 the finance bill, 1990(as introduced in lok sabha)  arrangemeni of clauseschapier i preliminarv  clauses1 short title and commencement chapier ii rates of income· tax 2 income-tax  chapier iii direct taxes income-tax  'i1ie pin_ bill, 1110 (aa introduced in lok &'bha) corrigenda1, atpeg16,-<a> for hnes 12 to 16, fnd '(ii) in section 246, in sub-sectlon (2) , in clause (e), after the word figure and iettr"section 271 b", the word, figures and letters "or section 271 bb" ahall be in  rted;'; (b) in lin 28, for "word" ,i!tad "words", :!, at page 48, in the first column, in lin 2 from bottom, liter "sub-section < 1 )", insen "of" 3, at page 49, in the second column, in line 3 from bottom, "'"a1umium", rthid "aluminium", 4 at page 51, in the first column, in line 28, (or "sectlon-, read "clause", ~3· 'a'~~ndment of sectionct~'iuoln' for section bam substitution of new se 24 amendment of section bor 25 amendment of section barr 26 amendment of section barra 27 amendment of cha~ter viii 2b amendment of section 115-1 29 amendment of section 11 sj 30 amendment of section 119 31 amendment of section 139 32 amendment of section 139a 33 amendment of section 142 34 amendment of section 143 35 amendment of section 145 3~ amendment of section 151  ~ insertion of new section 194f 39' amendment of section 246  arrangement of clauses chapter i preliminary clauses1 short title and commencement  chapter iirates of income-tax 2 income-tax   chapter iii direct taxes~  income-tax -  t 3 amendment of section 2 l' 4 amendment of section 10 5 amendment of section 28 6 amendment of section 32a 7 amendment of section 32ab ~ 8 amendment of section 33a ; ", 9 amendment of section 34 , ,',' 10 amendment of section 35ccb / ~ 11 amendment of section 439 1 12 amendment of section 44ac ,t " ~ 13 amendment of section 45 ~ ~1 14 amendment of section 80cca i 15 insertion of new section 80ccb 16  insertion of new section 8000   17 amendment of section 80gga i 18 amendment of section 80hh 19 amendment of section 80hha 20 amendment of section 80hhc, 21 amendment of section 80hho 22 amendment of section 80-1 23 amendment of section 80l 24 substitution of new section for section 80m 25 amendment of section 80a 26 amendment of section 80ra 27 amendment of section 80rra 28 amendment of chapter viii 29 amendment of section 115-1 30 amendment of section 115j 31 amendment of section 119 32 amendment of section 139 33 amendment of section 139a 34 amendment of section 142 35 amendment of section 143 36 amendment of section 145 37 amendment of section 151 38 insertion of new section 194f 39 amendment of section 246 clauses 40 amendment of section 268 41 insertion of new section 271 bb 42 amendment of section 271c 43 amendment of section 271 d 44 amendment of sedion 271 e 45 amendment of section 275a 46 omission of chapter xxii-b 47 amendment of section 288 48 consequential amendments wealth-tax 49 amendment of section 2 so amendment of section 5 51 amendment of section 10 52 amendment of section 16 53 amendment of section 17 54 insertion of new section 35eee 55 amendment of section 35k 56 amendment of schedule iii 57 amendment of section 9 58 amendment of section 15 59 amendment of section 16  chapter iv indirect taxescustoms 60 amendment of act 52 of 1962 61 amendment of act 51 of 1975 62 auxiliary duties of customs excise 63 amendment 01 act 1 01 1944 64 amendment of act 5 01 198q 65 special duties of excise 66 amendment of act 58 of 1957 67 amendment of act 40 of 1978 68 repeal of act 12 of 1953  chapter v inland air travel tax69 amendment of act 13 of 1989  chapter vi miscellaneous70 amendment of act 6 of 1898 the first schedule the second schedule the third schedule the fourth schedule  the finance bill, 1990 a billto give effect to the financial proposals of the central governt1lbnt for the financial year 1990-91 be it enacted by parliament in the forty-fim vear of the republic of india as '0110  :- chapter i preuminary1 (1) this act may be called the finance act, 1990 5 (2) save as otherwise provided in this act, sections 2 to 59 shall be deemed to have come into force on the 1st day of april, 1990  chapter ii rates of income-tax2 (1) subject to the provisions of sub-sections (2) and (3), for the assessment year inc:orrmhu 10 commencing on the 1 st day of april, 1990, income-tax shall be charged at the rate, specified in part lof the first schedule and shall be increased,-(a) in the cases to which paragraphs a b c and 0 of that part apply by a surcharge for purposes of the union; and (b) in the cases to which paragraph e of that part applies, by a surcharge, 15 calculated in each case in the manner provided therein (2) in the cases to which sub-paragraph i or sub-paragraph ii of paragraph a of part i of the flm schedule applies, where the assessee has, in the previous year, any net agricuhural 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 20 (ii) in a case to which the said sub-paragraph ii applies, twelve thousand rupees, then,-(a) the net agricultural income shall be taken into account, in the manner provided in clause (b) [that is to say, as if the net agricultural income were comprised in the total income after,-(i) in a case to which the said sub-paragraph i applies, the first eighteen thousand rupees, 1!5 and (ii) in a case to which the said sub-paragraph ii applies, the first twelve thousand rupe", of the total income but without being liable to tax), only for the purpose of· charging income·tax in resped of the total income; and (b) the income-tax chargeable shall be calculated as follows:-i) (i) the total income and the net agricultural income shall be aggregated and the amount of income-tax shall be determined in respect of the aggregate income at the rates specified in sub-paragraph lor, as the case may be, sub-paragraph ii of the said paragraph a, as if such aggregate income were the total income; (ii) the net agricultural income shall be increasad,-(a) in a case to which the said sub-paragraph i appues, by a sum of eight  n thousand rupees; and (8) in a case to which the said sub-paragraph ii applies, by a sum of twelve thousand rupees, and the amount of income-tax shall be dermlned in reapec:t of the net agricultural income  80 increased at the rat  specified in sub-paracv-ph lor  the cue may be sub-paragraph" of the iiid paragraph a  if the net agricultural income  80 increased were the total income; (ii) the amount of income-tax determined in accordance with sub-dau  (i) ihall be reduced ~ the amount of income-tax determined in accordance withiub-clau" (/i) and the lum 10 5 antveci at lhah be the income-tax in reaped of the total income: provided that the amount of income-tax 80 arrived at iha/i, in the case of every person having a total income excmdlng fifty thouibnd rupees, be incrnhd ~ a surcharge for purpoaes of the union calculated at the rate of eight per cent of such income-tax and the sum 80 arrived at shall be the incometax in reaped of the total income 10 43 of 1!1161 15 (3) in cues to which the provisions of chapter xii or chapter xii-a or sub-section (1a) of section 161 or section 1640r section 164a or section 16780f the income-tax ad, 1961 (hereinafter referred to as the income-tax act) apply, the tax chargeable shall be determined as provided in that chapter or that section, and with reference to the rates impoaecl by sub-sectlon (1) or the rates as specified in 'that chapter or section, as the case may be: provided that in respect of any incomfl chargeable to tax under section 115b or section 11588 of the income-tax act, the income-tax computed under section 11 sb or section 11 sbb shall be increased by a surcharge for purposes of the union calculated at the rate of eight per cent of such income-tax, (4) in cas" in which tax has to be deducted under sections 193, 194 194a 1948 19488, 1940 and 195 of the income-tax act at the rates in force, the deduction shall be made at the rates specified in 20 part " of the first schedule and shall be increased,-(a) in the cases to which the provisi9ns of sub-item (a) of item 1 of that part apply, by a surcharge for purposes of the union; and (b) in the cases to which the provisions of sub-item (8) of item 2 of that part apply by a surcharge, 25 calculated in each case in the manner provided therein (5) in cases in which tax has to be deducted under section 194c of the income-tax act, the deduction shall be made at the rates specified in that section and shall be increased by a surcharge for purposes of the union calculated at the rate of eight per cent of such deduction, (6) in cases in which tax has to be collected under section lo6c of thelneome-tax act, the collection 30 shall be made at the rate specified in that section and shall be increased by a surcharge for purposes of the union calculated at the rate of eight per cent of such collection (7) subject to the provisions of sub-section (8), in cases in which income-tax has to be calculated under the first proviso to sub-section (5) of section 132 of the income-tax act or charged under subsection (4) ofsection 172 or sub-section (2)ofsection 174 or section 175 or sub-section (2) of section 35 176 of the said act or deducted under section 192 of the said act from income chargeable under the head -salaries- or in which the "advance tax" payable under chapter xvii-c of the said act has to be computed, althe rate or rates in force, such income-tax or, as the case may be, "advancatax" shall be 80 ca~lated, charged, deducted or computed at the rate or rates specified in part iii of the first schedule ~d such tax as reduced by the rebate of income-tax calculated under chapter viii-a shall be 40 increased,-(a) in t~e cases to which paragraphs a, 8, c and 0 of that part apply, by a surcharge for purrv'llses of the union; and - (b) in the cases to which paragraph e of that part applies, by a surcharge, calculated in each case in the manner provided therein: 45 provided that in cases to whic~ the provisions of chapter xii or chapter xii-a or sub-section (1 a) of section 161 or section 164 or section 164a or section 1678 of the income tax act apply " d shall be co uted ith f h -,  a vance tax· mp w re erence tot e rates imposed by this sub-section orthe rates as specified' tha chapter or section, as the case may be: in t provided f~rther that in ~spect of any income c~argeable to tax under section 11 sb of the income-50 tax act, the adva~e t~ computed under the farst proviso shall be increased by a urcha e for' purpohl of the union c::alculated at the rate of eight per cent of such "advance tax, rg sl~ in the ~se8 to which sub-paragraph lor sub-paragraph ii of paragraph a of part iii of th f incom:~ a:~i~~:~s~~:~~:~: i~ ~~=~ =~~! ~ vi~ue of any provision ~~ ;~s~ rear, in luch nd thottler pel ~iod any net agricultural income exceeding six hun~~peot:~:~~~~:rteovtlootuasi 55 income a e tota income exceeds-' (i) in a case to which the said sub-paragraph i applies twenty two th and , ' -ous rupees, and (/i) in a case to which the said sub-paragraph ii applies, twelve thousand rupee, then, in calculating incomtax under the first proviso to sub-s8ctlon (5)at section 132 at the income-tax ad or in charging income-tax under ub-sectlon (2) of section 174 or section 175 or sub-section (2) of ectlon 178 of the said act or in computing the -advance tax- payable under chapter xvii-c of the said ad, at the rate or rate in force,-5 (a) the net agricultural income shall be taken into account, in the manner provided in clause (b) [that is to say, as if the net agricultural income were comprised in the total income after,-(i) in a case to which the said sub-paragraph i applies, the first twenty-two thousand rupees, and (ii) in a case to which the said sub-paragraph ii applies, the first twelve thousand rupees, 10 at the total income but without being liable to tax], only for the purpose of calculating, charging or computing auch incomtax or, as the cue may be, -aance tax- in respect at the total income; and (b) such income-tax or, as the case may be, -advance tax- shall be so calculated, charged or computed as follows:-15 (i) the total income and the net agricultural income shall be aggregated and the amount of income-tax or -advance tax- shall be determined in respect at the aggregate income at the rate specified in sub-paragraph lor, as the case may be, sub-paragraph ii of the said paragraph a, as if such aggregate income were the total income; (6) the net agricultural income shall be increased,-20 (a) in a case to which the said sub-paragraph i applies, by a sum of twenty- two thousand rupees; and (8) in a case to which the said sub-paragraph ii applies, by a sum of twelve thousand rupees, 25 and the amount of income-tax or -advance tax- shall be determined in respect of the net agricultural income as 80 increased at the rates specified in the aaid sub-paragraph lor,  the case may be, the said sub-paragraph ii as if the net agricultural income as 10 increased were the total income; (iii) the amount of income-tax or -advance tax- determined in accordance with aub-dause (i) shall be reduced by the amount of income-tax or, as thec8se may be, -advance tax-determined in 30 accordance with sub-clause (ii) and the sum so arrived at shall be the income-tax or, as the case may be, -advance tax- in respect of the total income: provided that the amount of income-tax or -advance tax~ 80 arrived at shall, in the case of every person having a total income exceeding seventy-five thousand rupees, be increased by a surcharge for purposes of the union calculated at the rate of eight per cent of such income-~or, as the case may be, 35 -advance tax- and the sum 10 arrived at shall be the income-tax or, as the case may be, -advance tax- in respect of the total income (9) for the purposes of this section and the first schedule,-(a) -company in which the publk: are substantially interested- means a company within the meaning of clause (18) at section 2 of the income-tax ad, and includes a subsidiary of such company if the whole of the share capital at auch subsidiary company has been held by the parent company or by its nomin  s throughout the previous year; (b) -domestk: company- means an indian company, or any other company which, in respect of its income liable to income-tax underthelncome-tax act forthe  sment yhrcommencing on the 1 it day of april, 1990, has made the prescribed arrangements forthe declaration and payment within india at the dividends qncluding dividends on preference shares) payable out of such income in accordance with the provisions of sedlon 191 of the act; (e) -insurance commistlon- means any remuneration or reward, whether by way of commission or otherwise, for soliciting or procuring insurance bualness (including business relating to the continuance, renewal or revival of policies at insurance); (d) -investment company" mean a company whose gross total inoome (as defined in mction 80b of thelncome-lax ad) consists mainly of income which is chargeable under the he~s -income from house property-, -capital galns- and -income from other sources- or at income by way of interest on securlllel; (e) -net agrlculturallncome-, in rellon to a peraon, means the total amount at agria,liturai income, from what8v8r source derived, of that person computed in accordance with the rules contained in part iv of the first schedule; (f) "tax-fr  security" means any security of the central government issued or declared to be incom  tr  , or any aealrity of a state govemment issued incom'" fr  , the inoome-tax whereon is payable by the state government; eo (g) ,rading company" means a company whose busi" consists mainly in dealing in goods or men::hmd1le manufllctund, produced or prooeamd by a person ocher than itmd cioft'ipmy and whom income altrimlble to suclh bulineu included in its groll tdtailncome (_cwjned in-=tton lob or the loofm-ta act) is not less than _-one per cent of the amount or euch un- _i 1ncoim; h all other words and expre  lons used in this section or in the fi~ schedule but not defined in th~ :u~hction and defined in thelncom  tax ad ahall have the meanings rnpectlvely assigned to them in that ad chapter \ii  direct taxes income-we 3 in section 2 oj the income-tax ad-of tection 2 (i) in dauae (24)-(a) after aub-c\ause (v) the following sutk:lau~ shall be ins8~ed and shall be deemed to have 10 been inserted with effect from the 1 st day of april, 1962 namely-"(va) any sum chargeable to income-tax under clause (iiia) 01 section 28;"; (b) for the existing clause (va) the following dauses sh~1i be substitut~ and shall be deemed to have been substituted with effect from the 1st day of april 1967 namely-- (vb) any sum chargeable to income-tax under clause (fiib) of section 28; 15 (ve) the value of any benefit or perquisite taxable under dause (iv) of section 28;·; (e) after sutk:lause (ve), the following sutk:lause shall be inse~ and shall be deemed to have been inserted with effect from the 1st day of april, 1972, namely-"(vd) any sum chargeable to income-tax under clause (iiic) of section 28;·; (ii) in clause (40), for the word and figures ·section 143·, the words, brackets and fig~res ·subsection (3) of section 143·'shall be substituted and shall be deemed to have been substituted with 20 effect from the 1st day of april, 1989; (iii) clause (42c) [as inserted by clause (if) of section 2 of the direct tax laws (second amendment) kt, 1989) shall be omitted 4 in section 10 of the income-tax kt, in clause (15),-ammiciment olletlon 10 (i) in suth:lause (iv), in item (i), after the words "state government·, the words ·or a public sector 25 company· shall be inserted with affect from the 1 st day of april, 1991; (ii) after sutk:lause (iv), the following sutk:lause shall be inserted and shall be deemed to have been inserted with effect from the 1 st day of april, 1989, namaly:-"m interest on securities held by the registrar, supreme court, in reserve bank's sgl acx:ount no sudh 048;· 30 amendment of 5 in section 28 01 the income-tax ad,-18ciion28, '(a) aft, clause (iii), the following clause shall be inserted and shall be deemed to have been inhrted with effect from the 1st day of april 1962 namely:-"(ilia) profits on iftle of allc:ence granted under thelmporta (control) order 1955 made under the imports and exports (control) kt, 1947;·; 35 18 of 1i~7 (b) aft, ciau  (ilia), the following clause shall be in  rted and shall be deemed to have been inhrted with effect from the 1st day of april, 1967, namely:-"(ii") cash assistance (by whatever name called) received or receivable by any person against exports under any scheme 01 the government of india;·; (e) after c1aull (lib), the following clau  shall be inserted and shan be deemed to have been 0 inhrted with effect from the 1st day of april, 1972 namely:-"(iiic) any duty 01 customs or excise re-pald or re-paylble u drawback to any person against exports under the culloms and central excise duti  drawback rules, 1971 ; • ai-dmnt of •• in section 32a of the income-tax ad,- 32a (i) in aub-hctlon (4), in clau  (11), in the opening portion, for the worda ,he previous yar in 45 respect 01 which the deduction is to be allowed· the words brackets and figure "any previous year in respect of which the deduction laid be allowed under sub-section (3) or any earlier previous year (being a pt'avioua y  r not earler than the year in which the ship or aircraft wu acquired or the machinery or plant wu installed or the ship, aircraft machinery or plant was first put to uh)· than be subatltuted and shall be deemed id have been lubltltuted with effect from the 1 at c  of &u 5) 1878; -, ,,", (i) s~section (9) shall be omitted and shan be deemed to have been omitted with effect from the 1 day of april 1876 "~\of 7 in mellon 32a8ofthe income-t_/d, in sub-mcllon (1), aftthafiratpnmto, thefolowi"" -'1, 1idion_ shall be inaened, mmaiy:- - "ptcmded further that no suc:tt deduction itt  be dimed in relation to the  ment y  r oommenc:ing on the 1st day 01 april 1991 or any subsequent assessment year" 8 in hdion 33a of the income-tax act, in sub-section (1) for the proviso, the following proviloi shall amendment of be 8ubatituted, namely:-18ciion33a ·provided that no deduction under clause (i) s!lall be allowed unless the planting has commenced 5 after the 31st day 01 march, 1965 and been completed before the 1st day 01 april, 1990: provided further that no deduction shall be allowed under clause (il) unless the planting has oommenced after the 31st day of march, 1965, and been completed before the 1st day of april 1870" ' i in section 34 of the income-tax act, in sub-section (3), in clause (a),-amendment of 10 (i) for the words ,he relevant previous year", the words, brackets and figure "any previous year in i8ciion 34 respect of which the deduction is to be allowed under sub-section (2) of that section or any earlier previous year (being a previous year not earlier than the year in which the ship was acquired or the machinery or plant was installed or the ship, machinery or plant was first put to use)" shall be substituted and shall be deemed to have been substituted with effect from the 1 st day of april, 15 1862; (0) the explallation shall be omitted and shall be deemed to have been omitted with effect from the 1st day of april, 1962 10 in section 35ccb of the income-tax act, with effect from the 1st day of april, 1991,-(i) for sub-section (1), the following sub-section shall be substituted, namely:-3) "(1) where an assessee incurs any e>penditure by way of payment of any sum-(a) tp an association or institution, which has as its object the undertaking of any programme of conservation of natural resources or of afforestation, to be used for carrying out any programme of conservation of natural resources or afforestation approved by the prescribed authority; or 25 (b) to such fund for afforestation as may be notified by the central government, the assessee shall, subject to the provisions of sub-section (2), be allowed a deduction of the amount of such expenditure incurred during the previous year"; (ii) in sub-section (2) in the opening portion, atterthe words "deduction under", the words, brackets and letter "clause (a) or shall be inserted 11 in section 43b of the income-tax act, with effect from the 1st day of april, 1991,-amendment of aec:::tion as (a) in clause (d), after the words "any public financial institution", the words "or a state financial corporation or a state industrial investment corporation" shall be inserted; (b) for explanation 4, the following explanation shall be substituted, namely:-'explanation4-for the purposes of this section,-35 1 011956 (a) "public financial institution" shan have the meaning assigned to it in section 4a of the companies act, 1956; (b) ·state financial corporation" means a financial corporation established under section 3 or section 3a or an institution notified under section 46 of the state financial corporations ad, 1951; 63 011951 1011956 «> (c) ·state industrial investment corporation" means a government company within the meaning of section 617 of the companies act, 1956, engaged in the business of providing iongterm finance for industrial projects and approved by the central government underclau88 (viii) of sub-section (1) of section 36' 12 in section 44ac of the income-tax ad, with effect from the 1 st day of april, 1991,-~ 45 (a) in sub-section (1) in clause (a) the following explanlllion shall be inserted at the end, namely:-'explanation-for the purposes 01 this clause, "purchase price" means any amount (by whatever name called) paid or payable by the buyer to obtain the goods referred to in this clause, but shall not include the amount paid or payable by him towards the bid money in an auction, or, as the ease may be, the highest accepted offer in case of tender or any other mode;'; (b) in the expmnation, after the word 1irm", the words "or co-<»peratlve iiociety" 'hall be in  rted 13 in section 45 of the income·tax act, after sub-section (5) and the explanation thereto, the ~tof following sub-aection shall be inserted with effect from the 1 st day of april, 1991, namely:-55 '(6) notwithstanding anything contained in sub-section (1) the difference between the repurch  prtc of the units referred to in sub-section (2) of section 80ccb and the cp/ial value of suctt unite ,hall be deemed to be the capital gains arising 10 the  in the previous year in which such repurch  tak  pi  or the pian referred to in that aection is terminated and ,hall be ided 8ccordingly  explwlation -for the purposes of this lub-t~ion, ·capit~1 value of such unltaw me~, "y amount invested by the  se in the units rferred to in sub-section (2) of ,ection ioccb  14 in section aocca of the income-tax ad, with effect from the 1 it day of april, 1991,-(a) in lub-sec::tion (1) for the proviso, the following proviso shall be ubstituted, namely:-5 'provided that in reiation to- ( ) the assessmentyars commencing on the 1 at day of april, 1989 and the 1 day of april, 19~, this sub-section shall have effect as if for the words "twenty thousand rupe,w, the word "thirty thousand rupees· had been substituted; (b) the aslessment year commencing on the 1 st day of april, 1991 8ild ,ubhque~t  ment years, this sub-section shall have ffect as h forthe wordl "twnty thousand rupees, 10 the words "forty thousand rupees" had been substituted'; (b) aftr ub-section (2), and before explanation i, the following sub-ection hall be inserted, namely:-"(3) notwithstanding anything contained in any other provision of this ad, ~h~re a partition has  taken place among the members of a hindu undivided family or wher~ an association ~ ~l'ions has 15 been dissolved after a deduction has been allowed undr sub-section (1) the provisions of subsection (2) shall apply as if the person in receipt of income referred to therein is the assel  : iniirtian of n 15 after section socca of the income-tax ad, the following section shall be inserted with effect from -",ioccb the11t day or april, 1991, namely:-20 "8occb (1) where an assessee, beingfa} an individual, or (b) a hindu undivided family, or (c) an association of persons or a body of individuals consisting, in either case, only of husband and wife governed by the system of community of property in force in the state of goa and the union territories of oadra and nagar haveli and daman and ~iu, 25 , h  acquired in the previous year, out of his income chargeable to tax, units of any mutual fund specified under clause (230) of section 10 or of the unit trust of india established underth unit trust of india act, 1963, under any plan formulated in accordance with such schm as the central governmnt may, by notification in the official gazette, specify in this baha" (hereafter in this section referred to as the equity unked savings scheme), he shall, in accordance with, and subject to, the 30 provision of this section, be allowed a deduction in the computation of his total income of so much of the amount invested as does not exceed the amount of ten thousand rupees in the previous yar (2) where any amount invested by the assessee in the units issued under a plan formulated under the equity linked savings scheme in respect of which a deduction has been allowed under sub-section (1) is returned to him in whole or in part either by way of repurchase of such units or on the termination of 35 the plan, by the fund or the trust, ae the case may be, in any previous year, it shall be d •• med to be the income of the assessee of that previous year and chargeable to tax accordingly (3) notwithstanding anything contained in any other provision of this ad, where a partition has taken place among the members of a hindu undivided family or where an association of persons has been dissolved after a deduction 'has been allowed under sub-section (1), the provisions of sub-section (2) <40 shall apply as if the person in receipt of income referred to therein is the assesse8~ 1 s in the 'income-tax ad, after section 800, the following section shall be inserted with effect from the 1st day of april, 1991, namely:-"sooo (1) where an assess_ who is resident in india, being an individual or a hindu undivided family has, during the previous year, incurred any expenditure for the medical treatment (including nursing), treining and rehabilitation of a person who-45 (a) is a reiative of the individual or, as the case may be, is a member olthe hindu undivided family and is not de~dent on any person other than such individual or hindu undivided family for hi - - upport or maintenance, and  (b) is suffering from a permanent physical disability (including blindness) or is subject to mental 110 retardation, being a permanent physical disability or mntal retardation specified in the rule made in this behalf by the board, which is certified by a physician, a surgeon, an ocuhst or a paychlatrllt  the case may be, working i~ a government hospital or a governmnt dispensary, and which hu the effect of reducing considerably such person's capacity for normal work or engaging in a gainful mpioyment or ocx:upation, the  thall, in aocordance with and subject to the proviions of this l8ction be allowed deduction of a sum of abc thousand rupees  reduced by an amount equal to the income' if any 01 uc: &5 ~ (herufter in this i8dion reterrad to  handicapped dependent) in respect ~ the - provided that where the  esaee has, during the previous yar, incurred xpendlture on more than one handicapped dependnt, the deduction hall be allowed only with reference to one such hanc:licapped dependnt as may be chosen by the  5 (2) nothing contained in this section shall apply if i a case, where the  ' total income in respect of the previous year as computed before making any deduction under this section exceeds sixty thousand rupee: 17 in section 80gga of the income-tax act, in sub-section (2), with effect hom the 1 at day of april, am  g  1t 1991,-of i8ciiion iogga 10 (i) in clause (e), after the words "natural resources·, at both the places where they occur, the words ·or of afforestation· shall be inserted; (ii) after clause (e), the following clause shall be inserted, namely:-"fcc) any sum paid by the assessee in the previous year to such fund for afforeatation as is notified by the central government under clause (b) of sub-section (1) of section 35ccb;· 18 in section 80hh of the income-tax ad,-amellen  - of mgiion 15 (a) in sub-section (2), in clause (i), after the words, figures and letters 'hl31  day of december, iohh 1970·, the words, figures and letters "but before the 1 st day of april, 1990· shall be inhrted; (b) in sub-section (3), in clause (i), after the words, figures and letters ,he 31 st day of dlciitiber, 1970·, the words, figufes and letters "but before the 1 st day of april, 1990" shall be inserted 191n section 80hha of the income-tax act, in s'jb-section (2), in clause (i), aftef the words, figures amendn  1t 20 and letters ,he 30th day of september, 19n·, the words, figures and letters "but before the 1st day of ~~ april, 1990· shall be inserted 20 in section 80hhc of the income-tax act,-(a) in sub-section (2), in dause (a),-(i) for the word "receivable", the words "received in, or brought into, india" shad be aub8tltuted 25 with effect from the 1 st day of april, 1991; (ii) after the word "assessee", the brackets and words ·(other than the supporting manufacturer)· shall be inserted and shall be deemed to have been inserted with effect from the 1 st day of april, 1989; (iii) after the words ·convertible foreign exchange", the words and brackets·, within a period of 30 six months from the end of the previous year or, where the chief commissioner or commissionr ii satisfied (for reasons to be recorded in writing) that the assessee is, for reasons beyond his control, unable to do 90 within the said period of six months, within such further period as the chief commissioner or commissionef may allow in this behalf" shall be inserted with effect from the 1st day of april, 1991; 35 (b) 1or sub-section (3), the following sub-section shall be substituted with effect from the 1st day of april, 1991, name!y:-'(3) for the purposes of sub-section (1), profits derived from the export of goods or merchandi  out of india shall be the amount which bears to the profits of the businss (as computed undr the head ·profits and gains of business or profession" the same proportion as the export turnovr bears 40 to the total turnover of the business carried on by the assessee '; (e) in the explanation, with effect from the 1 st day of april, 1991,-(i) in clause (b),-(1) for the word ·receivable", the words ", received in, or brought into, india- shall be substituted; 45 (2) atter the words "foreign exchange", the words, brackets and figure min accordance with clause (a) of sub-section (2)" shall be inserted; (ii) after clause (b), the following clause shall be inserted, namely:-'(bb) 'otal turnover· shall not include any sum referred to in clauses (ilia), (lib) n (lie) of section 28;'; 50 (ill) in dause (d), for the words "manufacturing goods·, the words and brackets "manufacturing (including processing) goods· shall be substituted 21 in section 80hhd of the income-tax act, with effect from the 1 st day of april, 1991,-amelidment of 8idion ra) in sub-section (2), for the words "by the assess~ in conv~rtible f~elgn exchange·, the words ichio and brackets "in, or brought into, india by the assess  in convertible foreign exchange within aperiod of six months from the end of the previous year or, where the chief commissioner or commlsslonr it ntltfild (for reasons to be recorded in writing) that the asseas  la, for rasons beyond~1t control, untlle to do so within the said period of lix morjhs, within such further period - the chief commluloner or commlslloner may allow in this behalf" shall be substituted; (b) for 1\i~edion (3), the following sub-section shall be substituted, namely:-'(3) for the purpoa88 of suthectlon (1), profits drived from srvices provided to foreign tourists shan be the amount which bears to the profits of the bus~n'8s (as com~ed und~the hmd "profits and gains of business or profssionj the same proportion as the receipts specified in subsection (2) bear to the total receipts of the business carried on by the u  ' 6  amendment of 22 in section 80-1 of the incom-tax act,-i8oiion~1 (a) after sub-section (1), the following sub-section shall be inserted, namly:-'(1a) notwithstanding anything contained in sub-section (1), in rlation to any profits and gains driyedby an ass  from-(i) an industrial undertaking which begins to manufactur or produce articles or things or to 10 operate its cold storage plant or plants; or (1/) a ship which is first brought into use; or (ill) the business of a hotel which starts functioning, on or aftr the 1 st day of april, 1990, thre shall, in accordance with and subject to the provisions of this section,be allowed in computing the total income of the assessee, a deduction from such profits 16 and gains of an amount equal to twenty-fiva per cent thereof: provided that in the case of an assessee, being a company , the provisions of this sub-sction shall have effect in relation to profits and gains drived from an industrial undertaking or a ship or the business of a hotel as if for the words "twenty-five per cent· the words ''thirty per ~ent" had been substituted'; 2d (b) in sub-section (2), in clause (iii), for the words "nine years", the words '10urteen years" shall be substituted ; (e) in sub-section (3), in clause (iii), for the words "nine years", the words "fourteen years" shall be substituted; (d) in sub-section (4), in clause (iv), for the words, figures and letters ''before the 1 st day of april, 25 1990", the words, figures and letters "before the 1 st day of april, 1995" shall be substituted; (e) in sub-section (5), attr the second proviso, the following provisos shall be inserted namiy:-'provided that in the case of-(;) an industrial undertaking which begins to manufacture or produce articles or things or to 30 operata its cold storage plant or plants; or (ii) a ship which is first brought into use; or (iii) the business of a hotel which starts functioning, on or after the 1 st day of april, 1990, provisions of this sub-section shall have effect as if for the words "seven assessment years·, the words "nine assessmant years" had been substituted: 36 provided aiso that in the case of an assessee, being a co-operative society, deriving profits and gains from an industrial undertaking or a ship or a hotel referred to in the third proviso, the provisions of that proviso shall have effect as n for the words "nine assessment years', the words "eleven assessment years" had been substituted' ~dment of 23 in section sol of the income-tax act, in sub-section (1) the following explanation shall be 40 18ciion80l inserted at the end, namely:-18 of 1944 'explanation-forthe purposes of this sub-section, the expression "security· means a government ucurlty as defined in clause (2) of section 2 of the public debt act, 1944' =''= ~ '!4 for section 80m ofthe income-tax act, the following section shall be substituted, with effect from the i8ciion 80m 11t day of april, 1991, namely:-45 ~ in '80m (1) where th~ gross total income of a dom~stic company, in any previous yar, includes any ~l8rincome by way of dividends from another ~mstlc company, there shall, in accordance with and == subject to the provisions of this section, be allowed in computing the total income of such domestic  company, a deduction of an amount equal to,-(i) in t~e case of a'scheduled bank or a public financial institution, sixty per cent of the income by 50 way of dividends from another domestic company; (ii) in the case of ~hr dom~stic companies so much of the amount of income by way of dividends referred to 10 clause (i) as does not exceed the amount of dividend distributed by such domestic company on or before the due date (2) where any deduction, in respect of the amount of dividend distributed by the dometic 55 company hu been allowed under clause (i) of aub-mction (1) in any previous year, no deduction haii be allowed in respect of such amount in any other previous year  (3) where the dividend dl8trbuted ii in impect of any period oomprimd in the previoui year ending on the 31 at day of march, 1 ggo, no deduction shan be allowd in "et 01 such dividend exp/anation-for the purtjoaea of thll section, the expmalon-5 23 of 1965 3801 1959 50t 1970 40 of 1980 20f 1834 (i) "scheduled bank- means the state bank do india constituted under the state bank of india act, 1955, - subsidiary bank s defined in the state bank of india (subeldlary banks) act, 1959, a corresponding new bank constituted under section 3 of the banking companies (acquisition and transfer of undertakings) act, 1970, or under section 3 of the banking companlee (acquisition and transfer of undertakings) ltd, 1980, or any other bank included in the second schedule to the reserve bank of india act 1934 and which is a domestic company; 10 (n) "public financial institution" shall have the meaning assigned to it in section ~ of the companies act, 1958; 1 ot 1956 (iu) "due date-means the date for furnishing the return of income under sub-section (1) of section 139'  25 in section boa of the income-tax act, with effect from the 1 at day of april, 1991,- amendment15 (a) for the words "allowed a deduction from such remuneration of an amount equal to fifty per cent ~18ction thereof, in computing the total income of the individual:", the words and figures "allowed, in computing  the total income of the individual, a deduction from such remuneration of an amount equal to,-(i) fifty per cent of the remuneration; or 46 of 1973 (ii) seventy-five per cent of such remuneration as is brought into india by, or on behan of, the z> assessee in accordance with the foreig" exchange regulation ad, 1973, and any rules made thereunder, whichever is higher: shall be substituted; (b) the proviso shall be omitted 7 of 1947 26 in section sorr of the income-tax act, for the words and figures "and such income is received in, or amendment 25 brought into,lndla by him or on his behalf in accordance with the foreign exchange regulation ad, 1947, ofl8dion and any rules made thereunder, there shall be allowed a deduction from such income of an amount equal lora to twenty-five per cent of t~e income so received or brought, in computing the total income of the individual·, the words and figures "there shall be allowed, in computing the total income of the individual, a deduction from such income of an amount equal to,-:j) (i) fifty per cent of the income; or 46 of 1973 (ii) seventy-five per cent of such income as is brought into ind~ by, or on behalf of, the assessee in aooordance with the foreign exchange regulation act, 1973 and any rules made thereunder, whichever is higher· shall be substituted with effect from the 1 st day of april, 1991 27 in section 80rra of the income·tax act, in sub-section (1), the proviso shall be omitted with effect amendment 35 from the 1 st day of april, 1991 28 in the income-tax act, in chapter viii, with effect from the 1 st day of april, 1991,-amendment of chapllllr viii (a) for the heading, the following heading shall be substituted, namely:-"rebates and reliefs"; (b) before section 89 the following sub-headings and sections shall be inserted, namely:-40 ~- rebate of income-tax 87 (1) in computing the amount of income-tax on the total income of an assessee with which he is rebal8ld be chargeable for any assessment year, there shall be allowed from the amount of income"tax (as ,,~ in computed before allowing the deductions under this chapter), in accordance with and subject to the = provisions of sections 88 and 88a, the deductions specified in those sections  45 (2) the aggregate amount of the deductions under section 88 or section 88a shall not, in any ease, exceed the amount of income-tax (as computed before allowing the deductions under this chapter) on the total income of the assessee with which he is chargeable for any assessment year 88 (1) subject to the provisions of this section, an assess  , being-(a) an individual, or 50 (b) a hindu undivided family, or 55 (e) an association of persons or a body of individuals consisting, in either case, only of fund, etc husband and wife governed by the system of community of property in force in the state of goa and the union territories of dadra and nagar havel! and daman and diu, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this chapter) on his total income with which he is chargeable for any assessment year, of an amount equal to twenty per cent of the aggregate ofthesums referred to in sub-section (2) (2) the tum rerred 10 in ub-l8dion (1) shall be any um paid or deposited in the previous year by the  out of his income chargeable to tlx-(i) to effect or to keep in force an inurance on the life of persons apeclfied in sub-sectlon (4); (i/) to effect or to keep in force a contract for a derred annuity, ~ being an annuity pi~ 6 rerred to in clau (/i) of si&hclion (1) of section socca, on the life of perwans specified in luthection (4): provided that such contract does not contain a provision for the exercise by the insured of an option to r80live a cash payment in lieu of the payment of the annuity; (iii) by way of deduction from the salary payable by or on behalf of the government to any 10 individual being a sum deducted in accordance with the conditions of his service, for the purpo  of securing to him a deferred annuity or making provision for his wife or children, in 10 far as the sum 10 deducted does not exceed one-fifth of the salary; (iv) - a contrbjtion by an individual to any provident fund to which the provident funds ad, 1925 applies; 16 hi of 1925 m as a contrbution to any provident fund set up by the central govemment and notified by it in this behalln the official gazette, where such contribution is to an account standing in the name of any person specified in sub-section (4); (vi) as a contribution by an employee to a recognised provident fund; (vii) as a contribution by an employ  to an approved superannuation fund; (vir) in _ ten-year account or a fifteen-year account under the post office savings bank (cumulative time deposits) rules, 1959, as amended from time to time, where such sums are deposited in an account standing in the name of the persons specified in sljb-section (4); (ix) as subscription to any such security of the central government as that government may, by notification in the official gazette, specify in this behalf; 25 (x) as ubscrlption to the national savings certificates (vi issue) and national savings certificates (vii laaus) iaaued under the government savings pertificates act, 1959; 46011959 (xl) as subscription to any such savings certificate as defin4d in clause (e) of section 2 of the govemment savings certificates act, 1959, as the central govemment may, by notification in the 46 01 1959 official gazette, specify in this behalf; 30 52 of 1963 (xii) as a contrbution, by any person specified in sub-section (4), for participation in the unit-hnked insurance plan, 1971 (hereafter in this section referred to as the unit-linked insurance plan) d  med to have been made under sub-clause (a) of clause (8) of section 19 of the unit truat of india ad 1963; (xlh) u acontrbution by an individualfor participation in any such unit-linked insurance plan of 35 the l1c mutual fund notified under clause (230) of section 10, as the central government may, by notification in the official gazette, specify in this behalf; (xlv) as ubacription to any such deposit scheme of the national housing bank established under section 3 of the national housing bank act, 1987 (hereafter in this section referred to as the 53 of 1987 national housing bank), as the central government may, by notification in the official gazette 40 i ip8cify in this behal; , (xv) for the purposes of purchase or construction of a residential house property the construction of which is completed after the 31 st day of march, 1987, and the income from which is \ chargeable to tlx under the head "income from house property" (or which would if it had not been used for the  own residence, have been chargeable to tlx under that head), where 45 uch payment are mllde towards or by way of-(a) any imtaiment or part payment of the amount due under any self-financing or other icheme of any deveiopment authority, housing board or other authority engaged in the corwtruction and sa of house property on ownership basis; or (b) inf instalment or part payment of the amount due to any company or co-operatlve 50 eocieiy of which the  is a shareholder or member toward the cost of the hou  ptopifty a1loaed to him; or (c) repayment of the amount borrowed by the  from-(1) the central government or any stille govemment or (2) " bmk, including - co-operatlve bank or (3) the ue insurance corporation or (4) the nadonal housing bank, or (lj " public coftiiy formed and ;giltad in india with the main object of cmying on the bueinea of providing iond-term finance for conttrucdon or pun:hue 01 houses in india for residential purpo  which is approved for the purposes of clause (vih) of subsection (1) of section 38, or (6) any company in which the public are substantially int  ated or any cch)f)8ratlve society, whfre such company or co-opemtive society is engaged in the business of 15 financing the construction of houses, or (7) the assess88's employer where such employer is a public company or a public: sector company or a university established by law or a college affiliated to such university or a local authority; (d) stamp duty, registration fe and other expenses for the purpose of transfer of such 10 house property to the ass8ls88, but shall not include any payment towarda or by way of-(a) the admission fee, cost of share and initial deposit which a shareholder of a company or a member of a co-operatlve society has to pay for becoming such shareholder or member; or 15 (8) the cost of the land, except where the consideration for the purchase of the house property is a composite amount and the cost of the land alone cannot be separately ascertained; or (e) the cost of any addition or alteration to, or renovation or repair of, the hew  property which is carried out after the issue of the completion certificate in respect of the house property 20 by the authority competent to issue such certificate or after the house property or any part thereof has either been occupied by the assessee or any other person on his behah or been let out; or (d) any expenditure in respect of which deduction is allowable under the provisions of section 24 25 (3) the provisions of sub-section (2) shall apply only to 80 much of any premium or other payment made on a policy other than a contract for a deferred annuity as is not in exc888 of ten per cent of the actual capital sum assured exp/anation---4n calculating any such capital sum, no account shall be taken-(i) of the value of any premiums agreed to be retumed, or (ii) of any benefit by way of bonus or otherwise over and above the sum actually assured, which is to be or may be received under the policy by a~y person (4) the persons referred to in sub-section (2) shall be the following, namely:-(a) for the purposes of clause (i) of that sub-section,-(i) in the case of an individual, the individual, the wife or husband and any child of such 35 individual, and (ii) in any other case, any member of the hindu undivided family or association of persona or body of individuals and any child of any of the members of such association or body; (b) for the purposes of clause (ii) of that sub-aection,-(i) in the case of an individual, the individual, the wife or husband and any child of such individual, and (ii) in the case of an association of persons or body of individuals, any member and any child of any of the members of such association or body; (e) for the purposes of clauses mand (viii) of that sub-section,-(i) in the case of an individual, such individual; (ii) in the case of a hindu undivided family, any member of the family; 45 (1/1) in the case of an association of persons or body of individuals, such association or body; (d) for the purposes of clause (xilj of that sub-section,-(i) in the case of an individual, such individual; (ii) in the case of an association of persons or body of individuals, anyone member of such association or body (5) where the aggregate of any sums specified in clause (xv) of sub-section (2) exceeds an amount of ten thousand rupees, a deduction under sub-sectlon (1) shall be allowed with reference to so much of the aggregate as does not exceed an amount of ten thousand rupees (8) the deduction from the amount of inoomtax under sub-section (1) shall not exceed-(i) in the case of an individual being an author playwright artist muilclan,1ictqr or ipoitlman (including an athlete) fourteen thousand rupees; (il) in any other case ten thousand rupees (7) where, in any previous year, an assesse-(/) terminates his contract of insurance referred to in clause (/) of sub-sedion (2), bv notice to 5 that effect or where the contract ceases to be in force bv reason of failure to pay any premium, bv not reviving contract of insurance, before premiums have been paid for two years; or (il) terminates his participation in any unlt·linked insurance plan referred to in dau  (x/i) or clause (xiii) of sub-section (2), by notice to that effect or where he ceases to participate bv rauon of failure to pay any contribution, by not reviving his participation, before contributions in respeci of 10 such participation have been paid for five years; or (iii) transfers the house property referred to in clause (xv) of sub-section (2) before the expiry of five years from the end of the financial year in which possession of such property is obtained by him, or receives back, whether by way of refund or otherwise, any sum specified in that clause, 15 then,-(a) no deduction shall be allowed to the assessee under sub-section (1) with refefence to any of the sums, referred to in clauses (i) (xii), (xlii) and (xv) of sub-section (2) paid in such previous year; and (b) the aggregate amount of the deductions of income-tax so allowed in respect of the previous 20 year or years preceding such previous year, shall be deemed to be tax payable by the assessee in the assessment year relevant to such previous year and shall be added to the tax on the total income of the assessee with which he is chargeable for such assessment year (s) in this section,-(i) ·contribution" to any fund shall not include any sums in repayment of io~n; (ii) "insurance" shall includ-(a) a policy of insurance on the life of an individual or the spouse or the child of such individual or a member of a hindu undivided family securing the payment of specified sum on the stipulated date of maturity, if such person is alive on such date notwithstanding that the policy of insurance provides only for the return of premiums paid (with or without any interest 30 thereon) in the event of such person dying before the s~id stipulated date; (b) a policy of insurance effected by an individual or a member of a hindu undivided family for the benefit of a minor with the object of enabling the minor, atter he has attained majority to secure insurance on his own life by adopting the policy and on his being alive on a date (after such adoption) specified in the policy in this behalf; 35 (iii) "life insurance corporation" means the life insurance corporation of india established under the life insurance corporation act, 1956; 31011956 (iv) ·public company· shall have the same meaning as in section 3 of the companies ad 1956; , 1 of 1956 (v) ·securlty" means a government security as defined in clause (2) of section 2 of the pubuc «) debt act, 1944; 18 of 1944 (~;) 'ransfer" shall be deemed to include also the transactions referred to in clause (i) of section 269ua 88a (1) where m assessee being-(a) an individual; or (b) a hindu undivided family; or reba in respec:tof inwstment in certain new  or units (c) an a~iation of persons or a body of individuals consisting, in either case, only of husband a~ wife governed by the system 01 community of property in force in the state of goa and the union territories of dadra and nagar haveli and daman and diu has acquired, in the previous year, out of his income chargeable to tax ~ , , (ii) units issued under a~y schem~ of any mutual fund specified under clause (23d) of section 10 or ofthe unitt rust oflndla, estabhshed under section 3 ofthe unit trust of indi act 1963 if he mou~ o~ subscription to such units is subscribed, within a period of six months ~rom 'the ~s! of ~ubecription under uch acherne, only to eligible issue of capital, he shall be entitled to a deduction, from 1he amount of income·tax (as computed before allow! th deductions under this chapter) on his total income with which he is chargeable tor any  ~~ =~  ~ amount equal to twenty per cent of the cost of such share or units· to auc:h provided that the amount of iublcrtptlon to luch unb rmy be 1ubicjrmd, tor a period not exceeding lix months from the cion of ublcripllon under any 1chemernd to in eiauu (i) in uch securities 01 the central governmnt, _ may be i!ppi'ov8d ~ the board in this behalf: provided further that no deduction hall be allowed in r8lp8ct ~ unblelu8d under any schem 5 referred to in clause (ii) where the aubecrlptlon under luch icherm cioiei after the 30th day of septmber, 1990 exp/mjlllion-whera in any previoui yar, the  , 8dqulred my ", or un" refrred to in this lub-section and h  , within a period of abc moniha from the end ~ that prevtoui yar paid tha whole or a part of the amount, if eny, rmaining unpaid on such her  or unill, the 10 amount 80 paid shall be d  med to have been paid by the  towards the cost of such shara or units in the previous year (2) where the aggregate cost to the  of thsh  or units referred to in uthectlon (1) which are acquired by him in the prevlou yar xchef twentyflve thousand npmi, the deduction under that sub-section shall be allowed only with raterenee to iuch of those shares or 15 units (being shares or units the aggregate cost whereof to the  does not exceed twenty~ fiva thousand rupees) as are specified by him in this beh  (3) for tha purposes of this section, -eligble issue of capitar means an laue of equity ha, which satisfies the following conditions, namely:-(a) the issue is made by a public company formed and registered in india and thisluei 2d wholly and axclusively for the purposs of carrying on the bulln  of-(i) construction, manufacture or production of any article or thing, not being an article or thing specified in the list in tha eleventh schedule; or (ii) providing long-term finance for construction or purchase of house in india for rasidential purposes: 2s provided that in the case of a public company carrying on the busln  referred to in this sub~lause, such company is approved by the central government for the purpo  of this section; or (iii) a hospital; or (iv) a hotel approved by the prescribed authority; or (v) operation of ships; (b) the issue is an issue of capital made by the company for the first time: provided that this clause shall not apply in the cue of an illue of equity ha, made by a public company formed and registered in india with the main object of carrying on the buiness of operation of ships; 35 (e) the shares forming part of the issue are offer8ci for ub8ctl»t1on to the public and such offer for subscription is mada by the company bafore the 1st day of april, 1991; (d) such other conditions as may ba prescribed: 1 of 1956 40 provided that in the case of a company which had originally been incorporated  a private company but has become a public company under the provisions of the campan," act, 1956, an issue of equity shares made by it forthe first tim after it h  beoome a publlccompeny shall not be regarded as an eligible issue of capital, h-(i) such company had declared, diatrbuted or paid any dividend when it was a private company; or (ii) any of the shares forming part of such islue is offer8ci for ~ion at a premium 45 explanation 1-if any question arise as to whthr any luu of equity ahar  would constitute an eligible issue of capital forthe purpol8l of this i8dion, the qu  tion hall be referred to the central government whose deciaion thereon shall be final 1 of 1956 explanation 2-in this sub-section and sub-section (4), "public company- hall have the meaning assigned to it in section 3 of the campan," ad, 1956 (4) the deduction under sub-section (1) shall noi be allowed unsi the  has-(i) subscribed to the shares in pursuance of an offer for subscription to the public made by the public company or in pursuance of a reservation or an option in his favour by reason of his being - promoter of the company; or 56 1 of 1956 (ii) purchased the shares from a person who is specified as an underwriter in respect of the issue of such shares in pursuance of clause 11 of part i of schedule" to the companl  act 1956 and who has acquired such shares by vime of his obligation  such underwriter (5) if any equity shares or units, with reference to the cost of which a deduction is allowed under sub-section (1) art sold or otherwise trantterred by ~~~ ass  to any pereon at any time within a period of three years from the date of their acquisition the ag~regate amo~nt of the deduc:tiom of income-tax so allowed in respect of such equity shares or units in the previous yar or years preceding the prevlo~s year in which such sale or transfer has taken place shall be deemed to be tax payable by the assesseeforthe usessment year relevant to such prevlou~ year 5 and shall be added to the amount of lnoome-tax on thl total income of the issesshwlth which hi is chargeable for such assessment year explanation-a person shall be treated as having acqul~ any share~ or units on the date on which his name is entered in relation to those shares or units in the reglst~r of mtm~ of the company or in the relevant records of any mutual fund 01' unit trust of india, referred to in sub- 10 section (1) (6) where a deduction is claimed and allowed under sub-section (1) with reference to the coat of any equity shares the cost of such shares shall not be taken into account for the purposes of  section me b-relief for income-tax',amendment of 29 in section 115-1 of the income-tax ad, for the words and figures "to the assessing officer his retum section 115-1 of in~me for that assessment year under section 139 together with a declarat~ in writing to,the effect·~ the words and figures ·hls retum of income for that assessment year under section 139 declanng therein shall be substituted amendment of 30 in section 115j of the income-tax act, in sub-section (1), after the words figures and letters "on or 20 section 115j after the 1 stdayof april, 1988·, the words, figures and letters "but before the 1 stdayof april, 1991· shall be inserted amendment of 31 in section 119 of the income-tax ad, in sub-section (2), in clause (a),-88otion 119 (i) before the figures "143' the figures "139,' shall be inserted; 2s (ii) after the figures "210,', the figures and letters "234a 234b,' shall be inserted 32 in section 139 of the income-tax act,-amendment of section 139 (a) in sub-section (1), in the explanation in clause (b) in sub-clause (i), after the words "to be so audited', the words, figures and letters· or where the report of an accountant is required to be furnished under section 80hhc or section 8ohho' shall be inserted with effect from the 1st day of april, 1991; 30 (b) in sub-section (10) in the proviso, for clause (b), the following clause shall be substituted, namely:-"(b) a return of a firm or a partner of a firm;' amendmenlol 33 in section 139a of the income·tax act, for sub'section (2), the following sub-section shall be section 139a substituted, namely:-35 "(2) notwithstanding anything contained in sub-section (1) every person not falling under that subsection, but-(i) carrying on any business whose total sales, tumover or gross receipts are or is ukely to exceed fifty thousand rupees in any previous yea~; or (ii) who is required to furnish a return of income under sub-section (4a) of section 139, 0 and who has not been allotted any permanent account number, shau, within such time as may be prescribed, apply to the assessing officer for the allotment of a permanent account number,' amendment 01 34 in section 142 01 the income-tax ad in sub-section (1) in clause (i), for the words 'before the end mdion 142 of the relevant assessment year", the words, brackets and figures "within the time allowed under subsection (1) of section 139' shall be substituted 45 amend/nentof 35 in i8cllon 143 of the income-tax act, after sub-section (1a) the following sub-section shall be aec:tion 143 in  rted and ,hall be deemed to have been inserted with effect from the 1st day of april, 1989, namely :--(18) where an  furnlsheu rvised retum unde  ub-uc:tlon (6) of mction 139 after the issue of an intimatlon, or the grant of f8fund, if any, under aub-aection (1) of this section, the provisions 50 of sub-sec:tiom (1) and (1a) of this hctlon shan apply in relation to luch revised return and-(/) the intimation already  nt for any income-tax, additional income-tax or intert ahan be amended on the baslsrof the said revised retum and where any amount payabteby way of incometax, additional income-tax or interest apeclfled in the said intimation has already been paid by the  then, h any auch amendment has the effect of-55 (a)  enhancing the amount already paid, the intimation amended under this dause shall be sent to the  apechylng the exce  amount payable by him and such intimation shall be d-mtd to be a notice of demand iaued under liction 158 and au the provisions ofthla act shall iippiy accordingly; (b) reducing the amount already paid the e __ amount paid "'all be refunded to the  ; (11) the amount of the ,rund -tidy granted ihd be enhanced or reduced on the baiil of the hid revised l'8turn and wh  1he amount ai refund already granted ia-5 (a) enhanced only the exce  amount of refund due to the ism  ahan be paid to him; (b) reduced the exena amount 10 refunded ihall be deemed to be the tax payable by the  and an intimation shad be hnt to 1m  epecifying the amount 10 payable and such intimation shah be deemed to be a notioi ai demand luued under section 158 and all the provisions of this ad shah apply :cordingly: 10 provided that an  who has furnished a revised return under aub-aection (5) of hctlon 139 after the service upon him of the intimation under sub-aection (1) of this section, shall be liable to pay additional income-tax in relation to the adjustments made under the first proviso to clause (a) of subsection (1) and spechled in the hid intimation, whether or not he has made the said adjustments in the ,vlaed return" 4011988 15 36 in section 145 of the income-tax ad in aub-mction (1) atter the second proviso [as inserted by amelldm~nt section 52 of the direct tax laws (amendment) act 1987) the following proviso shajl be inserted and ~~ hction shall be deemed to have been in  rted with effect from the 1 st day of aprh 1 as9 namely:--provided also that nothing contained in this sub-section shall preclude an  s  from being charged to income-tax in resped of any interest on securities received by him in a previous year h such 20 interest had not been charged to income-tax for sny eartier previous year- 37 in section 151 of the income-tax act, in sub-section (1) for the words -except by an assessing ~t officer of the rank of assistant commissioner or deputy commissioner- the words -by an asmsslng ~~1 l8dion officer who is below the rank of assistant commissioner unless the deputy commissioner is satisfied on   the reasons recorded by such ass  sing officer that it is a fit cue for the iuue of such notice- ahall be 25 substituted 38 after section 194e of the income-tax ~ the following section shall be in_rted with effect from the inhrtlon  01 1st day of april, 1991, namely:-;':f18ction 30 "194f the person responsible for paying to any person any amount referred to in sub-aectlon (2) of payments on section bocca shall, atthe tlmeof paymentthereof, deduct income-tax thereon althe rateottwenty per =~  of cent " 01 uni"- by mutual fuoo or unit trust of india 39 in section 246 of the income-tax act-amendment (a) in sub-section (1), in clau  (i) in sub-clause (ii) the words figures and letters -section 271 c, ~!s section section 271 d section 271 e,· shall be omitted; (b) in sub-section (2) after caluse (e) the following clause shall be inserted, namely:-35 "(h) an order made by a deputy commissioner imposing a penalty under section 271 c section 271 d or section 271 e;- 40 in section 268 of the income-tax act after the words "an appeal" the words 'or an application-shall ~t be inserted ~ section 41 after section 271 b of the income-tax act, the following section shall be inserted namely:-insertion 01 new section 271bb 40 "271 bb whoever fails to subscribe any amount of subscription to the units issued under any failuf8 \0 scheme referred to in sub-section (1) of section 88a to the eligible issue of capital under that sub- ~s~l;i: section within the period of six months specified therein, may be directed by the deputy commissioner ~ 01 to pay by way of penalty a sum equal to twenty per cent of such amount  42 section 271 c of the income-tax ad shall be renumbered as sub-section (1) thereof and after sub- ~o!, 45 section (1) as 10 renumbered the following sub-section shall be inserted namely:-~71c -(2) any penalty impoaable under sub-section (1) shall be imposed by the deputy commissioner  43 section 271 d of the income-tax ajjt stiall be renumbered as sub-section (1) thereof and after sub- ~~ section (1) as so renumbered the following sub-section shall be inserted, namely:-2710 50 "(2) any penalty imposable under sub-section (1) shall be impos~ by the deputy commissioner" 44 section 271 e of the income-tax act shall be renumbered as sub-section (1) thereof and after sub- ~o!, section (1) as 80 renumbered, the following sub-aec:tion shall be inserted namely:-271 e -(2) any penalty imposable under suthection (1) shall be imposed by the deputy 55 commissioner" amendrneolo' 41 in mction 275a of thelncome-tax ad, rthe words "referred to in", the words, br~eta and figure iiciion 276a ,he second proviso to sub-section (1) or" shall be inserted 0mi1iion 01 41(1} no tax credit certlficate granted under hction 280z or section 280zc an1i be produced befo, cihidiir the aleelslng officer after the 31 atdllyof march, 1991 forthepurpoaesofsub-mction (6) ofnction 280z xxii-b or, ii the oem may be, sub-section (4) of section 280zc 15 (2) save as otherwim provided in sub-section (1), chapter xxii-b shall be omitted ameilomnlo' 47 in section 288 of the·tncome-tax ad, in sul),section (4), in clause (b) after the words "on him undar", aoiion288 the words briickets lind flguree "clause (ii) of sub-saction (1) of" shah be inserted ~ 48 the following amendments (being amendments of a consequential nature) shall be made in the  jncometu act,nmefy:-10 (l) mction 80c shall be omitted with effect from the 1 st day of april, 1991; (ii) in iiction 246,-() in sub-section (1), in clause (q, in sub-clause (ii), after the word, figures and letter "section 2718: the word, figures and letters "8ec:tlon 27188," shall be inserted; (b) in sub-section (2), in clause (e), after the word, figures and letter "section 271 b", the words, 15 figures and letters "or section 271 bb" shall be inserted; (iii) in section 2738, aft  the word, figures and letter ·section 271 b,", the word, figures and lettars "section 27188," shall be inserted; (iv) in the eleventh schedule, for the words, figures, letter and brackets "and section 8oj(~·, the words, figures, letters and brackets ", section 801(4) and section 88a(3)(a)(~" shall be substituted 20  wealth-taxamelldmefttof 1 in section 2 of the wealth-tax act, 1957 (hereinafter referred to as the woahh-tax ad), in clause 27 of 1m7 -'2 (ob), for the word and figures ·section 16·, the words, brackets and figures "sub-section (3) or sub-action (6) of section 16" shall be substituted and shall be deemed to have been substituted with effect from the 1 st day of april, 1989 25 ~ntof 50 in section 5 of the weahh-tax act, in sub-section (1), in clause (xxviic), with effect from the 1 st day  of april,1991,-(i) after the word "state government", the words ·or i:l public sector company· shall be inserted; (ii) the following explanation shall be inserted at the end, namely:-30 'ex~tion-for the purposes of this clause, ·public sector company· means any corporation established by or under any central, state or provincial ad or a government company as defined in section 617 of the companies act, 1956;' 1 011858 ~of 51_ in section 10 of the wealth-tax ad, in sub-section (2), in clause (a), for the figures "16, 17", the  figures 8nd letter·14, 15, 16, 17, 178," shall be substituted 35 amendment of 52 in section 16 of the wealth-tax act,- '8 (a) after sub-~ection (1 a), the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1 st day of april, 1989, namely:- "(18) where an assesse8 fu~nishes a revised return under section 15 after the issue of an tntl~ation, or the grant of re!und, if any, under sub-section (1) of this section, the provisions of sub- 40 sections (1) and (1a) of this section shall apply in relation to such revised return and-(i) the intimation already sent for any weahh-tax, additional weahh-tax or interest shall be amend~ on 1m basis of the ~id revised return and where any amount payable by way of wealthtax, addhlonal w~8ith-tax or interest specified in the said intimation has already been id by the  thn, if any such amendment has the effed 01-pa (a) enhancing the amou~ ire~ paid, the intimation amended under this clause shall be 46 :-"'tothe asses  speclfytngthe excess amount payable by him and such intimation shall be  med to ~ a notice of demand issued under section 30 and all the provisions of this act h ii apply accordingly; 8 a (bj reduc;ing the amount already paid, the excess amount paid shall be refund  to t"'- ; on ,  &0 (ii) the amount of the rfund already granted shall be enhanced or reduced on the basis aaid revised return and where the amount of refund already granted isof the (a) enhanced, only the excess amount of refund due to the assessee shall be paid to him-(b) reduced, the excess amount so refunded shall be de ad - usess  and an intimation shall be snt to the as  sse s~lfy~o ~the tax payable by the 1& and such tntimation shall be deemed to be a notice of demand  ~ ~amount 10 payable, the provisions of this act shan apply accordingly: i8$u un er section 30 and au provided that an  s  who hu fumilhed a revited return undermolion 15 atter the service upon him of the intimation tjnder iub-hdion (1) of this mction •• "  be 1iabi to pay additional wealth-tax in relation to the adjustments made under the firlt proviao tdoiau •• (a) of sub-sactlon (1) and specified in the said intimation whether or not he 1'1 made the said 5 adjustments in the revised return"; (b) in sub-sectlon (4) in clause (i) for the words "befor the end of the relevant _!mnt yar" 'the words brackts and figures ·within the time allowed under sub-tec:tion (1) of section 14· shall be substituted 53 in hctlon 17 of the weaith·tax act, in sub-section (18) inciaum (a), forthewords "xeept by an amendment of 10 asuaing officer of the rank of assistant commissioner or deputy commlssione'- the words "by an mction 17 asu  1ng officer who is below the rank of assistant commissionr unless the deputy commiaionr is satisfied on the reasons recorded by such assessing officer that it is a fit c8h 'ortm issue of such notice· shan be substituted 54 after 88c1ion 35ee of the wealth-tax act the foliowing section shall be inserted namely:-lnaerton of new mellon 35eee 15 "35eee " a person contravenes any order refrred to in the hoond proviso to aulhm:tion (1) or conhimniion sub-sec:tlon (3a) of section 37 a he shall be punishable with rigorouslrnpriaonment for a term which o~"" = may ext,nd to two years and with fine,· ~rovi~ to lui>-i8ciion (1) or aub-teclion ~i of mellon 55 in section 35k of tile wealth-tax ad, in sub-section (1) for the words figur  and iett,rs "'e ~ndtn,t of  ment year commencing on the 1st day of april 1988 or any earlier uanament y""', the words i8ciiion 35k 2d "an  sessment year" shall be substituted and shall be deemed to have bean subatituted with ffect from the 1 at day of april 1989 58 in the wealth·tax ad in schedule iii in part g,-amendment of schedule iii fa} for rule 18 the following rule shall be substituted, namely:-"18 (1) the value of the jewellery shall be estimated to be the price which it would fetch if sold in ~::~ the open market on the valuation date (here¢ter in this rule referred to as fair market value)  of (2) the return of net wealth furnished by the assessee shall be supported by-(i) a statement in the prescribed form where the value of the jewellery on the valuation time does not exceed ru~ees five lakhs; (ii) a repurt of a registered valuer in the prescribed form where the value of the jewellery on the valuation date exceeds rupees 'ive iakhs (3) notwithstanding anything mentioned in sub-rule (2) the assessing officer may, if he is of opinion that the value of the jewellery declared in the retum-fa} is iss than its fair market value by such percentage or such amount as is prescribed under suth:tause (i) of clause (b) of sub-section (1) of section 16a; 35 (b) is less than its fair market value as referred to in clause (a) of sub-section (1) of section 16a, he may refer the valuation of such jewellery to a valuation officer under sub-section (1) of the said hction and the value of such jewellery shall be the fair market value as estimated by the valuation offlcer"j 40 (b) in rule 19 in the opening portion, for the words brackets and letter "ctau  (b) or the words brackets and figure "sub-rule (3)0'" shall be sub8tltuted gift-tax 17 in section 9 of the gift-tax act 1958 (herein, referred to  the g/ft-taxad),1n sulhection (2) in amlldll_1t of claute (a) for the figures "15,16·, the figures and letter" 314 1 516 16b· shall be subatituted mdionl , i' 45 58 in section 15 of the gift-tax act-amelldment d ndldn15, (a) after sub-section (1a) the foliowing sub-nction ,hell be inml1ed and ahall be deemed to haw been inhrted with effect from the 111 day of aprh, 1989, namely:-"(18) where an assessee fumishes a revised retum under section 14 after the ill  of an intimation or the grant of refund if any under sub-salon (f) 01 thla mdidn, the provisidm of aut>-sectiona (f) and (fa) of this uaion shalt iippiy in " "auch rwihd return md-- (/) the intimation already sent for any gift-w additional glft-tax or interest shal be amended on ttlebais of t  said revised-urn and wmre my amountpl¥llblebrwardfglmax, addiiidnai gil-tax or inter  specilied in the  id intimiiiion has ndy beenjlllld ~  n •• then, - any such amendment 1'1  the effed of-(a) enhancing the amount already paid, the intimation amended under thia ,cieuse shall be  nttoth  specifying thexees amountpayabl by him and such intlmltlon shall be deemed to be a notice of dmand isued undr ectlon 31 and all the provlaionsot this act shall iippiy accordingly;  5 (b) reducing the amount already paid, the exce  amount paid shall be refunded to the assessee; (ii) the amount of the refund already granted shall be enhanced or reduced on the basis of the said revimd return and where the amount of refund already granted isfa} nhanced, only the exce  amount of refund due to the biiess" shan be paid to hin; 10 (b) reduced, the excess amount 80 refunded shall be deemed to be the tax payable by the  and an intimation shall be sent to the  see specifying the amount 80 payable, and such intimation shall be deemed to be a notice of demand issued under section 31 and all the proviions of this ad shan apply accordingly: provided that an as  ssee, who h  furnished a rvisad retum under section 14 after the 15 service upon him of the intimation under ub-mctlon (1) of this section, shall be liable to pay additional gift-tax in relation to the adjustments made under the first proviso to clause (a) of ub-section (1) and specified in the said intimation, whether or not he has made the said adjustments in the revisad return"; (b) in sub-ection (4) in clause (i) for the words "baforethe end of the relevant assessment year", 20 the words, brackets and figures "within the time allowed under sub-section (1) of section 13- shall be substituted amendment 01 5 •• in edion 16 of the gift-tax ad, in sub-section (18) in clause (a), for the words -except by an i8ciion 16 as  1ng officer of the rank of assistant commissioner or deputy commisioner" the words "by an assessing officer, who is below the rank of assistant commissioner, unles the deputy commissioner is 25 atisfied on the reasons recorded by such assssing officer that it is a fit case for the isue of such noticeshall be substituted  chapter iv ~direct taxes customsamendment 01 act 52 of 1962 eo in the ~atom ad, 1962 (hereinafter refrred to as the customs act),-(a) in section 129c, for sub· section (5), the followillg sub-section shall be substituted, namely:--(5) if the members of a bench differ in opinion on any point, the point hall be decided according to the opinion of the majority, if thre is a majority; but if the members are equally divided, they shall 35 state the point or points on which they differ and make a reference to the preident who hall eithr hearthe point or point hims1f or refer the case for hearingon such point or points by on or more of the other members of the appellate t rbunal and uch point or point shall be decided according to ~he ~nlon of the majority of these members of the appellate tribunal who have heard the case including thom who first heard it -; , 40 (b) after ectlon 154, the following section shall be in  rted, namely:-rounding off of duty etc -154a the amount of duty, interet, penalty, fine or any other sum payable, and the amount of refund, drawt:k or any othr um dua, under the provisions of this act hall be rounded off to the narest rupee and, for this pu~ •• , where uch amount contains a part of a rupee consisting of pai  then, if such part is fifty pals or more,lt shall be increased to one rupee and ifuch part is 18ss 45 than fifty palm it 1hall be ignored - 11 the customs tariff ad, 1975 (hereinafter rrred to as the custolm tariff act) hah be __ l  if, the manner apecilad in the second schedule ' am  _ amelldment 01 act 51 ot le7!5 ~~~,i~':nca;: ~im=:s ~::= ~~ to the customs tariff ad, or in that cu8t~ios anof~~~ual to fifty per oent ~ the value of the good ~d:~:~ ': :x,~~::zwltdutyh thofe 50 prov ns ~, '4 of the cystoms ad (2) sub-mction (1 ) aha/i ons to have ded after the 31 at day of march 1981 nd· section 6 of the general clause ad 1897 shalllppiy _if the said i' , ___ 't_ h'ad a  ~n such ce  er central ltd ' , ~in" """,,, repealed bv a cus:-r:-~ ~! customs " to in iub iiction (1) shall be in addition to any dutl  of force gooda under the cuatome ad, or any other law for the time being in (4j the prowiiioneofthe cueioma act and the ruleeand ," rnldethereunder reiiilng to"md exempiioni from duiiei ihii ' inctuding thom ooilec1ion of'tht uxiiiary duiiee of customi ~ ::,-~ may be, ~ in reiidion to the levy and 10 u  mction in rhplct of any good as t~ apply in relation to the levy and collection of the duties of cuiloms on such goods under that ad or thole ni  and regulations, as the cue mlv be  excise5 13 in the central exctaea and salt act, 1044 (herelnllfter referred to as the central excii  ad), after amelanent hclion 37c, the following uction shall be lnaerted, namely:-of act 1 of 1944 10 "370 the amount of duty, interest, penalty, fine or any other sum payable, and the amount of refund roundina off or any other sum due, under the provisions of this ad ahan be rounded off to the nearmt rupee and, for of cljty, • thie purpose, where such amount contains a part of a rupee consisting of pii_then, if such part ie fifty pm- or more, it shall be increased to one rupee and if such part ie less than fifty pili_it shall be ignored- m the central excise tariff ¥, 1985 (hereinafter referred to as the central excise tariff act) shall an18i anent be amended in the manner specified in the third schedule ~~ 5 of 15 (1) in the cae of goods chargeable with a duty of excise under the central exc_ ad, as ~ amended from time to time, read with any notificlllion for the time being in force issued by the cernral dud;el of 15 government in relation to the duty 10 chargeable (not being a notification providing for any exemption for elcclm giving credit with reaped to, or reduction of duty of excise under the said ad on such goods equal to, any duty of exclae under the said ad, or the additional duty under section 3 of the customs tariff ad, already paid on the raw material or component parts used in the production or manufacture of such goods), there shall be levied and collected a special duty of exelse equal to ten percent of the amount 10 chargeable on 2d such goods (2) sub-section (f)shall cease to have effect after the 31st day of march, 1991, and upon such cesser section 6 of the general clauses ad, 1897, ahall apply as if the said sub-tection had been repealed by a central ad (3) the special duties of excise referred to in sub-sectlon (1 )shall be in addition to any duties of excise 25 chargeable on such ~s under the central excises act or any other law for the time being in force (4) the provisions of the central excises ad and the rul  made thereunder inctuding those relating to refunds and exemptions from duties, ahall, as far as may be, apply in relation to the levy and collection of the special duties of exeleleviable 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 ruias, as the case 30 may be 66 the additional duties of excise (goods of special importance ) ad, 1957 (hereinafter referred to as amendment the additional duties of excise ad), shall be amended in the manner specified in the fourth 0~7 68 of schedule 1  87 in section 3 of the additional duties of exelse (textiles and textile articles) act, 1978, in sub- amendment 36 section (1), for the words 'ifteen per cent", the words -wenty per cent" shall be substituted of ai::t 40 of 1978 68 the khadi and other handloom industries development (additional excise duty on cloth) act, repeal of 1953 is hereby rnaaied act 12 of , ,_ 1953  chapter v ~land air travel taxh inthe finance ad, 1989, with effect from such date as the central government may, by notification ~i of¥! 130, in the official gazette, appoint-1989 (a) in section 41, for clause (d), the following clause shall be substituted, namely:-'(d) "fare-means the total amount of an charg  of whatever nature (including charges, if any for provision of food or accommodation) payable to the carrier by or on behalf of a passenger in respect of his inland journey;'; (b) in section 42, in sub-section (1) the words· where the fare for such journey is paid in indian currency,- shall be omitted  chapter vimiscellaneous 70 in the indian poet offici ad 1898 for u, first schedule the following schedule shall be subltltuted namely:- "the first schedule (s section 7) ~d postage rates l",| for                       | a       | weight         ||---------------------------|---------|----------------|| ra                        |         |                || exceeding                 |         |                || twenty                    |         |                || grams                     |         |                || for                       |         |                || wary                      |         |                || twenty                    |         |                || grams,                    |         |                || or                        |         |                || fr:tlon th«ear, exchdlng | twenty  | grams          || re100                   |         |                || re1oo                   |         |                || 10                        |         |                || for                       |         |                || aletler-card              |         |                || 75                        |         |                || paise                     |         |                || pott                      |         |                || em                      |         |                || (not                      |         |                || being                     |         |                || pott                      |         |                || cards                     |         |                || conrining                | prlnt«l | communication) || 15                        |         |                || paise                     |         |                || single                    |         |                || reply                     |         |                || 30                        |         |                || paise                     |         |                || 15                        |         |                || poet                      |         |                || card,                     |         |                || containing                | prlnt«l | communication  || for                       | a       |                || pam                       |         |                || card                      |         |                || 60                        |         |                || paise                    |         |                |expmmtlion-a post card shah be deemed to contain a printed communication if any matter (except the name and addr  of and ather particulars relating to, the sender and the place and date of duplllch) is recorded by printing or by cydolty~ng or by any other mechanical process, not being typewriting, on any pan of the pam cird except the rlghthand half of the address-side thereof book, /mttern wid sample pacl<ets for the first fitly grams or fraction thereof re100 for every additional ona hundred grams, or fraction thereof in excess of fifty grams re100 registered newspapers 25 for i weight not exceeding fifty grams 15 paise for a weight exceeding fifty grams but not exceeding one hundred grams 25 paise for every additional one hundred grams or fraction thereof, exceeding one hundred grams 10 paisa in the case of more than one copy of the same issue of a registered newspaper being carried in the same pac:k8t-30 for a weight not exceeding one hundred grams 25 paisa for evary additional one hundred grams or fraction thereof, exceeding one hundred grams 10 paise: provided that such packet shall not be delivered at any addressee's residence but shall be given to a recogni88d agent at the post office pliicfiis 36 for a weight not excmdlng five hundred grams for every five hunched gr""s, or fraction thereof, exceeding five hundred grams rs600 rssoo- deciantiionunder the prow", collection of taxes act 1931it 18 heraby declared that lis expedient in the public interest that the provisions of clauses 81, 82, 84,85, 68 and 87 of this blllhaii have immediate effect underthe provisional collection of eo tuii act, 1931  part i inoome·tax paragraph a sub-paragraph i ~n the case of every individual or hindu undivided fam~y or unregistered firm or other association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in suth:lause (vii) of clause (31) of section 2 of the income-tax act, not being a case to which sub-paragraph ii of this paragraph or any other paragraph of this part 10 applles,- rates of income-tax(1) where the total income does not exceed rs 18,000 nil; (2) where ihe total income exceeds as 18,000 but does not exceed rs 25,000 20 per cent of the amount by which the total income exceeds rs 18,opo; 15 rs 1,400 plus 30 per cent of the amount by which the total income exceeds rs 25,000; (3) where the total income exceeds rs 25,000 but does not exceed as 50,000 rs 8,900 plus 40 per cent of the amount by which the total income exceeds rs 50,000; (4) where the total income exceeds as 50,000 but does not exceed rs 1,00,000 (5) where the total income exceeds rs 1,00,000 20 rs 28,900 plus 50 per cent of the amount by which the tolal income exceeds as 1,00,000 the amount of income-tax computed in accordance with the preceding provisions of this sub-paragraph shall, in the case of every person having a total income exceeding fifty thousand rupees, be increased by a surcharge for purposes of the union calculated at the rate of eight per cent of such income-tax: 25 provided that no such surcharge shall be payable by a non-rident  sub-paragraph /iin 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 10 the assessment year commencing on ihe 1 st day 01 april, 1 990 exceeds rs18,000,- 30 rales of income-lax(1) where the total income does not exceed rs12,ooo nil; 25 per cent of the amount by which ihe lotal income exceeds rs12,ooo; (2) where the total income exceeds rs 12,000 but does not exceed as 20,000 rs 2,000 plus 30 per cent of the amount by which the lolal income exceeds as 20,000; (3) where the total income exceeds rs 20,000 bul does not exceed rs 40,000 35 rs 8,000 plus 40 per cent of the amount by which the lotal income exceeds rs 40,000; (4) where! the total income exceeds rs 40,000 but does not exceed rs 60,000 (5) where the tolal income exceeds rs 60,000 but does not exceed as 1,00,000 rs 16,000 plus 50 per cent of ihe amounl by which ihe lolal income exceeds as 60000; 40 (6) where the total income exceeds rs 1,00,000 rs 36,000 plus 55 per cent of the amount by which the total income exceeds rs 1,00,000 the amount of income-tax computed in accordance with the preceding provisions of this sub-paragraph shall, in the case of every person having a total income exceeding fifty thousand rupees, be increased by a surcharge for purposes of ihe union 45 calculated at the rate of eight per cent of such income-tax: provided that no such surcharge shall be payable by a non-resident  paragraph bin the case of every co-operative society,-ralc~ of income-wx 15 per cent of the lolal income; 50 (1) where ihe total income does not exceed rs 10,000 ai 1,500 pllh 25 per cenl 01 ihe amounl by which ihe lolal ill(:ome exceds rs 1 0000; (2) where the total income exceeds as 10,000 but does not exceed rs 20,000 (3) where the total income exceeds 81 20,000 ~ 4,000 pllu40 per cent of the amount by which the tolal income exceeds rs 20,000  surc,""gt 0" income-faxthl amount of income-tax computed in accordance with the preceding provisions of this paragraph shall, in the ca •• of every pei'ior having a total income exceeding fifty thousand rupees, be increased by a surcharge for purposes of the union calculated at the rate of eight per cent of such income-tax 5  paragraph c sub-paragraph iin the cam of every registered firm not being ii cae to which sub-paragraph ii of this paragraph appiies,-ralls 0/ incomt-lax (1) where the total income does not exceed as 10,000 nil; (2) where the total income exceeds as 10,000 but does not 5 per cent of the amount by which the total income exceeds 10 exceed as 25,000 as 10,000; as 750 plus 7 per cent of the amount by which the total income exceeds as 25,000; (3) where the total income exceeds as 25,000 but does not exceed as 50,000 (4) where the total income exceeds as 50,000 but does not exceed as 1,00,000 as 2,500 plus 15 per cent of the amount by which the total income exceeds as 50,000; 15 (5) where the total income exceeds as 1,00,000 as 10,000 plus 24 per cent of the amount by which the total income exceeds as 1,00,000 the amount of income-tax computed in accordance with the preceding provisions of this sub-paragraph shall, in the case of every person having a total income exceeding fifty thousand rupees, be increased by a surcharge for purposes of the union 20 calculated at the rate of eight per cent of such :ncome·tax  sub-paragraph /i in the case of every registered firm whose total income includes income derived from a profession carried on by it and the income so included is not less than fifty-one per cent of such total income,-ralet 0/ income-lax 25 (1) where 'he total income does not exceed as 10,000 nil; (2) where the total income exceeds as 10,000 but does not exceed as 25,000 4 per cent of the amount by which the total income exceeds as 10,000; (3) where the total income exceeds as 25,000 but does not exceed as 50,000 as 600 pluf 7 per cent of the amount by which the total income exceeds as 25000; 30 (4) where the total income exceeds as 50,000 but does not exceed as 1,00,000 as 2,350 plus 13 per cent of the amount by which the total income exceeds as 50,000; (5) where the total income exceeds as 1,00,000 ~s 8,850 plus 22 per cent of the amount by which the total income exceeds as 1,00,000 surcharge on income-lax 35 the amount 01 income·tax computed in accordance with the ad'    every person h;oving - total income exceeding fifty thousand r~rec ': ~rovlslons of this sub-paragraph shall, in the case 01 calculated at the rate of eight per cent of such'income-tax pees, increased by a surcharge for purposes of the union explanalion~or the purposes of this paragraph, "registered firm" i i d  under clause (b) of section 183 of the income-tax act nc u es an unregistered firm assessed as a registered firm 40  paragraph din the case of every local authority,-rale 0/ income-lax on the whole of the total income so percent surcharge on income-ua the amount of income  ax computed at the rate herei~before ecif'  45 exceeding fifty lhou18nd ruphi, be increased by • 'lufch- sp ied shall, in the case of every person having a total income cent of tuch incometax ,  ~ve for rurposes of the union,cabjtated at the tale of eight per  paragraph ein the case of a company,- rales of income-laxi in the case of a domestic company,-5 (1) where the company is a company in which the public are substantially interested 50 per cent of the total income; (2) where the company is not a company in which the public are substantially interested-(i) in the case of a trading company or an investment company 10 (ii) in any other case | 60      | per                ||---------|--------------------|| income; |                    || 55      |                    || per     | cent of the total || income |                    |ii in the case of a company other than a domestic company,-(i) on so much of the total income as consists of-15 (a) royalties received from government or an indian concern in pursuance of an agreement made by it with the government or the indian concern after the 31 st day of march, 1961 but before the 1 st day of april, 1976, or (b) fees for rendering technical services received from government or an indian concern in pursuance of an agreement made by it with the government or the indian concern after the 29th day of february, 1964 but before the 1st day of april, 1976, and where such agreement has, in either case, been approved by the central government 20 50 per cent; (ii) on the balance, if any, of the total income 65 per cent the amount of income-tax computed in accordance with the provisions of item i of this paragraph shall, in the case of eyery person having a total income exceeding fifty thousand rupees, be increased by a surcharge calculated at the rateot eighi per 25 cent of such income-tax  part ii rates for deducfion of tax at source in certain casesin every case in which under the provisions of sections 193, 194, 194a, 1948, 19488, 1940 and 195 of the income-tax ad, tax is to be deducted at the rates in force, deduction shall be made from the income subject to deduction at the following rates;-30 rate of income-tax --------;;;;;,;,;;;;~~---  ---1 in the case of a person other than a company-(a) where the person is resident in india-1 0 per cent; (i) on income by way of interest other than "interest on securities· 40 per cent; (ii) on income by way of winnings from lotteries and crossword puzzles 40 per cent; (iii) on income by way of winnings from horse races 35 10 per cent; (iv) on income by way of insurance commission 10 per cent; 40 (v) on income by way of interest payable on-(a) any security, other than a tax-free security, of the central or a state government; (b) any debentures or other securities for money issued by or on beh" of any local authority or a corporation established by a central, state or provincial act; (c) any debentures issued by a company where such debentures are listed on a recognised stock exchange in india in accordance with the securities contracts (regulation) act,1956 and any rules made thereunder; (vi) on any other income (excluding interest payable on a tax-free security) 20 per cent; 45 20 per cent; (b) where the person is not resident in india-(i) in the case of a non-resident indian-(a) on investment income and long-term capital gains 15 per cent; (b) on income by way of interest payable on a tax-free security 40 per cent; (c) on income by way of winnings from lotteries and crossword puzzles 50 40 per cent; (d) on income by wlif of winnings from 110  r"" (e) on the whole of other income income-tax at 30 per cent of the amount of income or 5 income-tax in respect of the income at the rats prescribed in sub-paragraph i of paragraph it of part 111 of this schedule, 10 if such incolm had been the total income, whichever is higher; 15 per cent; 15 (ii) in the ca  of any other person-(a) on income by way of interest payable on a tax-free security 40 per cent; (b) on income by way of winnings from lotteries and crossword puzzles 40 per cent; (c) on income by way of winnings from horse races (d) on the whole of the other income income-tax at 30 per cent of the amount of income 20 or income-tax in respect of the income at the rates prescribed in sub-paragraph i of paragraph a of 25 part 111 of this schedule if such income had been the total income, whichever is higher 30 2 in the cae of a company-(a) where the company is a domestic company-20 per cent; (i) on income by way of interest other than "interest on securities· 40 per cent; iii) on income by way of winnings from iotleries and crossword puzzles 40 per cent; (iii) on income by way of winnings from horse races 215 per cent; 35 (iv) on any other income (excluding interest payable on tax-free secur~y) (b) where the company is not a domestic company-| 25                 | per cent:           ||--------------------|----------------------|| (i)                |                      || on                 | income               || by                 |                      || way                | of                   || 40                 | per cent;           || (li)               |                      || on                 | income               || 40 per cent;      |                      || (iii)              |                      || on                 | income               || of                 |                      || winnings           | from                 || 25                 | per cent;           || 40                 |                      || (iv)               | on                   || by                 |                      || way                | of                   || by                 |                      || government         | or                   || borrowed           | or                   || by                 |                      || government         | or                   || 30                 | per cent;           || 45                 |                      || (v)                | on                   || pursuance          |                      || of                 |                      || an                 | agreement            || after the 31st day |                      || of                 | mihch,               || transfer           |                      || of                 | all                  || in                 | a:y                 || book               |                      || on                 | a                    || (1                 |                      || a) of section      | 115a                 || of                 | the income-tax       || act,               |                      || to                 | the                  || (vi)               |                      || on                 | income               || by                 |                      || way                | of royalty [not      || (b)(v»)            |                      || payable            | by                   || made               |                      || by                 |                      || it                 |                      || with               |                      || the                | govemment            || which              |                      || has                | been                 || by                 |                      || 50                 |                      || the                | central government,- || (a)                |                      || where              | the                  || day                | of                   || (b)                |                      || where              | the                  || (vii)              |                      || on                 | income               || by                 |                      || way                | of                   || concem             | in                   || by                 |                      || it                 |                      || with               | the                  || concern            | and                  || by                 |                      || the                | central              || (a)                |                      || where the          | agreement            || the                |                      || 29th               | day                  || of                 |                      || february,          |                      || 1964               | but                  || the 1st day of     |                      || april,             |                      || 1976               |                      |(b) where the agreement is made after the 31st day of march, 1976 30 per cent; (viii) on income by way of interest payable on a tax-free security 44 per celit; (ix) on any other income 65 per cent 5 explanalion-for the purposes of this part, "investment income", "long-term capital gains" and "non-resident indian" shall have the meanings assigned to them in chapter xii-a of the income-tax act the amount of income-tax deducted in accordance with the provisions of-(a) sub-item (a) of item 1 of this part shall be increased by a surcharge for purposes of the union, and (b) sub-item (a) of item 2 of this part shall be increased by a surcharge, 10 calculated at the rate of eight per cent of such income-tax  paat iii rates for calculating or charging income·tax in certain cases, deducting income-tax from income chargeable under tile head  salaries" and compl1i1ng "advance tax"in cases in which income-tax has to be calculated under the first proviso to sub-section (5) of section 132 of the income-tax act 15 or charged under sub-section (4) of section 172 or sub-section (2) of section 174 or section 175 or sub-section (2) of section 176 of the said act or deducted under section 192 of the said act from income chargeable under the head "salaries" or in which the "advance tax" payable under chapter xvii-c of the said act has to be computed at the rate or rates in force, such income-tax or as the case may be, "advance tax" (not being "advance tax" in respect of any income chargeable to tax under chapter xii or chapter xii-a or sub-section (la) of section 161 or section 164 or section 164a or section 1678 of the income-tax act at the rates as 20 specified in that chapter or section or surcharge on such "advance tax" in respect of any income chargeable to tax under section 1158), shall be calculated, charged, deducted or computed at the following rate or rates:-paragraph a sub-paragraph t in the case of every individual or hindu undivided family or unregistered firm or other association of persons or body of 25 individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the income-tax act not being a case to which sub-paragraph ii of this paragraph or any other paragraph of this part applies,- rates of income-tax(1) where the total income does not exceed rs 22,000 nil; 30 (2) where the total income exceeds rs 22,000 but does not 20 per cent of the amount by which the total income exceeds exceed as 30,000 as 22,000; (3) where the total income exceeds as 30,000 but does not as 1,600 plus 30 per cent of the amount by which the total exceed rs 50,000 income exceeds as 30,000; (4) where the total income exceeds rs 50,000 but does not exceed rs 1,00,000 35 (5) where the total income exceeds as 1,00,000 rs 7,600 plus 40 per cent 01 the amount by which the total income exceeds rs 50,000; rs 27,600 plus 50 per cent of the amount by which the total income exceeds as 1,00,000 surcharge on income-tax the amount of income-tax computed in accordance with the preceding provisions of this sub-paragraph shall,-40 (i) in the case of every individual, hindu undivided family or association of persons or body of individuals referred to in ~ections 88 and 88a having a total income exceeding seventy-five thousand rupees, be reduced by the amount of rebate of income· tax calculated under chapter viii-a, and the income- tax as so reduced, (ii) in the case 01 every person, other than those mentioned in item (i), having a total income exceeding seventy-five thousand rupees, 45 be increased by a surcharge for purposes 01 the union calculated at the rate of eight per cent of such income-tax: provided that no such surcharge shall be payable by a non-resident sub-paragraph /i ' , in the case of every hindu undivided family which at any time during the previous year has at least one member whose totallnoome of the previous year relevant to the assessment year commencing on the 1st day of april, 1991 exceeds rs 22,000,-rates of income-lax 50 55 (1) where the total income does not exceed rs 12,000 nil;   (2) where the total income exceeds as 12,000 but does 25 per cent of the amount by which the total income exceeds not exceed rs 20,000 rs 12000;  (3) where the total income exceeds rs 20,000 but does rs 2,000 plus 30 per cent of the amount by which the total not exceed rs 40,000 income exceeds rs 20,000;  (4) where the total income exceeds rs 40,000 but does rs 8,000 plus 40 per cent 01 the amount by which ttle total not exceed as 60,000 income exceeds rs 40,000; 28 as 18,000 plus 50 per cent am the amount by which the total income exceeds rs 60,000; (5)  1he tatiilncome uceeda re 80,000 but doea nat exceed ra 1,00,000 (6) where the total income exceeds rs 1,00,000 as 36,000 plus 55 per cent of the amount by which the total income exceeds rs 1,00,000 surcuuge oil income-lax 5 the amount of income-tax computed in accordance with the preceding provisions of this sub-paragraph shall, in ~he case of wery person having a total income iixceeding seventy-five thousand r",pees, be reduced by the amount of rebate of income-tax calculated under ch~er viii-a and the income-tax as so reduced be increased by a surcharge for purposes of the union calculated at the rate of eight per cent of such income-tax: provided that no mlch surcharge shall be payable by a non-resident 10  paragraph bin the case of every co-operative society,-rales of income-tax rs 1,500 plus 25 per cent of the amount by which the totai' 15 income exceeds rs 10,000; 15 per cent of the total income; (1) where the lotallncome does not exceed rs 10,000 (2) where the total income exceeds as 10,000 but does not exceed rs 20,000 (3) where the total income exceeds as 20,000 rs 4,000 plus 40 per cent of the amount by which the total income exceeds rs 20,000 the amount of income-tax computed in accordance with the preceding provisions of this paragraph shall in the case of every 20 person having a total income exceeding seventy-five thousand rupees be increased by a surcharge for purposes of the union calculated at the rate of eight per cent of such income-tax  paragraph c sub-paragraph iin the case of every registered firm, not being a case to which sub-paragraph ii of this paragraph applies,-25, rates of income-lax (1) where the total income does not exceed rs 15,000 nil; (2) where the total income exceeds rs 15,000 but does not exceed rs 50,000 6 per cent of the amount by which the total income exceeds rs 15,000; (3) where the total income exceeds rs 50,000 but does not exceed rs 1,00,000 rs 2100 plus 12 per cent of the amount by which the total 30 income exceeds rs 50,000; (4) where the total income exceeds rs 1,00,000 rs 8,100 plus 18 per cent of the amount by which the total income exceeds rs 1 ,00,000, the amount of income-tax computed in accord 'th th d' ,  every person having a total inco d' ance wi e prece ing provisions of this sub-paragraph shall, in the case of 35 union calc:ulated at the rate of e~ehtuxcee 109 sfeventy,-five thousand rupees, be increased by a surcharge for purposes of the 19 per cent 0 such income-tax  sub-paragraph ii'" the cue 01 every reglltered firm whose total income includes i d'  '   so included is not less than fifty-one per cent of such total i"com,::e erlved from a profession carned on by it and the income 40 rates of income-lax (1) where the total income does not exceed rs 15,000 nil; (2) where the total income exceeds rs 15,000 but does not exceed rs 50,000 5 per cent of the amount by which the total income exceeds rs15,000; (3) where the total income exceeds rs 50,000 but does not exceed as 1,00,000  ~s 1,750 plus 1<> per cent of the amount by which the total 45 income exceeds rs 50,000; (4) where the total income exceeds rs 1,00,000 ~s 6,750 plus 15 per cent of the amount by which the total income exceeds rs 1,00,000  slu'chdrge 011 incomt-iqthe mount of income-tax computed in accordnce with the preceding ~n of thii sub-paragrllph thall, in the cue of every person having total income exceeding hventy-five thou  nd rupees, be incremd by a surcharge for purpoaea oft" union calculated at the rate of eight per cent of such income-tax  5 explamtlon- for the purpo  of thll p_agraph, "reg  cf firm- indudet , unregiltered firm  ed  a registered firm under clauu (b) of section 183 of the lnoome-tax ltd paragraph din the case of every local authority,-on the whole of the total income 50 per cent 10  surcharge 011 ucome-mthe amount of income-tax computed at the rate hereinbefore specified haii, in the cue of every person having a total income exceeding seventy-five thousand rupees, be increased by a surcharge for purposes of the union calculated al the rate of eight per cent of such income-tax 15 in the case of a company,-paragraph e  rates of illcome-taxi in the case of a domestic company,-(1) where the company is a company in which the public are substantially interested 20 40 par cent of the total income; (2) where the company is not a company in which the public are substantially interested-(i) in the case of a trading company "or an investment company (ii) in any other case 50 per cent of the total income; 45 per c,nt of the total income 25 ii in the case of a company other than a domestic company,-(i) on so much of the total income as consists of-(a) royalties received from government or an indian concern in pursuance of an agreement made by it with the government or the indian concern after the 31st day of march, 30 1961 but before the 1 st day of april, 1976, or (b) fees for rendering technical services received from government or an indian concern in pursuance of an agreement made by it with the govemment or the indian concem after the 29th day of february, 1964 but before the' st day of april, 1976, 50 per cent; and where such agreement has, in either case, been approved by the central government (ii) on the balance, if any, of the total income 65 per cent 35  surcharge 011 income-taxthe amount of income-tax computed in accordance with the provisions of item lof this paragraph shall, in the case of every person having a total income exceeding seventy-five thousand rupees, be increased by a surcharge cak:ulat~ at the rate of eight per cent of such income-tax  partn40  [see section 2 (9) (e)j rules r>r oomptjratlon of net agricul1ljral inoomerule l-agricultural income of the nature referred to in sub-clause (a) of clause (la) of sedion 2 of the income·tax ad shall be computed as if ~ were income chargeable to income-tax under that act under the head -income from other sources· and the provisions of sections 57 to 59 of that act shall, so far as may be, apply accordingly: 45 provided that sub-section (2) of section 58 shall apply subject to the modification that the reference to section 40a therein shall be construed as not including a reference to sub-sections (3) and (4) of section 40a rule 2-agricultural income of the nature referred to in sub-clause (b) or sub-claus (c) of clause (la) of section 2 of the income-tax act [other than income derived from any building required a a dwelling house by the receiver of the rent or revenue or the cultivator or the receiver of rent-in-kind referred to in the said sub-clause (c)) shall be computed as if it were income chargeable to incometlx unci, that ~ under the held -profits and giins of business or profession- and the provisions 0' sections 30 31 32 36,37 38 ~o 40a lothef than sub-mctioos(j)ane:l (4) thereat) 4143 43a, 438 and 43c ~:~ lnc:ome·~ act shall so far as may be apply accordingly rule 3,-agricultural income 0' the nature referred to in sub-clause (e) of clause (la) of netlon 2 6rthe ,income-tax act ,being income derived 'rom any building requinid •• dwiiftghduse bv the receiwr of the 1wit· or revenue or !he c'iditivabr or thencetver of 5 rent-in-kind referred to in the said sub-clause (e) shall be computed as h it were income chargeable tolncome-tax under that act under the head -income from house property- and the provisions of sections 23 to 27 of that act shall so 'ar as may be apply accordingly, rule 4,-notwithstanding anything contained in any other provisions of these rules in a g:uewherethe assen,·dfrives income from sale of tea grown and manufactured by him in india such income shall be computed in accordance with rule 8 of the 10 income-tax rules 1962 and sixty per cent of such income shall be regarded as the agricultural income 0' the assessee rule 5-where the  ess  is a partner of a registered firm or an unregistered firm assessed as a raglstered firm under clause (h) of section 183 of the income-tax act which in the previous year has any agricu~ural income or is a partner of an unregistered firm which has not been assessed as a registered firm under clau,e (b) of the said section 183 and which in the previous year has either no income chargeable to tax under the income-tax act or has total income not exceeding the maximum amount not 15 chargeable to tax in the case of an unregiltered firm 'but has any agricultural income then the agricu~uraj income or loss of the firm shall be computed in accordance with these rules and his share in the agricultural income or loss of the firm shall be computed in the manner laid down in sub-section (/ ) sub-section (2) and sub-section (3)of section 67 of the income-tax act and the share so computed shall be regarded as the agricultural income or loss of the assessee, rult 6,-where the assessee is a member of an association of persons or a body of individuals (other than a hindu undivided 20 family •• company or a firm) which in the previous year has either no income chargeable to tax under the income-tax act or has total income not exceeding the maximum amount not chargeable to tax in the case of an association of persons or a body of individuals (other thall a hindu undivided family a company or a firm) but has any agricu~ural income then the agricultural income or loss of the association or body shall be computed in accordance with these rules and the share of the assessee in the agricu~ural income or loss so computed shah be regarded as the agricultural income or loss of the assessee, 25 rille 7,-where the result of the computation for the previous yesr in respect of any source of agricultural income is a loss such loss shall be set off against the income of the assessee if any for that previous year from any other source of agricultural income: provided that ~here the assessee is a partner,of an unregistered firm which has not been assessed as a registered firm under clause (b) of section 183 of the income-tax act or is a member of an association 0' persons or a body of individuals and the share of 30 the assesse~ in the ~ricultural income of the firm association or body as the case may be is a loss such loss shall not be set off against any income of the asssse from any other source of agricultural income, ruk 8,-any su~ payab~ by the as~essee on account of any tax levied by the state government on the agricultural income shall be deducted in computing the egrtcu~ural income, rule 9,~ j ~ where ~he assessee has in the previous year relevant to the assessment year commencing on the 1 st day of april 35 1990 any agncu~urallncome and the net result of the computation of the agricultural income of the assessee for anyone or more of the prevlo~s years relevant to the assessment years commencing on the 1 st day of april 1982 or the 1 sl day of april 1983 or the 1 sl day of april 1984 ~r the 1 st ,day of april 1985 or :he 151 day of april 1986 or the 151 day of april 1987 or the 1 st day of april 1988 or the 1st day of april 1989 is a loss, then, forthe purposes of sub-section (2) of section 2 of ihis act,-(0 the ~ss so computed lor the previous year relevan~ to the assessment year commencing on the 1 st day of april 1982 to 40 the extent if any such io~s has not been set o~ against the agricultural income for the previous year relevant to the assessment year commencing on the 1 ~t day of april 1983 or the 151 day of april 1984 or the 1 st day of april 1985 or the 1 st day of april 1986 or the 1st day of april 1987 or the 1st dayot april 1988 or the 1st day of april 1989, (ii) the los,s so computed for the previous year rlevan~ to the assessment year commencing on the 1 st day of april 1983 to the extent if any such, loss has not ueen set, off against the agricultural income for the previous year relevant to the 45 af~s~lm~9nt8y7ear co h ~menctd ng on th~ 1 st day of aprh 1984 or the 1 st day of april 1985 or the 1 st day of april 1986 or the 1st day o pn - or test ay of april, 1988 or the 1 st day of april 1989 - t th(jjj) the 10~,s so computed for the previous yur relevant to the assessment year commencing on the 1 st day of april 1984 o e extent i any such, loss has not been set off against the agricultural income for the previous year relevant' to th~ assessment year commenetng on the 1 at day of aprh 1985 or the 1st d f apr'i 1986 of april 1988 or the 1st day of april 1989,' , ay 0 i  or the i st day of april 1987 or the 1 sl day 50 to th~\i~~!:n~~: :y~:~~~s~rh~: ~::v=/::: ~~-:;:~n~t t~ee ass~~~ent ~ear commencing on ,the 1 st day of april 1985 assessment year commencing on the 1 at d f ap'1 1986 th ag u ural income for the previous year relevant to the of april 1989 ay 0 n or e 1 sf day of april 1987 or the 1st day of aprn 1988 or the 1 sl day 55 to thz ~~:;s~ :~~:~a::r ~~: ~:tv= yea; re:vant to tn; asse~sment year commeneing on the 1 st day of april 1986 aasessment year co~mencing on the 1 at day" ~ap0 'j ~g9~~st t he agricultural in~me for the previous year relevant to th~ on or t e 1st day of april 1988 or the 1 at day of april 1989 (vi) the loss so computed tor the previous year relevant to the assessment   : to the extent, if any such loss has not been set off against the a ricultur ~ear commencing on the 1 st day of april 1987 assessment year commencing on the 1st day of april 1988 or the l~t day or~i~~~~~8~r the previous year relevant to ihe (vii) the loss 10 computed for the previous year relevant to the assessment year commencing on the 1 st day of april, 1988, to the extent, h any, such ioss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1 st day of april, 1989, and (viii) the los8 so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 1989, 5 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, 1990 10 (2) where the assessee has, in the previous year relevant to the as  sment year commencing on the 1st day of april, 1991 or; if by virtue of any provision of the income-tax act, income-tax is to be charged in respect of the income of a period other than that previous year, in such other period, any agricultural income and the net result of the computation of the agricultural income of the ass88888 for anyone or more of the previous years relevant to the  ament years commencing on the 1 st day of april, 1983 or the 1 st day of april, 1984 or the 1st day of april, 1985 or the 1st day of april, 1986 or the 1st day of april, 1987 or the 1st day of april, 1988 or the 1 st day of april, 1989 or the 1st day of april, 1990, is a loss, then, for the purposes of sub-section (8) of sadion 2 of this act,-15 (i) 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 not been $et off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of april, 1984 of the 1st day of april, 1 gas or the 1s1 day of april, 1986 or the 1st day of april, 1987 or the 1st day of april, 1988 or the 1st day of april, 1989 or the 1st day of april, 1990, 20 (ii) the loss so computed for the previous year relevant to the assessment yar commencing on the 1 st day of april, 1984, to the extent if any, such loss has not been set off against the agricultural income for the previous year relevaoj to the assessment year commencing on the 1 st day of april, 1985 or the 1st day of april, 1986 or the 1st day of april, 1987 or the 1 sf day of april 1988 or the 1 st day of april, 1989 or the 1 st day of april, 1990, (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1 st day of aprii, 1985, 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 1 st day of april, 1986 or the 1st day of april, 1987 or the 1st day of april, 1988 or the 1st day of april, 1989 or the 1 st day of april, 1990, 25 (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1 st day of april, 1986, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1 st day of april, 1987 or the 1st day 01 april 1988 or the 1st day of april, 1989 or the 1st day of april, 1990, 30 (v) the loss so computed for the previous year relevant to the assessment year commencing on the 1 st day of april, 1987, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1 st day of april 1988 or the 1st day of april, 1989 or the 1st day of april, 1990, (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day 01 april, 1988, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the 35 assessment year commencing on the 1 st day of april, 1989 or the 1st day of april, 1990, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 1989, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1 st day of april, 1990, and 40 (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1 $i day of april, 1990, shall be set off against the agricultural income of the assessee lor the previous year relevant to the assessment year commencing on the 1st day of april, 1991 (3) where a change has occurred in the constitution of a firm, nothing in sub-rule ( j ) or sub-rule (2) shall entitle the firm to set off so much 01 the loss proportionate to the share of a retired or deceased partner computed in the manner laid down in sub-45 section (1), sub-section (2) and sub-section (3) of section 67 of the income-tax act as exceeds his share 01 profits, if any, 01 the previous year in the firm, 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 source has been succeeded in such capacity by another person otherwise than by inheritance, nothing in sub-rule (j) or sub-rule (2) shall entitle any person, other than the person 50 incurring the loss, to have it set off under sub-rule (j) or, as the case may be, sub-rule (2) 14 of 1!182 (5) notwithstanding anything contained in this rule, no loss which has not been determined by the assessing officer 11 of 1983 under the provisions of these rules or the rules contained in part iv of the first schedule to the finance act, 1982, or of the ~;: ::: first schedule to the finance act, 1983, or 01 the first schedule to the finance act1984, or of the first schedule to the 23 of 11188 finance act, 1985, or of the first schedule to the finance ~, 1986, or of the first schedule to the finance act, 1987, or 01 55 11 of ld87 the first schedule to the finance act, 1988, or of the first schedule to the finance act, 1989, shall be set off under sub· :ie of 1 1188 1301 1l18li rule (1) or, as the case may be, sub-rule (2)  rule jo-where the net resu~ of the computation made in accordance with these rules is a loss, the loss so computed shall be ignored and the net agricultural income shall be deemed to be nil rule j j  -the provisions of the income-tax act relating to procedure for assessment (including the provisions of section 288a 60 relating to rounding off of income) shall, with the necessary modifications, apply in relation to the computation of the net agricultural income of the assessee as they apply in relation to the assessment of the total income rule l2-for the purposes of computing the net agricuhural income of the assessee, the assessing officer shall have the same powers as he has under the income-tax act for the purposes of assessment of the total income  (set> section 61 )in the first schedule to the customs tariff ad,-(1) in chapter 26, in sub-heading nq 262030, for the entry in column (4), the entry -150%- shall be substituted; (2) in chapter 29, in sub-heading no 292511, for the entry in column (4), the entry -100% plus as 25 per kg- shall be 5 substituted; (3) in chapter 85, in sub-heading no 851110, for the entry in column (4), the entry -100% plus rs 10 per piece- shall be substituted; (4) in chapter 96, in sub-heading nos 960711 and 960719, forth entry in column (4), the entry -1so%plusrs 5 per metreshall be substituted 10  part iin the schedule to the central excih tariff na-5 (1) in chapter 4, in lub-headlng no 040113, for the entry in column (3) the entry ·-miik powder, ott than powder apeciaily prepared for feeding infantl, put up in un coiuinera and ordlnarly irtencled for  ihiiii be lubitiumd; (2) in chapter 9, in iub-headlng nos 010120 and 010180 for the entry in column (4), the entry·''''·''''' be lubltituted; (3) in chapter 11, in sib-heading nos 110200 and 110400, for the entry in ooiumn (4), the entry ·15"'· shall be substituted; 10 (4) in chapter 13, in sub-heading no 130190 for the entry in column (4), the entry ·'5"'· lhalj be lubltltuted; (5) in chapter 14 in sub-heading no 140100 for the entry in column (4) the entry ·'5"'· ahalj be aubllluted; (6) in chapter 15, in lub-heading nos 150100, 150500 and 150700, lor the entry in column (4) the entry ·'5"'" ahall be substituted; (7) in chapter 17, in sub-heading nos 170190, 170229, 170230 and 170490, for the entry in column (4) the entry , 0% ihall 15 be substituted; (8)in chapter 18,lnsub-heading nos 180100, 180200, 180300 and 180400, for the entry in column (4), the entry "15%"shall be substituted; (9) in chapter 21 ,-(8) in sub-heading nos 210130, 210210 and 210290, for the entry in column (4), the entry "15"'· ahah be subetltuted; 20 (b) in sub-heading no 210500, for the entry in column (4), the entry "15% piu as 2 per lit,· shell be lubetltutad; (e) in heading no 2106, in column (3), for the entry "-containing lime or katha (cat«:hu)or both, whether or not containing tobacco:", the entry "-containing lime, katha (clllechu) or tobacco or anyone or more of theae ingredients:" shall be substituted; 25 (d) in sub-heading nos 210611 and 210690, for the entry in column (4), the entry "40% piu ri 50 per kilogram" ahall be substituted : (10) in chapter 22, in sub-heading no 220300, for the entry in column (4), the entry "15%" ihall be substituted; (11) in chapter 23, in sub-heading no 230100, lor the entry in column (4), the entry "nir shall be substituted; (12) in chapter 24,-30 (8) in sub-heading nos 240311,240312,240321 and 240322, for the entry in column (4), the entry "ri 500 per thousand or 3000/0 plus rs 20 per thousand, whichever is higher" shall be substituted; (b) in sub-heading nos !40460 and 240490, for the entry in column (4), the entry "15%" shah be substituted; (13) in chapter 25,-fa) for note 2, the following note shall be substituted, namely :-35 "2 except where their context otherwise requires, heading nos 2501, 2503 and 2585 cover only products which have been washed (even with chemical substances, eliminating the impurities without changing the structu, of the product), crushed, ground powdered,levigated sifted, screened orconcentrated by flotation, mlgnetic uparalion or other mechanical or physical processes (except crystallisation), but not products that have been roasted, calcined, obtained by mixing or subjected to processing beyond that mentioned in each heading or sub-heading" (b) in sub-heading nos 250210, 250230 and 250490, for the entry in column (4), the entry "10%· shall be substituted; 40 (14) in chapter 26, in sub-heading nos 260100, 260200, 260300, 260400, 260500, 260600, 260700, 260800, 260900( 261000,261100,261200,261300,261400,261500, 261600, 261700, 261800, 261900, 262000 and 262100, forthe ently in column (4), the entry -10%" shall be substituted; (15) in chapter 28,-(a) in sub-heading no 281500, for the entry in column (4), the entry "15% plus ri1,ooo per tonne" shall be substituted; 45 (b) in sub-heading no 281810, for the entry in column (4), the entry· 10%" shall be aubetituted; (16)in chapter 29, in sub-heading nos 291710 and 291720, forthentry in column (4) the entry "15% piu rs 5 perkuogram" shall be substituted; (17) in chapter 30, in sub-heading no 300100, for the entry in oolumn (4), the entry "15%" shall be substituted; (18) in chipiir 34, in ,ub-hmd1ng no 340280, for the entry in column (4), the entry "25'" piw ai 2,000 per tame-"'" be 1ubitiiuted; (18) in cmfur 40,-(a) in note 9,-(i) after the word iild figu  -and 4008:, the wordi·except  otherwise 'provided: ahah be inmrted: (i/)the following paragraph shall be in  rted at the end, namely:-'sub-helldlng no 40082i hah allo apply to "plat •• , ·h  - and ·strlps·, whether or not cut to "',e, and 1urtdeworked or further worked 10  to render them fit for r8loiing or repairing or re-treading of rubber tyrei '; (b) in lb-hellding no 401120, for the entry in column (4), the entry ·ai 35 per tyre· 'hall be 1ubitftuted; (e)ln lb-helldlng no 401150, for the entry in column (4), the entry "as 2,600 per iyr· shah belubltltuted; (d) in aub-huding no 401191, for the entry in column (4), the entry "60% shall be substituted; (e) in lub-hnd,g no 401188, for the entry in qoiumn (4), the entry "30% shall be aubltituted; (f) in sub-heading no 401219, for the entry in column (4), the entry -as 23 per flap- shall be aubltltuted; (20) in chapter 41, in ~ub-heading no 410100, for the entry in column (4), the entry ·10%· shan be 1ubetiiuted; (21) in chapter42,1n su~heading no 429190, for the entry in column (4), the entry ·15"'· shah be subttltuted; 15 (22) in chapter 43, in ub-headlng no 430100, for the entry in column (4), the entry -15%· shall be substituted;  (23) in chapter 44,-(i) ~ld 5 and 6 shall be renumbered as nold 6 and 7 respectively and before note 6 as 10 renumbered, the following note shall be in  rted, namely:-'5 for the purposes of heading no 4408, the expression -similar laminated wood- includes biockboard,lamlnboard and 20 battenboard, in which the core is thick and composed of blocks, laths or battens of wood glued together and iurfllced with the outer plies and also panels in which the wooden core is replaced by other materials such as a layer or layera of particle bow, fibre board, wood waste glued together, asbestos or cork'; (b)inaub-headlng nos 4-40100,440200, 440300, 440400, 440500 and 441 090, for the entry in c:clumn (4~, the entry ·15"'" shall be substituted; 25 (24) in chapter 46, in sub-heading no 460100, for the entry in column (4), the entry -10%- shall be iubstltuted; (25) in chapter 47, in sub-heading no 470100 for the entry in column (4), the entry -10%· shall be iubstituted;  (26) in chapter 48,-(a) notes 8, 9 and 10 shall be renumbered as notes 9, 10 and 11 respectively and before note 9 as 10 renumbered, the foliowing note shall be inserted, namely:-30 '8 for the purposes m heading no 4814, the expression ·wallpaper and similar wall coverings" applies only to: (i) paper in rolls, of a width of not less than 45 ems and not more than 160 ems, suitable for wall or ceiling decoration: (i) grained, embossed, surface-coioured, deslgn-printed or otherwise surface-demrated (ig, with textile flock), whether or not coated or covered with transparent protective plastics; 35 (ii) with an uneven surface resulting from the incorporation of particles of wood, straw, etc; (iii) coated or covered on the face side with plastics, the layer of plastics being grained ambo  ed coloured designprinted or otherwise decorated; or ' , , (iv)covered on the ftlce side with plaiting material, whether or not bound together in parallel it rands or woven; (b) borde, and friezes, of paper, treated as above, whether or not in rolls, suitable for wall or calhng d8cot'lltlon; 40 (e) wall coverings of paper made up of several panels,in rolls or sh  ts, printed 10 as to make up alo8ne design or motif when applied to a wall -  products on a base ~ paper or paperboard suitable for use both as floor coverings and as wall coverings,  to be claulfled in helldlng no 4815; (b) in sub-heading no 481500, for the entry in column (4), the entry "30%- shall be substituted; 4s (e)in lub-heading noa4b1700, 481800, 481990, 482000, 482100and 482200 for the entry in column (4) th  "'15-x shall be substituted; "  , (27) in chapter 49, in sub-heading no 490110, for the entry in column (4), the entry "15%· shall be substituted; =~~hapter 53, in su~headlng nos 530220 and 530629, for the entry in column (4), the entry ·rs 700 per ionne· shal be j:::~~hapter 58, in sub-heading no 560719, for the entry in column (4), the ,entry ·as 700 par tonne- nil be (30) in chi!ptr 57 in ub-h - tlng no 570220 for the ntry in column (4) the ntly -at 700 per tonne- ihiii be ubetltutt; (31) in cmpter 59-(a) in note 2 in claum (q the warda "bv dot printing proceu- hah be omitted; 5 (b) notes4 5 and 6ahan be renumbered  notes5 6 and 7 respectively and before note 5  10 r  umbered the folowlng nate shall be inserted namely:-'4 forthe purpoe of heading no 5904 the xpr  lon 'xtue wall coverings-appiie1o products in rolla of a width of not le  than45cm ••• ultableforwajlorcelllngdecortlonconlatlngofatxtlleurf-=ewhlchhasbeenfixedontcklngorhai been trated on the back (impregnated or coaled to permit paatlng) 10 this heading does not howeverlipf)iyto wallcoveringa consisting of textile flock or duslflxed directly on abllcking of paper (heading no 4814)'; (e) in ub-heading nos 590319 590329 and 590399 for the ntly in column (4) the entry "30% plus ri15 per aquif'l mtre plus the duty for the time being leviable on base fabricl if not already paid- ha11 be lubatltuted; (32) in chapter 64 in (lub-headlng nos 640119 and 640199, for the entry in column (4) the entry -'0%- hah be 15 ubstltuted; (33) in chapter 65, in ub-headlng nos 650180 and 650190 for the entry in column (4), the entry -10%- hall be ubstituted; (34) in chapter 66, in sub-headlng no 660200, for the entry in column (4) the entry -10%- hail be ubstituted; (35) in chapter 67, in ub-headlng nos 670100 and 670200, for the entry in column (4), the entry -10%- shah be 20 substituted; (36) in chapter 68,-(a) in ub-heading no 680190, for the entry in column (4), the entry -15%-ahall be ubstltuted; (b) in sub-heading no 680700, for the entry in column (4), the entry -30%- hall be substituted; (37) in chapter 70, in sub-heading no 700900, for the ntry in column (4), the ntly -10%- shall be ubstltuted; 25 (38) in chapter 71, in sub-heading nos 710139, 710140, 710160, 710170 710180 and 710190, for the entry in column (4), the entry -15%- shall be substituted; (39) in chapter 72,-(a) in sub-heading nos 720100, 720300 and 720410, for the entry in column (4), the entry -as 400 per tonne- hah be substituted; 30 (b) in sub-heading no 720420, for the entry in column (4), the entry "r • 2,000 per tonne- hah be ubstltuted; (e) in sub-heading nos720510 and 720610, for the entry in column (4), the entry "as 400 per tonne- shall be substituted; (40) in chapter 73-(a) in sub-heading nos 730300 and 730410, for the entry in column (4) the entry "as 400 per tonne- shall be 36 substituted; (b) in sub-heading no 730490, for the entry in column (4), the entry "as 3,000 per ionne- shah be substituted; (e) in sub-heading no 730510, for the entry in column (4), the entry "as 400 per tonne- ahall be substituted; (d) in sub-heading no 730590, for the entry in column (4), the entry "as 3,000 per ionne- hah be ubstituted; (e) in sub-heading no 730610, for the entry in column (4) the entry "a • 400 per tonne- ahall be ubstluted; 40 (f)in sub-heading no 730690, for the entry in column (4), the ntly "as 3,000 per tonne-ihall be substituted; (g) in ub-heading no • 732110 and 732120, for the entry in column (4), the entry "25""- hah be substituted; (h) in ub-heading no 732510, for the ntry in column (4), the ntry "a • 400 per tonne- shall be substituted; (41) in chapter 78,-(a) in sub-heading nos 780110, 780190 and 780200 for the entry in column (4), th •• ntry "as 4000 per tonne- shall be 45 ubstltuted; (b) in sub-heading no 780310, for the entry in column (4) the ntry -ai 5,000 per tonne- hah be tubstltuted; (e) in ub-heading no 780321 for the entry in column (4), the entry "20%- thall be iubstltutad; (d) in ub-heading no 780329, for the entry in column (4), the entry "rs 5,000 per tonne- shall be substituted; (e) in ub-hadlng no 780330, for the entry in column (4), the ntry "as 4,000 per tonn- han be tubltituted; 50 (f) in ub-heading no 780410, for the entry in column (4), the entry '''as 5,000 per tonne- shall be subetltuted; (g) in sub-heading nos 780420, 780510, 780520 and 780600 for th entry in column (4), the entry ~-ahall be substituted; (fi) in chipeir 78,-_ (~in iub-huding hm 710310 ind 790380, for the entry in column (4), the entry "20% lhall be aublllluiid; (b) in lub-hhdlng b 790421 ind 790610, for the entry in column (4), the entry "30%- shall be  j (e)ln tlb-headlng b 790620, 790710 and 790780, for the entry in column (4), the entry "2o%-lmiibt aubetltuted; 5 (43) in cmpter as,-(a) in iub-heedlng no 852100, for the entry in column (4), the entry -40%- shall be 1ubstituted; (b) in iub-heedlng no 854300, for the entry in column (4) the entry "25"'- thai be aubltltuted; (u) in chapter 87-(a)1n iub-tdlng no 870300 for the entry in column (4) the entry -4o%-a be 1ubstituted; 10 (b) in lib-heeding not 870820 and 870640, for the entry in column (4) the entry "25% plu ai 8000 per chulil-ihall be tubduted; (e) in lub-headlng no 870830 for the entry in column (4) the entry -40%- shall be substituted; and (45) in chapter 96, in sub-heading no 961700, for the entry in column (4), the entry -10%- thaa be lubitituteci  part ii| heading     | sub-   ||-------------|--------|| rate        |        || of          |        || 15          |        || no         |        || heading     |        || description |        || of          | goods  || duty        |        || no         |        || (1)         |        || (2)         |        || (3)         |        || (4)         |        | in the schedule to the central excise tariff ad-(1) in chapter 22, aher heading no 2203 and the enkies reiating thereto, the following shall be inserted, namely:-20 | "2204    | 220400    | ethyl                        | alcohol    | of any strength whether denatured or not but not    ||-----------|------------|------------------------------|------------|------------------------------------------------------|| ri 8     |            |                              |            |                                                      || per       |            |                              |            |                                                      || including | alcoholic  | liquor for human consumption | ::         | ;:_                                                  || oenlllge  |            |                              |            |                                                      || point     |            |                              |            |                                                      || ilr8ngth  |            |                              |            |                                                      || of        |            |                              |            |                                                      || 25        |            |                              |            |                                                      || alcohol"; |            |                              |            |                                                      |(2) in chapter 25, for heading no 2505 and the entries relating thereto the following shall be substituted namely:-30 "2505 mineral substances not elsewhere specified (including clay, earth colours, natural abrasives, sulphurs slate and stone), lime; plasters with a basis of calcium sulphate, whether or not coloured, but not including plasters specially prepared for use in dentistry 250510 -kaolin and other kaolinic clays, whether or not calcined; other clays, andalusite, kyanite and 15% sihlmanit, whether or not calcined; mulilte; chamotte or dinas earths 35 250520 -natural barium lulphate (barytes); natural barium carbonate (witherite), whether or not calcined, other than barium oxide of heading no 2816 15% 250530 -silicious fossil meals and similar silicious earths whether or not calcined 01 an apparent specific 15% gravity of 1 or less 250540 -dolomite, whether or not calcined; natural magnesium carbonate (magnesite); fused magnesia; 15% dead burned (iintered) magnesia, whether or not containing small quantities of other oxides added before sinterlng; other magnesium oxide whether or not pure 40 250550 -gypsum; anhydrite; plasters (consisting of calcined gypsum or calcium sulphate) whether or not 15% coloured with or without small quantities of accelerators or retarders 250560 -quick lime, slaked lime and hydraulic hme other than calcium oxide and hydroxide of heading no 15% 2825 250570 onllural boratel and concentrates thereof (whether or not calcined) but not including bor 15% 45 separated from natural brine; natural boric acid containing not more than 85% of h3 803 calculated on the dry weight; arth colours, strontianite (whethtlr or not calcined) other than strontium ox~ - 250580 ()ther 15%-; (1) (2) (3) (4) (3) in chapter 40, after sub-heading no 401170 and the entries relating thereto the following shall be inserted, namely:--401180 -of a kind used on animal drawn vehicles or hand carts, bearing prominent markings oftheletter8 60%-; advthereon 5 (4) in chapter 52,-(a)for heading no 5203 and the entries relating thereto, the following shall be substituted, namely:-"5203 520300 cotton yarn including sewing thread, not containing syn11ietic staple 20,,, fibres count per kiogmm-; (b) for heading nos 5206, 5207, 5208, 5209, 5210 and 5211 and the entries relating thereto, the following shall be 10 substituted, namely:-"5206 520600 20% conon fabrics (excluding fabrics covered under heading nos 5209, 5210 and 5211),-(a) woven on looms other than handlooms, and 15 (b) subjected to the process of bleaching, mercer ising, dyeing, printing, water-proofing, shrink-proofing, organdie processing or any other process or any two or more of these processes with the aid of power or steam 20% 5207 520700 cotton fabrics (excluding fabrics covered under heading nos 5209, 521 0 and 5211 ),-(a) woven on looms other than handlooms, and 20 (b) subjected to the process of bleaching, mercerising, dyeing, printing, water-proofing, shrink-proofing, organ die processing or any other process or any two or more of these processes without the aid of power or steam 20% 25 5208 520800 cotton fabrics (excluding fabrics covered under heading nos 5209, 5210, 5211 and 5212),-(a) woven on handlooms, and 30 (b) subjected to the process of bleaching, mercerising, dyeing, printing, water-proofing, shrink-proofing, organdie processing or any other process or any 1wo or more of these processes 20% cotton fabrics,-5209 520900 (a) woven, 35 (b) subjected to the process of bleaching, mercer ising, dyeing, printing, water-proofing, shrink-proofing, organdie processing or any other process or any two or more of these processes, (e) containing (i) cotton, and (ii) polyester staple fibre or polyester filament yarn or both (but not containing any other textile material) and 40 (t!) in which the proportion of polyester staple fibre or filament yarn or both is more than 040% by weight of the total fibre content 20% conon fabrics,-5210 521000 (a) woven, tb) subjected to the process of bleaching, mercerising, dyeing printing, water-proofing, shrink-proofing, organdie processing or any 45 other process or any two or more of these processes, (e) containing (i) cotton, (h}polyester staple fibre, and (iii) ramie or any one or moreartificial"staple fibres (not containing any other textile material), and (d) in which the proport1on of pol vester staple fibre is more than 40% 50 by weight of the total fibre content | 5211                                                     | 521100    | cotton    | fabrtcs,-   ||-----------------------------------------------------------|------------|-----------|-------------|| 20%-;                                                     |            |           |             || r-j                                                       |            |           |             || woven,                                                    |            |           |             || tb)                                                       |            |           |             || subjected                                                 | to         | the       | process     || bleaching,                                                |            |           |             || mercerising                                              | dyeing,    | printing, |             || water-proofing,shrnc-paoofing,oaganoepaocessingoranyother |            |           |             || 55                                                        |            |           |             || process                                                   |            |           |             || or                                                        | any        | two       |             || or                                                        | more       | of        | these       |(4) (3) (1) (2) (e) containing (~cotton, and (ii) pol vester staple fibre, and (d) of value exceeding rupees twenty·five per square metre 5 (s) in chapter 54,-(a}for heading nos 5402 5403 and 5404 and the entries relating thereto, the following shall be substituted, namely:-'m02 &40200 synthetic filament yarn and sewing thread including synthetic ~per monofilament of less than 60 deniers, not textured -wo-" 5403 540300 synthetic filamentyarn,including synthetic monofilament of less than 80 ai 100 per deniers, textured idiagrwn 10 5404 artificial filament yarn and sewing thread, including artificial ri 25 per monofilament of less than 80 oeniers, not textured 1ciiagrmi"; (b) for heeding nos 5408, 5410, 5411 and 5412 and the entries relating thereto, the following shall be substituted, name!y:-"5408 5010900 fabrics of man·made filament yarn (including fabrics obtained from 20% materials of heading nos 5406 and 5407 but excluding fabrics covered under heading no 5412)-15 (a) woven on looms other than handlooms and (b) suijected to the process of bleaching dyeing printing shrink· proofing tentering heat -setting crease resistant processing or any other process or any two or more of these processes with the aid of power or steam 20 5410 541000 fabrics of man-made filament yarn (including fabrics obtained from 20% materials of heading nos 5406 and 5407 but excluding fabrics covered under heading no 5412)-(a) woven on looms other than handlooms and (b) subjected to the process of bleaching dyeing, printing shrink· 2s proofing tentering heat -setting crease resistant processing or any other process or any two or more of these processes without the aid of power or steam 5411 541100 fabrics of man-made filament yarn (including fabrics obtained from 20% materials of heading nos 5406 and 5407 but excluding fabrics covered 30 under heading no 5412)-(a) woven on handlooms and 35 (b) subjected to the process of bleaching dyeing printing shrink proofing tentering heat-setting crease resistant processing or any other process or any two or more of these processes 5412 541200 fabrics of polyester filamentyarn-(~ woven (b) subjected to the process of bleaching dyeing printing shrink proofing tentering heat·setting crease resistant processing or any other process or ahy two or more of these processes (e) containing (i) cotton, and (ii) polyester staple fibre (not containing ahy other textle material) and (d) in which the proportion ofpolvester staple fibre and yarn is less than 7cw by weight of the total rare content  (f) in chipier 55,-(e)for heading no 55051ftd the  relating  0 the following shah be aubltitutd, namely:-(1) (2) (3) (4) (b) for hedlng nos 5508,5509, 5510 5511 and 5512 and the entries relating ther8to, the following shall be substituted namely:-"5508 550800 fabrics of man·made staple fibres (excluding fabrics covered under 20% 5 heading nos 5511 and 5512)-(ii) woven on looms other than handlooms and 10 (b) subjected to the process of bleaching, dyeing printing shrink· proofing, tentering heat -setting crease resistant processing or any other process or any two or more of these processes with the aid of power or steam 5509 550900 fabrics of man·made staple fibres (excluding fabrics covered under 20% heading nos 5511 and 5512),-(a) woven on looms other than handlooms and 15 (b) subjected to the process of bleaching, dyeing printing shrink· proofing tenter lng, heat -setting crease resistant processing or any other process or any two or more of these processes without the aid of power or steam 5510 551000 fabrics of man-made staple fibres (excluding fabrics covered under 20% heading nos 5511 and 5512),-(a) woven on handlooms, and 20 (b) subjected to the process of bleaching, dyeing printing shrink· proofing, tenter lng, heat·setting, crease resistant processing or any other process or any two or more of these processes 5511 551100 fabrics of polyester staple fibre-20% (a) woven, 25 (b) subjected to the process of bleaching dyeing printing, shrink· proofing, tentering heat -setting crease resistant processing or any other process or any two or more of these processes (e) containing cotton (not containing any other textile material), and 30 (d) in which the proportion of polyester staple fibre is less than 70% by weight of the total fibre content 5512 551200 fabrics of man· made staple fibres,-20%"; (a) woven 35 (b) subjected to the process of bleaching dyeing printing shrink· proofing, tentering heat -setting crease resistant processing or any other process or any two or more of these processes (e) containing (i) polyester staple fibre;and (iij any one or more of the following fibres namely cotton ramie and artificial staple fibres (not containing any other textle material) and (d) in which the proportion of pol vester staple fibre is more than 40% but less than 70% by weight of the total fibre content (7) in chllpler 59, for heading no 5904 and the entries relating thereto the following shall be ubstltuted namely:- 4s"5904 linoleum whether or not cut to shape; floor coverings consisting of a coating or covering applied on a textile backing whether or not cut to shape; textile wall coverings 590410 ·linoieum 590420 - t ixtlle wan covlrlngs | 10%     | ,,    ||---------|--------|| ai     | 2,850  || par     |        || lome    |        || 30%"   |        || 590490 |        || -other  |        | (s mciion ea) part i in the ai'it schedule to the acidiiiomi nits ci excim ad,-(1)ln iub-hndlng nos 240311 md 240321,tot' the tniry in column (4),the entry"rs 300 perthouland,or175% piui 5 ra 12 per thousand, wtllchtver ii ~ smii be subltltultd; (2)in hhdlng no 5108, in column (3), for the words -woven fabrlcsofwool-, thtworda tncic8taandflgur  "woven fabrics of wool (excluding hair bel 11ng, blankets and fabrics of width not exceeding 15 cms)- shah be subltituled; 10 (3) in heading no 5107,-(a) in column (3), fot' the words -woven fabrics of wool-, the words, brackets and figures -woven fabrics of wool (excluding hair belting, blankets and fabrics of width not exceeding 15 cms, shall be substituted; (b) sub-headlng no 510710 and the entries relating thereto shah be omlntd; (4) in sub-heading nos 580319 and 580329, for the entry in column (4), the entry "5% plus as 3 per iquare metre plus the 15 duty tor the time being leviable on bast fabrics, h not already paid-shall be subltltuted; (5) heading no 5905 and the entries relating thereto shall be omitted  part \i| heading     | sub-    | rate    ||-------------|---------|---------|| of          |         |         || no         | heading |         || description | of      | goods   || additional  | 20      |         || no         |         |         || duty        |         |         || (1)         | (2)     |         || (3)         |         |         || (4)         |         |         |in the first schedule to the additional dutie, of excise nj,-(a) for heading nos 5208, 5207, £208, 6209, 5210 and 5211 and the entries relating themo, the following shall be substitutad, namely:-25 -5206 520600 cotton fabrics (excluding fabrics covered under heading nos 5209, 20% paj 5210 and 5211 ),-ri 5 per square metre (a) woven on looms other than handlooms, and 30 (b) subjected to the process of bleaching, mercerising, dyeing, printing, water-pr()()i:ing shrink-proofing organoie processing or any other process or any two or more of these processes with the aid of power or steam 5207 520700 35 cotton fabrics (excluding fabrics covered under heading nos5209, 5210 20% " and 5211 )-ri 5 per square metre (a) woven on looms other than handlooms, and 40 (b) subjected to the process of bleaching, mercerising, dyeing, printing, water·proofing, shrink-proofing organdie processing or any other process or any two or more of these processes without the aid of power or steam 5208 520800 cott~'fabrics(excluding fabrics covered under heading nos 5209 5210 20% pail 5211 and 5212)-  ,  'ri 5 per (a) woven on handlooms, and square meire (b) subjected to the process of bleaching, mercerising, dyeing, printing water·proofing shrink-proofing, organoie processing or nly other process or any 1wo or more of these processes (4) (3) (2) (1 ) cotton fabrics-520900 5209 (a) woven 20% piu as 5 per iqu8i'8 men s (b) subjected to the process of bleaching mercerising dyeing printing water-proofing shrink-proofing organdie processing or any other process or any two or more of these processes (e) containing (i) cotton, and (ii) polyester staple fibre or polyester filament yarn or both (but not containing any other textile material) and 10 (ei) in which the proportion of polyester staple fibre or filament yarn or both is more than 40% by weight of the total fibre content cotton fabrics-521000 5210 20% piui assl' aquantmen (a) woven 15 (b) subjected to the process of bleaching mercerising dyeing printing water-proofing shrink-proofing organ die processing or any other process or any two or more of these processes (e) containing (i) cotton (ii) polyester staple fibre, and(ih)ramteoranyone or more artificial staple fibres (not containing any other textile material), and 20 (d) in which the proportion of polyester staple fibre is more than 40% by weight of the total fibre content cotton fabrics,-5211 521100 (a) woven, 20% piu ri5per square maint-: 25 (b) subjected to the process of bleaching, mercerising dyeing printing water-proofing, shrink-proofing, organ die processing or any other process or any two or more of these processes (e) containing (i) cotton and (ii) polyester staple fibre and (d) of value exceeding rupees twenty-five per square metre (b) for heading no 5409 and the entries relating thereto the following shall be substituted namely:-|           |           |          |          |      |            |         | 30 "5409    | 540900    ||-----------|-----------|----------|----------|------|------------|---------|--------------|------------|| fabrics   | of        | man-made | filament | yarn | (including | fabrics | obtained     | from       || 20%       |           |          |          |      |            |         |              |            || piu      |           |          |          |      |            |         |              |            || materials | of        | heading  | nos     |      |            |         |              |            || 5406     |           |          |          |      |            |         |              |            || and       |           |          |          |      |            |         |              |            || 5407     |           |          |          |      |            |         |              |            || but       | excluding | fabrics  | covered  |      |            |         |              |            || ri5per   |           |          |          |      |            |         |              |            || under     | heading   | no      |          |      |            |         |              |            || 5412),-  |           |          |          |      |            |         |              |            || ~         |           |          |          |      |            |         |              |            || (a)       |           |          |          |      |            |         |              |            || woven     | on        | looms    | other    | than | handlooms, | and     |              |            || 35        |           |          |          |      |            |         |              |            |(b) subjected to the process of bleaching, dyeing, printing shrink-proofing, tentering heat-setting crease resistant processing or any other process or any two or more of these processes with the aid of power or steam (e) for headinq no 5412 and the entries relatinq thereto the followlnr shall be substituted namely:-|         |    |           | "5412    | 541200    ||---------|----|-----------|-----------|------------|| fabrics | of | polyester | filament  | yarn-     || 4{)     |    |           |           |            || (a)     |    |           |           |            || woven  |    |           |           |            || 20%     |    |           |           |            || piu    |    |           |           |            || ri5per |    |           |           |            || square  |    |           |           |            || mair8"' |    |           |           |            |(b) subjected to the process of bleaching dyeing printing shrink-proofingtentering heat-setting crease resistant processing or any other process or any two or more of these processes 45 (e) containing (i) cotton and (ii) polyester staple fibre (not containing any other textile material) and (d) in which the proportion of pol yesterstaple fibre and yarn is less than 70"10 by weight of the total fibre content (d) for heading no 5508 and the entries relating thereto the following shah be substituted namely:-"5508 550800 fabrics of man-made staple fibres (excluding fabrics covered under ~5 =-50 heading nos 5511 and 5512),-~ l1'iiiireo• (a) woven on looms other than handlooms and (b) subjected to the process of bleaching dyeing printing shrink-proofing stentering heat-setting crease resistant processing or any other process or any two or more of these processes with the aid of power or steam (1) (2) (3) (4) (e)tor heading nol 5511 and 5512 and the entries relating thereto, the following shall be substituted, namely:- "&611 551100 fabrics of polyester staple fibre,- ~ ~(a) woven, ~, men 5 (b) subjected to the process of bleaching, dyeing, printing, shrink· proofing, tenter lng, heat·setting, crease resistant processing or any other process or any two or more of these processes, (e) containing cotton (not containing any other textile material), and (d) in which the proportion of polyester staple fibre is less than 70% by weight of the total fibre content 10  5512 551200 fabrics of man·made staple fibres,-(a) woven, | 20%     ||---------|| ri5per || squn    || nae"o   |(b) subjected to the process of bleaching, dyeing, printing, shrink proofing, tentering, heat·setting, crease resistant processing or any other process or any two or more of these processes, 15 (e) containing (i) polyester staple fibre, and (ii) any one or more of the following fibres, namely, cotton, ramie and artificial staple fibres (not containing any other textile material), and (d) in which the proportion of polyester staple fibre is more than 40% but less than 70% by weight of the total fibre content 20  statement of objects and reasonsthe object of the bill is to give effect to the financial proposals of the central govemment for the financial year 1990-91 the notes on clauses explain the various provisions contained in the bill maohu oanoavate newoelhi; the 19th march, 1990  president's recommendation under articles 117 and 274 of the constitution of india[copy of letter no f3 (1)-b (0) 190, dated the 19th march,1990 from prof madhu oandavate, minister of finance, to the secretary-general, lok sabhaj the president, having been informed of the subject matter of the proposed bill, recommends under clause (1) of article 117, read with clause (1) of article 274, of the constitution of india, the introduction of the finance bill, 1990, to the loksabha 2 the bill will be introduced in the lok sabha immediately after the presentation of the budget on the 19th march, 1990 claus 2, read with the first schedule to the bill, shka to prescribe the rates at which income-tax (including surcharge thereon) is to be levied on income chargeable to tax for the assessment year 1990-91 further, it lays down the rates at which tax is to be deducted at source during the financial year 1990-91 from income subject to such deduction under the income-tax act; and the rates at which ·adyance tax"ls td be paid and tax is to be calculated and charged in special cases for the financial year 1990-91  rats of income-tax for the assessment year 1990-91part i of the first schedule to the bill specifies the rates of income-tax on incomes liable to tax for the assessment year 1990-91 these rates are the same as those specified in part iii of the first schedule to the finance act ,1989, for the purposes of deduction of tax at source from·salaries· and for computation of ·advance tax· payable during the financial year 1989-90 as provided by the finance act, 1989, the amount of incometax computed in accordance with the provisions of this part shall in the case of every person having income exceeding fifty thousand rupees be increased,-(i) in the case of every person, being a resident, not being an indian company, by a surcharge for purposes oft he union, and (ii) in the case of an indian company, by a surcharge, calculated at the rate of 8 per cent of such incorne-tax rates for deduction of tax at source during the financial year 1990-91 from income other than ·sa/aries· part ii of the first scheduleto the bill specifies the rate at which income-tax is to be deducted at source during the financial year 1990-91 from incomes other than ·salaries" these rates are the same as those specified in part ii of the first schedule to the finance act, 1989, for the purposes of deduction of tax at source during the financial year 1989-90 the amount of tax so deducted at source shall be increased,-(i) in the case where the payment is made to a person, other than a company, resident in india, by a surcharge for purposes of the union, (ii) in the case of person being a domestic company, by a surcharge, calculated at the rate of 8 per cent of such income-tax rates for deduction of tax at source from "salaries", computation of "advance tax" and charging of income-tax in special cases during the financial year 1990-91 part iii of the first schedule to the oill specifies the rates at which income-tax is to be deducted at source from ·salaries· and also the rates at whic; i "advance tax" is to be paid and income-tax is to be calculated or charged in special cases for the financial year 1990-91 sub-paragraph lof paragraph a of this part specifies the rates, of income-tax in the case of every individual or hindu unolvided family or every association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the income-tax act, not being a case to which sub-paragraph \i of paragraph a or any other paragraph of part 11\ applies in such cas  , the income-tax exemption limit has been increased to rs22,ooo from rs18,000 further the first slab of income-tax has been xtended to as 30,000 from rs 25,000 sub-paragraph lof paragraph c of this part specifies the ratea of income-tax in the case of every registered firm, not being case to which sub-paragraph ii of this paragraph applies in such cases, the income-tax exemption limit has been increasad to ra,15,ooo from rs1 0,000 the number of tax slabs has also been reduced to three from five the maximum marginal rate of tax haa also been reduced to 18 per cent from the existing rate of 24 per cent sub-paragraph 1\ of paragraph c of this part specifies the rates of income-tax in the case of every registered firm whose total income includes income derived from a prote"ncarried on by it and the income so included is not less than tlfty-one per cent of such total income in such cases the income-tax exemption limit has been increased to rs15,000 from rs1 0,000 the number of tax slabs has also been reduced to three from five the maximum marginal rate of tax has also been reduced to 15 per cent from the existing rate of 22 per cent paragraph e of this part specifies the rates of income-tax in the case of a company the rate of income-tax in the case of a company in which the public ara substantially interested has been reduced to 40 per cent from the existing rate of 50 per cent in the case of a trading or investment company in which the public are not substantially interested, the rate of income-tax has been reduced to 50 percent from the existing rate of 60 percent further, the rate of income-tax in the case of other domestic companies in which the public are not substantially interested has also been reduced to 45 per cent from the existing rate of 55 per c~nt in the case of every person being an individual, hindu undivided family, firm, association of persons or body of individuals, being resident in india, co-operative society and local authority, whose total income exceeds seventy-five thousand rupees and where income-tax is to be deducted at source or "advance tax" is payable in accordance with the provisions of this part, such amount of income-tax shall be increased by a surcharge for purposes of union calculated at the rate of eight per cent of such income-tax in the case of domestic companies having a total i",-'ome exceeding seventy-five thousand rupees the amount of income-tax computed in accordance with the provisions of this part shall be increased by a surcharge calculated at the rate ofaight per cent of such income· tax however, in the case of individuals, hindu undivided families and certain association of persons or bodies of individuals, entitled to tax rebate under chapter viii-a, the surcharge will be calculated on the amount of income-tax as reduced by the amount of such rebate clause 3 seeks to amend section 2 of the income-tax act relating to definitions the proposed amendments vide sub-clause (i) are consequential in nature to the amendments proposed in section 28 of the act, vide clause 5 whereunder profits on sale of a licence granted under the imports (control) order, 1955, cash assistance (by ~hatever name called) received or receivable by any person against exports under any scheme of the government of india and the repayment of any duty of customs or excise as drawback to any person against exports under the customs and central excite duties drawback rules, 1971, are being treated as incomes and made chargeable to tax under the head ·profits and gains of business or profession·, these amendments will take effect retrospectively from ~he same, dates as specified in relation to the new clauses being inserted in section 28, vid8 sub-clauses (8), (b) and (c) of clause 5 t~e ~oposed amendment vide sub-clause (ii) seeks to amend the definition of the expression "regular assessment· given in clause (40) of that section 80 as to clarify that it would mean an assessment mllde only under sub-section (3) of section 143 or section 144 sub-clause (ii) seeks to omit sub-section (9) so as to provide that it shall not be incumbent upon an assessee to create a reserve when there are no profits this amnd·m~nt will take ffect retrospectively from w april 1989 under suthectlon (3) d this section or any earlier previous year not being a previous year erller than the year in which the ship or ain::raftwas acquired or the machinery or plant was installed or the ship, aircraft machinery or plant was first put to use sub-clause (iii) seeks to omit clause (42c) of section 2 of the income-tax act containing definition of the term·security" the in  rtion of the definition of tne term·security· in section 2 dealing with general definitions ht created certain anomalies the proposed omission of this definition is to overcome such anomalies this amendment will take effect from 1 st april 1990 and will these amendments will take effect retrospectively from 1 at april 1976 and will, accordingly, apply in relation to the assessment year 1976-n and subsequent years acco~ingly, apply in relation to the assessmnt year 1990-91 and subsequent years clause 7 seeks 10 amend sub-section (1) of section 32ab of the income-tax ad relating to investment deposit account clause 4 seeks to amend clause (15) of section 10 of the income-tax act the proposed amendment seeks to provide that no deduction under this section shall be allowed in relation to the assessment year commencing on the 1 at day of april 1991, or any subsequent assessment year this amendment will take effect from 1 st april 1990 sub-clause (i) seeks to amend item (i) of sub-clause (iv) of clause (15) of section 10 to extend the exemption from income-tax of interest received from government on deposits made by an employee of the central government or a state government, in accordance with such scheme as the central government may, by claus 8 seeks to amend sub-section (1 ) of section 33a of the income-tax act relating to development alllowanea not~ication in the official gazette frame in this behalf, out of the moneys due to him on account of his retirement, whether on superannuation or otherwise, also to the employees of a public sector company the proposed amendment seeks to provide that the deduction provided under clause (i) of sub-section (1) shall be allowed only if the planting of tea bushes has been completed before the 1 st day of april,1990 this amendment will take effect from 1 st april, 1991 and whi, accordingly, apply in relation to the assessment year 1991-92 and subsequent years this amendment will take effect from 1 st april 1990 clause 9 seeks to amend section 34 of the income-tax act relating to development rebate on the directions of the supreme court, certain amount of comperlsation for the victims of the bhopal gas tragedy was deposited by the union carbide corporation and the union carbide india limited to the credit of the registrar, supreme court, in the reserve bank of india this amount stands deposited in the securities of the central government in order to provide exemption on the interest accruing on such securities sub-clause (ii) seeks to insert a new sub-clause (v) in clause (15) of section 10 sub-clause (i) seeks to provide that the reserve of an amount equal to seventy-five per cent of the development rebate to be actually allowed is debited to the profit and loss account of any previous year in respect of which the deduction is to be allowed under sub-section (2) of section 33 or any earlier previous year not being a previous year earlier than the year in which the ship was acquired or the machinery or plant was installed or the ship, machinery or plant was first put to use this amendment will take effect retrospectively from 1 st april 1989 and will accordingly apply in relation tothe assessment year 1989-90 and subsequent years sub-clause (ii) seeks to omit explanation to clause (a) of subsection (3) of the section so as to provide that it shall not be incumbent upon an assessee to create a reserve when there are no profits clause 5 seeks to amend section 28 of the income-tax act relating to income chargeable to tax under the head ·profits and gains of business or profession" these amendments will take effect retrospectively from 1 st april 1962 and will, accordingly apply in relation to the assessment year 1962-63 and subsequent years sub-clause (a) seeks to insert a new clause (iiia) to make profits on sale of a licence granted under the imports (control) order, 1955 chargeable to tax under the said head this amendment will take effect retrospectively from 1 st april, 1962 clause 10 seeks to amend section 35ccb of the income-tax act relating to expenditure by way of payment of any sum to associations and institutions for carrying out programmes of conservation of natural resources sub-clause (b) seeks to insert a new clause (ilib) to make any cash assistance (by whatever name called) received or receivable by any person against exports under any scheme of the government of india chargeable to tax under the aforesaid head this amendment will take effect retrospectively from 1 st april 1967 sub-clause (i) seeks to substitute sub-section (1) to provide that where an assessee incurs any expenditure by way of myment of any sum to an association or institution which has as its object the undertaking of any programme, being a programme approved by the prescribed authority, of conservation of natural re80ui'c88 or of afforestation or to such fund for afforestation as the central, government may notify in this behalf, he shall be allowed a , deduction in respect of such sum from income under the head ·profits and gains of business or professlon- sub-c/aus (c) seeks to insert a new clause (1i1c) to make repayment of any duty of customs or excise as drawback to any parson against the exports under the customs and central excise duties drawback rules 1971 chargeable to tax under the aforesaid head this amendment whi take effect retrospectively from 1st april, 1972 ~ clause 6 seeks to· amend section 32a of the income-tax act i relating to investment allowanoe sub-clauh (ii) seeks to amend 5ub-sec:tion (2) so as to provide that no deduction in respect of any payment to an association or institution which has as its object the undertaking of any programme referred to in clause (a) of sub-section (1) shall be allowed unless such association or institution is for the time being approved by the prescribed authority l these amendments wilj takeeffed from 1 at april 1991 and wul, accordingly; apply in relation to the assessment year 1991 -92 and subsequent years sub-clause (i) seeks to provide that the reserve g' an amount equal to seventy-five per cent of the investment allowance to be ; actually allowed is debited to the profit and 10  acoount of any  previous year in respect of which the deduction is to be allowed ~ ~, claus 11 leeks to amend hction 438 of thlngom  ad relating to deduction of certain sums only on idual ~ the proposed amendmnt seeks to amend d  (d) in the laid hctlon of the ad to provide that any um paylbl  interest  on any loan or borrowing from a sbd flftanctlll aorporatton or a stat industrial investmnt corporation in iicioordance wtii the terms and conditions of the ag  ment governing iuch iow1 or borrowing, shall not be allowed as deduction in the computation of the profits and gains from buslneu or prot  lon if the sum is not actually paid by the assess •• before the due date appiicibie in his cue for furnishing the return of income furthr explanation iv is being substituted to includ the deflnltlonl of ·state financial corporation· and "state indultrlallnveatment corporation· th  amendmnts wlh take effect from 111 aprh, 1991, and wrl, accordingly, apply in relation to the  mnt yar 1991-92 and subsequent years ause15 leeks to insrt a nw aection iocca in the incometexad th propomd section seeks to provide that whe, an  being an individual or a hindu undivided family or an uaociatlon of persons or a body of individuals conlilting, in either case, only of husband and wif governed by the ~m of community of property in force in the state of goa and the union trritorles of oadra and nagar havn and daman and diu h  acquired in the prvious yar, out of his incom chargabi to tax, units of any mutual fund specified undr clau  (230) of aeotion 10 or of the unit trust of india under any plan formulated in accordance with such scheme as the government may, by notification in the official gazette, specify (hereafter referred to as the equity linked savings scheme), he shall be allowed a deduction in the computation of his total income of 80 much of the amount invsted as does not exceed tan thousand rupees in the previous yar the amount which is returned to the asses •••• lther on the repurcha  of the units or on the termination of the plan by the said fund or the trust, in any previous year, shall be deemed to be the income ci the assssee of that previous year and shall be chargeabl to tax accordingly it is also being provided that where a partition ha takan place among the members of a hindu undivided family 01' whr an association of persons has ben dissolved, after a deduction has been allowed under sub-section (1) of the new aeollon the person who receivs the deemed income on the repurchase of the unit or on the termination of the plan by the said fund orth trust, shall be liable to pay income-tax on luch income claus 12 seeks to insrt an explmud/on in cia", (a) of sub-ildion (1) of section 44ac of thlncom-tax ara relating to special provision for computing profits and gains from the bullness of trading in certain goods th proposed explanation  eks to define purch  pric· as any amount paid or payable by a buyr to obtain alcoholic liquor for human consumption (othr than indian mad foreign liquor) excluding the amount paid or payable towards the bid money in art audion or the highest accepted offer in cas of a tndr or any other mode su/)ctus (b) seeks to add a co-operatlv society to the definition of the term ·seller" for the purpo  s of mdlon 44ac this amendment will take effect from 1st april, 1991 and will, accordingly, apply in relation to ihe assssment yar 1991-92 and subsequent years clause 16 seeks to insrt a new section 8000 in the incometax ad these amendments will take effect from 1st april, 1991 and will, accordingly, apply in relation to the a  mnt yar 1991-92 and ubsequent years clause 13 seeks to amend section 45 of the income-tax ara relating to capital gains th proposed amendment seeks to in  rt a new sub-section (8) in section 45 to clarify that the dlffrence between the repurchase price of the units refrred to in section 8occb(2) and the capital valu of such units shall be d  med to be the capital gains arising to the  ss  in the prvioui year in which such repurchase takes place or the plan under which such units wre purchased is terminated and such dlffrence shall be taxed accordingly the exprssion ·capltal value of 8uch units· has been defined as any amount invsted by the  in the units referred to in section boccb(2) under the new section, an individual or a hindu undivided family resident in india will be entitled to a deduction of a sum of aix thousand rupees in a year in the computation of the total income where expenditure has been incurred by him or it on'th medical treatment, training or rehabilitation of a person who suffrs from a permanent physicaldilability (including blindness) or is subject to mental retardation and who is a relative of the individual or is a member of the hindu undivided family and is dependnt on the individual or the hindu undivided family for his support the deduction will be admissible only whre the total incom of the individual orthe hindu undivided family as computed before making any deduction under new section 8odo does not exceed sixty thousand rupees and the amount of deduction will be reduced in ither case by the income if any of the handicapped dependnt this amendment will take ffect from 181 april, 1991 and will, accordingly, apply in relation to the ass  mnt}'  r 1991-92 and subsequent years this amendment will take effect from 1st april, 1991 and will, accordingly, apply in relation to the assssment year 1991-92 and subsequent yars clause 17  eks to amel'd section 80gga of the incom-tax act relating to deduction in respect of certain donations for scientific research or rural development clause 14 seeks to amend section 80cca of thlncomlax ltd relating to deduction in respect of deposita undr national svings schem or payment to a deferred annuity plan suix:lause (a) seeks to substitute the proviao to lub-sectlon (1) to provide that ih maximum mount of deduction to be allowed under this section shall be forty thousand rupees in rlation to the u  ment year commencing on the 1s1 day of april, 1991 and lubsequnt assessment yars  sulx:laus (b) seeks to insrta nw sub-section (3) to provide that whre a partition has taken place among the members of a hindu undivided family or whrean usoclatlon of pel'lons has been dissolved after a deduction has ben allowed und iub-hctlon (1), the amount withdrawn from the nlllonal savings scheme or received from the life insurance corporation will be domed to be the income in the hands of the reclplnt nd taxed iiccordingly  th proposed amendmnts seks to allow a deduction in respect of donations made by any person, other than a person whose gross total income includs incom which is chargabi - under the had ·profits and gains of business or profession· to an association or institution, which has as its object the undertaking of any programme of afforestation, to be used for carrying out any programme of afforestation approved for this purpose th new clause (c:c) s  kl to provide that any sum paid by the  in the previous yer to the fund for afforestation refrred to in that claus shall be deducted in computing the total income of the a   the  amndments will take effect from 111 april 1991 and win accordingly, apply in relation to the  mnt y', 199192 and subsequnt yars  thae amendmnts will take effect from 1st april, 1991 and will 8ccordlngly, apply in relation to ih  ment yar 1991-92 nd subsequnt yars clau  18 ahka to amend aub-acuona (2) and (3) of uction 80hh of thlncome-tax act rlating to deduction in repect of proflta and gains from newly  tebllahed induatrial undrtakinga or hot1 busineas in backward ar  th proposed amndmnts seek to provide that thia aection shall apply to an industrial undrtaking specified in aub-section (2) thereof and to the busin  of any hotlspacified in sub-section (3) thereof only if the induatrlal undrtaking begins to manufactur or produce articles or, as the case may be, the bulln  a of the hot1 starts functioning before the 1st day of april, 1990 this amendment will take effect from 1 at april, 1990 clause 19 seeks to amend sub-section (2) of section 80hha of the income-tax act relating to deduction in repect of profits and gains from newly established small-scale industrial undertakings in certain areas the proposed amendment seeks to provld that this uction shall apply only if a small-scale industrial undertaking rferred to in sub-section (2) thereof begins to manufactur or produce articl  before the 1 st day of april, 1990  this amendment will take effect from 1 st april 1990 clause 20 seeks to amend section 80hhc of the income-tax act relating to deduction in respect of profits retained for export business sulrelauses (a) (i) and (a) (iii) seek to amend sub-section (2) of that section to provide that in order to avail the deduction under the section the sale proceeds of goods or merchandise exported out of india must be received in or brought into india by the assessee in convertible foreign xchange within a period of six months from the end of the previous year or within such further period as the chief commissionr or commissioner may for rasons to be recorded in wr~ing allow sub-claus9 (a) (ii) seeks to provide that in the case of supporting manufacturer who slis goods or mrchandise to any export house or trading house the condition of receipt of sal proceeds in convrtible foreign exchang •• will not apply this amndmnt will take effect retrospectively from 1 st april 1989 and will accordingly apply in relation to the assessment year 1989-90 and subsequnt years sub-clause (b) seeks to substitute sub-section (3) by a nw sub-section to provide thai the profits derived from the export of goods or merchandise as computed undr th • head -profits and gains of business or prof  slon- shall be worked out in the same proportion as the sal proceeds recived in, or brought into, india in convertible foreign xchange bear to the total sale proceeds of such goods or mrchandise sub-clause (c) (i) seeks to amnd the definition of the expression -export turnover- in the explantlon 10 as to man the sale proceeds received in, or brought into, india by the  ss  in convrtible foreign xchange in accordance with cla  e (a) of subsection (2) of any goods or merchandise xported out of india sub-clause (c) (ii) seeks to insert a new clause (bb) in the explanation to provide that the expression ,otal turnovr- shall not includ any sum recivabl by an exportr by way of profit on sale of a licence granted under the imports (control) order 1955 cash assistance (by whatevr name called) received or receivabl by any person against exports undr any scheme of the government of india and the repayment of any duty of customs or excise as drawback to any person against exports under the customs and central excise duty drawback rules 1971, referred to in claus  (ilia) (liib) and (uic) of section 28 respectivly sub-c/ausi (c) (iii)  ks to amnd clause (d) of the expmnmlon 10 u to xtnd th benflt of deduction to a person who proceues goode or mrchandi  and sells the same to an export houu or ti'iiding houa for the purposes of xport th prapoaed amndment, othr than in sub-clause (a) (ii) wui tlk effect from 1st april, 1891 and wih, accordingly, apply in rlation to the  mnt yar 1991-92 and ubsequent years cu  21 ihka to amnd uction bohhd of the income-tax ad rlatlng to deduction in reapect of amings in convertible forign xchang • sub-daun (a> imki to amnd ub-aectlon (2) of that section to proylde thll the deduction undr it shall be available only in respect of the receipta which r received in, or brought into, india by the  in convertible forlgn xchang within a period of ix months from the end of the previous yar or within such further period u the chief commiaionr or commissioner may for raeon to be recorded in writing, allow sub-diaun (b)  to amend lub-sec:tlon (3) to provide that the deduction under the udlon hall be restricted in the proportion  the receipts in convrtlble foreign xchange received in or brought into, india bear to the total receipts of the businss carried onbyth  th proposed amendments will take effect from 1st april, 1991 and will, accordingly, apply in relation to the assessment year 1991-92 and ubaequnt years c/au  22 8mka to amnd i8ction bo-i of the income-tax act relating to deduction in r1pid of profit and gains from industrial undertaldnga, etc sub-da  (a) eeks to insert sub-section (1a) this subsection provld  that in rlatlon to any proflta and gains derived by ana  from-(i) an industrial undertaking which begins to manufacture or produce articles or things or to operate its cold storage plant or plants; or (ii) a hip which i first brought into use; or (iii) the buine  of a hot1 which starts functioning, on or after the 1st day of april, 1990, a deduction at the rate of thirty per cent orhmntv-ftv per cent from such profits and galnslhall be allowed in the cam of corporat and non-corporat assesses rspectlvely  sulh:lau  (b), (c) and (d) aeek to provide that the deduction provided in this uctlon shaft aleo be allowable in the case of the industrial undertaking i, etc, which are lit up on or aftr the 1 st day· of april, 1810, but before the 31st day of march, 1995 scj:h:iaus (e) seeka to provide that the deduction in the case of profit and gains drived by the  s881 from industrial undrtaklngs, etc, retrred to in aub-uctlon (1 a) shan be allowed fortn  ment yea, further, in the cue of an ass  being a co-operillve 1ociety, deriving proflta and gains from an industrial undrtaklng or a hlp or a hot1 referred to in that sub-seetion this deduction \i propolld dbe provided for twelv assssment y  rs these amendmnt win take effect from 1 at april, 1990 omum 23  to in  rt an explanation at the end of-sub-hction (1)of ucition 8olofthlncom-tax ad relating to deduction in respect of interest on certain securities dividends etc under the _litlng proviaions, intrest on any security of the central govrnment or a state governmnt is allowed as a deduction wllhln ipicifjed limits th proposed amendment is to darfy that the ucur" refrred to shall be the securities as defined in ct (2) of hctlon 2 of the public debt ad 1944 th\e amendment will take effect from 1 at april 1990 and will xxmtlng~ a,piy in relation to th  mnt year 1990-91 and ubmquent ymis claus 24 seeks to substitute a new section for section 80m of the income-tax /4j:;1 relating to deduction in respect of certain intercorporate dividends under the existing provisions of section 80m, in the case of a domeatic company, an amount equalto sixty per cent of the income by way of dividends from another domestic company is allowed as a deduction in the oomputatlon of the total income of such domestic company sub-l8clion (1) of the new section seeks to provide that (a) in the cue of a dom  tic company, being a lcheduled bank or a public financial institution, an amount equal to sixty percent of the income by way of dividenda from another domestic oompany shall be allowed as a deduction in the computation of the total income of auch domestic oompany; and (b) in the case of other domestic companies, an amount equal to so much of the amount of income by way of dividends from another domestic company, as does not exceed the amount of dividends distributed by such domestic company on or before the due date for furnishing retum of income - hall be allowed as a deduction in the computation of the total income of such domestic company sub-aectlon (2) of the new section seeks to provide that where any deduction in respect bfthe amount of the dividend distributed by the domestic company has been allowed under clause (ii) of new sub-section (1 ) in any previous year, no deduction shall be allowed in retp8ct of such amount in any other previous year sub-section (3) of the new section seeks to make a transitory provision 10 as to disallow any claim for deduction relating to dividend distributed in respect of any period comprised in the previous year ending on the 31st day of march, 1990 the explanation to the new section seeks to define the expressions ·scheduled bank", "public financial institution" end ·duedate· this amendment will take effect from 1st april, 1991 and will, 8ccordlngly, apply in relation to the assessment year 1991-92 and aubhquent years claus 25 seeks to amend section 80r of the income-tax /4j:;1 relating to deduction in resped of remuneration from certain foreign sources in the case of professors, teachers, etc under the existing provisions, an individual who is a citizen of india and renders any service outside india in his capacity as a professor, teacher or research worker in any university or other educational institution or any other association or body stablished outside india is allowed a deduction equal to 50 per cent of the remunration received undersub-clause(a)oftheproposedamendment,thededuction allowable to such an individual will be of an amount equal to (i) fifty per cent of the remuneration; or (ii) seventy-five per cent of such remunerat~n as is brought into india by, or on behalf of, the  in accord~nce with the provisions of the foreign exchange regulation act 1973 and any ruls made thereunder whichver is higher ' sub-clau  (b) of the proposed amndment eeks to omit the piovlao which restrictt the deduction allowable under that section to - period not exceeding thirty-six months thes amndmnts whl take effect from 1'staprii, 1991 and will, accordingly, apply in relation to the  ment yar 1i91-92 and subsequnt yars clause 26 seeks to amend section borr of the income-tax ad relating to deduction in rhpect of profeaelonallncom from foreign lourca in certain ca  uader the exi8ting provisions, an individual  ldent in india being an author, playwright, artist, musician, actor or sportsm"; (including an athlet) who •• income includes any income deriv8d by him in the xercise of his profession from the govemment of a foreign stat or any person not resident in india, is allowed deduction from such income of an amount equal to twenty-five per cent of the income so recived in, or brought into, india in accordance with the foreign exchange regulation act, 1947 and any rules made thereunder under the proposed amndmnt, the deduction allowable to such an individual will be of an amount equal to (i) fifty per cent of such income; or (ii) seventy-five per cent of such income  is brought into india by, or on behalf of, the  in accordance with the provisions of the foreign exchange regulation act, 1973 and any rules mad thereundr, whlchevr is higher this amndment will take effect from 1 st april, 1991 and will, accordingly, apply in relation to the assessment yar 1991-92 and subsequent years clause 27 seeks to amend section sorra of the income-tax act relating to deduction in respect of remuneration received for services rendered outside india  the proposed amendment seeks to omit the proviso to subsection (1) of section 80rra which restricts the deduction allowable under that sub-section to a period not exceeding thirty-six months this amendment will take effect from 1 st april, 1991 and wiu, accordingly, apply in relation to the assessment year 1991-92 and subsequent years clause 28 seeks to insert new provisions relating to rebate of income-tax in respect of investment in life insurance premium, provident fund, etc and certain equity shares and units presently, the tax concession in respect of investment in life insurance premium, provident fund, etc, as contained in section 80c and certain equity sharas as contained in section 80cc is allowed by way of a deduction from the gross total inoome however, the total deduction is restricted to the amount of gross total income the new provisions now seek to provide that in respect of these investmenls, deduction shall be allowed from the income-tax payable on the total income of any assessment year the new provision under section 87 seeks to provide that the total deduction of income-tax allowable to an assessee under sections 88 and b8a in any previous year shall not exceed the total amount of tax (as computed before allowing the deductions under the said sections) payable by him on the total income of such prvious year the new provision under section 88 seeks to provide that an assessee shall be entitled to a deduction from the amount of inoome-tax (as computed before allowing the deductions undr chapter viii-a) payable on the total income of any assssment yar, ~f an amount ~ual to t~enty per cent of the amount paid or deposited 10 the various achemes enumerated in sub-section (2) sub-section (3) of section 88 provides that the amount of deduction in rspect of premium on an insurance policy whi be with reference to an amount of premium not exceeding ten per cent of the actual capital sum assured  sub-section (4) of section 88 seeks to specify the persons in whose name the invstments can be made sub-section (5) of section 88 seeks to provide that no deduction shall be allowed with reference to so much of the amount as xceeds rupees ten thousand in respect of any sum paid or d~sit~ for the purposes of purchase or construction of a residntlal house property the construction of which is completed after the 31 st march, 1987 as provided in clause (xv) of 8 ~ -~ ~ u~~ s~b-mction (6) of section 88 seeks to provide that the deduction 1 thie amendment wit tim rtect from 1 it april, 1990 emu 32  to amend mctton 138 ~ the income-tu ad relating to the return of income from the amount of income-tu uoo sub-sedlon (1) shar not exceed fourteen thousand ruj)hs in the cue of an author playwright, artist, musician, actor or sportsman (including a~ athlete) and ten thousand rupees, in other cases sub-sectlon (7) of section 88 seeks to provide the consequences in the event of failure to continue to participate in certain ac:hemes or transfer the hou  property referred to in clause (xv) of sub-secllon sub-cieun (a) seeks to provide tut the due date for fumllhlng the return of income in a cae where the ass  oiher than a company, is required to furnish a report of an accountant under section 80hhc or mction sohho ahali be the 31~ day of octcber of the useaament year (~ before the expiry of two years or five yeara u mantiqned in that slb-section thla amendment wii take effect kom 1st apri, 1991 and will, accordingly, apply in relation to the  amant yni' 1891-82 and subsequent yeara s/jb-cisu •• (b) eeks to lubst,ltute a new clause for clau  (b) of the proviso to sub-section (10) of that section so thai a firm  wei as a partner of a fnn can file the return of income even if thelncame is below the taxable "mit this amendment wih tllke liffect from 1 at april, 1980 ciliuse 33 seeks to amend section 139a of the lncomhu ad relating to allotment of pennnent account number the new provision under section 88a seeks to lubetltute the existing provision of section 80cc with certain modifications presently, deduction in r  pect of inveatment in eligible lasu of capital orthe units under the scheme of the mutuat'fund re"rredto in ciau  (230) of section 10 or of the unit trust of india is allowed from the gross total inoome the new provisions seek to provide that deduction at the rate of twenty per clnt of the amount d investment in the eligible issue d capital or such units wili now be aliowed from the amount of income-tax (as computed before allowing the deductions under chapter viii-a) payable by the  on the total income of any assessment year the total amount of invstmnt now iigible for deduction has ben increased to rupees twnty-five thousand from rupees twenty thousand the proposed amndment seeks to make it obligatory for aft categories of pttnlons who are required to furnish their returns of income under the provisions of 8ub-aec:tlon (4a) of section 139, to apply for the allotment of permanent account number thie amendment wid take effect from 1st april, 19qo and wlh, accordlngly • appiy in relation to the  ssment year 199q81 and subsequent ~ra clause 34 s"ks to amend section 142 of the income-tax ad further, the new section 88a also seks to provide that the mutual funds and the unit trust of india shall invest the funds mobilised by them in the eligible issue of capitai within a period of six months from the clos of subscription to their schemes pending investment in the eliglbl issue of capital, thy may invest their funds in such securities of the central government as may be approved by the board in this behalf the aforesaid provision also seeks to provide that the tax concession will not be available in respect of investmnt in the units of any scheme of mutual fund or the unit trust of india, the subscription to which closes after 30th sptmber, 1990 th proposed amendment seeks to amend clau  (i) of subsection (1) of thea hcllon 10 that a notice calling for a return of income can be issued under sub-section (1) of that section ven within the relevant assessmnt yar atter the time allowed under sub-section (1) of section 139 for filing the return hu xplred this amendment will take effect 'rom 1 st aprii, 19qo thes amendments will take effect from 1 at april, 1991 and will, accordingly, appiy in relation to assessmnt year 1991-92 and subsequent years clause 35 seeks to amnd section 143 d the income-tu ad relating to assssmnt clause 29 seeks to amend section 115-i of the income-tax act relating to non-application d chapter xii-a at the option of the asses  the proposed amendmnt seeks to do away with the requiremnt of filing a separate dactaration in writing by a nonresident indian along with his return of income to opt that the chapter shall not apply to him in an assessment yar aftr the amendmnt, such option can be xrclsed by him by filling in the appropriate column in the return of incom • this amendment will take effect from 1st april, 1990 and whl, accordingly, apply in relation to the assessment year 1990-91 and subsequnt years clause 30 seeks to amend sub· section (1 ) of section 115j of the income-tax ac1 containing special provisions relating to certain companies th proposed amendment seek to provide that the provisions of this section shall not apply to an ush8tnent year which commences on or artr the 1 st day of april, 1991 thla amendment wid take effect from 1st april, 1990 claus 31 seeks to amend ection 119 of the income-tax ad the proposed amendment  to insert a new aub-mctidn (18) in that section to covr c:aaes where a revised return is furnished by an assess •• under sub-section (5) of section 139 the provisions of sub-ections (1) and (1 a) of this section shall apply in relation to such revimd rums in view of the propomd amendmnts, the intimation already sent for any inc:ome-tax, additional income-ux or interest can be amended on the buil of the said rwiaed return and the amount ~ income-tax, addiiionai incomtu or interest can be enhanced or reduced u a reaul of such amendments 5anllarty, the amount of refund iiready granted can be enhanced or reduced on the basil of the said reviled return it i, however, being provided that an  ", who hufumlaheda rvlsed return after the aervice upon h,lm of the intimalion under sub-section (1) of section 143, shall be liabl to pay addlllonal income-tax in relation to the adjustmnts made under !he first proviso to clause (a) oilub-section (1) and specified in the said intimation, whether or not, the asses8 h made the said adjustmnt8 in the revised return - , this amendment wid take ffect retrospectively from 1st april, 1989 and will accordingly, apply in rlation to the aaaeument year 1988-90 and s~uant years claus 36  to amend section 145 of the income-tu 1d rlating to the method of accounting  under the existing provisions of clause (a) of sub-section (2) of the ection, the board is empowered to relax the provisions of certain sections of the ad, mentioned in the said ctause, relating to  ment and collection of revenue in respect of any clas of incomes or class of cues the proposed amendment seeks to insert a new provilo to provide that no  ssee hall be precluded from being charged to lnoome-tax in raped of any interest on ecurltles reoelwd by him in - prevtoua "fui, f tuch interest had not been charged to incomhax for' any eerier pnmoua yelll's the proposed amendment ueks to incorponde refermc81 of sections 139, 234a and 2348 also in the said ci, (a)  oilany valuable article or thing from removing it this amendment win taka effect ruoapectlvely from 11t april, 1989 and will, accordingly, ~ in relation to the "ent yhr 1989-90 and subsequent yea, claw 371hks to amend aec:tion 151 of the lncome-tax ad this amendmnt will take effect from lit april 1990, emilie 46 seeks to omit chapter xxii-b of the inc:ome-tax at:! relating to tax credit oertlficat  the proposed amendmnt •••• to nend ,ub-,ectlon (1) of that section to provide that where an ulllllmnt hu been completed under section 143(3) or hctton 147, an as  ing officer below the rank of assistant commissioner can reopen the assessment w~h the approval of the deputy commlulonr, if he finds that any income has eacaped  mnt this amendment will take effect from 1st april 11) under the provisions of this chaptr, which was introduced with effect from 111t april, 1985, tax credit certlflca1  were granted to a18ih88 fulfilling certain conditions th  e certificates w8f8to be utilised for the adjustment of the tax liability or for refund or both this chapter has now become virtually redundant and is, therefore, being omitted however h a person still pea"s", any tax cred~ certificates granted under seotion 280z or section 280zc, he shall be allowed to utilise the same up to 31 st march, 1991 this amendment will take affect from 1 st april, 1990 c/aus947 seeks to amend section 288 of the income-tax ai;j clause 38 seeks to insert a new ection 1 q4f in the income-tax act relating to deduction of tax at source under the proposed section, the person responsible for paying to any person any amount r  ferred to in sub-section (2) of section ioccb ihan deduct income-tax thereon at the rate of twenty per oint the proposed amendment in clause (b) of sub-section (4) of that section seeks to provide that a person on whom penalty has been imposed under section 271 (1 )(ii) shall not be dlsquallfted to represent an assessee as authorised representative this amendment will take effed from 1st april, 1991 and will accordingly apply in relation to the as  mnt yar 1991-92 and subsequent years this amendment will take effect from 1 sl apri: 1990  clause 39 seeks to amnd section 246 of the incom-tax at:!claus9 48 seeks to make certain amendments of a consequential nature in different provisions of the income-tax act  c/aus949 seeks to amend section 2 of the wealth-tax ad under the proposed amendments, appeals against orders imposing penalties under sections 271 c 2710 and 271 e are now to be flied before the commissioner (appeal) instad of before the deputy commissioner (appeals) th amendments are consequential to the amendments made in sections 271 c, 2710 and 271 e of the act these amendments will take effect from 1 st april, 1990 the proposed amendment seeks to amend the definition of the expression ·regular assessment· given in clause (ob)ofthat section so as to clarhy that it would mean an assessment made only under sub-section (3) or sub-section (5) of section 1 6  claus 40 seeks to amend section 268 of the income-tax actthis amendment will take effect retrospectively from 1st aprl, 1989 under the existing provisions of the section h the assessee was not furnished with a copy of the order when the notice of the order was served upon him then, in computing the period of lim~ati'jn prescribed for an appeal, the time required for obtaining a copy of such order shall be excluded the proposed amendment seeks to apply the said provisions to applications made under section 256 this amendment will take effect from 1st april, 1990 clause 50 seeks to amend clause (xxviic) of sub-section (1) of section 5 "fthe wealth-tax act to extend the exemption from wealthtax in respect of deposits made, in accordance with the scheme referred to in item (i) of sub-clause (iv) of clause (15)of section 100f the income-tax at:! by an employee of the central government or a state government al~o to deposits made by an employee of the public sector company it is also proposed to i n98rt an explanation in that clause to define the expression ·publlc sector company· clause 41 seeks to insert a new section 271 bb in the incometax act relating to penalty forfauure to subscribe to the iiglblelssue of capital these amendments will take effect from 1 st april, 1991 and will, accordingly, apply in relation to the assessment year' 991·92 and subsequent years clause 51 seeks to amend section 10 of the wealth-tax at:!_ the proposed amendment seeks to empower the central board of direct taxes to relax the provisions of sections 14, 15 and 178 also in respect of any class of cases this amendment will take effect irom 1 st april, 1990 the new provision seeks to provide thai whoever falls to subscribe any amount of subscription to the units leaued under any scheme referred to in sub-section (1) of section iia to the eligible issue 01 capital under that sub-section within the period of six months specified therein, may be dlracted by the deputy comr"issioner to l"ay by wwf of penalty uum equal to twenty per cent of t1'l9 amount not subscribed to the ellgble lesue of capital this amendment will take effect from 1t april, 1990 claus9 52 seks to amend section 16 of the wealth-tax ~ relating to assessment  claus9s42 4380044 seek to amend sectlona271c, 2710 and 271 e of the income-tax at:! sub-claus9 (8) seeks to insert a new sub-section (18) on the line of similar sub-section inserted in section' 43 of the income-tax act vid9 clause 35 the proposed amendments seek to insert a new sub-section (2) in eaeh of the said sections to provide that penalty under each section shall be imposed by the deputy commissioner these amendments will take effect from 1st april 1990 this amendment will take effect retrospectively from 11t april, 1989 and will, accordingly, apply in relation to the assessment yaar , 989-90 and subsequent years clause 45 seeks to amend section 275a of the inc:oq1e-tax act relating to punishment for contravention of c4trtaln orders made under section 132 sub-claus (b) seeks to amend sub-section (4) on the hnes of similar amendment made in section 142 (1) of the incoma-tax at:! vkte ci~  34 this amendment will take affect from 1at april, 1iqo clallle 53 seeks to amend section 17 of the wealthtax ltd i the proposed amendment seeks to amend clau  (a) of sub-the proposed amendment l88kalilo to provide for punishment in case of contravention of  order made by 1ht a"'horimd offar under the second proviso to ub-aectlon (1) mellon 132 prohibiting the owner or person who is in immediate poa  ion or control of - 1989-90 and subsequent years hction (1 b) of that section on the lines of similar amendment made in the corresponding section 151 (1 ) of the income-tax act this amendment will take effed from 1 st april, 1990 clauss 54 seeks to insert a new section 35eee in the wealth-tax /let the new section seeks to provide for punishment in case of contravention of an order made by the authorised officer under the second proviso to sub-sect ion (1 ) or sub-section (3a) of section 37 a prohibiting the owner or person who is in immediate posseslion or control of any valuable article or thing from removing it any person contravening the said orders shall be punishable with rigorous imprisonment up to two years and with fine this amendment will take effect from 1 st april 1990 clause 55 seeks to amend sub-section (1) of section 35k of the wealth-tax act relating to bar o~ prosecution etc the proposed amendment seeks to apply sub-section (1) of section 35k to the assessment in any assessment year so that no person is proceeded against for an offence under section 35a or section 35d where the penalty imposed or imposable under section 18(1)(lii) has been reduced or waived under section 18b this amendment will take effect restrosp8ctivly from 1 st april 1989 clause 56 seeks to substitute a new rule for the existing rule 18 of schedule iii to the wealth-tax act under the existing provisions of clause '(a) of rule 18, the assessing officer has to compulsorily accept the valuation declared by the assessee in the return in case the declare~ value of the jewellery does not exceed rupees five lakhs clause (b) provides that in every case where the value of jewellery declared is in excess 01 rupees five lakhs, the assessing officer has to compulsorily reier it to the valuation officer the proposed amendment seeks to provide that the value of jewellery shall be estimated to be the-price which it would fetch if sold in the open market on the valuation date however, if the assessing officer is of the opinion that the value of jewellery declared in the return is less than the fair market value, he may having regard to the provisions of clause (a) or sub-clause (i) of claue (b), of sub-section (1) ofsection 16a refer it to the valuation officer and the value estimated by the said officer shall be the value of such jewellery it is also being provided that the assessee has to make a statement in the prescribed form, where the value of jewellery declared by him in the return does not exceed rupees five lakhs however where the value of the jewellery declared by the assessee exceeds rupees five lakhs, the return has to be supported by a report of the registered valuer a consequential amendment is also being made in rule 19 these amendments will take effect from 1 at april, 1990 and will, ac:oordingiy awly in relation to the assessment year 1990-91 and subaequent years  claus 57 seeks to amend section 9 of the gift-tax adthe proposed amendment seeks to empower the central board  of direct taxes to relax the provisions of sections 13, 14 and 16b also in respect of any clasa of cases  this amendment will take effect from 1 at april, 1890 claus958 seeks to amend section 15 of the gift-tax act relating to assessment sub-clau  (a) seeks to insert a new sub-section (1 b) on the lines of similar sub-section inserted in section 143 of thelnoome-tax ad vkj clause 35 this amendment win take effect retrospectively from 1st april, 1989 and will accordingly, apply in ntlation to the uaessm8nt year sub-c:iaw (b)  to amend aub-section (4) on the lines of similar amendment made in section 142 (1) of the income-tax act vldeolause 34 this amendment will take 8fftct from 1st april 1990 emiii 50 seeks to amend section 18 of the gift-tax act the proposed amendment seeks to amend clause (a) of sub· section (1 b) of that section on the lines of similar amendment mad" in the corresponding section 151 (1) of the income-tax act this amendment will take effect from 1st april 1990 clause 60 seeks to amend the customs act, 1962 sub-ciau •• (a) snks to substitute sub-section (5) of section 1290 to provide that where the members of a bench differ in opinion on any point, the point shall be decided according to the opinion of the majority, but if the members are equally divided, they shall state the point or points on which they dlffll' and make a reference to the president who ihd either hear the point or points himself or refer the case for hearing on luch point or points by one or more of the othll'members such point or points ahall be decided according to the opinion of the majority including the members who had first heard the point or polnta sub-ciau  (b)  aka to insert a new section 154a which provides for rounding off of duty interelt, penalty, fine or any othel sum payable or due under the provisions of the act clause 61 read with the second schedule seeks to amend th~ customs tariff ad, 1975 to-(a) raise the buic customs duty rates on-(1) ash and residus, containing mainly copper; and (2) sparking plugs; (b) restructure the basic customs duty on specific cum ad valorem buls on-· (1) saccharin and its salts; (2) sude fasteners and parts thereof c/aus&2a  ki to ivy up to the 31st march, 1991 auxiliary duties of customs on all imported goods at the rate of 50"looftheir value claus 63 s  ks to amend the central excises and salt act 1944 80 as to insert a new section 37d which provides for rounding off of duty interest, penalty, fine or any other sum payable or due under the provisions of the ad clalll &4 read with the third schedule seeks to amend the central excl  tariff act, 1985 to -(a) impose a levy on ethyl alcohol other than alcoholic liquors for human consumption; (b) raise the statutory rates of basic excise duty on-(1) whole milk powder; (2) coff  iubstitutas, coffee husks and skins; (3) milt inurn and wheat gluten; (4) gums, mint and othll' vegetable saps and extracts: (5) vegetable plaiting materials and other vegetable products; - t (8) animal fats and oils industrial fatty acids and alcohols  vegetabl and insld waxes: (7) cocoa and cocoa preparations; (8) roasted chicory and other roasted coffee substitutes, extracts, e  enees or ooncentrates of coffee, ),e86t, baking powders ice cream and pan masala; (9) vinegar and lbitltut  thereof; (10) cigaretlel and certain other tobacco products; (11) hydroxld  and peroxides of sodium and potassium; alumium hydroxide; (12) dmt and pta;  (13) <mini1 and other organs and extracts thereof, heparin rubber for reioiing or reputng or riitreiiding or rubmr tyrea;  (3) chapler 44 10  to inboduce - new chipier nat to provide a deflnllidn for "iimiar iaminiled wood-; (4) chapter 48 10 as to introduce - new chapter note to pnwide a dtifinltion tor "wall ~r "'" airaiiar wall ccjyeringt-; (5) c  er 59,-(a) 10  to ammd nat 2  ing to imjrgnatecl'coet" tbrtci to cover  plftltltfor dlecretely plmtle coated textle ftbtlca 1ft heading no 5903; (b) 80  to introduce newchapter note to provide a definition for 'extile wall coverings- and iii  for therapeutic or pigphyiaciic umi; (14) 0rgnic 8utf-=e &tive iigmta, 1urf_-«tive prepnlions and wuhlng prepandioni: (15) certain varieties of tyres and flapi; (16) certain articles of !either; (17) manufactur of furskina and artificial fur; (18) certain specified wood products; (19) certain articles of peper and paperboard; (20) pper transf  ; (21 ) jute and jute products; (22) textile fabrics, coated, covered or laminated with plastics; (23) mill stone  grind stones and certain other articles of atone plaster, cement, ubnt08 mica and ilmilar materials; (24) glass inners for vacuum flasks and other vacuum v  ; (25) certain specified precious metals and artleles thereof; (26) pig iron, ferrous products obtained by direct reduction of iron ore and other spongy ferrous products; (27) iron ingots, waste and scrap of iron or sthi, granules, powders, etc, of pig iron; (28) tubes pipes and hollow pdin of iron or iteel; clause 65 seeks to levy up to the 31t march, 1991 special duties of excise on all excisable goods at the rate of 10 per cent, of the duty leviable under the central elcciaes and salt act '1844 read with the schedule to th, central excim tariff ad, 198& claus66 read with the fourth schedule seeks to amend the first schedule to the additional duties of excim (goods of special importance) act, 1957, so as fo-(a) raise the additional excise duty on-(1) cigaretts; (2) textile fabric:a, coated of' coyered or 'aminated with plastics; (b) omit from the 8copi of additional excise duty in hau of sales tax-(1) woollen hair belting and woollen b&ankets; (2) certain rubberised textile fabrics; (c) change the tariff deecriptlon and the duty  in resped of cotton and man-made fabrics clause 67 seeks to raim the additional exdm duty under the additional duties of exdm (t'xtiih md t •• articlas) act 1978, from 15 per cent to 20 per cent 01 the duty leviable under the central excises and sal act, 1944 rud with the schedule to the central excim tariff act, 1985 clause 68 seeks to repeal the khadl and other handioom industries developmnt (addilional excin duly on ciolh) ad, 1953 ciaun 89 hlks to amend mdioni 41 and q 01111 fimnce ad, 1989, 10  to make eppiic8bie the ieyy of inland air tr  tu on the entire ticket lat, whether paid ,in lndim currency or vi any other currency, from a dille to be notified by the central government ciauae 70 seeks to s&bltltute the firal soheduiaio the indian post office aa, 189810 as to revisethar  ot certain iniandpolwl services included therein it is proposed to incr  the ride of printed ~ card from the existing 0040 palm to 80 paiee the rate of latter card ie 35 paisa plus 15 piifm - itatidnery ehargformbossedleltercardltlsnowpropomd"  ar15 paise par latter card and do -y with  1ijiiidnery charge for envelopm the praeent r •• ii eo ptm far'" firit 10 gma and 40 pal  for every 10 gml in exqm8 of3i o ",, " a stationery charge of 15 paiae for emboihd  - it now proposed to fix a rate of re1 forlhefi1ll20grm 1 for,, addltionat20 gnia orbcllonthereaf •• "1110"~ledto  with the present stationery chaige thepresantr  ofbookplltllm_  so  for the tnt 50 gma and 5o  tor,  100-• ii now prapo  uofix  ciifre1 101'  _  -  evwy mditionai100  or·hctidn   the preeent !iii for pm it  4 for -y_   traction 1hereoi' ie now  '_ c-d to , __   sqo gme or faion   (29) certain oooking and other appliances of iron or athi and other cast articlee of iron or  1; (30) lead and articles thereof; (31) crtain specified articles of zinc; (32) video recording or reproducing apparatus; (33) certain eledrlcal machines and apparatus having individual functions; (34) motor cars and other motor vehicles for tranaport of pef1ons; chassis for public transport type passenger motor vehlclea and vehicles for the transport of goods; and (35) vacuum flasks and other vacuum vessels and parts thereof; (e) reduce the statutory rates of basic excise duty on-(1) chemically pure sucrose, sugar preparations and sugar confec:tlonary, not containing cocoa; (2) residues and waste from food industries; (3) cement clinkers, aluminous cement and marble ,ldues; (4) or, alag and uh; (5) certain types of tyres; (6) leather; (7) manufactures of straw, eapwato and other plaiting materials; (8) wood pulp; (9) foot wear and parts thereof; (10) headgear and parts thereof; (11) waii-:ng sticks seat it!cka, wh __ - etc; (12) artificial flowers and adlclu 01 human hair; (d) chinge the tariff description and rtruc:lure the duty rates in r8lp8ct ot-(1) certain minerallubatanees; (2) tyrm for mimiii drawn vtt  and hand carts; (3) coacn yam and fabrlcl; (4) synthetic  iitiicw ftiiinent yrn and man-made  ; (5) unoieum mci ocher textile tidor cov  and wah ooveringa; (e) chinge the chiipw not8i in r  at-(1) chapter 25, 10 _eo  the  tang note 2 as a ociriuq;uenoe at  gf  '12\a1on or minerai  iom; (2) chiipiw40loato  to,  lcopeor  and  of "" nino'  lihirthin hllld , section and under clause (d) of that sub-section, the central board of direct taxes is empowered to approve certain securities of the central government and to make rules for the purposes of the said provisions clause 10 of the bill seeks to substitute sub-section (1) of section 35ccb of the income-tax act under clause (a) of that sub-section, programmes of conservation of natural resources or afforestation are to be approved by an authority prescribed by rules under clause (b) ofthat sub-section, the central government is empowered to notify a fund for afforestation for the purposes of that section clause 11 of the bill seeks to substitute explanation 4 of section 43b of the income-tax act under clause (c) of explanation 4, the central government is empowered to approve state industrial investment corporations engaged in the business of providing long-term finances for the purposes of section 43b clauses 31, 51 and 57 of the bill seek to amend section 119 of the income-tax act, section 10 of the wealth-tax ad and section 9 of the gift-tax act, respectively under the propoaed amendments, the central board of direct taxes is being empowered to issue general or special orders in respect of any class of incomes or class of cases in relation to matters covered by section 139, section 234a and section 234b of the income-tax act, section 14, section 15 and section 17b of the wealth-tax ad and section 13, section 14 and section 16b of the gift-tax act respectively clause 15 of the bill seeks to insert a new section 80ccb in the income-tax act under sub-section (1) of that section, the central government is empowered to specify a scheme under which plans are to be formulated for the purposes of issuing units of any mutual fund or of the unit trust of india clause 56 of the bill seeks to make certain amendments in schedule iii to the wealth-tax act under clauses (i) and (ii) of sub-rule (2) of rule 18, the central board of direct taxes is being empowered to make rules for prescribing forms in which the assessee will make a statement or, as the case may be, the valuer of jewellery will give a report clause 16 of the bill seeks to insert a new section 8000 in the income-tax act under clause (b) of subsection (1) of that section, the central board of direct taxes is empowered to make rules for specifying permanent physical disability and the extent of mental retardation which will enable an assessee to claim benefit under the said section the aforesaid provisions of the income-tax ad, the wealth-tax act and the gift-tax act empower the central government or the central board of direct taxes to issue notifications, specify schemes and make rules for the purposes specified in the relevant provisions the matters in respect of which notifications may be issued or schemes may be specified or rules may be made in accordance with the aforesaid provisions are matters of administrative detail or procedure and it is not practicable to provide for them in the bill itseh the delegation of legislative power is, therefore, of a normal character section 28 of the bill seeks to insert new sections 87,88 and 88a in the income-tax act under clauses (v), (ix), (xi), (xiii), (xiv) and (xv) of sub-section (2) of section 88, the central government is empowered to specify various matters in relation to certain funds and schemes covered by the said clauses under the proviso to subsection (1) of section 88a, proviso to sub-clause (ii) and sub-clause (iv) of clause (a) of sub-section (3) 01 that a bill to give effect to the fmanciai proposals of the central government for the financial year 1990-91 (prof madhudantiavate, minister of finance) 