1st april, 1987 and will, accordingly apply in relation to the assessment year 1987-88 and subsequent years clause 29 seeks to amend clause (iib) of the proviso 10 section 193 of the income-tax act relating 10 interest on securities under the existing provisions, no tax shall be deducted at the time of payment of any interest payable on such debentures issued by any co-operative society (including a oo-operative land notaage bank or a co-operative land development bank) or any other institution or authority as the cemrai government may notify in the official gazette in this babalf it is proposed to substitute this clause by a new clause to include the interest payable on debentures issued by public sector companies also the definition of the expression "public sector company" has alc() been included on the lines of the definition of the same expression as contained in the explanation below clause (ii) of sub-section (1) of section sol this amendment wm take effect from 1st june, 1986 cause 30 seeks to amend section 194b of the jncornetax act relating to winnings from lottery or aossword puzzle  under the existing provisions, any person responsible for paying to any person any income by way of winnings from lottery or crossword puzzle in excess of one thousand rupees is required to deduct income-tax on such payment at the rates in force under the proposed amendment, the said limit is being raised to five thousand rupees this amendment wm like etktfrom lstjune, 1986 clause 31 seeks to amend section 1948b of the income-tax act relating 10 winnings from horse race under the existing provisions, a booianakc:c or a licencee for horse racing in any race course or for arranging any wagering or betting in any race course, who is responsible for paying to any person any income by way of winnings from any horse race in excess of two thousand and five hundred rupees is required 10 deduct income-tax on such payments at the rates in force under the proposed amendment the said limit is being raised to five thousand rupees this amendment win take effect from 1st june 1986 clause 32 seeks to amend section 204 of the income-tax act which defines the expression "penoa responsible for paying" in respect of certain aeciions of the income-tax ad under section 195 of the act, any person responsible for paying to a non-resident indian any interest, not being "interest on securities", or any other sum not being dividends, which is chargeable under the income-tax act, is liable to deduct income tax, at the rares specif"aed in this behalf in the finance act of the relevant year the proposed amendment seeks to make an amendment in section 204 of the act to include in that section the authorised dealer responsible f(x' remitting any sum payable to a non-resident indian realised as consideration for the transfer by him of any foreign exchange asset which is not a shortterm capital asset, as the penon responsible for paying under section 19s of the acl sub-clause (b) of this clause defines the expressions "non-resident indian", "foreign exchange asset" and "authorised dealer" f(x' the purposes of this amendmenl the expressions "non-resident indian" and "foreign exchange asset" shall have the meanings assigned to them in chapter xii-a of the income-tax act and "authorised dealer" shall have the meaning assigned to it in clause (b) ofsection 2 of the foreign exchange regulation act, 1973 these amendments will take effect from 1st june, 1986 clause 33 of the bill seeks to amend section 269c of the act relating to immovable property in respect of which puceedings for acquisition may be taken  under the existing provisions, whele a competent auduity has reason to believe that any immovable property of a fair market value exceeding one hundred thousand rupees has been transferred by a person to another person for an apparent consideration which is less than the fair rnarbt value of the property and that the consideration f(x' such transfer as agreed to between the parties has not been truly stated in the instrument of transfer, the compeient authooty may initiate proceedings for the acquisition of such property under the proposed amendment, it is provided that no such puceedings shall be initialed in respect of properties transferred after the 30th seplember, 1986 this arriendment will take effect from lst october, 1986 cause 34 seeks 10 insert a new chap xx-c in the income-tax act, 1961 enabling the central oo¥ernment to purchase immovable pioperties in certain cases of transfer this chapter contains 16 sections from section 269u 10 section 269uo the provisions of the new 01apier will come into force on such dare as the central government may, by notification in the official gazeae appoint and different dates may be appointed f(x' different areas the proposed section 269uc prohibits the transfer of any immovable property of a value exceeding rss iakhs, as may be prescribed by ~ except after entering into an agreement f(x' transfer between the transfertx' and the transferee at least three months before the intended dale of transfer the agreement should be reduced to writing in the form of a statement by each of the parties to such transfer and such statement should be in the prescribed form and contain such particulars as may be prescribed the statement is 10 be furnished 10 the appropriate authmty, constituted by the central government under the new chapter, within such time as may be prescribed by rules the expression "transfer" bas been defined in clause (f) of section 269u a 10 mean transfer of property by way of sale or exchange or lease for a term of not less than twelve years in respect of aqy land or any building or part of a building and the said expression also has been defmed 10 mean the doing of anything (whether by way of admitting as a member of, (x' by way of transfer of shares in, a c<h>perative society or company (x' other association of persons (x' by way of any agreement or arrangement (x' in any ocher manner whatsoever) in relation to any rights in (x' with respect to any land or any building or part of a building the proposed section 269ud provides that the appropriate authority, after receipt of the statement in respect of any immovable property, max, f(x'reasons 10 be recorded in writing, make an order f(x' the purchase by lite central government of the immovable ~an amount equal to the amount of apparent consideration the said order has to be made within a period of two months from the end of the month in which the statement in respect of such immovable property is received by the app-opriate authmty the property in respect of which an order has been made by the appropriate authooty under section 269ud shall, on the date of such order, vest in the central government free from all encumbrances the transferor or any other person who may be in possession of the said immovable property shall sunender' (x' deliver possession thereof 10 the appropriate authority (x' any other person duly authorised by that aulltmty within fifteen days of the service of the said order where any person refuses to deliver possession, the appropriate authmty may take possession of the property and, f(x' this purpose, use such force as may be necessary it is also being provided that, where an order under sub-section (1) of section 269ud has been made in respect of an immovable property, being any rights in, or with respect 10, any land or building or part of a building (wh~the~ or not including any machinery, plant, furniture, fittings or other things therein) which has been constructed or which is to be constructed, accruing or arising from any ttansactim (whether by way of becoming a member of, or acquiring shares in, a c0-operative society, company or other association of persons or by way of any agreement or any amngement of whatsoever natwe), such order shall have the effect of vesting such right in the central government and place the central government in the same position in relation to such right as the person in whom such right would continue to vest if such order had not been made where such pgbls have vested in the central government, the provisions of sub-sections (1), (2), (3) and (4) of section 269ue shall, so far as may be, have effect u if the references 10 immovable property therein were references 10 such land or building or part thereof, as the case 1ij8) be section 269uf provides that the central government shall pay, by way of consideration for the purchase of the immovable property under the new chapter, an amount equal to the amount of apparent consideration the said amount would be tendered to the person or persons entitled therelo, within a period of one month from the end of the month in which the immovable property concerned becomes vested in the central governmenl if the central government fails to tender such amount, to the persons interested or to deposit the same with the appropriate authority within the period specified in the chapter, the order to purchase the immovable property by the central government shall stand abrogated and the immovable property shall stand rcvested in the owner of the immovable property after the expiry of the period in question the proposed section 269uk lays down that no person shall revoke or alter an agreement for the transfer of an immovable property or transfer such property in respect of which a statement has been furnished unless the appropriate authority bas not made an order for the purchase of the immovable property by the central goverrunent under section 269ud or the period specified for the making of such order has expired and in a case where an order for the purchase of the immovable property has been made under sub-section (1) of section 269ud, the order stands abrogated under the provisions of section 269uh any transfer of any immovable property made in contravention of the said provision will be void section 269ul lays down that no registering officer appointed under the registration act, 1908, shall register any document which purports to transfer the immovable property exceeding rs 5 iubs unless a certificate from the appropriate authority that it has no objection to the transfer of such property for an amount equal to the apparent consideration in respect of which it has received a statement is furnished along with such documenl it is also being provided that no person shad do anything or omit to do anything which will have the effect of transfer of any immovable property unless the appropriate authority certifies that it has no objection to lile transfer of such property for an amount cqua1 to the apparent consideration in respect of which it has received a statement under the new chapter where the appropriate authority does nol make an order for purchase of the irmmvable property by the central government or where such order stands abrogated under the provisions of this chapter, the appop iate authority shall issue a certificate of no objection to the transferor and the transferee section 269un ~ that any order made by the appropriate iilthority under section 269ud or any order made by that authority under section 269uf shall be fmal and conclusive and shall not be called in question in-any proceeding under the income-tax act or under any other law for the time being in force section 269uo provides that the provisions of the new chapter shall not apply to, or in relation to, any immovable property whae the agreement for transfer of such property is made, by a person to his relative on account of natural love and affection, if a recital to that effect is made in the agreenxmt for transfer clause 35 seeks to insert a new section 272aa in the income-tax act which deals with the penalty for failure to comply with the p-ovisions of section 133b relating to the furnishing of information by cenain persons the new section provides for  a penalty of a sum which may extend to one thousand rupees this amendment will take effect from the date on which this bid receives the assent of the president clause 36 seeks to insert a new section 276ab in the income-tax act 10 povide for penalties for failure to comply willl the provisions of sections 269uc, 269ue and 269ul proposed to be inserted by new chapter xx-c section 269uc lays down restrictions on the ttansfer of immovable property of a value exceeding five lalch rupees except after complying with the provisions of that eection section 269ue(2) makes it obligatory for the transferor or any other person who may be in possession of immovable property in respect of which an order of purchase has been made under section 269ud( 1) to surrender or deliver possession of the said immovable property section 269ul(2) prohibits any person from doing anything or omitting to do anything which will have the effect of transfer of any immovable property unless the appropriate authority certifies that it has no objection to the transfer of such property for an amount equal to the apparent consideration therefor as stated in the agreement for transfer the new section prescribes a punishment of rigorous ~ imprisonment for a term which may extend to two years and also of fine for the contravention of the above-mentioned provisions it is also providecllhat in the absence of special and adequate reasons to the contrary to be recorded in the judgment of the court, such imprisonment shall not be far jess than six months clause 37 seeb to omit section 276aa of the income-tax act which relates to failure to comply with the provisions of section 269ab ar section 269-1 under the existing provisions whoever without reasonable cause ar neuse fails 110 comply with the provisions of section 269ab or with 811)' dbeccion issued under sub-seclion (5) of secdm 269-1 shall be punishable with imprisonment far a term which may extend 110 two years and shall also be liable to fine this section is proposed to be omitted as a consequential amendment to the amendment made by clause 33 that no proceedings for acquisition under chapter xx-a shall be taken after the 30th september 1986 this anadment shall like effect from 1st october 1986  clause 38 seeks 10 omit the twelfth schediile to the jncometax actunder the existing provisions of section bot the deducdm in respect of long-term capital gaim in the case of assessees other than companies is granted at the i'iies specified in the twe1fth schedule on the amount of such iong-1eml capital gains a are in excess of rs 5000 under clause 23 it is proposed to provide a deduction under section 80t in respect of long-term capital gains at the rate of so per cent where capital gains relale to buildings or lams or interest in buildings or lands and at the rate of 60 per cent where the gains relate to other assels, on the amount of such long-term capital gains as are in excess of rs 10000 the proposed omission of the twelfth schedule is consequential to the said amendment in section ~01 of the inco~­tax act this amendment will take effect from 1st april 1987 and will, aa:ordingly apply in relation to the issessment year 1987-88 and subsequent years clause 39 seeks to make certain amendments of a consequential nature in different provisions of the income-tax act clause 40 seeks to amend section 5 of the wealth-tax act relating to exemptions in respect of certain assets sub-clause (a) (i) of this clause seeks to insert a new clause (xvie) in sub-section (1) under the proposed clause such debentures issued by a public sector company as the central government may notify in the official gazette shall be exempt from wealth-tax without any rmnetary limit this amendment will take effect from 1st april 1986 sub-clause (a) (ii) of this clause seeks to amend clause (xxxiii) of sub-section (1) of section s of the wealth-tax act under the existing provisions in the case of an assessee being a person of indian origin or a citizen of india who has returned to india with the intention of permanently residing in india moneys and the value of assets brought by him into india and the value of the assets acquired out of such moneys are exempt for a period of seven years commencing with the assessmmt year next following the date on which such person relumed 10 india item (a) seeks to provide that in the case of a person referred to in the foregoing paragraph, the moneys and the value of assets brought by him into india and the value of the assets acquired by him out of such moneys within one year im~ately preceding the date of his return and at any time themd'ter will qualify far exemption and will not be included in the net wealth of such a person the exemption will however be limited to a period of seven successive assessment years commencing with the, assessment year next following the date on which such person returned to india this amendment will take effect from 1st april, 1987 and will accordingly apply in relation to the assessment year 1987-88 and subsequent years item (b) seeks to clarify that the moneys standing to the credit of a person to whom this clause is applicable in a nonresident (external) account in any bank in india in accordance with the foreign exchange regulation act, 1973 and any rules made thereunder on the date of his return shall be deemed to be moneys brought by him into india on that date this amendment will take effect retrospectively from 1st april 1977 and will accordingly apply in relation to the assessment year 1977-78 and subsequent years sub-clause (b) seeks to amend sub-section (3) of section 5 of the wealth~tax act so as to provide that the debentures referred to in clause (xvie) of sub~section (1) of this section should also satisfy the conditions relating to ownership from the date on which the debentules were subscribed to by die sessee or for - period of it least six months ending with the relevant valuation date, whichever is shorter as are applicable in the case m the capital investment bonds this amendment will take effect from lst april, 1986  oause 41 seeks to amend section 3 of the gift~tax act relating to chqe of gift-taxunder the existing provisions gift-to is charaed for every assessment ye commencing on and from the lit day m april 1958 in respect of gifts made by a person during the previous year at the rates specified in the schedule to the gift-tax act the proposed amendments stu to provide that the rates specified in the schedule to the act will apply in respect of gifts made before the assessment year commencing on the lst day m april 1987 and in respect of the gifts made from the assessment year co~ing on the 1 st day of april, 1987 and during every subsequent year, tax shall be claarged at the rate of thirty per cent these amendments will take effect from lst april 1987 and will accordingly apply in relation to the assessment year 1987-88 and subsequent years  oause 42 seeks to amend section 5 of the gift-tax act relating to exemption in respect of certain giftsunder the existing provisions gift of national defence gold bonds 1980 not exceeding the value of such bonds for an aggregate weight of five kilograms of gold in any previous year is exempt under section 5(1 )(iiia) of the act gift for any charitable purpose (other than gifts to an institution or fund to which the provisions of section 80g of the income-tax act apply) subject to a limit of rupees one hundred for each gift and rupees five hundred in the aggregate to the same donee within the same previous year is exempt under section 5( 1) (vi) of the act gift to a spouse subject to a maltimum of rupees fifty thousand in the aggregate in one or more previous yean is exempt under section s(i)(viii) of the act gift of policies of insurance or annuities to a dependent person (other than wife) up to a limit of rupees ten thousand in one or more previous years to each donee is exempt under section s(i)(ix) of the act gifts to the extent considrd to have been made bonafok in the course of carrying on a business profession or vocation for the purpose of such business vocation, etc • are exempt under section s(l)(xiv) of the acl gift to any other penon up to a maltimum of rupees five hundred in one previous year is exempt wlda' section s(i)(xvi) mthe act the proposed amendment seeks to omit clauses (iiia) (vi), (viii), (ix) (xiv) and (xvi) of sub-section (1) of section s of the gift-tax act as consequential amendments reference to clause (vi) in sub~section (la), and sub-section (3) of section 5 of the gift-tax act are being omitted sub-section (2) of section 5 of the gift-tax act is also proposed to be amended to raise the initial exemption limit of rupees five thousand to rupees twenty thousand these amendments will take effect from 1st april, 1987 and will accordingly apply in relation to the assessment year 1987~88 and subsequent years oause 43 seeks to omit section 6a of the gift-tax act relating to aagregation of gifts made during a certain period this amendment will take effect from 1st april 1987 and will iccoidingly apply in relation to the assessment year 1987-88 and subsequent years oauses 44 45 and 46 seek io make certain consequential amendments in sections 18 and 19a of the gift-tall act and the schedule thereto in view of the amendments proposed in section 3 add the omission m section 6a these amendments win take effect from lit april, 1987 and will, accm1ingly apply in relation to the asselsment year 1987-88 and subsequent years cause 47 seeks to amend section 4 of the companies (profits) surtall ace, 1964 reiatina to charp m tax ~ ~ -(0 ji~··/-6 under the existing provisions, lurtu is ~ niipe6 ~ 10 nmdt ~ the ·c, pords" of the previous year of iii assessee as exceed die "statutory deduction" at ~ specified in die third scbedule to the act,for every aseasment ye (i) remove the basic cusiomi duty (jnfeenda1) on fruirs «die  capsicum m« the aenus pimenta; (ii) raise tbe rile «basic customs dilty on c:austic ioda in lye m liluid farm; (iii) nile die riie« basic cus,ms duty on tempiuhaiic icids and ill silts and also 10 nile the , «baic cui"'" duty (1tindard) mel (preferential) on dimedlyl t~; (iv) nile the ~ «basic c:usidiiis duty on polyvinyl chbide in primary farm; (v) raise the ~ «basic cusidmi duty on wad paper mel similar wad cow::rinp, cidiied m cownd willi layer c1p1astics; (vi) nile die nife of basic customs duty on a:nain specified machinery and mechanical appliances; (vii) nile the iiid c1basic cusdns cilty em c:enain specified e1ectrici1 macbinery and equipmads; (viii) nile the nife ci basic customs duty on wsseis and ocher floating structures fm breaking up f1aule 49  to levy upfd che 31st mardl, 1987 wny dudes of customs on iii impcx1ed goods at the raje ci s(j per cent of their value (;lluse ~ seeb 10 iubstitute sub-section (1) of section 16 of the customs act, 1962, to the effect that the date for deimninidon ofllle of duty iiid tiritr viiuidon of upmt aoocii would be ihe dale 011 which the proper of6cer maka an cxder  permiaina cieirince melloldin& of tbe joods fm expmaiion under seciian si of ihe llid act, insieid of ihe ewe on which the shippina bm m bm ci upmt in respect c11ucb goods his been paemed under secdon so of that act cause si seeks to iil1eiid aection 37 of the cenll"ll excises and salt act, 1944 so is" empower the central government to mike rules fm pmvidina credit of duty paid m deemed to have been paid on goods used in the manufacture of excisable goods clause 52 md with ihe third schedule seeks to amend ihe schedule to ihe central excise tariff act, 1985 to-(a) mate miner c:iraftin& chan&e in rule 2 of the rules fm interprecation of che schedule; (b) nile ihe basic excise duty on -(1) coft'ee; (2) (3) fiud velellble oils; (4)  ciyeptlbies, fruit, null mocherjt5 c1p1ams; (s)  epa __ with i , of lei m cotree; (6) milcedaneaus edible jftiiiioos; (7) raidues and waste from b food indusaies; (8) biris: (9) jllllble; (10) mineni fuels mineral oils and products of their d~liatim, bituminous substances, mineral wda: (ii) incqanic chemicals, cqanic m incqanic compounds ofpmcious metals of rare earth mews «ndio-active ejemencs m of isoqjes; (12) cqs c:hemica1s; (13) phanniceuiicai pmducis; (14) tiniiida and dyeina exll'lctl, tannins and their derivatives; dyes, coloun painis and vamishes; putty fillers and ocher maslics, inks; (is) asentiai oils mel jainoids, perfumery ceitain cosmetics and toilet  eparations; (16) ioip orpnic iuifice active  is, washina )rib1itions artificial waxes  eparecl waxes poiiihina m sc:ourina preparadons candles and similar articles, modelling pastes, dental waxes  prepiradons with - basis of plaster; j under the existina provisions sunu is charaed in nspect of 10 much d the loebarpabie profits" of the previous )'flar of an :a assessee is exceed the "stabltdry deduction" at ihe i'ifa specified in die 1bird schedule to 1he act far every issessment year t  commencin& oil or aft!r 1st april 1964 the propoaecl amendment seeb to discontinue the levy of sunax in relation to the ~ assessment years commencins after 31st man:h, 1988 this amendment will take effect from 1st april 1988 and will, acaxdinaly apply in relation to die assessment year 1988-89 and subsequent yean (17) aibuminoidil subs  glues and enzyimi; (18) upklsives; pyroiecbnic: poducts; pyroplaic alioya and certain combusiible ptpllllians; (19) phuqpapbic orc~ pxis; ad) ~ chemical poducts; (21) platies and articles 1hdof; (22) rubber lniarticies ihenof; (23) ieaiher; (2,4) wood and anicles of wood; (25) paper paper board and articles thaeof; (26) coaon yam includina yarn containiag pol)'flstiei' staple fibre; (27) yam of artificial staple tiift and poiyesw slllple tibre; (28) yam of artificial staple fibres, not containing synthelic staple tibre; (29) nwadised yam; (30) textile fabrics imprepaied coiled, covered or iaminared willi platies; (31) fabrics covered with textile flocks; (32) ceramic products; (33) glass and glassware; (34) sload angles, sjoaed channels, cenain other specifjecl goods of iron or steel clad; (35) iron and sceel; (36) copper and articles 1herlof; (37) nickel and articles ihereof; (38) aluminium and articia thereof; (39) lead and llticles theieof; (40) zinc anclllticles thereof; (41) tin and articles thereof; (42) other base metals, cennets and articles thereof; (43) tools implements, cutlery spoons iiiicl forts of base metal, and parts themjf; (44) miscellaneous articles of base metals; (45) machinery and mechanical appliances and parts rhereof; (46) ejectrical equipment and pans diemof; (47) railway or ttamway locomotives, rolling stock and parts theimf, railway or ttamway ttack flxbns and fiuings and parts theimf traffic signal1ina equipment; (48) vehicles ocher than railway or lriimway rolling stock:, and parts and accesscxies thereof; (49) airtraft, space aaft and pans thereof; (50) ships, boats and floating sttuctures; (51) opdcal cinemalographic phoqraphic, measuring, checkin& precision, medical or suiiicai instruments and apparatus parts and aa:easories theieof; (52) clocb and walda and pans thereof; (53) musical insttuments, pans and accesscxies of such articles; (54) anns and ammunition, parts iiod:cessories thereof; (55) pre-fabricated buildinp; (56) toys, lames and slut requisites, parts and accessories thereof; (57) miscelllneous liuilufactured articles; (c) to chanae the tariff desaiption of -(1) beadid& no 2402 relating to ciaars and cheroois; (2) beidina no 3212 relalinlto dyes and colourina mader so as to resttict its scope only to maraials put up in formi, or small pactinp of a kind used far domestic or iaborady pmpose; (3) sulnleldina no 440140 reladna to plywood so as to exclude cutting and irimrninp of plywood ci width exceedin& 5 ems from its scope; (4) heidida no 4805 relating to piper boards 10 as to clarify that such paper board need not contain mechanical pulp; (s) sub-heading no 480791 relating to straw board so as to restrict its scope only to paper board made by sun-c:lrying mechod; (6) heading no 5203 relating to cotton yam so as to specify that the duty mes given are per kilogram per count; (7) cotton fabrics; (8) heading no s303 so as to fix nil rate of duty for ramie yam made without the aid of power; (9) fabrics of man-made filaments and man-made staple fibre; (10) heading no ssos relating to yam of artificial staple fibres, so as to clarify that the duty rates specified are per kilogram per count; (11) sub-heading no 701400 relating to glass fibre so as to bring within its scope glass filaments; (12) heading no 8423 relating to weighing machinery so as to exclude weighing machinery of sensitivity of s centigrams or better from its scope; cd) to change the chapter notes in respect of-(1) heading no 2106, relating to pan masala so as to provide that in respect of such preparations, labelling, relabelling or repacking would constitute manufllcture; (2) chapters 22 and 29 and make consequential changes in the tariff descriptions of subheading nos 290220 and 220400 to reclassify power alcohol under chapter 22; (3) heading nos 3102 to 3105 to clarify that these headings cover fertilisers even when they are clearly not to be used as fertilisers; (4) heading no 3204 relating to synthetic organic dyestuffs to povide that "manufacture" would include conversion of unformulared, unstandardised or unprepared forms into their formulated, standardised or prepared forms; (5) heading no 3307, so as to exclude odoriferous preparations from its scope; (6) heading no 3923 (renumbered as 3922) relating to articles of plastics so as to include within its scope transmission, conveyor or elevator belts, household plastic articles and other articles of plastics; (7) heading nos 4002, 4003 and 4005 relating to rubber so as to include within its scope latex and other dispersions and solutions; (8) heading no 5201 relating to waste yam so as to restrict its scope only to such wastes as may arise prior to removal of yam for weaving; (9) heading no 5401 relating to wastes so as to bring within its scope waste arising in manuf!l;ture of strips and the like of synthetic or artificial textile matl:ria1s; (10) heading no s402 and s404, so as to provide that assessment of mother yam shall be on the basis of the denier of single monofilament yam comprising such jrother yam; (11) sub-heading no ss0339 relating to waste yam so as to restrict its scope only to such waste yam as may we prior to removal of yam for weaving; (12) heading no 72 is relatine to iron and steel so as to povidethat products obtained by breaking of ship and other vessels would be classifiable under this heading; (13) heading no 7309 relatin& to articles of iron and steel so as topovide that products obtained by breaking of ship and other vessels would be classifiable under this heading; (e) to change the tariff c:iescripdon and to restructure the duty rates in respect of-(1) products of the milling industry; (2) beet sugar;  (3) rooiasses; (4) beveriiaes and ice; (s) bibunen and asphalt; (6) anhydrides of sulphuric acid; sulphonitric 1cids; zinc peroxide; (7) synthetic organic dyestuff includina pigment dyestuff; (8) mixtures of odoriferous subscances and mixtujes of one or iikr of these substances, of a kind used as raw mareriais in industry; (9) ani:ies ri pilla; polyphenyime oxide; (10) printed boxes, canons containers iftd cases, made of paper and paper boards; (11) waste ri syndjetic and anificial fiiamenis; (12) ::eiaie filament yam; (13) iron or steel wire; (14) iron or steel and poducts thereof, obtained by breaidn& of ships and other fioadna vessels, by creatin& - new sub-beading; (is) wim, cables, piaiied bands and the like ri copper; (16) wires, cables, plaited bands iiid the uke ri aluminjum; (17) parts and accessories of air or vicuujil pumps air or adler pi conqnsson and fans, etc; (18) iuidmitic goods vendid& machines; (19) taps, c:ocb, valves and similarappliances; (20) balances; (21) automaiic regulating or conttoding inslliunems and apparaius clause s3 seeks to levy up to the 31st day of'march, 1987, special duties of exei8e on all excisable goods at the rate of 10 pet-cent of the duty leyiibie under the ceniral excise tiriff act clause 54 seeks to amend section 2 and section 3 ri the khadi and other handloom industries development (additional excise duty on cioch) act, 19s3, to-(1) raise the raie of cess from 19 to 2s paise per square metre; (2) id itidefine the expasion "cloth" in the light of centtal excise tariff act clause 5s read with the pourtb schedule seeks to amend the first scbedule to the additional duties of excise (goods of specialimporiance) act 1951, to modify -(1) heading no 1701 rejda to sular to preacribe rate of duty for supr, other than khandsari; (2) headin& no 2402 relatina to cipr and chaoocs so is to reduce the duty; (3) qapeas 52, 54 and s5 reiaiin& to fabrics of coaon, man-made filament yarn and man-made fibres so lis to raue the i1ie of duty; (4) heading no 5903 relating to ~ coated or laminated fabrics 10 is to raise the i2te of duty clause s6 read widt the fifth scheciuje aeeks to 111d1!11k11he scheduje to the additional duties of excise (i'extijes and textile a11icles) act 1978 10 as to bring wiihin ill purview meta11isecl yarn and embroidery - - clause 27 of the bill seeks to insert a new section 1338 ill the lncome-tax act, 1961 giving additional powers to income-tax authorities to collf'ct certain information with a view to widening the tax base the implementation of the provisions of this section will call for the appointment of additional officers and staff who will be required to conduct surveys and provide administrative support the administrative expenditure likely to be involved in the flrst year on this account is estimated at rs 31422 lakhs 2 clause 34 of the bill seeks to insert a new chapter xxc in the income-tax act 1961 to provide for the purchase of immovable ~rties by the central government in certain circumstances section 269ub included in this chapter envisages appointment of appropriate authorities for the purpose of implementing the provisions of this chapter this will require the{-creation of an additional administrative organisation in the four metropolitan cities wherein it is proposed to make the chapter applicable initially the administrative expenditure involved in respect of these cities in a year is estimated at rs 2460 lakhs 3 in addition, funds will be required to pay, under section 269uf, for the properties to be purchased by the government under the proposed chapter the requirement on this account in the financial year 1986-87 is estimated at rs 50 crores 4 the fmancial implications involved in the proposals ,referred to above are suj1l111aii&eo as under:- a - recurring expendi11jre| pay                                             | and allowances    | of                                     | officers and staff    ||-------------------------------------------------|-------------------|----------------------------------------|-----------------------|| rs                                             | in                | lakhs                                  |                       || (i) for implementing the provisions             | of                | new section 133b                       |                       || (ii) for implementing the provisions            |                   |                                        |                       || of                                              | new chapter xxc   | of                                     | the act               || taral                                           |                   |                                        |                       || 30122                                          |                   |                                        |                       || luq                                            |                   |                                        |                       || 31382                                          |                   |                                        |                       || b -                                             | non-recurring     | expendi11jre                           |                       || furniture, office equipment,                    | etc              |                                        |                       || 1300                                           |                   |                                        |                       || 1200                                           |                   |                                        |                       || (i) for implementing the provisions             | of                | new section 133b                       |                       || (ii)                                            |                   |                                        |                       || for implementing the provisions for chapter xxc | of                | the act                                |                       || (iii)                                           |                   |                                        |                       || funds for payment                               | of                | consideration for properties purchased | by                    || government                                      |                   |                                        |                       || taral                                           |                   |                                        |                       || total                                           | expendi1ure       | ::                                     |                       || 500000                                         |                   |                                        |                       || 502500                                         |                   |                                        |                       || 533882                                         |                   |                                        |                       |s the provisions of the bill will not involve any other expenditure of a recurring or non-recurring nature  memorandum regarding delegated legislationclause 8 of the bill proposes to inttoduce a new section 32ab relating to investment deposit accounl under this new section, where an assessee whose total income includes income ch~eable to tax under the head "profits and gains of business or lx'ofession", has, out of such income, ~sited any amount with the induslrial development bank of india in accordance with the scheme to be framed by the central government or utilised any amount during die ~vious year for the purchase of any ship, aiicraft, machinery or plant for the purposes soecified in such scheme, the assessee shall be entitled to a deduction of a sum c!clual to the amount deposited or th~ aggregate ot the amounts so depqsited and any amount utilised for the purchase of ship, aircraft, machinery or plant, or a sum equal to twenty per cent of the profits of eligible business or profession, whichever is less the exp:ession "eligible t;usiness or profession" would not include tbe business of construction, manufacture or ~uction of any article or thing sj)ec!ifled 10 the list in the eleventh schedule to the act carried on by an induslrial unden8king other than a small- scale iriauslrial undertaking the scheme to be framed by the central government under this section will indicate the manner in which the amount has to be ~ited, the assets for which the money could be utilised, and other necessary_ details sub-section (s) of this section ~uires an assessee to furnish along with his reblm of income the l'eiot on the audit of accounts in the fonn to be ~bed by rules, duly sianed and verified tiy an accountant for c~ the allowance under die section sub-section (8) of ibis section ~ the central government to omit any article or ~ from the list of articles or ~ specified in the eleventh schedule to the act if it considers it necessary or expedient so to do sub-section (9) of this section empowers the central government to direct, after such inquiry as it may deem lit, that the ~ions of section 32ab shall not apply to any classes of assessees with effect from such date as may be specified in the notulcation clause 12 of the bill seeks to insert a new clause ~'~j\ 1 to sub-section (1) of section s4e of the income-tax act which e~ the centtal government to notify issu y any public sector comfany for the purposes of the said clause likewise clause 40 of the bill, which seeb to amend sub-section (1) of section 5 0 the wealth-tax act also enables the c~tra1 government to ~ify by notification the debentures issued by a public sector company which would get exempllon from payment of wealth-tax clause x1 of the bill seeks to insert a new section 133b in the income-tax act which emwwers an income-tax authority to enter any bui1~ or place within the limits of his jurisdiction or occupied by any ~on in res~t of whom he exercises jurisdiction and require any person who is the occupant of the building or place to furnish such infonnation as may be prescribed by rules clause 34 of the bill seeks to insen a new chapter xxc in the income-tax act which provides for purchase by central government of immovable propenies in certain cases of transfer clause (b) of new section 269ua defines the exp!"e5sion "~t ccmideration" this cfefmition deals with two kinds of p~ and it pj'ovides that the value of the consideration ~yable after the dale of ~t for transfer shall be deemed to be the discounted value of such consideration for trdllsfer, cie1ennined by adoptillj such rate of interest as may- be prescribed by rules new section 269ub which provides for the constituiion of lj¥opi1ate authorities under the new chapter, e~en the central board of direct taxes to make rules to ~ the appiopiiate authority who win ~onn the functions in relation to a property if it is siblate within the local limits of jurisdiction of two or more ~ authorities new section 269uc specifies -thaf no transfer of any inunovable proj)e!'ty of such value, exceeding five lath rup;es, as may be p1'c!scribed by rules, sball be effected except after an !lireement for transfer is enllered into between the trll1sfenr and the transferee at leist three months before the interided dare of transfer subsection (3) of this section requires the agre:ement to be entered into between the transferor and the transferee to be in the prescribed form,aad shall contain such particulars and be verified in the manner prescribed by rules it also requires that the starement shad be furnished to the apppropijare authority in such manner and within such time as may be prescribed by rules by each of the ~ to such agreement or by my of the parties to such agreement, acting on behalf of himself and on behalf fa the 0iher parties to such ,nent clause si of the bill seeks to insert a new clause (xvia) in section 37 of the central excises and salt act, 1944, to e~wer die centtal government to make rules to ~ide for the credit of duty paid or deemed to have been paid on the goods used in, or in relation to, the manufacture of excisable goods tile matters in ~t of which notifications may be issued or rules may be made in accordance with the aforesaid provisions are maaers of proc:eduje and detail, and it is not practicable to provide for them in the bill itself the delegation of legislative powers is, therefore, of a normal charac1er  biilto give effcct to the fmancial proposals of the central government for the financial year 19~7 (shri vlshnanath pratsp singh, mlnlsterof finance) 