 the financje bill, 84(as introduced in lok sabha)  arrangement of clauses chapter ipal:llmin ally  clauses1 short title and commencement  chapter ii rates of income-tax2 income-tax  chapter m direct tausincome-tax 3 amendment of section 10 4 amendment of section 11 5 amendment of section 33b 6 amendment of section 35 7 amendment of section 3sc 8 amendment of section 36 9 amendment of section 40 10 amendment of section 40a 11 insertion of new section 44ab 12 amendment qf section socc 13 omission of section 800 14 amendment of section 80e 15 amendment of section sol 13 amendment of section s014 17 amendment of section 80n 18 amendment of section 800 19 amendment of section bou 20 amendment of section 161 21 amendment of section 164 22 amendment of section 193 23 amendment of section 194 24 amendment of section 252 25 amendment of section 269c 26 amendment of section 269f 27 amendment of section 269p 28 insertion of new section 26988 29 amendment of section 269t 30 insertion of new section 271b 31 insertion of new section 27600 32 amendment of section 281a  clavses34 amendment of act 27 of 1957  chapter iv ifldluct taxu35 amendment of act 51 of 1975 36 auxluary duties of customs 37 amendment of section 28 38 amendment of section 61 39 amendment of section 129 40 amendment of section 129a 41 amendment of section 129c 42 amendment of section 129d 43 insertion of new section 12 9dd excue 44 amendment of section 2 45 amendment of section 3 46 amendment of section 4 47 amendment of section 35b 48 amendment of section 35d 49 amendment of section 35e 50 insertion of new section 35ee 51 amendment of first schedule 52 special duties of excise 53 amendment of act 58 of 1957  chapter v misciuani'dus54 amendment of act 52 of 1963 55 amendment of act 45 of 1968 the fmst schedule the second schedule the thmd schedule the fourth schedule the fifth schedule  bill no 11 of 1984 the finance billj 1984 billto 9tvt t66ect to tht 6imrruat p1rop06al6 06 tht centjur1 govellnmtm 601l tht 6imnuat 1jetl!l 7984-85 & it enacted by parliament in the thirty-fifth year of the republic of india as foliows:- chapter i puliminabr1 iii this act may be called the finance act, 1984 5 short title and com mene_eat (21 save as otherwise provided in this act, sections 2 to 34 and section 54 shall be deemed to have come into force on the 1st day of april, 1984  chapter ii rafts of income-tax10 2 (i) subject to the provisions of sub-sections (21 and (31, for the assessment year commencing on the 1st day of april, 1984,income-tax shall be charged at the rates specified in part i of the first schedule and shall be increased,-(a) in the cases to which paragraphs a, b, c and d of that part apply, 15 by a surcharge for purp08es of the union; and \b) in the cases to which paragraph e of that part applies, by a surcharp, calculated in each case in the manner provided therein: provided that where an assessee, being a company, has made, during the financial year commencing on the 1st day of april, 1983, any depoeit with the 20 industrial development bank of india established under the industrial development 18 of 1964 bank of india act, 1964 under the companies deposits (surcharge on income-tax) scheme, 1983, then, the surcharge on income-tax payable by the company,-(a) in a case where the amount of the deposit 80 made is equal to, or exceeds, one-half of the amount of surcharge on income-tax payable by it, shall 25 be reduced by one-half of the amount of surcharge payable by iti and (b) in a case where the amount of the deposit so made falls short of one-half of the amount of surcharge on income-tax payable by it shall be reduced by the amount of the deposit ( 2 i in the cases to which sub-paragraph i or sub- paragraph n of paragraph a of part i of the first schedule applies where the assessee has, in the previous year, 6 any net agricultural income exceeding six hundred rupees, in addition to total income, and the total income exceeds-(il in a case to which the said sub- paragraph i applies, fifteen thousand rupees, and (ui in a case to which the said sub-paragraph n apphes, twelve thousand 10 rupees then,-(a) the net agricultural income shall be taken into account in the manner provided in clause (b) 6hat is to say, as if the net agricultural income were comprised in the total income after-15 (il in a case to which the said &lb- paragraph i applles the first flfteen thousand rupees and (ui in a case to which the said &lb-paragraph ii applles the first eight thousand rupees of the total income but without being hable to tq only for the purpose of 20 charging income- tax in respect of the total lncome; and (b) the income-tax chargeable shall be calculated as follows:-(i) the total lncome 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 rate8 specified in sub-paragraph 1 or as the case may be 25 9jb-paragraph n of the said paragraph a as if such aggregate income were the total income: provided that in a case referred to in the said sub-paragraph ii for the purpo8e of determining the amount of income-tax in accordance with this sub-clause, the provisions of clause (u) of the proviso below sub-paragraph ii 30 and the provisions relating to aurcharge on income-tax in the said sub-paragraph ii 8hall not apply; iu:j the net agricultural income shall be increased,-(al in a ca8e to which the said sub-paragraph i applies by a sum of fifteen thousand rupees; and 35 (8) in a cue to which the said sub-paragraph n applies by a sum of eight thousand rupees and the amount of income-tax shall be determined in respect of the net agrlculturallncome as so increased at the rates specified in sub-paragraph lor as the case may be, &lb- paragraph n of the said paragraph a as if the net 40 agricultural income as 80 increased were the total income: 45 provided that in a case referred to in the said sub- paragraph n for the purposes of determining the amount of income-tax in accordance with this sub-clause the provisions of clause (<<) of the proviso below the sald sub-paragraph ii and the provl810ns relating to surcharge on income-tax in the said sub- paragraph ii shall not apply; ((u) the amount of income-tax determined in accordance with sub-clause ~~l shall be ntduced by the amount of income-tax determ lned in accordance with sllb-c1&1l8e (u:j : provided that in a case referred to in the said sub-paragraph n where the sum so arrived at exceeds sixty per cent of the amount by which the total ineome exceeds twelve thousand rupee3, the excess shall be disregarded; (wi the amount of income-tax determined in accordance with sub-clause 5 (ui) shall be increased by a surcharge for purposes of the union calculated at the rate of twelve and a balf per cent of such lneome-tax and the sum so arrived at shall be the income-tax in respect of the total income 43 of 1961 10 (31 in cases to which the provisiodi:i of chapter xu or chapter xua or section 164 or section 164a or section 167 a of the incom&-tax act, 1961 (hereinafter referred to as the income-tax aot) apply, the tax chargeable shall be determined as provided in that chapter or that section, and with reference to the rates imposed by sub-section ( 1 j or the rates as specified in that chapter or section, as the case may be (4) in cues in which tax has to be deducted under sections 193, 194, 194a, 194b, 194bb, 194d and 195 of the income-tax act at the rates in force, the decllction 15 shall be made at the rates specified in part u of the first schealle (5) subject to the provisions of sub-section (6), in cases in which income-tax has to be calculated udder the first proviso to sub-section (5) of hction 131 of the income-tax act or charged under sub-section (4) of section 172 or sl'b-sectlon (2) of section 174 or section 175 or sub-section (2) of section 176 of the said act or 20 deducted under sectlon 192 of the said act from income chargeable under the head "salaries" or deducted under sub-section (9) of section 80e of the said act from any payment referred to in the said sub-section (9) or in which the "advance tax" payable under chapter xvn- c of the said act has to be computed, at the rate or rates in force, such income-tax or, as the case may be, "advance tax" shall be 80 calculated, 25 charged, deducted or computed at the rate or rates specified in part ui of the first schedule: provided that in cases to which the provisions of chapter xu or chapter xiia or sub-section ( 1 a) of section 161 or section 164 or section 164a or ectlon 167 a of the income-tax act apply, "advance tax" shall be computed with reference to the rates 30 imposed by this sub-section or the rates as specified in that chapter or sectlao, as the case may be: provided further that an assessee, being a compiuly, may, in lieu of payment of the amount of surcharge on income-tax at the rate specified in paragraph e of part iii of the first schedule, make a deposit under the scheme framed under sub-35 section (1'1 before the last instalment of "advance tax" is due in ita cue, and where it does so, the suroharge on income-tax payable by the company,-(ij in a case where the amount of the deposit so made is equal to or exceeds the amount of surcharge on income-tax payable by it, shall be n-'4and (it) in a case where the amount of the deposit so made falls short of the 40 amount of surcharge on income-tax payable by it, shall be reduced by the amount of the deposit (6) in the cases to which sub-paragraph i or sub-paragraph ii of parlll1'aph a of part m of the first sohecille applles, where the assell8ee bu, in the prevlou8 year or, if by virtue of any provision of the income-tax act, income-tax is to be 45 charged in respect of the income of a period other than the previous year, in uch other period, any net agricultural income exceeding six hundred rupees, in addition to total income and the total income exceeds,-lq in a case to which the said sub- paragraph i applies, fifteen thou8and rupee8, and 50 (u) in a case to whloh the said sub-paragraph u applies, twelve thousand rupees, ~n, in oalculating income-tax under the first provl8o to sub- sectlon (5) of sectlon of the income-tax act or in charging income-tax under sub-section l21 of section 174 or sectlon 175 or sub-sectlon 12) of section 176 of the said act or in computing the "advance tax" payable under chapter xvii-c of the said act, at the rate or rates in force,-5 (cl) 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 inoome were oomprlsed in the total income after,-(ij in a case to which the said sub- paragraph i applies, the first fifteen thousand rupees, and 10 (<<) in a case to which the said sub-paragraph n applles, the flrst eight thousand rupees, of the total income but without being liable to tajq, only for the purpose of calculating, charging or computing duch income-tax or, as the case may be, "advance tax" in respect of the total income; and 15 (b) such inoome-tax or, as the case may be, "advance tax" shall be so calculated, charged or computed as follows:-i(j 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 of the aggregate income at the rates speclfled in sub-paragraph i or, as the case may be, sub- paragraph n of the said paragraph a, as if such aggregate income were the total income: 20 provided that in a case referred to in the said sub- paragraph ii, for the purposes of determining the amount of income-tax or "advance tax" in accordance with this sub-clause, the provisions of clause (w of the proviso below the said sub- paragraph n and the provisions relating to surcharge on incometax in the said sub-paragraph n sha1l not apply; 25 (cj the net agricultural income shall be increased,-,ai in a case to which the said sub-paragraph i applies, by a sum of fifteen thousand rupees; and (5) in a case to which the said sub-paragraph n applies, by a sum of eight thousand rupees, 30 ad the amount of income-tax or ''advance tax" shall be determined in respect of the net agricultural income as so increased at the rates specified in the said sub-paragraph lor, as the case may be, the said sub-paragraph n, as if the net agricultural income as 80 increased were the total income: provided that in a case referred to in the said sub-paragraph n, for the 35 purposes of determining the amount of income- tax or "advance tax" in accordance with this sub-clause, the provisions of clause (il) of the proviso below the said sub-paragraph n and the provisions relating to surcharge on income-tax in the said sub-paragraph n shall not apply; (iul the amount of income-tax or "advance tax" determined in accordance 40 with sub-clause (i) shall be reduced by the amount of income-tax or, as the cue may be, "advance tax" determined in accordance with sub-clause (it): provided that in a case referred to in the said sub-paragraph n, where the sum so arrived at exceeds sixty per cent of the amount by which the total income exceeds twelve thousand rupees, the excess shall be disregarded; 45 (w) the amount of income-tax or "advance tax" determined in accordance with sub-clause (iul shall be increased by a surcharge for purposes of the union calculated at the rate of twelve and a half per cent of such incometax or, as the case may be, "advance tax" and the sum so arrived at shall be the income-tax or, u the case may be, 'lldvance tax" in respect of the total 50 lncolde 8 of 1964 ( 1) where an assess88, being a company, makes, during the flnanclal year commencing on the 1st day ot april, 1984, any deposit with the industrial development bank of india established under the industrial de"elopne nt bank of india act, 1964 under any such scheme as the central government may, by notification in the 5 official gazette, frame in this bellalf, then the surcharge on income-tax payable by the company for the assessment year commencing on the 1st day of april, 1985,-(il in a case where the amount ot the deposit 80 made la equal to or exceeds the amount of surcbarge on income-tax payable by it, shall be 'nil; and 10 (u) in a case where the amount ot the deposit so made talls short of the amount of surcharge on income-tax payable by it, shall be reduced by the amount of the deposit (ii for the purposes of this section idd the first schedule,-(a) "company in which the pubuc are substanually idterested" means a company which is such a company as is referred to in section 108 of the 15 income-tax act; (bl "domestic company" means an indian company, or any other oompany which, in respect of ita income uable to income-tax under the income-tax act tor the assessment year commencing on the 1st day of april, 1984 baa made the presorlbed arr8dpments for the declaration and payment within india of the 20 dividends (lnoluding dividends on preference sbarea) payable out of such income in accordance with the provisions of section 194 of that act; (cj "industrial company" means a company which is malnlyenppd in the business of generation or distribution of electricity or any other form of power or in the carrlqe, by road or inland waterways, of pusenprs or goods or in 25 the construction of ships or in the execution of projects or id the muwfacture or processing of goods or in mining ~ -for the purpo8es of this clmse,-(ll a company shall be deemed to be mainly engaged in the business of generation or dlstrlbuuon of electricity or any other form of power or in the 30 carriage, by road or inland waterways, of passengers or good8 or in the con8truction of shlps or in the execution of projects or in the manufacture ~r processing of loods or in mining, if the income attributable to any one or more of the afore8ald acttvlues included in its total income of the previous year (u computed before maklng any deduction under chapter via of the 35 income-tax act) 18 not less than fifty-one per cent of such total income; (uj "project" meus a project for the construction of a building, road, dam, bridge or other 8tructure or as8embly or installation of any machldery or plant; (a) "ln8urance commission" means uly remuneration or reward, whether by 40 way of commission or otherwise, for sollcltldg or procuring luunnoe buslnes (lnoludlq buslnes reiatidg to the oontldulnce, renewal or revival of policies of ldsurance) ; " 45 (e) ''det agricultural income'~ in relatlon to a person, 1ueus the total amount of ip-loultural bloome, from whatever ource derived of that person computed in accordance with the rule contained in part iv of the first schedulel (6) ''tax-ine eollrlty" means any ecurtty of the central government i •• ued  or declared to be lnocm;ae-tax free, or any  curlty of a state gov8l'll1ll8dt issued income-tax free, the income-tax whereon is payable by the state gowl'ilmedt, 191 all other word and aprealons uaed in thl section or in the firat 50 schedule but not defined in thls ub-sectlon and defined in the inoome-ta act ahall have the meanlnp nspectlwly uslped to them in that act  chapter ui direct tausaiiiendmert of 3 in sectlon 10 of the income-tax act, in claus8 (50) after the words ''tea section 10 bushes" the words "or for rejuvenauon or consolidatlon of areas used for cultlva-5 tion of tea" shall be inserted with effect from the 1st day of april 1985 amad_t of 4 in section 11 of the income-tax act, in sub-section (5) - after clause (x) mctioil 11 aoci the expl •• i"n thereto, the folluwing clause shall be inserted with effect from the 1st day of april 1985, oamely:-10 11 of 19m "(xi) deposits with the industrial development bank of india established under the industrial development bank of india act, 1964;" a_elmedt of s in section 33b of the income-tax act, before the~, the following nctiog 338 proviso shall be inserted with effect from the 1st day of april, 1985, namelyt-''provided that no deduction under this section shall be allowed in relation to the assessment year commencing on the 1st da,y of aprll, 1985 or any 15 subsequent  sessment year " 6 in eectlon 35 of the income-tax act-(ell in sub-section (2) - in clause laa\ -(e) before the expi  ation, the following proviso shall be inserted, namely:-''provided that no deduction shall be admissible udder this clause in respect 20 of any expenditure incurred on the acquls1uon of any ladd, whether tbe land is acquired as such or as part of any property, after the 29tb day of february 1984 "; lu) the ~ shall be numbered a8 ~ j and after ~ j a 80 numbered, the followtng ~ shall be inserted namely:-25 '~ 2 -for the purpo  s of this clause,-(a) ''land'' includes any laterest in ladd; add (b) the acquisition of any ladd shall be deemed to bave been made by the a  on the date on which the instrument of transfer of such land to him baa been registered under the registration act, 1908, or where 30 he baa taken or retained the po  lon of sucb land or any part thereof in part performance of a codtract of the nature referred to in ection 63a of the tranfer of property act, 1882 the date on which be baa 80 taken or retained po  lon of such !add or part;'; (b) ill  b-ectlon (fa) for the words "where tbe asses8ee pays any sum", the 35 words, fiiur- and letters ''where, before the 1st day of march, 1984, the a  pajil any sum" iihali be ilubatttuted: ie)  b-hotlon (ibj ill elau  (a), for the words ''where an a  hal incurred any expenduure", the words, figures and letters ''where, before theist day of karch, 1984 an  s  has incurred any elllldtture" shall be substituted 40 7 iii aectiod 36c of the income-tax act, in sub-section (j), in clause (a) after the words, fwure add letters ''after the 29th day of february, 1968", the warda fll\lre add letter ''but before the 1 day of march 1984" iiball be 1118erted  iii ilectton 38 of the income-tax act, in sub-section (j) in clause (il4l, after the word "payment of any alarl", the worda, flpre aad letter ''for uay period of employment before the 18t day of march, 1984" hall be ldaerted 9 in section 40 of the income-tax act, in clause ie) with effect from the 1st day amendment e: of apru, 1985, -aection 40 (ll) in sub-clause w, for the words "seventy-two thousand rupees", the words "ode hundred and two thousand rupees" shall be substituted; 5 (b) in sub-claule (s), for the words "six thousand rupees", the words "eight thousand flve hundred rupees" shall be substituted 10 in section 40a of the income-tax act, -a •• d •• tol' aection «)a • (ll) in sub-section (5), in clause (e), in sub-ciauii8 (ij with effect from the 1st day of april, 1985,-10 (ij for the \voros "flve thousand rupees", the words "seven thousand flve huddl'ed rupees" sball be substituted; ilij for the words "sixty thousand rupees", the words "ninety thousand rupees" aball be aubet1tuted; (utj after tbe provtao, the following proviso shall be ilul8rted, namely:-15 'provided further that in relation to any month or part thereof comprised in any such previous year as is relevant to the assessment ymr commencing on the 18t day of april 1985, or any subsequent assessment yr, tbe reference to "five thousand rupees" in tbe preceding proviso shall be construed as a reference to "seven thousand flve hundred rupees" '; 20 (b) in sub-section (6) for the words "sixty thousand rupees", the words ''ninety thousand rupees" shall be substituted with effect from the 1st day of april, 1985; ie) after sub-section ill the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of april, 1980, namely:-25 "(91 no deduction shall be allowed in respect of any sum paid by the assessee as an employer towards the setting up of or as contribution to, any fund or trust for any purpose, except where such sum is so paid,for the purposes and to the extent provided by or under clause (w) or clause (v) of sub-section iii of section 36 or as required by or under any other law for the time being in 30 force ft 11 after section 44aa or the m('ome-tax act, the following section shall be inserted with effect from the 1st day of apru, 1985, namely:-innioa 01 ae  _c:tiof 40mb '44ab every person,-35 audit of ac:coild ta 01 c:tllill perl c:arryilll 011 bosiaeno plofeuloa lal carrying on business shall, if bis total sales, turnover or gross receipts, as the case may be, in busineaa exceed or exceeds twenty lakh rupees in any previous year or years relevant to lhe assesslllent year commencing on the 1st day of april, 1985 or any subsequent assessment year; or 40 (bl carrying on profession shall, if bis gross receipts in professioll exceed ten lakh rupees in any previous year or years relevant to the assessment year commencinc od tbe 1st day of april, 1985 or any subsequent assessment year, get his accounts of such previous year or years audited by an accountant before the specified date and obtain before that date the report of such audit in the prescribed form duly signed and verified by such accountant and setung forth such particulars (5 as may be prescribed: pro\lded that in a case where such porson is required by or under any other law to gd his accounts audited by an accountant, it shall bo 8ufficlct,t c~)mpliance with the provisions of this section if such person gets the acoounts of such businebb or profession audited under such law before the specified date and obtainb before that date the report of the audit as required under such other law and a further report in the form prescribed under this section ~ -for the purposes of this section,-1,(,) "accountant" shall have the same m_nlnc as in the ~ below sub-section (2) of section 288,  a - a •\ul "specified date", in relation to the accounts of the previoub y_r or y_rb relevant to an i assessment year, m_ns the date of the expiry of four months from the end of the previous year or, where there is more than one previous year from the end of the previous year which expired last before ,the commencement of the assesbment j8ilr, or the 30th day of june of the assessment year whichever is later ' - ~lhiltof r::t!oa aocc,  12 in section 80ee of the income-tax aot, in sub-s80tion {31 - for claube (el the following clause shall be bubstltuted, namely,-"ie) the sharee forming part of the issue are offered for subsoription to the pubuc and suoh offer for subscription is made by the company before the 1bt day of march, 1984 ;" -  •"  08 of ec:tioti sod 13 section 80d of the inoome-tax act shall be omitted with effect from the 1st day of april, 1985  t of 14 in section 80e of the income-tax act, in bub-section (j), after the d08 ioe words ''he hab paid ", the words, figures and letters ", before the 1st day of march, 1984, ii shall be inberted -  of u in section 80l of the income-tax act, in sub-seotion \1), with effect ictioit sgl from the lbt day of aprn, 1985,-25 1«) after claube\ul, the following clause shall be tnberted, namely:-"icial interest on depobits under suoh national depobu scheme ab may be framed by the cantral governm8llt and not1f1ed by it in this behalf in the offloial gueue;"; 30 \b) in clause uul , for the words ''under any scheme ", the words ''under any other scheme" shall be substituted; ie) the followtnc proviso shall be lneerted at the add, namely:-''provided that where the i1'obs total lnoome of the asbessee inoludes any income by way of interest on any deposits referred to in clause (u4) or income in respect of units referred to in clause (vi there shall be allowed in oomputlng the total ldoome of the &8sessee - further deduction of an amount equal to 0 much of such idoome u baa not bem allowed by way of deduction udder the foregoing provlelons of th1a sub-sect1on; so, however, that the amount of such further deduction sball not exceed three thousand rupees " - •• - of 16 in ectlon som of the income-tax aot, in 'bub-seotion h) with ctioa  ,aect from the lat day of aprn, 1986, -_ (4) for the worda "an amount equal to- ", the worda "an amount equal to lay per oalt of iuob idcome ii iihall be iubututed; ib) clau88b (4) and (b) aball be omitted -  t of 17 in section 80n 01 the income-tax aot, for the words "a deduction :tioa " of the whole of the idcome", the worde "a deducuod of an amqlj1lt equal to fifty per cmt of the income" shall be substituted with effect from the 1st day of april, 1985 amendment of section boo 18 in section 800 of the income-tax act, for the words "a deduction of the whole of the 1dcome ", the words "a deduction of an amount equal 5 to fifty per cent of the income" shall be substituted with effect from the 1st day of apru, 1985 ameadmeat of section iou ' 19 section sou of the income-tax act shall be numbered as subsection (1) with effect from the 1st day of april, 1985, and,-(a) in sub-section (1) as so numbered in clause (<<j, after the words 10 and brackets "a permanent physical disability (other than blindness) ", the words 'being a permanmt physical disability specified in the rules made in this behalf by the board, and ii shall be inserted with effect from the 1st day of april, 1985; (b) after sub-section' iii as so numbered, the following sub-section 15 shall be inserted with effect from the 1st day of april, 1985, namely:-"(2) the board shall, in making any rules for specify1ng any disability for the purposes of clause (ulof sub-section (f), have regard to the nature of such disability and the effect which suoh disabiuty is ukely to have on the capacity of a person subject 20 thereto, or suffering therefrom, to engage in a gainful employment or occupation " am_of sectioa 161 20 in section 161 of the inoome-tax aot, after sub-sectlon (1j, the following sub-sectlon shall be inserted with effect from the 1st day of april, 1985, namely:-25 , (1aj notwithstanding anything contained in sub-sectlon (1), where any income in respect of which the person mmtiooed in clause (w) of sub-section (1) of sectlon 180 is hable as repres81tatlve assessee consists of, or includes, profits add gains of business tax shall be charged on the whole of the income in respect of which such person is so liable at the maximum marginal rate: 30 provided that the provisions of this sub-section shall not apply where such profits and gains are receivable under a trust declared by any person by wul exclusively for the benefit of any relative dependent on him for support and maintenance, and such trust is the only trust so declared by him 36 &ptamtlon'-for the purposes of this sub-secuon "maximum marginal rate" shall have the meaning assigned to it in &ptamtlon 2 , below sub-seetlon (3) of sectlon 164 ' 21 in section 164 of the inoome-tax act, with effect from the 1st 40 day of apru 1985-(aj in sub-section ('), after the proviso the fouowldg proviso shall be ·lnserted, namely:-''provided further that where any income in respect of wb1ch the person m81tlooed in clause (w) of sub-sectton (j) d section 160 is '6 liable as represmtatlve as88ssee consists of, or 1nclude8 profits and galns of bu8tne8s, the preceding prov18o shall apply only if suoh profits and gains are receivable under a trust dec,lared by any per80n by will aclu8ively for the benefit of-any relative ciepeodmt on him for wpport and maintenanoe, and inch trust 18 the only trust so declared by him "; lb) to sub-section (tl th~ following proviso shall be added, namely:-''provided that in a case where the whole or any part of the relevant income is not exempt under aection 11 or aect10d 12 by virtue of the provlatoils oontalded in oiilum (cj or olause let) of sub-section (i) of section 13, tax shall be oharged on the relevant lnoume or part of relevant income at the maximum marginal rate n; icj in sub-section (31 after the proviso and before ~ r the following provisos shall be inserted, namely:-''provlded further that where the relevant ldoome ooul8u of, ar lncludee proftts and p1ns of business, the preceding proviso shall apply ogly if the income is receivable under a trust declared by any person by will exclusively for the bedeflt of any relative dependent on him for support and maidtmanoe, and such trust il the oftly trust 80 declared by him: provided also that in a case wbere the wbole or any part of the relevant 1ncome is not exempt under sectlod 11 or lection 12 by virtue of the proviblou oontalned m clause (el or elauae let) of sub-seotion (j) of section 13, tax bhal1 be oharpd oil the relevlult income or part of relevant income at the maximum marg1dal rate " 1_ of 22 in flection 193 of the income-tax act, in the proviso, after c:tida 193 clause (cu), the following clause shall be luerted with effect from the 1st day of olme 1984, namely:--(v) any interest payable to iul lddlvtdual, who ii resident m india, on deb4dtures issued by a oompany in whlcb the publio are substantially interested, being debaltures llated on a recoplsed stock excbange id jndla in aooordadoe with the securities cootraots (regulation) act, 1956, and any rules made thereunder if-(al the iilterest is paid by the company by iul account payee ohequeand lbl the amount of such interest or as the eale may be, the aggrepte of the amounts of sucb interest paid or likely to be paid <harl  the financial year by the company to such 1nd1v1dual does not exceed one thousand rupees ti endjllent of 23 in secuoll 194 of the income-tax act, for the first proviso, tioft 194 the following proviso shall be substituted with effect from the 1st day of line 1984, namely:-"provided that do such deduction shall be made in the case of a shareholder being an individual, who 18 resldmt in india, of a company in which the public are substantially interested, ifl4l the dlvld81dls paid by sucb oompany by iul aoooudt payee oherfue; aod  ci lbi the amount of such dividend or aa the cue may be, the agarepte of the amo\blts of sucb dividend distributed or paid or likely to be distributed or paid durijli the financial year by the company to the sharebo1der does not exceed one thousand rupeel:" 24 in section 2u of the income-tax act,-""lindaelof :uctioft 252 1«) after sub-section (4j, the followlnc aub-secuon shall be inserted dadlely:-"l~ the central gowemment may appoint  of the vice-presidedb of die appellate tn"bunal to be the senior vice-presideat thereof fl    j (h) in sub-sectlod (s), for the words "a vlce-presldent", the words "the sedlor vice-president or a vloe-preeldeot" shall be substituted amendment section 2691 25 in section 269c of the ldcome-tax act, in sub-section tl), for the words "twenty-ftve thousand rupees", the words "flfty thousand 5 rupees" shall be substituted with effect from the 1st day of june, 1984 amendment section 269 26 in section 269f of the income-tax act in sud-section (61 in clause la\, for the words "twenty-ftve thousand rupees", the words "fifty thousand rupees" shall be substituted with eftect from the 1st day of june, 1984 amendment section 26~ 27 in section 269p of the income-tax act, in sud-section (1) in the provlso, 10 for the words "ten thousand rupees", the words ''twenty-five thousand rupees" shall be 8ubstltuted with effect from the 1st day of june, 1984 l8 in chapter xxb of the income-tax act, -ilihition c new sectic 269s5 (4) in the beading, for the words "mode of ii:pavn[s'f'· , the words "modi: of accj:ptancl, paymdlt 01 iipaym"'" shall be substituted; 15 (bl before section 269t, the following section shall be inserted, namely:-| mode    | of         ||---------|------------|| tal     |            || or      | ac:ceptill || certlli |            || n       | loa        || _d      |            || depos'  |            |'269ss no person sba1l, after the 30th day of june, 1984"take or accept from any other person (hereafter in this section referred to as the depositor) any loan or deposit otherwise than by an account payee cheque or account payee bank draft if -20 (et) the amount of such loan or deposit or the aggregate amount of such loan and deposit; or (bl on the date of taking or accepting such loan or deposit, any loan or deposit taken or accepted earller by such person from the depositor is remaining unpaid (whether repaynent has fallen due or not), the amount 25 or the aggregate amount remaining unpaid; or ie) the amount or the aggregate amount referred to in clause (a) together with the amount or the aggregate amount referred to in clause (b), is ten thousand rupees or more: 30 provided that the provisions of this section shall not apply to any loan or deposit taken or accepted from, or any loan or deposit taken or accepted by-(a) government; (b) any banking company, post omce savlngb bank or co-operatlve bank; lel any gdrporatlon established by a central, state or provlnclal act; 35 10f 1956 (d) any government company u deflned in section 617 of the computes act, 1956; (t!j such other instltutlon, 88soclatlon or body or cl88s of lnatltutlons assoclatlons or bodies which the central government may, for reasons to be recorded in writing, notify in this behalf in the offlclal gazette 40 ~- for the purposes of thls sectlon,-lil "banking company" shall have the meaning uslgned to it in clause (loll of the ~ to sub-ectlon (4) of ectloo 40a; \uj ''co-operative bank" shall have the meaning assigned to it in part v of the banklng regulation act, 1949; lwl ''loan or deposit" means loan or deposit of money ' - - 1d ___ t of 29 in section 289t of the income-tax act in the erpllllgtiotl, after clause ltl the ectioa 2li9t following clause shall be inserted namely:-5 '(i4) "co-operative bank" shall have the meanjoa usjcaed to jt ill part vofthe bank1ng regulation act 1949;' 30 in the income-tax act after section 27la the following section shall be inserted with effect from the 1st day of april 1985 aamely:-| lmitioa    | of       ||------------|----------||         | aec:tioa || 71b       |          || allure     |          || to         |          || et         |          || eccollll   |          || ta         |          || aditecl   |          |''271b if any person faus without reasonable cause to get his accounts ld allcilted in respect of any previous y-r or years relevant to an assessment year or obtain a report of such audit as required under section 44ab"tbe inoometax oftlcermay direct that such person shall pay by way of penalty a sum equal to one-half per cent of the total sales turnover or gross receipts u the case may be in business or of the gross receipts in profession in such 15 previous year or years or a sum of one hundred thousand rupees whichever is less " 31 in the income-tax act after section 2760, the following section shall be inserted namely:- •• itioe of  mctioa ~ddleaaity mr tmtraveauoa r aectioa )9ss "27600 if a person without reasonable cause or excuse, takes or accepts any loan or deposit in contravention of the provisions of section 26988 he shall be punishable with imprisonment for a term which may extend to two years and shall also be liable to fine equal to the amount of such loan or deposit "  32 in section 28la of the income-tax act-(al in sub-section (l), for the portion beginning with the words ''the real owner 25 of such property udlesih-" and ending with the words ''to the income-tax officer", the following shall be substituted, namely:-''the real owner of such property unless notice in the prescribed form and containing the prescribed particulars in respect of the property has been given by the claimant within a period of one year from the date of acqui8ition of the 30 property to the commissioner "j (bl after sub-section (11, the following sub-secuons shall be inserted, namely:-"liai where any such property is acquired by the claimant before the 1st day of march 1984, the provi810ns of sub-section (1) 8hall be deemed to have heenfulfllled if notice in the prescribed form and contain1ng the prescribed 35 particulars in respect of the property 18 given by the claimant, within a period of one year from the said c:late,to the commissioner lll3) notwithstanding anything contained in 8ub-section (i) or sub-section (fa), in relation to any suit relating to any immovable property 'of: a value not exceeding ftfty thouiadd rupees the provisions of lub-section lnor, as the 40 case may be sub-8ection (1a) shall be deemed to have been fulftl1ed if' at any time before the auit, notice in the prescribed form and containing the p~escribed particular8 in respect of the property hal been given by the claimant to tbe commi  iclller ti; (e) for 8ub-section (2), tha following 8ub-section shall be subaw:uted namely:- 46 "(2) the commls8ioner shall, on an application made in the prescribed manner, by the claimant or any perlon acting on hla behalf or claiming under him, add on payment of tbepreacribed ~ees, i88ue, for the purpose8 of a suit , i referred to in sub-section (f) a certified copy of any notice given by the claimant under sub-section (ll or sub-section (fa) or sub-section (18) within fourteen days from the date of receipt of the appllcatlon " 33 in tbe nintb scbedule to the income-tax act for the brackets words figure 5 and letters "/sle section 32(1)(uij add section 80m (i)(4)(()}" the brackets words and figures "1sle section 32(1) (uij)" shall be substituted with effect from the 1st day of april, 1985 m in the wealth-tax act 1957/with effect from the 1st day of april 1985-(4) 111 section 5-10 (() in sub-section (r),-(1) in clause uv) in the proviso for the words "one hundred thousand rupees" at both the places where they occur the words "two hundred thousand rupees" shall be substituted; (2) after clause (xxv) the following clause shall be inserted namely:-15 "(xxu1) any deposits under such national deposit scheme as may be framed by the central government and notified by it in this behalf in the official gazette; "; (3) after clause (uuuj  the following clause shall be inserted namely:-"(xxuila) any deposits with the industrial development bank of india established under the industrial development bank of india act 1984,"; (iij in sub-section (1aj ,-(j) for the brackets and figures "(xxulj (xxuu)", the brackets flgures and letters "(xxu1), (xxui), (xxuuj ixxuua)," shall be substituted; 25 (2) for the words "one hundred and slxty-flve tbousand rupees" at both the places where they occur the words "two hundred and sixty-five thousand rupees" shall be substituted; 131 after the proviso, tht! following proviso shall be inserted namely:-"provided further that where the assets of the assessee include any 30 absets being units referred to in clause (xxv) or any deposits referred to in clause (xxuzi wealth-tax shall not be payable by the a  88see in respect of and there shall not be included in the net wealth of the absessee so mucb of the value of such assets &8 has not been excluded from the net wealth of the assessee under this sub-section; so however 35 that the value of tbe &8eets excluded under tbis proviso shall not exceed thirty-five tbousand rupees "; (utj in sub-section (3) for the brackets and flpres "(xxui), (xxuuj,", the brackets, flgures and letters "(locuiil, (xxui), (xxucc:j (uuua)," ball be substituted; 40 ib) in section 2ia-(i) for the portion beginning with the brackets, flpre add words "wally part of such property" and ending with the words "bedeflelal to tm rev_ue,", the following shall be substituted namely:-"(-'j any part of ucb property or any income of ucb truat [ wbetber derived from uch property or from voluntary ooiltr1buu  r_rred to iii sub-clause (iia) of clause (24l of section 2 of the income-tax act] is used or applied directly or indirectly for the benefit of any person referred to in sub-section (3) of section 13 of the income- tax act, or (ctl any part of the income of the trust lwhether derived from such property or from voluntary contributions referred to in sub-clause l(la) of 5 clause (24) of section 2 of the income-tax actj, beld1 a trust created on or after the 1st day of april 1962, enures, directly or indirectly, for the benefit of any person referred to in sub- section (3) of sectlon 13 of the said act, or (ut) any funds of the trust are invested or deposited, or any shares in a 10 company are held by the trust in contravention of the provisions of clause (d) of sub-section (j) of section 13 of the income-tax act wealth-tax shall be leviable upon and recoverable from the trustee or maaager (by whatever name called) in respect of the property beld by him under trust at the maximum marginal rate:"; 15 if) in the ~ below the second proviso, after clause (41), the following clause shall be inserted, namely:-20 i (1iil "maximum marginal rate" means the rate of wealth-tax applicable in relation to the highest slab of wealth in the case of an individual as specifled in part i of schedule i;' '  chapter iv rdiuct tausdi_eat of 35 the customs tariff act 1975 (hereinafter referred to as the cubtoms tariff ::t 51 of 1975 act) shall be amended in the manner specuied in the second schedule 25 way dati 36 (i) in the case of goods mentioned in the first schedule to the customs tariff f curoiii" act, or in that schedule, as amended from time to time there shall be levied and collected as an auxulary duty of cutoms an amount equal to fifty per cent of the value of the goods as determined in accordance with the provisions of section 14 of the customs act 1962 (hereinafter referred to as the customs act) 30 52 of 1162-i 21 9jb-section 1 j 1 shall cease to have effect after the 31st day of march 1985~ except as respects things done or omitted to be done before such cesser; and section 6 of the general clausell act, 1897, shall apply upon such'cesser all if the said sub-10 of 1197 section had then been repealed by a central act (3) the auxll1ary dutle of cutoms referred to in sub-section (7) shall be in 35 addition to any duties of customs chargeable on wch aoods under the customs act or any other law for the time beidlln force (41 'lbe provisions of the customs act and the rules add regulations made thereunder, including those relating to refunds and exemptions from duties, shall as far as may be, apply in relation to the levy and collection of the auxiliary duties of 40 customs leviable under this section in respect of any goods as they apply in relation to the levy and collection of the duties of customs on such goods under that act or those rules and regulations, as the case may be 45 37 iii section 18 of the customs act, in 8ub-section i j) ,after the provio, the following ~ shall be inserted namely:--"~ -where the service of the notice is stayed by an order of a court the period of such stay shall be ex~uded ~n computing the aforesaid , - - -~ ----  iv mtwlths or five years, a the case may be " 38 in section 61 of the customs act, to sub-section (2) , the following proviso shall ameadlll  t c be added, namely: -''provided that the board may, if it considers it necessary 80 to do in the public interest, waive, by special order and under circumstances of an exceptional 5 nature to be specified in such order, the whole or part of any interest payable under this sub-section in respect of any warehoused goods " 39 in section 129 of the cultoms act, -amenclaraat c iectioil 121 • (al for sub-section (2), the following sub-sections shall be substituted, namely:-"(2) a judicial member shall be a person who has for at least ten years held 10 a judicial office in the territory of india or who has been a member of the central lapl service and has held a post in grade i of that service or any equivalent or higher post for at least three years, or who has been an advocate for at lealt ten 18ars ~ -for the purposes of this sub- section, -15 (oil in computing the period during which a person has held judicial office in the territory of india, there shall be included any period, after he has beld any judicial office, during which the person has been an advocate or has held the office of a member of a tribunal or any post, under the union or a state, requiring special knowledge of law; 20 (w in computing the period during which a person has been an advocate, there shall be included any period during which the person has held a judlo!ial office or the office of a member of a tribunal or any post, under the union or a state, requiring special knowledge of law after he became an advocate i~ a technical member shall be a person who bas been a member of the 25 indian customs and central excise service, group a, and has held the post of collector of customs or central excise or any equivalent or higher post for at least three years "; (b) after sub-section 14j, the following sub-section shall be inserted, namely:-30 "(fa) tbe central gowemment may appoint one of the vice-presidents of the appellate tribunal to be the senior vice-president thereof"; (clin sub-section ls) for the words "the vice-president", the words "the senior vice-president or a vice-president" shall be substituted 40 in section 129a of the customs act,-35 (al in sub-section ( ii - in the proviso, for the words "provided that", the following shall be substituted, uamely:-''provided that no appeal shall lie to the appellate tribunal and tbe appellate tribunal shall not have jurtedlction to decide any appeal in respect of any order referred to in clause (b) if such order relates to,-(a) any goods imported as baggage, 40 45 (b) any goods loaded in a conveyance for importatlon into india, but which are not unloaded at their place of destination in india, or so much of tbe quantity of such goods as has not been unloaded at any 8uob destination if aoodl unloaded at sucb destination are short of the quantity required to be unloaded at that destination; (e) pilyment of drawback as provided in cbapter x, add tbe ruls made thereunder: provided furtber that ", (b) after 8ub-8ection ( j i, the following sub-8ection shall b6 inserted d&d1ely:-" ( 1 a) every appeal apinst any order of the nature referred to in the first provi80 to 8ub-sectlon (j) , which is pending immediately before the commencement of 8ection 40 of the finance act 1984 before the appellate tribunal and any matter arising out of or connected with such appeal and whioh is 80 pending 5 8hall 8tand transferred on 8uoh commencement to the central oovernmeat and the central governmeat &ban deal with such appeal or matter under 8ection 12900 as if such appeal or matter were an application or a matter ari81ng out of an appllcation made to it under that section " -  tof 41 in sectioo 129c of the customs act, in aub-eectioo lof), for the wordl "tenlo  129c thcw_nd rupees", the wordll"fifty thcw_rwf rupeea"  be __ itutecl 42 in aection 129d of the cu8toms a ct in sub-section (3) , for the words ''two years" the words ''one year" shan be substituted 43 after sect10d 129dof the customs act, the following seouon sball be inserted namely:-16  '0 i l29dd (1) the central goiedlldedt  , oil the ,icatiod of , pe- aariend by , order -a udder -=:tioll 128a where the order of the mture referred to in the fint ploli8o to "'-at" (1) of -=:lion 129a,  or idodify 8uch order ~ -for the purposes of this sub-eeotlon 'brder paased 20 ldier section 12sa "inchaes an order passed under that section before the commencement of section 40 of tbe finance act 1984 against which an appeal has not been preferred before such commencement and could have been if the said sect100 bad not come into force preferred atter such commencement to the appellate '1\"ibunal 25 (2) an application under sub-eect1on (7) sball be made within three months from the date of the communication to the applicant of the order against which the appucation 18 being made: 30 provided that the central government may if it is satisfied that the appucaat was prevented by sufficient cause from presenting the application witbin the aforesaid period of three months allow it to be presented within a further period of three months (3) an application under suhecuon (j) shall be in sucb form and sball be verified in such manner as may be specified by rules made in this behalf am shall be accompanied by a fee of two hundred rupees 35 (4) the central government may of ita own mouon annul or modify 8dy order referred to in sub-sectlon ( j) - 151 no order enhancing any penalty or fine in ueu of confiscation or oodflacating goods of greater value sball be passed under this section_ 40 lal in any case in which an order passed under section 12sa haa enhanced any penalty or fine 1n ueu of confiscation or haa confisoated goods of greater value am (b)inldyother cqe, unle8s the person affected by the proposed order haa been pen nouce to show oauae against it within one year from the date of the order sought to be lddulled or moduted 45 (6) where the central governlb8nt 18 of opsn1oo tbat any duty of oustoms baa dot heed 1ev1ed or haa been bort-ievled, no order levying or enhlldclng tile duty ball be made under t1d8  ouon we  the person affected by the propohd order s liven nouce to _how caum  t it within the time l1m1t ,ealftal in motion 26 , - exci4e 44 in sect100 2 of the central excises and salt act, 1944 (hereld-after referred to as the central excises act),in clause l~), after sub-clause (uuc:) , the following sub-clause shall be inserted, namely:-"i(x) in relation to artificial or synthetic resins and plastic materials 6 inclu:les their conversion into moulding powders ;" 45 in section 3 of the central excises act, in sub-section (1 ~ in the proviso-aeimtof aec:tioll 3 (a) for the words -excisable goods which are produced or manufactured in a free trade zone and brought to any other place in ladia shall be an amount equal to" the following sball be substituted namejy:-10' "excisable goods which are produoed or manufactured-1,(,) in a free trade zone and brought to iliu' other place in 1ad1a; or  t (ill by a h1dfred per oent export-or1ented undertaldng and allowed to be sold in india shall be an amoullt equal to'l} 11 (bl for ~ 2, tbe following ~ sball be substituted namely:-'~2 -in this proviso-(() "free trade zone"means the kandla free trade zone and the santa cruz eleatroaics export processing zone and 1001111es any 20 other free trade zone whlch the central goverameat may by notwcation in the official gazette, specify in this behalf; (uj "bundred per cent export-ariented undertaking" means an uddertaldng which has been approved as a huddred per cent export-or1ented uddertaldng by the board appointed in this behalf 25 by the central government in exercise of the powers conferred by section 14 of the industries (development and regulation) act, 1951, and the rules made udder that act' 46 in sub- sectlon (4) of sectlon 4 of the central excises act in sub-clause (u) of clause (d), in the~, in clause (i), for the words "'or reduction of 30 duty of excise on such goods equal to any duty of excise already paid'~ the words and figures "orreducuon of duty of excise under such act on such goods equal to, a,ny duty of excise under such act, or tbe additional duty udder section 3 of the customs tariff act, 1975 already paid" shall be substituted 47 in section 35bof the central excises act,-35 (4) in sub-section (1), in the proviso, for the words "provided that'~ the following shall be substit1ud, namely:-"provided that no appeal sball lle to the appellate trib1alal aad the appellate tribwlal shall not have jurisdiction to decide ~ appeal in respect of any order referred to in clause (b) if such order relates to-40 (al a case of loss of goods where the loss occurs in transit from a factory to a warehouse or to another factory or from one warehouse to iiddther or during the course of processing of the goods in a warebow18 or in storage, whether in a factory or in a warehoufe; (b) a rebate of duty of excise on eoods exported to any country or territory outside ladla or on exolsm1e materials ueed in the mlaufacture of aoocia wbloh are exported to ~ 00w1try or territory oatsjde india; lel goods exported outside jodla (except to nepal or bl11&8o) without pafmeat of duty: provided further that"; lb) after sub-sect1oo (j) the following sub-section shall be inserted, namely:-5  (ia') every appeal aglijult lilly order of the nature referrt to in the f1rst provsao to sub-seotjon l j) - wbich is pending immediately before the commenoement of sect1on 47 of the fidldoe act, 1984, before the appellate tr1bwlal am any matter ari8ing out of, or coaneoted with, such appeal and whioh is 80 pending shall stud transferred on suoh 10 commenoement to the central government, lad the ceatral government shall deal with such appeal or matter under aeouon 35ee 88 if such appeal or matter were an appl1oat1on or a matter arl81dg out of an appl1cluon made to it udder that section " -  t or 48 in -:tioo 35d of the central kxc~ act, in ~tiad (5) for 15 -=uc 350 the words "tell that_nd ~, the words "fifty fhoo_'"' ~  ibail be uljetituted  t of 49 in section 35e of the central exoises act in sub-aection (3) - for the words dod 35£ ''two years", the words "one year" shall be substituted 20 so after seotion 35e of the central exoises act, the following section sball be tneerted namely:-smltiog of -aectio 5ee 3sbl l j) the central gmellllllellt may, em the application of any penon aur"" by , order- under -:tiad 35a,  re the order of the aature referred to in the fint pruno to ~tiad u\ of -:tiad 358, iiiidul or modify ucb order 25 - ,i explluultion- for the purposes of thls sub  ection "order passed under solton 3sa" includes an order pased u~ that section before the commencement - it! of section 4'7 of the finance act, 1984 against which an appeal bas not been preferred before iuch commencemedt add coqld have been, if the said section bad not come into force preferred after such commencement, to the appellate tribunal 30 (21 an 1lpp11cation udder aab  ect1on (j) _ll be made within three months from the date of the communication to the applicant of the order apinat which the application 1_ being made: provided that the cedtral government may, if it is aatisfied that the applicant waa prevented by sufflciedt cause from presenting the application within the afore -35 aid period of three months allow it to be p resented within a ilrtber period of three moatb8 (31 an application under aub  ect1on (j) sball be in auch form and shall be verified in auch manner as may be specified by rules made in this behalf and 8hall be accompanied by a fee of two hundred rupees 40 (4) the cedtral governmedt may of its own motion annul or modify any order referred to in aub  eotioo (i) ,sj no order enhancing any penalty or fine in lieu of conflscation or conflacating goods of greater value shall be pused under this 8eotion-~ in any case in which an order passed under section 35a ba8 enhanced 406 any penalty or fine in lieu of oonflscation or bas confi8cated goods of greater value add (hi in any other case unles8 the person atrected by the propoat order bas been pv8l notice to 8bow ~u  alflul 1~ within ode year from the date of the --- -- t tn hili amwlled or modified (6) where the central government is of opinion that any duty of excise has not been levied or has been short-levied, no order levying or enhaulclog the duty shall be made under this section unless the person affected by the proposed order is given notice to show cause against it within the time umlt specified in section 5 lla" 51 the first schedule to the central exalses act,-(al shall be amended in the manner specified in the third schedule; and (bl shall, with effect from such date as the central government may, by notification in the official gazette, appoint, be also amended in the manner specified loin the fourth schedule 52 (n in the case of goods chargeable with a duty of excise under the ceotral exclses act, as amended from time to time, read with any notulcatloo for the time being in force issued by the central government in relatioo to the duty 10 chargeable (oot being a notificatioo providing for any exemption for giving credit with respect to, 15 or rewction of duty of excise under the said act on bilcb goods ecpal to, any duty of excise under the said act, or the additional duty under section 3 of the customs tariff act, already paid on the raw material or component parts used in the prow-,tion or manufacture of such goods), there shall be levied and collected a speclal duty of excise equal to ten per cent of the amount so chargeable on such goods 10 of 1897 20 (2) sub-section (1) shall cease to have effect after the 31st day of maroh, 1985, except as respects things done or omitted to be done before such cesser; and section 6 of the general clauses act, 1897, shall apply upon such cesser as tr the said subsection had then been repealed by a central act (3) the special duties of excise referred to in sub-section (11 shall be in addition 25 to any duties of excise chargeable on such goods under the central excises act, or any other law for the time being in force ,of) the provisions of the central excises act and the rules made thereunder, including those relating to rel1nds and exemptions from duties, shall, as-far as may be, apply in relation to the levy and collection of the special duties of excise leviable 30 under this section in respect of any goods as they apply in relation to the levy and collection of the duties of excise on such goods under that act or those rules, as the case may be 53 the additional duties of excise (goods of bpeclallmportance) act, 1967 (here- a_t, inabr referred to as the additional duties of excise act), shall be amended in the ad 51 flit! 35 manner specified in the fifth schedule  chapter v54 in the unit trust of india act, 1963, in sub-section (1) of sectloo 32, with effect from the 1st day of april, 1985,-a  ad 5201 is 40 (a) clause (b) and clause (ba) shall be omitted: (bl in explanation 1,-45 (il in clause (a) for the words, brackets and letters "clauses (cia) and (b), 'the word, brackets and letters "clause i(ia)" shall be aubatuuted; (uj in clause (b), for the words, brackets and letters "clau8ea (fxi)~ and (bb), the word, brackets and letters "clause (bbl" shall j:»e substituted 55 in the gold (cojllrol) act, 1868,-(al in lub~ion (2) of :tion 8lb, for the words "ted  , the words "fifty· thgi_nd rupees"  be "ituted; (b) in aub-eection (3) of section 82, for the words "two years ", the words "one ,ear" sball be substituted oe~n wu:tet tht pitov,uiomt coutetion 06 tau act1931 it is he-by declared that it is expedient in the public interest that the provisions 5 of clauses 35, 36, 44 and 46, sub-clause (al of clause 51 (except part i of the third schedule) and clauses 52 and 53 of this bill shall have immediate effect under the provisional colleotlon of taxes act, 1931 j6 01 1931  the first schedule(see secuon 2)  part i income-tax and surcharge on income-taxpajta91laph a 5 sub-pajta9jujph i in the case of every individual or hindu undivided family or unregistered firm or other association of persons or body of individuals whether incorporated or not, or every artulcial juridical person referred to in sub-clause (vu) of clause (31) of section 2 of the inoome-tax act not being a case to 10 which sub-paragraph n of this paragraph or any other paragraph of this part appues,-nil; (1) where the total income does not exce'ed rs15,ooo (2) where the total income exceeds rs 15, 000 15 but does not exceed rs 20, 000 (3) where the total income exceeds rs20, 000 but does not exceed rs25,ooo (4) where the total income exceeds rs 25, 000 but does dot exceed rs 30,000 20 (5) where the total income exceeds rs30, 000 but does not exceed rs50,ooo (6) where the total income exceeds rs 50, 000 but does not exceed rs 60,000 (7) where the total income exceeds rs80, 000 25 but does not exceed rs 70,000 (8) where the total income exceeds rs 70, 000 but does not exceed rs 85,000 (9) where the total income exceeds rs 85,000 but does not exceed rs 1,00,000 30 (10) where the total income exceeds rsl,oo,ooo 25 per centof the amount by which the total income exceeds rs 15,000: rs 1,250 plu6 30 per cent of the amount bv whioh the totallncome exceeds bs20,ooo: rs 2, 750 ~ 35 per cent of the amount by which the total income exceeds rs 25, 000; rs 4,500 plu6 40 per cent of the amount by which the total income exceeds rs30,ooo; rs 12 , 500 pfw 50 per cent of the amount by which the total income exceeds rs 50, 000; rs 17,500 pfw 525 per cent ef the amount by which the total income exceeds bs60,ooo: rs 22,750 plu6 55 per cent of the amount by which the total income exceeds rs 70,000; rs 31,000 pfw 575 per cent of the amount by which the total income exceeds rs 85, 000: rs39,825 plu6 80 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 preoeding provisions of this flab-paragraph shall be increased by a surcharge for purposes of the union calculated at the rate of twelve and 35 ''!l halfper cent of such income-tax  sub-pajta9jujph iiin the case of every hincll undivided family which at any time cllring the previous year bas at least one member whose total income of the previous year relevant to the assessment year commencing on the lst day of april, 1984 exceeds rs 15,000,-40 (1) where the total income doei dot exceed nu; bs 8,000 (2) where the total income exceeds rs 8,000 but does not exceed rs 15, 000 22 per cent of the amount by whioh the total income exceeds bs 8,000; 45 (3) where the total income exceeds rs15, 000 rs 1,540 plu6 27 per cent of the amount by which the total income exceeds rs 15, 000 i but does dot exceed rs 20,000 ae 2,890 'fba 35 per cellt of the amount by which the total income exceeds as 20, 000; aad, 6foo 'fba foo per oent of the amount by which the total income exceeds rs 25,000; (4) where the total income exceeds as 20,000 but does not exceed rs 25,000 (5) where the total income exceeds rs25,ooo but does not exceed re 30,000 (6) where the total1ncome exceeds ri30,000 but does oot exceed rs 50,000 al 6,640 pljjij 50 per cellt of the amount by which 5 the total income exceed rs~ 30,000; ('1) where the total income exceedl re 50, 000 ils 16,640 pljjij 60 per cent of the amount by which the total income exceeds rs 50,000: provided that for the purposes of thts fhb-paragraph,-(il no tncome-tax shall be payable on a total tncome not exceeding rs12,ooo; 10 (ii) where the total income exceeds rs 12,000 but does dot exceed re 17,610, the tncome-tax payable thereon shall not exceed forty per cent of the amount by which the total income exceedll re12,ooo  sujlcm\gc! on ijlcoiiic!-t4xthe amount of income-tax computed in accordance with the preceding provisions of thi8 sub-para-15 graph shall be increased by a surcharge for purposes of the union calculated at the rate of twelve and a half per cent of  oo income-tax  pajt4gjtaph bin the case of every co-aperatlve society,-20 ratu 0' ijlcoiiic!-tax 15 per cent of the total income; (1) where the total income doe not exceed ra10,ooo (2) where the total income exceeds rsi0, 000 but does oot exceed rs 20,000 rs 1,500 ptw 25 per cellt of the amount by which the total income exceed rs 10,000; (3) where the total income exceed rs20, 000 rs 4, ooo~ foo per cent of the amouat by which 25 the total income exceeds r8 20, 000  sujlcluvtgc! on income-taltthe amount of income-tax computed in accordance with the preceding provisiolul of thta paragraph shall be increased by a surcharge for purpose of the union calculated at the rate of twelve and a half per cent of web income-tax 30  pajt49jtaph c sub-pajt4gjtaph iin the case of every registered firm, not being a caee to which am-paragraph n of this paragraph appues,-35 r4tu 0' income-t4x (1) where the total income does dot exceed n-u; a 10,000 (2) w'here the total income exceeds rs 10,000 bat does not exceed rs 25,000 5 per cent of the amount by which the total income exceeds rs 10,000; (3) where the total income exceeds rs25, 000 but doea not exceed ri 50,000 r • 750 pljjij 7 per cent of the amount by which 40 the total income exceeds rb 25,000: (4) where the total income exceeds rs 50, 000 but doee dot exceed ra 1,00,000 ri 2, 500 ~ 15 per cent of the amount by which the total income exceeds rs 50, 000; fo6 (5) where the total income ex~ed8 rs1,oo,ooo ri10,ooo ptu6 24 per cent of the amount by which the total income exceeds ri 1,00,000 swlchalrge on income-tax the amount of income-tax computed in accordance with the preceding provisionl of this liab-parap-aph shall be lncreued by a aurcharge for purposes of the umon calculated at the rate of twelve and a half per cent of such income-tax  sub-pajt4gilaph iiiii the caee of every registered firm whoee total income includes income derived from a profes8ion carried on by it and the income 80 included il not les8 than fifty-one per cent of such total income _  (1) where the total income does not exceed rs10,ooo (2) where the total income exceeds rs 10,000 5 but does not exceed rs 25,000 4 per cent of the amount by which the total income exceeds rs 10,000; (3) where the total income exceeds rs25, 000 but does not exceed rs 50,000 rs600 flu/; 7 per cent of the amount by which the total income exceeds rs 25,000; rs 2,350 flu/; 13 per cent of the amount by which the total income exceeds rs 50, 000; (4) where the total income exceeds rs 50,000 but does not exceed rs 1,00,000 10 (5) where the total income exceeds rs 1,00, 000 rs 8,850 flu/; 22 per cent of the amount by which the total income exceeds rs 1,00,000 ~ on incoi2--= the amount of income-tax computed in accordance with the preceding provisiolls of this fub-paragraph shall be increased by a surcharge for purposes of the union calculated at the rate of twelve and 15 a half per cent of such income-tax ~ -for the purposes of this paragraph, "registered flrm" includes an unregistered firm assessed as a registered firm under clause (b) of section 183 of the income-tax act ~j) in the case of every local authority, -20  ratf 06 incorllt-taxon the whole of the total income 50 per cent  suachallge on incorllt-taxthe amount of income-tax computed in accordance with the preceding provisiods of this paragraph shall be increased by a surcharge for purposes of the union calculated at the rate of twelve and a half 25 per cent of such income-tax in the case of a company, - ratu 06 income-taxi in the case of a domestic company,-; 30 (1) where the company is a company in which 55 per cent of the total income; the public are substantially interested (2) where the company is not a company in which the public are substantially interested-(i) in the case of an industrial company 60 per cent of the total income; 35 (u) in any other case 65 per cmlof the total income n in the case of a company other than a domestic company,-(i) on 80 much of the total income as consists of -laj royalties received from government or an indian concern in pursuance of an agree-40 ment mad~ by it with the government or the indian concern after the 318t day of march, 1961 but before the 18t day of aprll,1976 or ! (b) fees for rendering technical services received from government or an indian con-45 cern in purluadee of an al1'eement made by it with the government orthe indian concern after the 29th day of february, 1964 but before the 18t day of april, 1976 and where such agreement haa in either calle 50 per cent • 50 been approved by the central govenunent tu) oil the balance if any, of the total income 'to per cent  swtchtvi9"- on income-taxthe amount of income-tax computed in accordance with the preceding provisions of this paragraph shall be increased by a surcbarge calculated at tbe rate of five per cent of such income-tax  partu ratu 6011 deduc:tion o! tax a,t 60u1te,,- in eejttaut e46u5 10 in every case in which under the provisions of sections 193, 194, 194a, 194b, 194bb, 194d and 195 of the idcome-tax act, tax is to be deducted at the rates in force, deduction shall be made from the income ilubject to deduction at the following rates :-income-tax rate of rate of income-tax surcharge 1 in the case of a person other than a company-(4) where the perlon is resident in india-10 per cent uj on income by way of interest other than ''interest on securities" 15 30 per cent 3 75 per cent; (il) on income by way of winnings from lotteries and crossword puzzles 30 per cent 375 per cent; ((ul on income by way of winnings from horse races 10 per cent 20 nil; (wi on income by way of inlluranee commission 10 per cent (v) on income by way of interest payable on 25 (a) any security, other than a taxfrpe security, of the central or a state government; (8) any debentures or other securities for money issued by or on behalf of any local authority or a corporation established by a central, state or provincial act; 42 of 1956 36 30 ie) any debentures issued by a company where such debe:ntures are listed on a recognised stock exchange in lndia in accordance with the securities contracts (regulatioo) act, 1956, and any rules made thereunder 20 per cent 25 per cent ; (ui) on any other income (excluding interest payable on a tax-free security) ib) where the person is not resident in indta-40 ((j in the case of a non-resident indtan-20 per cent 2 5 per cent; (a) on investment income and longterm capital gains 15 per cent 1875 per cent; (8) on income by way of interest payable on a tax-free security ie) on the whole of the other income 46 income-tax at 30 per cent and surcharge at 375 per cent of the amount of the income, or income-tax and surcharge on income-tax tn respect of the income at the rates prescribed in 50 sub- paragraph i of paragraph a of part m of this schedule, if such income had been the total income, ; whichever is higher; income-tax rate of rate of income-tax surcilllrge (u) in the case of any other person-5 (a) on the whole of the income cexcludincome-tax at 30 per cent add surcharge at 375 ing interest payable on a tax-free securtt~ per cent of the amount of income, 10 or income-tax and surcharge on lncome-tax in respect of the income at the rates prescribed in &lb-paragraph i of paragraph a of part m of this schedule, if au ch income had been the total income , whichever is higher; 15 per cent 1875 per cent (8) on income by way of interest payable on a tax-free security 2 in the case of a company-15 ia) wbere the company is a domestic company-20 per cent 1 per cent; (l) on income by wa y of interest other than ''interest on securities" 215 per cent 1 07i per cent; 20 (u) on any other income (excluding lmerest payable on a tax-free security) fb) where the co~any is not a domestic company-25 per cent nit; 25 25 per cent nit; ~() on income by way of dividends payable by any domestic company lui on income by way of interest payable by government or an indian concern on moneys borrowed or debt incurred by government or the indian concern in foreign currency ~o 40 per cent nil; 35 (iu) on income by way of royalty payable by government or an inchan concern in pursuance of an agreement made by it with the government or the indian concern after tbe 31st day of march, 1976, where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in 40 re~ect of copyright in any book on a subject referred to in the proviso to aub-section (1a) of section u5a of the income-tax act, to the indian concern 45 {;   50 50 per cent 2 5 per cent; (w) on income by way of royalty [not being royalty of the nature referred to in sub-item (b) (-iulj payable by government or an indian concern in pursuance of an agreement made by it with the government or the indian concern and which has been approved by the central government -tal where the agreement is made after the 31st day of march, 1961 but before the 1st day of april, 1976 (8) where the agreement i8 made after the 31st day of march, 1976-55 ipcomtd!x rate of rate of lncolllg-iax surcbg8 (1) on so much of the amount of 20 per cent nil; mcb income as collsisy of lump sum coulderatioo for the traufer outsi4e iddta of, or the in,artmg of information outside lddta in respect of aoy data, documentation, drawing orapeclflcattoo relating to any patent, inventlod, model, deslp, secret formula or process, or trade mark or similar property (2) on the balance, if any, of such 40 per cent ncl; income ivj on income by way of fees for tficbnical services payable by government or an indian concern in plrauance of an agreement made by it with the governmeat or the hldlan concern and which | has                                | been         | approved         ||------------------------------------|--------------|------------------|| by                                 |              |                  || the                                | central      | govern-          || ment-                              |              |                  || (a)                                |              |                  || wbere the                          | agreement    | is               || 50                                 |              |                  || per                                | cent        |                  || 25                                |              |                  || per                                |              |                  || cent;                             |              |                  || after                              | the 29th day | of               || 1964                               |              |                  || but                                | before       | the 1st day      || 25                                 |              |                  || (8)                                |              |                  || where the                          | agreement    | is               || 40                                 |              |                  || per                                | cent        |                  || hil;                               |              |                  || after                              | the          | 31st             || much,                              |              |                  || 1976                               |              |                  || (u<)                              |              |                  || on income by way of                | interest     |                  || 44                                 |              |                  || per                                | cent        |                  || 2                                 |              |                  || 2                                  | per          | cent;           || payable                            |              |                  || oil                                |              |                  || a                                  |              |                  || tax-free                           | security     |                  || luul                               |              |                  || on                                 |              |                  || any                                | other        | income           || 70per                              | cent        | 35              || 30                                 |              |                  || ~                                 |              |                  || -                                  | for          | the put1)oses of || ''non-resident indian"             |              |                  || shall                              |              |                  || have the meanings assigned to them | in           | chapter          | part diratu 60ll ealculaung oil chall9ing incoi!ie-tax in cvttain c!luu, deducting income-tax 6jlo," inco chtvtgeabie uru1ejr ~e head "salaiue6" oil 4ny ptlljlllent 1le6fnted to in 6ub-uction (9) 35 06 ~eetlon of 4ild eo",uting "advanc2 tax" in cases in which income-tax has to be ca:culated under the first proviso to sub-section (5) of beetiod l32 of the mcome-tax act or charged under sub-eection (4) of seetion 172 or sub-section tt) of section 174 or be-ction 175 or aub-eection (t) of section 176 of the aid act or deducted under section 192 of the said act from income chargeable under the head "salaries" or deducted under sub-eectlon (9) of section 40 80e of the said act from any payment referred to in the said sub-eection (9) or in which the "advance tax" payable under chapter xvu-e 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 xu or chapter xd-a or aub-eection (ja) of section 161 or section 164 or section 164a or section 167a of the mcome-tax act at the rates as speclfted in that chapter or 45 section}, shall be so calculated, charged, deducted or computed at the following rate or rates:- ptvi491t4ph a sub-ptvi49lt4ph zin the case of every indivic:ual or hindu undivided (amily or unregistered firm or other alsomation of persolls or body of individuals, whether incorporated or not, or every articcla1 juridical person 50 referre-d to in sub-clause (uuj of clause 13l) of bection 2 of the income-tax act not belng a case to which sub-paragraph d of thts paragraph or any other paragraph of this part applies -ratu 06 inc0me-tax (1) where the total income does not exceed rs15,ooo (2) where the totaltncom(' exceeds rs15,ooo but does not exct"ed rs20,ooo hil; 55 20 per cent of the amount by which the total income exceeds r •• ls,ooo; (3) where the total income exceeds rs20,ooo but does not exceed rs25,ooo (4) where the total income exceeds rs25,ooo but does not ex(!eed rs30,ooo rs 1,000 plu6 25 per cent of tht' amoont by which the total income excl'cds rs 20, 000; rs2,250 piu4 30 per cent of thl' amoont by which the total income exceeds rs 25,000; ~ \;,!:< 5 (5) wht're the total income exceeds rs30,ooo hut dot's not exct'ed rs40,ooo hs3, 750 plu6 35 per cent of the !imoont by which the total income exceeds hs30, 000; rr 7,250;plu6 40 per cent oftht' amount by which the total income exct'l'ds rs 40,000; (6) where the totalinoome excet'ds rs 40, 000 oot does not exceed rs 50, 000 (7) where the total income exceeds 10 rs 50, 000 but doh not exceed rs 70, 000 rsll,250 plu6 45 per cent of the amount by which the total ineome exceec:h  rs 50, 000; (8) where the total incom(' excems rs70,ooo but does not exceed rsl,oo,ooo rs 20,250 plu6 50 per ct'tuof thl' amoont by which the total income exceeds rs 70, 000; rs35,250 plu4 55 per cenlofthe amwdl by which the total income exceeds rsl,oo,ooo (9) where the total incomt> exceeds rs 1,00,000 15 '!be amount of income-tax computed in accordance with the preceding provisions of this sub-paragraph shall be increased by a s\d'charge lor pwposes of the union calculated at the rate of twelve aid a half per ceut of such income-tax  sub-ptvtt1glu1ph ii20 in the case of every hindu lbldivided family which at any time during the previous year bas at least one member whose total income of the previous year relevant to the assessment )'ear commencing 00 the 1st day of april, 1985 exceeds rs15,ooo,-(1) w hert· the total income does not exceed ,'' 25 rs8,ooo (2) where the totaliocome exce'l'ds rss,ooo but does not exceed ra15000 22 per centof the amount by which the total income excl'eds r s 8,000 ; (3) where the total income exceeds rs15,ooo but does not exceed rs20,ooo rsi,540 r£ub 27 per centof the amount by which the total income exceeds ra15, 000; 30 (4) where the total income exoeeds rs20,ooo but does not exceed rs25,ooo rs2890~35 per cent ofthe amountbywhlch the total income exceeds rs 20,000 ; rs 4, 640 f'jlu6 40 per cent of the amount by which the totallocome exceeds rs 25,000 r (5) where the total income exceeds rs25,ooo but does not exceed rs 30,000 rs 6, 640 ptu6 50 per cent of the amount by which the totalinoome exceeds rs30,ooo; (7) where the total income exoeeds rs50,ooo rs16,640 plu6 60 per cent of the amount by which the total income exceeds rs50,ooo: provided that for the purposes of this suih> aragraph, -(i) no iocome-tax shall be payable on a total income not exceeding rs12,ooo; (u) where the total income exceeds rs1200q but does not exceed r •• 17,6jd, the idcome-tax payable thereon shall not exceed forty per cent of the amount by which the total income exceeds rs12,ooo the amount at idcorne-tax oomputed in accordance with the preceding provision of this sub1iarap-apb 45 _hall be increased by a surcharge for purposes of the union calculated at the rate of twelv45 lad a balf per cent of such inoome-tax in the case of every oo-operauve society,-ra-tu 06 incoille-tax (1) where the total income does oot exceed 15 per cedt of the tota1inoomei bel0,ooo (2) where the total income exceeds b810,ooo but does dot exceed rs 20,000 bs1,500 ptu6 25 per cent of the amount by which the totallnoome exceeds r8lo,ooo; bs4,ooo ptu6 40 per cedt of the amcnmt by which the totalinoome exceeds bs 20,000 (3) where the total income exceeds bs20,ooo  sujc~e all income-tax'!be amount of income-tax oomputed id accordance with the preceding provisiods of this paragraph shall be idcreased by a surcharge for purposes of the union calculated at the rate of twelve and a half per cedt of such income-tax  p4il49114ph c sub-p4il49i14ph iin the case of every registered firm, dot beidg a case to which sub-paragraph n of this paragraph applies,-ra-tu 06 income-tax ~ where the totalinoome does not exceed nil; bsld,ooo 5 per cent ouhe amoqlt by which the total income exceed8 bslo,ooo; (2) w here the total income exceeds b810,ooo but does not exceed rs25,ooo rs 750 ~ 7 per cedt of the amount by which the totalldcome exceeds rs 25, 000 ; (3) w here the total income exceeds rs25,ooo but does dot exceed rs50,ooo (4) w here the total income exceeds bs50,ooo but does dot exceed rsl,oo,ooo bs2,500 ~ 15 per cent of the amount by which 25 the totalinoome exceeds rs 60,000 ; (5) w here the total income exceeds rsl,oo,ooo bslo,ooo plu6 24 per cent of the amount by whicb the total income uceeds rsl,oo,ooo  swtt!h4llge on income-taxtbe amount of income-tax computed in accordance with the preceding provisions of this sub-paragraph 30 shall be inoreased by a surcharge for purposes of the udiod calculated at the rate of twelve sad a half per cent of 8uch tdcometax  sub -paii49114ph i ild the case of mery repstered firm wbose tcltalincome inc1uies inoome derived from a professlod carried od by it iidd the income so 1dcll11ed is dot less than flfty-one per cent of such totalincome,-35  ra-te6 06 income-tax(1) where the total inoome does dot exceed ncl; bsl0,ooo (2) where the totalinoome exceeds rsl0,ooo w does dot exceed bs25, 000 " per cedt of the amount by wblch the totallnoome exceed r810,ooo; 40 (3) where tile totalinoome exceeds b •• 16,ooo w doe not exceed bs 50,000 r •• 800 ptu6 7 per oent of the amount by which the totalinoome exceed r •• 26,ooo; r •• 2,350 i'lu6 13 per oent of the amoudt by which the totalldoome exceed b8 50,000; (4) where the total inoome exceed a • 50,ooo but doe dot exceed r •• l,oo,ooo (6) where the totalldcome exceed b •• l,oo,ooo r •• 8,850 plu,6 22 per cent of the amount by wbloh 45 the total jncome exceed r81,oo,ooo  sujlchallge on income-tax'!be amount of jnoome-tax oomputied in accordance with the preceding provisions of this bub-p aragr iiph sball be increased by a surobarp for purposes of the umon calculated at the rate of twelve and a half per oent of sa jnoome-tax 6 ~- i'or the purpohs of ws paragraph, "registered tlrm"jnc11des an unreg18tered tlrm assessed u a repstereel firm udder clause (b) of secuon 183 of the inoome-tax act 10 the oue of flvery local authority ,-rate 06 income-tax on the whole of the total income 50 per cent 10  sultchallgf on income-taxtbe amoudt of inoome-tax computed in accordance with the preced1ng provisions of this paragraph sball be increued by a surcbarge for purposes of the umon calculated at the rate of twelve and a half per ont of such 1noome-tax 15 10 the cue of a company, -ratu 06 income-tax l in the oue of it domelltic company (1) where the compauy 18 a compaoy in 66 per cent of the totalincomei 20 which the public are ilub8tldually interested (2) where the company 18 dot a company in wblch the pubuc are subetaat1ally interested-60 per cent of the total income i (i) in the cue of an diustr1al compad,y (((j in any other cue 66 per cent of the totallncome 25 de in the case of a company other than a domestic com~,-(i) on so much of the total income as cod8ists of-(41 royalues received from government or - indian ooncern in pursuance of an 30 acreement made by it with tbe government or the iad1an concern after the 31st day of march, 1961 but before the 1st dll¥ of april, 1978, or :(b) fees for remer1ng technioal services 36 received from government or an ladian codoern in pursu8doe of an agreement made by it with the government or the iu:l1an concern after the 29th day of february, 1964 but before the 1st day d apru,1976, 40 and where such agreement has, in euher case, 50 per cent; been awroved by the cntral government (<<) on the hal_ce, if say, of the total inoome 70 per cent suilchairgf on income-tax 46 '!he amount of income-tax compulled in accordanc"e with the preced1nc provisions of this paragraph shall be increased by a surobarge calculated at the rate of five per cent of such income-tax  partly £" sfl section 2('1 (~ buld roa c omputatioif f  agaicutruaal ircomerite 1 -ap1cwturalincome of the nature referred to in sub-clause la) of clause (11 of sect101l 2 of the 1ooo--'''·bal1 be computed u if 1t were income ohargeable to income-tax ulder that act under the beal''ldoome from other sources" and the provisions of sections 57 to 59 of that act hall, 80 far u m~ be, apply aoccll'd1ddv~u:l-____________________ _ provjded that 81ib-8eotioq:(21 of notion 68 shall apply subject to the moditjoltion that the referenoe to lniotlon 40a therein bball be ooutr18l 18 dot inol1li1dg a relerenoe to aub-lj8ctiod8 u) ud (4) of lniotion 4oa il&te 2 -agrloultural income of the nature referred to in nb-olmse (bl or nb-olmse (e) of c1&118e (1) of aeotlod 2 of tbe 1d00me-tax jdfotber ~ income derived from aay buildlng required 88 a dwell1ng boue by tbe neelver 01 the real or rev8llue or the oujiwdor or the reoe1ver 01 renu-jd-kidd referred to in tbe said s"o1ause(~ 8ball be compmed u u it were income oharpab1e to income-tax lijder that act ldder the held "profits lad gains of bua1ae88 or professiod" add the provibjona ofaeouona so, 31,32,34,86,87,38,40, 40astberthan llub-hotlodll i'"~ aad(4) tilereod, 41,43 aad 43a oftbe ldcome-tax act sball - , far as mq be, appj;y acoord1qly 10 jbte 3 -abr1cultural inoome of tbe nature referred to in ao1  '(e) of olauh {1j of metiojl2 of the" jqoome-tax act, be1dg income derived from 8dy bulldiq requlred u a dwejl1na bola by the receiver of the rent or rev8dus or the oulttvator or tbe reoe1ver of reat-1n-kid:i referred to in the slid ab-011u1118 lel ahall be computed &8 u it were income ohargeable to income-tax lijder that ad1dder the head 8lncome from bowie properi\v" lad tbe proviajou of aeotl0d8 23 to 27 of that act 1hail, so far 16 as may be, ipm acoordidgly; provided that bub-seouoo(21 of the 8aid aeou0il23 8hall'appjv subject to the modjtjc&uou that tile refereooea to 'total 1noome " therein shall be oonatrued 88 referenoes to net agr1oultura1income 1m that the words flgurea add letter 'ad before majddc lily deduction 1dder chapter via" shall be omiued il&te 4 -notwltb8tadding aoytblng contained in lily other provlldona of use ruls, in a cue where the 888e88  derives income from sale of tea grown lad m_ufaotured by blm in 1ddla, s_ income 8ba11 be computed in acoordldoe with rule 8 of the lnoome-tax rule, 1962, m:i sixty per cent 01 such income 8hall be regarded as the agrloulturai 1noome of the 88besaee il&te 6 -where the &8ses8ee 18 a partner of a regutered tlrm or an 1idregistered tjrm  8aed u areg1atered firm udder olauae (b) of 8eouon 183 of the inoome-tax act, whioh in the previoui year 26 has any agricultural income, or lb a partner of an unregutered tlrm which baa not been use_ed &8 - regiatered tlrm udder clauae (b) of the said 8ection 183 aad which in the previous year hu either no income chargeable to tax udder the ldocme-tax act or hu totalinoome dot exceeding the mu:1mum amount not chargeable to tax in the oue of an au-epatered flrm but baa any acrioultural income, th8d, tile agrloultural1noome or los8 of the ftrm 8~ be computed in accordance with these rules and hl8 30 share in the agdculturalincome or loa8 of tile fjrm shall be oomputed in the m8lll1er laid down in sub--inlcuon (j), 8ub-sectlon (2) and sm-section (31 of section 87 of the income-tax act ud the ahare 80 computec1 8hall be regarded as the agricultural income or los8 of the use8s  8 p o jlile 8 -where the 888e8888 lb a member of an 888oclatlon of perlloll8 or a body of tnd1v1duals (other thin a ldddu ldiivlded famlly a oompllly or a fjrm) whioh in tile prevlou year baa e1tber do 36 come ohargeable to tax udder the income-tax act or h88 total income dot exceeding tbe mu1mum amount dot chargeable to tax in the oaae of an auoc1atlon of perbod8 or a body of izdlvsduala (other tiliid a bluiu uddlvtded family a company or a firm) bat baa any agrioultural tnoome, thea the ap1culturalincome or 1088 of the auooiatlon or body shall be computed in accordanoe with these rules ad the ha~ of the 888easee in the agrlculturalincome or 1088 80 computed hall 'be regarded u the 4d acrtowturallnoome or 1088 of the  rib 7 -where the result of the computauon for the previous year in respect of iidy oaroe of apioulturalincome is a loea such 1088 8hall be set off against the income of the uininee u lily lor that prev10ua year from 8dy other source of agricultural income: provjded that where the uinis888 18 a partner of, an zreg1stered ftrm wbleh h88 not been useued 46  a repatareci firm udder olause (b) of ii8ouon 183 of the lnoome-tu act or 18 a member of id uaool-udd of pef8c118 or a body of 1dd1\1dula bdd the share of the 88ses888 in t~ agrloulturallnoome of the arm umoi,t;t,, or bocb' as the case lila, be 18 a jda •• such lou bhall not be set off agajdbt aay idoome of t  from 8dy otber source of iip'loulturalldoome rib a- aoy sum pqable by the  on aooouat of aa, tax leried by the state governmeot ci1 50 tile apoioulturu idoome shall be deducted in oomput,lna tile 8p'loultural income ~ t -(j)wbare tile  in the prev  year rueuat to the useb8ment year oommello'" ina on t hi dq of aprsl, 18m, aa, lp1d11itaral inoame iidd tbe net rea of the computation of the aptc1ijt1ll'lllaoome of tile  for , cae or more of tile prerioul yeara relev  to the   ,e&n oommeaaldl oil tbll8& dq 01 aprji 1878 or the lilt day 01 apr1l 19'17 or the 18& dq of &15 aprsl 11'18 or tile 18& d, of april, 1j'l1 or tbii18t dq of april 1880 or tbe 1at day of api11 1181 or t:brll8&d, 01 ala1l1882 or the let  of a~il uas, 18 a a8 tha, for the purpo  of nb-aeataod ,~ ~ tiaa z ofibsa aot-j i (lj the loea 110 computed for the prev10u8 year rejeuat to the 88aessmeat year commeacsdc 011 the lst day of april, 19'16, to the extent if idy auch loss has not been set off apidst the agr1cultura11ncome for the previous year relevaat to the  essmeat year commeocsdc oil the 1st day of april, 1977 or the let day of april, 1s'18 or the 1st day of ap:oi1 1979 or the lat day of april, 1980 5 or the l8t day of april, 1981 or the 1st da,y of april, 1982 or the let day of april, 1983, ,(u) the ios8 80 computed for the previous year relevant to the  meat year commenc1dg on the 1 day of april, 1877, to the extent, if idy such 10 •• hu ddt been set off apjd8tfhe agricultural income for the previous year relevant to the assment year commenc1dg on the 1st day of apru, 11p7 8 or the ht day of april 19'19 or the 1 st day of aprd, 1980 or the 1 day of 10 april, 1981 or the 1st day of april, 1982 or the 1st day of april, 1883, ((u) the loa8 110 computed for the prtmous year relevant to the use  ment year commenc1dg on the 1st day of april, 1878, to the extent if idy such jos8 hu dot been set off,mat the agrioultural1noome for the previous year relevant to the uaeasment year commencin, on the 1st dll¥ of april, 1979 or the 1st day of april, 1980 or the 1st day of april 1881 or the 1st da,y of ap:oil, 1982 15 or the let day of apr11, 1983 lw) the joe8 80 oompu&ed for the previous year relevant to the usessment year commencing on the 1st dq of apr11, 1979, to the extent, if any, such loss has dot been set off aga1dst the &p"1oultura11noome for the previous year relevant to tbe 88s83sment year commencing on the lat dq of april, 1980 or the lit day of apr11, 1881 or the 1st d8¥ of apr11, 1982 or the 1st day of april, 1983, 20 (v) the joss 80 comptud for the previous year relevlllt to the use8sment year commeno1dg on the 1st de, of apr11, 1980, to the extent, jf any 8uch loss has not been set off ap1nst the agricu1-tura11noome for the previous year relevant to the 88sessment year commencing on the 1st day of april, 1981 or the lst d8¥ of april, 1982 or the 1st day of april, 1883, (uij the loss so computed for the previous year relevant to the asbe88ment year commencing oil 25 the 1st de, of april, 1981, to the extent, jf any, such loss has not been set off against the agricultura11ncome for the previous year relevaut to the 88se8sment year commencmg on the 1st day of april, 1982 or the 1st d8¥ of april, 1983, (uiij the jo8s 10 computed for the previous year relevant to the use88ment year commencmg oil the 1st de, of april, 1982 to the extent, u iidy, such loss has not been 8et off agamst the agrtcu1-30 tura11ncome for the previous year relevant to the 88sessmeot year commencing oil the 1st day of april, 1983, add luulj the lou 10 computed for the previous year relevant to the usus meat year commenc1ag oil the tat day of april, 1983, shall be set off agalnat the agricu1turallnoome of the uselsee for the prev10ul year relevant to the 35 useslment year oommencing on the 1 day of april, 1984  -(2) where the assessee has, in the previous year relevant to the assellment year oommencing on the 1st de, of april, 1985 or, if by virtue of any provision of the lncome~ax act inoome-tax i8 to be charged in respect of the income of a period other than that previous year, in such other period, any agricultural inoome and the net result of the oomputation of the apiculturalincome of the &8sessee 40 for any ode or more of the previous years relevant to the assessment years commencing oil the 1 st day of apr11, 1977 or the 1st day of april, 1878 or the 1st day of april, 1979 or the 1st day of april, 1980 or the 1ft de, of apr11, 1981 or the 1st de, of april 1982 or the 1st day of april, 1983 or the 1st day of apr11, 1984, is a loss, then, for the purposes of sub-section (6) of section 2 of this aot,-1,(,) the 108880 oomputed for the previous year relevant to the assessment year commencjng on 45 the 18t day of april, 1977, to the extent, if any, such losi has not been set off against the agricultura11noome for the previous year relevant to the assessment year commenoing on the 1st day of apr11, 1978 or the 1st de, of april, 1979 or the 1st day of april, 1980 or the 1st day of april, 1981 or the let de, of april, 1982 or the lst de, of april, 1983 or the 1st day of april, 1984, (ill the 1088 so computed for the previous year relevant to the assessment year commencing on 50 the lat d8¥ of april, 197sl, to the extent, u any, such joss has not been set off against the agrioultura11noome far the pr~10us year relevant to the assessment year commenoing on the 1st day of april, 1979 or the lit day of apr11, 1980 or the 1st de, of april, 1981 or the 1st day of april, 1982 or the 1st de, of april, 1983 or the 1st day of april, 1984, ((u) the 108s 10 computed for the previous year relevant to the assessment year commencing 55 on the 1st de, of april, 1979, to the extent, if any, such loss has not been set off aga1n8t the agricu1':' tura11noome for the previoua year relevant to the ulessment year commencing on the 1 st day of april, 1980 or the 1 st day of april, 1981 or the 1st day of april, 1982 or the lst day of ap:il, 1983 or the 1st day of april, 1984, (w) the loss so computed for the previous year relevant to the assessment year oommencing on the 1st day of april, 1980, to the extent, if &dy, such loss has not been set off against the lcultural income for the p:ev10ub year rejevaut to the assessment year oommenotng on the 1st day of 5 april, 1981 or the 1st day of april, 1982 or the 1 st day of april, 1983 or the 1st day of april,l984, (vi the loss so comp1ud for tbe previous year relevaot to the asse  meot year commencjnl on the 1st day of april, 1981, to the extent, if any such loss has not been set off agawt the agr1oulturallnoome for the previous year relevaut to the 88sellsmeot year oommenciq on the 1 day of april 1982 or the 1st day of april, 1983 or the 1st day of april, 1984, 10 (ui) the loss 80 computed for the previous year relevant to the assessment year oombl8naing on the 1st day of april, 1982, to the extent, u any, liuch losll has not been aet off apidst the agrloulturalincome for the previous yell1' relevant to the asse •• medi year commenoidg on the 1st day of april, 1983 or the 1st day of april, 1984 (uuj the loss so computed for the previous year relevant to the assessment year commencing on 15 the 1st day of april, 1983, to the extent, if any, such loss has not been set off against the agricultural moome for the previous year relevant to the ass88smedt year commencidg on the 1st day of april, 1984, am (uull the loss so computed for the previous year relevant to the assessment year oommencing em the 1st day of april, 1984, 20 shall be set off aga1dst the agrlculturalinoome of the assessee for the previous year relevant to the assessment year oommenoing on the 1st day of april 1985 or the period aforesaid (3) wbere a change has oocurred in the oodstltutlon of a firm, notilmg in s~rule (1) or sub-rule (2) shall eoutle the firm to set off so much of the loss proportlonate to the share of a retired or deceased partner computed in the manner laid down in s~seotiod (1), sub-seotlon (2) and sub-section 25 (3) of secuon 67 of the mcoma-tax act as exceeds bis share of prof1ts, if any, of the previous year jd the firm, or entitle any partner to the benefit of any portion of the sajd loss (c0d1>uted 1n the midder aforesaid) which is not apportlonable to him (4) wbere any person deriving any agricultural income from any source has been sucoeeded in such capac1ty by another person, otherwise than by inheritance, nothing 10 sub-rule (1) or s~uje (2) shall 30 entltle 8qy per80n, other than the person idcurrlng the loss, to have it set off udfer sulrrule (t' or, as the case may be, sub-rule (21 (5) notwltbstaddjng 8il,ything contalned 10 this rule, do loss which has not been determloed by the 66 ol1976 idcome-tax officer udder the prov18lons of these rules or the rules coatajded 10 pari iv of the =:: jfit7 ftrstschedule to the finance act, 19'16, or ofthe first schedule to the floance (no2) act, 1977, or of 21 of =: the schedule to the finance act, 1978, or of the first schedule to the finanoe act, 19'79,or of the  olltlo first schedule to the finance (no z) act, 1980, or of the first schedule to the finance act, 1981, or ~ :~ :i of the f1rst schedule to the fidbdoe act, 1982,or of the firat schedule to the finance act, 1983, 11 of lil3 ihall be aet off under ub-rule (1) or, 88 the case may be, aub-rule (f) r4 10 -where the net re8ult of tbe oomp1&atlon made in aooordaooe with these rulea 1s a los, 40 the lou 10 computed shall be ipored add the net agrlcu1tural1doomeball be deemed to be 'flil rate 1l -'!be prov181ods of tbe income-tax act relauq to procedure for as  ldeat (iaol1luda the prcwiatodl of section 288a re1atidg to roldf1nl ou of income) lhall,wlth tbe necelury modltjoatlons, appq ill relldi101l to the oompubltlod of tba net qrloulturalldoome of the  ee  tlley 8jiilly in rellltioll to the  ment of the total iacome 45 rail 12 -for the purposes of oom~ the net ap-ioultaral1doome of tbe  e ••• , the ldoome-tax offioer ball have the ame pawer as be bas udder tile 1doome-tax aot for the purposes of u8888meat 01 the total 1doome  the second schedule (set sectlon 35) part i°in the first schedule to the custom tariff act,-5 (i) in heading no 2602/04, for tbe entry in column (3), the entry "100%4f shall be substltuted; (<<j in sub-heading no (1) of heading no 2710, for the entry in column (3), the entry "100%" shall be substituted; (utl in heading no 2712/13, for the entry in column (3), the entry "100%" shall be substituted; (iv) in sub-heading no (2) of heading no 5301/05, for the entry in column (3), the entry "100% 10 plu6 rs 10 per kuogram" shall be 8ubstltuted; (v) in heading no 9801/02, for tbe entry in column (3), the entry "200%" shall be subtltuted  partniii rat ion when rates of duty are proteetlw l5j heading sub-heading no add description of rate of duty no article standard preferential u a~ (1) (2) (3) h) in the first schedule to the custom tariff act, for heading no 92 01/13, the following heading shall be ubstltuted, namely:-| "9201/13        | musical         | ln8trument8;    | instruments    ||------------------|-----------------|-----------------|----------------|| and              |                 |                 |                || appll-           |                 |                 |                || 20               | mce            | for             | recording      || both;            |                 |                 |                || televllon       | image           | and             | sound          || or               | reproducers;    |                 |                || decoy            |                 |                 |                || calls            | and mouth-blown |                 |                || sound-signalling | instruments;    | parts           |                || and              |                 |                 |                || accessories      | of              | the             | above          || 25               | media           | for             | sound          || recorded         | or              | similar         | media          || 100%             |                 |                 |                | lsu section 51 (aj ] part iin the first schedule to the central excises act,-6 (ij item no if shall be omitted; (u) item no llb shall be omitted; (uij item no 22d shall be omitted; (w) item no 230 shall be omitted; (v) item no 24 shall be omitted  partn10 rate of duty (3) item no dascrlptlon of  goods (1) (2) in the first scbewle to the central excises act-16 (ij in item no4 under ''ii manufactured tobacco ft for sub-item (5) the following sub-item shall be substituted namely:---'(5) chewing tobacco including preparations commonly known aa "it:htwl ~' - "iwrani', "odlta", "14irdtt', "sjbhtt' tjw:t "!iiirji!' thirty per cent «i ~'j 20 (w for item no 16 the following item shall be substituted namely:- '16 tyres-'~e" means a pneumatic lyre in the manufacture of which rubber is used and includes the bmer tube the tyre nap add the outer cover of such a tyre: |                   |           | l         | (1)       ||-------------------|-----------|-----------|-----------|| tyres             | for       | motor     | vehlcles- || 26                |           |           |           || (a)               |           |           |           || tyres             | for       |           |           || two-              |           |           |           || wheeled           |           |           |           || motor             | vehicles, | namely   | scooters, || motor             | cycles,   | mopeds    |           || and               |           |           |           || auto-             |           |           |           || cycles-           |           |           |           || ((j              |           |           |           || tyre             | fifty     |           |           || rupees            | per       |           |           || tyre             |           |           |           || twenty-five       |           |           |           || per               |           |           |           || cent             |           |           |           || (u)             |           |           |           || tubes             |           |           |           || «i~            |           |           |           || 30                |           |           |           || (b)               |           |           |           || others-           |           |           |           || ((j              |           |           |           || tyres             |           |           |           || (u)              | tubes     |           |           || and               |           |           |           || nips              |           |           |           || one               |           |           |           || thousand and five |           |           |           || hudclred          |           |           |           || rupees            |           |           |           || per               |           |           |           || tyre             |           |           |           || sixty             |           |           |           || per               |           |           |           || cent             |           |           |           || «1~              |           |           |           || 35                |           |           |           || (2)               |           |           |           || tyres             | for       | tractors, |           || including         |           |           |           || icultural        |           |           |           || tractors-         |           |           |           || (a)               |           |           |           || tyres             |           |           |           || (b)               |           |           |           || tubes             |           |           |           || and               |           |           |           || nips              |           |           |           || five              | lundred   | rupees    |           || per               |           |           |           || tyre             |           |           |           || twanty-flve       | per       |           |           || cent             |           |           |           || 40                |           |           |           || «i~             |           |           |           |(3) tyres for trailers, (aj of sizes, namely, 750 - 16 add 900 - 18  (lj tyres plft buddred ntpee 46 per wre twnty-f1ve per cent ad lgtdai |                   | item    | no    ||-------------------|---------|--------|| description       | of      | goods || (2)               |         |        || rate of duty      |         |        || (3)               |         |        || (1)               |         |        || (b)               |         |        || others-           |         |        || (i)             |         |        || tyres             |         |        || 5                 |         |        || (uj              |         |        || tubes             |         |        || and               |         |        || flaps             |         |        || one               |         |        || thousand and five |         |        || hundred           |         |        || rupees            | per     |        || tyre             |         |        || slxty             |         |        || per               | cent   |        || ad                |         |        || 1x1loiul1n,      |         |        |n tyres for cycles and cycle rlckshaws-(1) tyre 10 (2) tubes 15 slxty paise per tyre or fifteen per cent ad ~, whichever is higher thlrfy paise per tube or fifteen per cent ad \joloirmn, whichever is higher sixty per cent m tyres for vehicles or equipments designed for use off the road ad~ twenty- lve per cent ad vtjityutm 20 iv all other tyre ~ 1_ ''motor vehicles" means all mechanically propelled vehicles other than tractors designed for use upon roads &pljjmtion li _ ''motor vehicles" "tractors including agricultural lractors" and ''trallers'' shall include a chassis; but 25 shall not include a vehicle running upon fixed ralls " (iuj in item no 59 for sub-items (1) and (2), the followljg sub-items ,shall be substituted, namely:-| twenty-flve    | per    ||----------------|--------|| cent          |        || ad~          |        || "(1)           |        || magnetic tapes | of     || 65            |        || mlllimetres    |        || for            | sound  || in             |        || ~eel          |        || or             | in     || any            |        || other          | form   |30 twenty-five per cent ad va/diriijfi4" ~ (2) sound recorded magnetic tapes of width not exceeding 66 mullmetr8s, whether in spools or in reels or in any other form or packldg, but excludldg solldd recorded cassette tapes  the fourth schedule tsu section 51 (bli| rate         | of          | duty        ||--------------|-------------|-------------|| (3)          |             |             || item         | no         | description || of           |             |             || goods        |             |             || (            | 1)          | (2)         || in           |             |             || the          |             |             || first        | scbedule to | the         || 5            |             |             || (i)         |             |             || for          | item        | no 16a,    || the          |             |             || following    | item        | shall       || be           |             |             || substltuted, | namely:-    |             | '26a copper and products thereof-| ''copper''    | sball        | include any alloy    | in         | which      | copper                    | predominates    ||---------------|--------------|----------------------|------------|------------|---------------------------|-----------------|| by            |              |                      |            |            |                           |                 || weight        | over         | each                 | of         | the        | other                     | metals         || five          |              |                      |            |            |                           |                 || thousad       |              |                      |            |            |                           |                 || ad            |              |                      |            |            |                           |                 || sill          |              |                      |            |            |                           |                 || 10            |              |                      |            |            |                           |                 || hundred       |              |                      |            |            |                           |                 || rup           |           | per                  |            |            |                           |                 || metric        | tmme        |                      |            |            |                           |                 || (1)           |              |                      |            |            |                           |                 || unwrought     | copper       |                      |            |            |                           |                 || in            |              |                      |            |            |                           |                 || lily          |              |                      |            |            |                           |                 || form          | (refined     | or                   | dot        | including  |                           |                 || blister       | copper       | and                  | cement     | copper),   | including ingots, notched |                 || bare,         | wire         | bars,                | blocks,    |            |                           |                 || shlbe,        |              |                      |            |            |                           |                 || billets,      | sbote,       | pellets,             |            |            |                           |                 || cathodes      | and          | cakes               |            |            |                           |                 || ~-           |              |                      |            |            |                           |                 || this          | sub-item     | includes             | wire       | bars       |                           |                 || and           |              |                      |            |            |                           |                 || bulets        | with         | their                | ends       | tapered    | or                        | otherwise       || to            | facllltate   | their                | entry      | into       | machines                  | for             || into,         | for          | example,             | wire       | rods       | or                        | tubes          || (2)           |              |                      |            |            |                           |                 || waste and     | scrap        | of                   | copper    |            |                           |                 || five          | thousand     |                      |            |            |                           |                 || and           |              |                      |            |            |                           |                 || six           |              |                      |            |            |                           |                 || hundred       |              |                      |            |            |                           |                 || rupees        | per          |                      |            |            |                           |                 || metric        | tonne       |                      |            |            |                           |                 || 20            |              |                      |            |            |                           |                 || (3)           |              |                      |            |            |                           |                 || wrought       | bars,        | rods                 | (including |            |                           |                 || wire          |              |                      |            |            |                           |                 || roda),        |              |                      |            |            |                           |                 || angles,       |              |                      |            |            |                           |                 || sh"es        |              |                      |            |            |                           |                 || and           |              |                      |            |            |                           |                 || sections,     | of           | copper_              |            |            |                           |                 || (i)          |              |                      |            |            |                           |                 || wrought       | bars         | and                  | rods       | (including |                           |                 || wire          |              |                      |            |            |                           |                 || roda)         |              |                      |            |            |                           |                 || of            |              |                      |            |            |                           |                 || copper       |              |                      |            |            |                           |                 || five          | tbouaand and | six                  |            |            |                           |                 || hundred       |              |                      |            |            |                           |                 || napeea        |              |                      |            |            |                           |                 || per           |              |                      |            |            |                           |                 || metric        | tonne       |                      |            |            |                           |                 || 26            |              |                      |            |            |                           |                 || (ul           |              |                      |            |            |                           |                 || wrought       | angles,      | shapes               | and        | sections   | of                        | copper         || six thousldd  |              |                      |            |            |                           |                 || and           |              |                      |            |            |                           |                 || three         |              |                      |            |            |                           |                 || hundred       |              |                      |            |            |                           |                 || rupees        | per          |                      |            |            |                           |                 || metric        | tonne       |                      |            |            |                           |                 || (4)           |              |                      |            |            |                           |                 || castings,     | not          | otherwise            | specified |            |                           |                 || five          | thousand     |                      |            |            |                           |                 || and           |              |                      |            |            |                           |                 || six           |              |                      |            |            |                           |                 || hundred       | rupees       | per                  |            |            |                           |                 || 30            |              |                      |            |            |                           |                 || metric        |              |                      |            |            |                           |                 || tonne        |              |                      |            |            |                           |                 || (5)           |              |                      |            |            |                           |                 || copper        | wire        |                      |            |            |                           |                 || twenty        | per          |                      |            |            |                           |                 || cent         |              |                      |            |            |                           |                 || tmi          |              |                      |            |            |                           |                 || u:tloiami   |              |                      |            |            |                           |                 || (6)           |              |                      |            |            |                           |                 || wrought       | plates,      | sheets,              |            |            |                           |                 || blanks        |              |                      |            |            |                           |                 || (including    | circles)     |                      |            |            |                           |                 || and           |              |                      |            |            |                           |                 || strips        | of           | copper              |            |            |                           |                 || six           |              |                      |            |            |                           |                 || thousand and  |              |                      |            |            |                           |                 || three         |              |                      |            |            |                           |                 || hundred       | rupees       | per                  |            |            |                           |                 || 35            |              |                      |            |            |                           |                 || metric        | tonne       |                      |            |            |                           |                 |~ -in this sub-item, '!blank" means a piece of plate, sbeet or strip, in any shape, including a clrel, prepared for subsequent fabrication (7) copper fou six thouaand and three 40 'hundred rupees per metric tonne twenty per cent (8) copper powders (excluding cement copper) and flabs tmi 1a2lovm (9) pipes and tubes of copper twenty-eight per cent 45 tmi~ (10) shells and blldke for pipes aud tubes, hollow "eotlod8 of copper , ; twenty-eight per cent «i vfliinm | rate        | of    | duty    ||-------------|-------|---------|| (3)         |       |         || item        | no   |         || description | of    | goods  || (1)         |       |         || in          | tbis  | item-  |(i) "waste and scrap" means waste and scrap metal nt 5 only for the recovery of metal by remeltlng or for use in the manufacture of chemloals, but does not include slag, droll, scallngs, ash and other cuprous residues; !u) "wrought bars and rods (including wire rods)" means 10 (a) any extruded, rolled, drawn or forged products of solid section, of which the width or the maximum cross-sectional dimension exceeds 6 m1l1imetres and which if they are nat have a thlcimeu exceeding one- tenth of the width; or (b) any cast or slntered products, of the same forms 15 and dlmenslona,wblch have been subsequently worked after production (otherwise than by simple trimming or descaling) provided that they have not thereby assumed the character of any article or product falling under any other item; 20 ((iij ''wrougbt angles shapes and sections" means (a) any extruded rolled drawn or forged products of soud section (other than round rectangular square and hexagonal) of which the width or the maximum cross-sectional dimension exceeds 6 mullmetres and which if they are flat 25 haw a tblckness exceeding one-tenth of the width; or (bj any ca8t or 8lntered products of the same forms and dhnenslons which have been subsequently worked after productlon (otherwise than by simple trimming or de-scaling), provided that they have not thereby assumed the character of 30 any artlcle or product falling under any other item; (iv) ''wire'' means any rolled extruded or drawn product of solid and uniform cross-section of which no cross- sec~ional dimension exoeeds 6 mllumetres, but does not include electric wires and cables falling under item no 33b; 35 tv) "plate" means a nat product whose tblclmess exceeds 10 millimetres and the width exceeds 300 mulimetres; (ui) "sheet" means a nat product out to length whose thickness exceeds o 15 millimetre but does not exceed 10 millimetres,and the width exceeds 300 mllumetres; ~ (uu) "strip" means a nat product whose thlclme8s exceec» 015 millimetre but does not exceed 10 mllllmetrellt0f any  width and generally not cut to length and usually ld coli; (uiiij ''foil'' means a nat product of thlckneas (excludlnladj backtq) not exceeding 015 mlllimetre,'of any width, generally ~ not cut to lencth and usually in coil, whether or not emboe8ed cut to sh,e perforated coated printed or backed with paper or other relnforolng material; (ex) ''powder and nws" means all type of powders ad nakes but does dot include cement copper ad powder uad 5' a  s prepared u oolours plgmenta pmtl or tm lure, (x)- ''pipes ad til_" m  ·'·',ubw opr6clagt ollldlfor1ll  -ectlon add _11 tbl  hay" a ogdt  -pbery produaed " dnwidc cuuiic or u;trul_ " rate of duty (3) item no description of  goods (1) (2) (xi) "shells and blanks" means a hollow cylinder produced by extrusion, rotary piercing or casting for subsequent drawing into pipe or tube; 5 (xiij ''hollow section" means a section which is normally extruded, drawn or cast, the cross-sectlonol which completely"encloses a void or voids '; (uj lor item no 26b, the following item shall be substituted, namely:-10  '26b zinc and products thereof-"zinc" shall include any alloy in which zinc predominates by weight over each of the other metals (1) unwrought zinc in any form including blocu, plates, ingots, cakes, bars, billets, hard or soft slabs, catbodes, anodes, pellets, spelter and broken zinc | three    | thousand    ||----------|-------------|| two      |             || hundred  |             || and      | seventy-    || 15       |             || five     | rupees      || tonne   |             |(2) waste and scrap of zinc | three    | thousand    ||----------|-------------|| two      |             || hundred  |             || and      |             || seventy- |             || five     | rupees      || 20       |             || tonne   |             |(3) wrought bars, rods (including wire rods), angles, shapes and sections of zinc; zinc wire (i) wrought bars and rods (including wire rods) of zinc |         | three    | thousand two    ||---------|----------|-----------------|| hundred | and      | seventy-        || 25      |          |                 || five    | rupees   | per             || tonne  |          |                 |(uj wrought angles, shapes and sections of zinc and zinc wire three thousadd eight hundred rupees per metric tonne 30 (4) wrought plates, sheeta, blanks (including circles, but excluding calota) and strips of zinc; zinc fou three thouaadd eight hldldred rupees per metric tonne 35 ~r- in this 8u~ltem "blank" means a piece of plate, sheet or strip in any shape, including a circ1"i prepared for subsequent fabrication (5) zinc calota four thousand seven hundred and fifty rupees per metric tonde 40 (8) zinc powders and ~es twenty per cent ad~ (7) pipes and tubes of zinc forty-flve per cent, ad uiito'leii (8) shells and blankl for pipes and tubes, hollow sections of zinc forty-flve per cent ad~ ~;_ in this item,-((j "waste and scrap" means waste and scrap metal fit only for the recowry of metal by remelting or for use in the manufacture of chemicals, and includes dross and sh; | item            | no             ||-----------------|-----------------|| description     | of              || goods           |                 || rate of duty    |                 || (3)             |                 || (               | 1)              || (2)             |                 || (u)             |                 || "wrought        | bars            || 6               |                 || ial             |                 || any             | extruded,       || section,        | of              || sectional       | dimension       || 6               |                 || mlllimetres     | and which,      || if              |                 || they            | are             || of              |                 || the width;      | or              || (bl             |                 || any             | cast            || and             | dimensions,     || after           | production      || or              | de-scaling),    || assumed         | the             || ing             | under           || any             |                 || other           | hem;            || ((u)          |                 || ''wrought       | angles,         || and             |                 || sections"       | means           || 15              |                 || (a)             |                 || any             | extruded,       || tion            | (other          || round,          |                 || rectangular,-   | square          || hexagonal),     |                 || of              | which           || cross-sectional | dimension       || 6               |                 || mullmetres      |                 || and which,      |                 || if              |                 || they            | are             || tenth           |                 || of              |                 || the             | width;          || 25              |                 || (bl             |                 || any             | cast            || forms           | and             || tly             | worked          || by              |                 || simple          |                 || trimming        | or              || thereby         | assumed         || product         | falling         || (wi            |                 || "wire"          | means           || product         | of              || and             |                 || uniform         | cross-section,  || 30              |                 || no              | cross-sectional || 6               |                 || ;mill1metres;   |                 |iv) "plate" mellds a nat product cut to length whose thickness exceeds 10 mwlmetres and width exceeds 500 milllmetres; (ui) "sheet" mellds a flat product whose thickness 35 dxceede 015 mwlmetrec but does not exceed 10 mlll1metres,and width exceeds 500 mullmetres; (uu) "strip" means a nat product, generally not cut to length, whose thickness exceeds 015 milllmetre but does not exceed 10 milllmetre8, and width does not 40 exceed 500 mullmetres; (uiii) "fou" melul8 a flat product wboee thicknes8 (excluding any backing) dot exceeding 016 mullmetre, whether or dot embossed, cut to shape perforated, coated, printed or backed with paper or other reinforcing "6 material; (lxl ''powders and flakes" meiuui all types of powders and flakes, including dust, but excludldg powders and flakes prepared as colours, pigments, paints or the uke, (xl ''pipes and tubes" melld8 a hollow product of uniform 51) cl'08s-eotiol1 having a continuous periphery produoed by drawldg out  or _tntsloll pro08ls, (x<) ''bollow-sectlod'' means a sectlo1l whloh , normally extruded, drawn or cut and the cros8-8!ctlm of plgh rate of du!l (3) item no deacrletlon of goode ( 1) ~2} luil for item no 27, the following item aball be iubetltuted, namely:- '27 aluminium and prooocts thereof-5 "aluminium" ahall include any illoy in which iluminlum predominate by weight oftr each of the' other metals fifty per cent (1) unwrought aluminium in uly fonn including ingots, plga, blocks, blllets, alabs, notched bara, wire bars, shots and pellets «/~ptu6 four thousand 1d napees per metric tonde (2) waate and scrap of aluminium, fllty per cent «/~ptu6 four thousand 15 rupee per metric tonne (3) wrought bara, rods (including wire rods), angles, ahllpes and sections of aluminium fllty per cent «/ u'jloirmi - four thousand 20 rupees per metric tonne (4) castings, not otherwise specified fifty per cent ad~ptu6 four thousand 25 rupees per metric tonne (5) aluminium wire fifty per cent ad ia2lo'tfiii ptu6 four thousand 30 napees per metric tonne fifty per cent (8) wrought plates, aheete, blanks (including circles) and strips of aluminium «/~ptu6 four-t~add 35 rupees per metric tonne ~- in thl sub-item, ''blank'' meana a piece of plate, sheet or strip in any shape, including a circle, prepared for subsequent fabrication (7) aluminium foil (8) aluminium powder and nakea fifty per cent ad u:iteii - four thouaud rupees per metric tonne 's fllty per cent «/~ptu6 four thoualdd rupee_per metric tonne ~- th  aub-itea lncludh aluminium powders lad with other blue metal powders, but doe not imi_ powdin or au-, prepared as p  pasta, eoiaua, paidu or  like _  item no descrlptlon of goods ( 1) (2) (9) pipes and tubes of aluminium 5 rate of duty (3) fifty percent «1 va/oiiilift ~ four thousand rupees per metric tonne (10) shells and blanks for pipes and tubes hollow sections of aluminium 10 fifty per cent «1 \l2lo'rem plu6 four thousand rupees per metric tonne (11) containers, plain, lacquered or printed or lacquered and printed 15 fifty per cent «1 valoiu!m plu6 four thousana rupees per metric tonne &pljjmtidn -- in this ltem,-(i! "waste and scrap" means wute and scrap metal fit only ~ for the recovery of metal by remeltlng or for use in the manufacture of chemicals, but does not include sludge, dross, scallngs, skimmings, ash and other residues; (<<j -wrought bars, rods (including wire rods)" means (a) any extruded, rolled, drawn or forged products of solid section, of 25 which the width or the maximum cross-sectional dimension exceeds 6 millimetres and which, if they are flat, have a tbickness exceeding one-tenth of the width; or (b) any cast or slntered products, of the same forms and dimensions which have been subsequently worked after 30 production (otherwise than by simple trimming or descaling), provided that they have not thereby assumed the character of any article or product falling under any other item; ((u) "wrought ldgles, shapes and sections" meana 35 (a) any extruded, rolled, drawn or forged products of solid section (other than round, rectangular, square and hexagonal), of which the width or the maximum cross-sectional dimension exceeds 6 millimetres and which, if they are flat, have a thickness exceeding one-;tenth of the width, or lb) any cut or slntered products, of the same forms and dimensions, which have been subsequently worked after pl'oc:llctlon (otherwise than by shnple trimming or de-scaling), provided that they have not thereby usumed the character of any article or product falllng udder any other item; 45 (w) "wire" means rolled, extruded or drawn product, of solid and iibiform cros-sectlon, of which no cross-sectional dimension exceeds 8 mlllimetrea;blt does dot include electric wires and cables fallllll under item no 33b; lv) "plate" means a flat product of l"ectadgular section, gederally 60 out to l-cth, whose thlclmes is 8 mlillmetres and abovel lull "sheet" me  a nat proc:llct of rectadplar seotlon, pnerally out to leagth wboel~htolmes8 exceed o 15 mwlmetre but i, below 6 mlllimetres; rate of duty (3) item no oscrlptlo1l of pod! ( 1) (2) 6 (uu:) "strip" means a prodllct of recumplar sectlod, supplied in call or nat form, of thlclmes8 exoeecildg o 15 millimetre but below 6 mlllhnetresrth length more than eight times the width; (vuii ''foil'' means a nat product of rectutgular section, of thickness (excluding any backing) not exceeding 015 mlllhnetre, whether or not embossed, cut to shape, perforated, coated, printed or backed with paper or other reinforcllllm&terlal; 10 (ixl ''pipes and tubes" means a hollow product of uniform crosssection having a continuous periphery produced by drawing, casting extrusion or welding process; lld ''hollow section" means a section which is nonnally8xtrudeci, drawn or cast and the cross-section of whlch completely encloses a void or voids; 16 (u) "container" means containers ordinarily intended for packaging of goods for sale, including collapsible tubes, casks, drums, cans, boxes gas cylinders and pressure containers, whether in assembled or unassembled condition and containers lmo\m commercially as flattened or folded containers '; (£vi for item no 27 a, the following item shall be substituted, namely:- - 27 a lead and products ther eof-| "jaad"        | shall       | include any alloy    ||---------------|-------------|----------------------|| in            |             |                      || which         | lead        | predominates         || by            |             |                      || weight        | over        | each                 || of            |             |                      || the           | other       | metals              || 25            |             |                      || (1)           |             |                      || unwrought     | lead        | (including           || ingots,       |             |                      || pigs,         | blocks     | anodes,              || eight hundred |             |                      || and           |             |                      || forty         | rupees      | per                  || metric        | tonne      |                      || (2) waste     |             |                      || and           |             |                      || scrap         | of          | lead                || eight hundred |             |                      || and           |             |                      || forty         | rupees      | per                  || metric        | tonne      |                      || 30            |             |                      || ~            |             |                      || ,-in          |             |                      || this          | sub-item,   | "waste               || waste         | and         | scrap                || of            |             |                      || metal         |             |                      || by            |             |                      || remelting     | or          | for                  || in            |             |                      || the           | manufacture | of                   || chemicals,    | but         |                      || doe          |             |                      || dot           |             |                      || include       | slag,       | aah                  || &lid          |             |                      || other         | residues   |                      |(3) pipes and tubes of lead 35 twenty per cent ad \mjlo'ifjii () shells and blanks for pipes and tubes twenty per cent tg vijliyrrift ooe thousand rupees per metrlo tonne t (i) wrought lead in the form of bars, rods, angles, secllou •• , wires plates sheets circles strips ad fous rate or duty description of goods (2) item no in the first schedule to the central exelses add salt act, im4 (1) in the first schedule to the additional j:)jtles of excise act,  ul in item no4 udder "u, ~ ~,_ (4) for the entry in the third column igalnat lub-ltem (2) the entry ''two hundred and sixty rupees per thousand or one hundred and seventy-five per cent '~vllltjitii:m ~ ; twelve rupees per tboua&dd whichever is higher" shail be substituted', (b) for sub-item (5) the followlug sub-item sball be subrtltuted namely:-'(5) chewing tobacco, including preparatloda commodly kdown t 3d per cent ~ 1ifliitjjea ',; &8 ~ m26ata", "igijaif', tim", "1jiirjrt', "!mrt' tiid ~" (<<) in item no 22, for each of the entries in the third column ap1nat sub-items (1) (4) and (1) (b) , the entry ''ten per cent i ~ \iitdwjii ptu6 rupees two per square metre" shall be  substituted  statement of objects and reasonsthe object of the bul is to give effect to the financial proposals of the central government for the financial year 1984-85 the notes on clauses explain the various provisions contained in the blll new ~d&uli; ne 29da fe  , 1984 pranab mukherjee  president's recommendation under articles 117 and 274 of the conbtli'ution of india~opy of letter no 'f 3 (l)-b(d)/84 dated the 29th february, 1984 from sbrl pranab mukherjee minister of finance, to the secretary-general lok sabha] the president having been informed of the subject matter of the proposed bill recommends under clauses (1) and (3) of article 117 read with clause (1) of article 274 of the constitution of india the introduction of the finance bill 1984 to the lok sabha and al80 recommends to the lok sabha the consideration of the bill 2 the blll wul be introduced in the lok sabba immediately after the presentation of the budget on the 29th february 1984 clause 2, read with the first schedllie to the bill, seeks to prescribe the rates at which inoome-tax (including surcharge thereon) is to be levied on incomeschargeable to tax for the assessment year 1984-85 further, it lays down the rates at which tax i& to be deducted at source during the financial year 1984-86 from incomes subject to such deduction under the income-tax act; and the rates at whioh "advance tax" is to be paid and tax is to be calculated and charged in special cases for the financial year 1984-86  rates of income-tax for the assessment year 1984-86:part i of the first schedule to the bill specifies the rates of income-tax (including surcharge) on incom4 liable to tax for the assessment year 1984- 85 these rates are the same as those specified in part m of the first schedule to the finance act, 1983, for the purposes of deduction of tax at souroe from ''salaries'' and for computation of "advance tax" payable during the financial year 1983-84 where a company has made any deposit during the financial year 1983-84 under the companies deposits (surcharge on income-tax) scheme, 1983, with the industrial development bank of india, the amount of surcharge on income-tax payable by it for the assessment year 1984-85 will be reduced by the amount of the deposit so made, subject to a maximum of one-half of the amount of surcharge payable by il  rates for deduction of tax at source during the financial year 1984-85 from income other than "selari8'l":part ii of the first schedule to the bill specifies the rates at which income-tax ( tncludlng surcharge where applicable) is to be deducted at source during the financial year 1984-85 from incomes other than ''salaries'' and retirement annuities under section 80e(9) of the income-tax act the rates specified in this part for deduction of tax at source are the same as those specified in part ii of the first schedule to the finance act, 1983, for the purposes of deduction of tax at source during the financial year 1983-84  rates for deduction of tax at source from "salaries" and retirement annuities computation of ''advance tax" and charging of income-tax in special cases during the financial year,1984-85:part m of the first schedule to the bill specifies the rates at which income-tax (including surcharge) is to be deducted at source from "salaries" and retirement armuities referred to in section 80e(9) of the income-tax act and also the rates at which ''advance tax" is to be paid and income-tax is to be calculated or charged in special cases for the financial year 1984-85 with the exception of the rate schedule applicable to individuals, hindu undivided famllies (other than those with one or more memlers having income exceeding the exemption limit) unregistered firms, etc, the rates of tax applicable to other categories of taxpayers (including companies) are the same as those specified in part i of the first scheclule to the bill for the assessment of incomes uable to tax for the assessment year 1984-85 however, the rate schedule applicable to individuals, hindu undivided familtes (other than those with one or more members having income exceeding the exemption limit), unregistered firms, etc •• has been replaced by a new rate schedule under the new rate schedule the tax rate applicable to the income slab of rs 15,001 - rs 20, 000 has been reduced from 25 per cent to 20 per cent and the tax rate applicable to incomes above rs 1 lakh has been reduced from 60 per cent to 66 per cent the tax rates in the intermediate slabs have als~ been revied uitably the surcharge on income-tax in the case of all non-corporate assessees will continue to be charged at the rate of 12 5 per cenl of such income-tax the surcharge on income-tax in the case of all categories of companies will also continue to be charged at the rate of 5 per cenl of such income-tax companies wlll, however, have tbe option of makidi a deposit with the industrial development bank of india (under a scheme to be notified by the central government) in lieu of payment of the entire amount of such surcharge clause 3 seeks to amend clau8e (so) of section 10 of the income-tax act under the exi8ting provl8ions any subsidy received from or throuah tbe tea board,under a "beme notified by the central government for replacement or replantation of tea bu8bes by an abse  wbo carries on tbe business of !p'owing and manufacturidi tea in iddla is exempt from tax under au propoaed amendment, any subsidy received from the tea board under a acbam •• dottned by tbe central goverdidtmt, for rejuvenation or consolidation of areu used for culuyatloll of '- wul alao be exempt from tax this amendment will take effect from 1st april 1985 and wlll accordingly,apply in relation to the assessment year 1985-86 and subsequent years clause 4 seeks to amend sub-section (5) o( section 11 of the income-tax act relating to income from property held under trust for charitable or religious purposes sub-section (5) o( the said section spcclfies the (arms and modes of investing trust funds the proposed amendment seeks to include deposits with the industrial development bank of india as one of the forms and modes of investing or depositing trust funds this amendment will take effect (rom 1st april 1985,and will accordingly apply in relation to the assessment year 1985- 86 and subsequent years clause 5 seeks to amend section 33b of the income-tax act relating to rehablutatlon allowance under the existing provisions, a deduction in respect of rehabilitation allowance is allowed for facllltattng the re-establishment, reconstruction or revival of the business of an industrial undertaking in india which is discontinued because of extensive damage to, or destruction of its building machinery, plant or furniture as a direct result of natural calamities (such as flood, cyclone, earthquake, etc ), riot or civil disturbance, accidental fire or explosion or enemy action under the proposed amendment, no deduction wlll be allowed under this provision in relation to the assessment year commencing on the 1st day of april 1985 or any subsequent assessment year this amendment wol take effect from 1st april 1985 clause 6 seeks to amend section 35 of the income-tax act relating to deduction in respect of expenditure on scientific research under the existing provisions in section 35(2)(ia) the whole o( the capital expenditure incurred by an assessee on scientific research related to the business carried on by him is allowed as a deduction in computing the taxable profits of the business of the year in which such expenditure is incurred sub-clause (a)(i) seeks to provide that the above deduction will not be available in respect of capital expenditure incurred on the acqul8ition of any land after the 29th february 1984 sub-clause (a)(u) seeks to insert an explanation to provide that, for the purposes of this clause, land would include any interest in land and shall be deemed to have been acquired on the date on which the document purporting to transfer the land is registered under the registration act, 1908, and where the possession of any land has been obtained in part performance of a contract of the nature referred to in section 53a of the transfer of property act 1882, on the date on which such possession was obtained sub-clause (b) seeks to amend sub-section (2a) of this section under the existing provisions, a weighted deduction equal to one and one-third times the sum paid by a taxpayer to a scientific research association or universlty or college or other institution or to a publ1c sector company to be used for sclentific research undertaken under a programme approved by the prescribed authority is allowed in computing the taxable profits of the business of the year in which such expenditure is incurred under the proposed amendment, the weighted deduction will not be allowed in respect of such sums paid after the 29th february, 1984 sub-clause (c) seeks to amend sub-section (2b) of this section under the existing provisions a weighted deduction equal to one and one-fourth times the amount of expenditure incurred by a taxpayer on scientific research undertaken under a programme approved by the prescribed authority 1s allowed in computing the taxable profits of the business of the year in which such expenditure is incurred under the proposed amendmedt~ the weighted deduction will not be allowed in respect of such expendlture incurred after the 29th february, 1984 tbese amendments will take effect from 1st april 1984 clause 7 seeks to amend section 35c of the income-tax act relating to agricultural development allowance under the existing provisiods a company or a co-operative society which uses the products of agriculture animal husbandry or dairy or poultry farming as raw material or processes such produots is eligible for a deduction of the !!xpendlture incurred, whether directly or through an approved association or body, in the provision of agricultural inputs and extension services to cultivators, growers or producers of such products under the proposed amendment, no deduction under this provision will be allowed in relation to expenditure incurred after the 29th february, 1984 this amendment will take effect from 1st april, 1984 clause 8 seeks to amend clause (11a) of sub-section (1) of section 36 of the income-tax act under the existing provisions, a weighted deduction equal to one and one-third times the amount of the expenditure incurred on payment of any salary to an employee who is totally blind or suffers from a permanent physical disability is allowed in computing the taxable profits under the proposed amendment, the weighted deduction will not be allowed in respect of salary paid for any period of employment after the 29th day of february, 1984 this amendment wul take effect from 1st april, 1984 clause 9 seeks to amend section 40 of the income-tax act relating to amounts not deductible in the computation of business income under section 40 (c), expenditure incurred by a company on the provision of any remuneration or benefit or amenity to a director or a person who has a substantial interest in the company or to a relative of the director or of such person, and the expenditure or allowance in respect of any assets of the company which are used by such persons for their own purposes or benefit, is not allowable as a deduction in comput ing the taxable profits of the company, to the extent such expenditure or allowance is in the opinion of the income-tax officer, excessive or unreasonable the aggregate of such expenditure and allowance is further subject to an overall cer 'ng limit of rs 72,000 in a year, in respect of anyone director or persoil who has a substantial interest in the company or a relative of the director or such person where such expenditure or allowance relates tu only a part of the year, the monetary celling is the amount calculated at the rate of rs6, 000 per month or part of a month comprised in the period to which the expenditure or allowance relates the proposed amendment seeks to raise the overall monetary celling of rs 72,000 to rs1, 02, 000 and the monthly ceiling of rs 6,000 to rs 8,500 this amendment will take effect on 1st april, 1985, and will, accordingly, apply in relation to the assessment year 1985-86 and subsequent years clause 10 seeks to amend section 40a of the income-tax act relating to payments not deductible in certain circumstances sub-clauses ca) and (b) seek to ammd sub-sections (5) and (6) respectively of section 40a section 40a(5) places certain celling limits on the deductible amount of expenditure incurred by a taxpayer oil account of payment of salary to any employee or a former employee or in providing any perquisite, etc, to any su1h employee under this provision, expenditure incurred by an assessee on payment of salary to an employee in respect of the period of his employment in india during the relevant year w1ll not be allowed as deduction in computing the taxable profits of the employer to the extent it exceeds an amount calculated at the rate of rs 5, 000 for each month or part of a month in the case of a persoll who ceases or ceased to be the employee of the taxpayer during the relevant accounting year or any earlier year, the ceiling limit is rs60, 000 per annum further, the aggregate of expmdlture incurred by an assessee in providing any perquisite to an employee and the amount of expmdlture or allowance (such as depreciation allowance) in respect of the assets of the assessee used by the employee for his own purpos or benefit is not allowed as deduction in computing the profits of the business or profession to the extmt it exceeds 20% of the amount of salary paid to the employee or an amount calculated at the rate of rs i, 000 for each month or part th~reof comprised in the period of employment, whichever is less where the assessee haa incurred any expenditure on payment of fees for bm'vlces rendered by a person who, at any time during the 24 months immediately preceding the relevant year, was an employee of the assessee, section 40a(6) provides that such expenditure by way of fees, or where the assessee has als(\ pai any salary to such person during the relevant year t the aggregate expenditure on the payment of buch fees and salary shall not exceed rs60, 000 the proposed amelldmellts to sub-sections (5) and (6) of section 40a seek to raise the monetary limits aforesaid from rs5 000 to rs 7500 per month and the annual celling of rs 60 000 to rs 90 000 these amelldmellts wnl take effect from 1st apru 1985, and wtll accordingly apply in relation to the assessmellt year 1985-86 and subsequent years sub- clause (c) seeks to insert a new sub-section (9) in section 40a the proposed sub-section provides that no dction shall be allowed in the computation of taxable profits in respect of any sum paid by the assessee as an employer towards the setting up of or as contribution to any fund or trust for any purpose except where such sum is paid or contributed (within the limits laid down under the relevant provisions) to a recognised provident fund or an approved gratuity fund or an approved superannuation fund or for the purposes and to the extent required by or under any other law the proposed provision wi11 take effect retrospectively from 1st april, 1980, and w1ll accordingl~ apply in relation to the assessmmt year 1980-81 and subsequmt years clause 11 seeks to insert a new section 44ab in the income-tax act relating to audit of accounts of certain persons carrying on business or profession the proposed provision seeks to make it obligatory for a person carrying on business to get his accounts audited before the "specified date" by an accountant if the total sales turnover or gross receipts in business for the previous year or years exceeds or exceed twenty lakh rupees a person carrying ·on profession wul also have to get his accounts audited before the said date if his gross receipts in profession for the previous year or yars exceeds or exceed ten lalm rupees such persons will also be required to obtain before the specifled date a report of the audit in the prescribed form these requirements will apply only in relation to the accounts for the previous year or years relevant to any assessment year commencing on 1st april, 1985 or any subsequent assessment year in cases where the accounts of a person are requried to be audited by or under any other law it w1ll suffice if the person gets his accounts audited under such other law before the specified date and also obtains before the said date the report of audit in the prescribed form in addition to the report of audit required under such other law the expression "accountant" for the purposes of this provision will have the same meaning as in the explanation below section 288(2) of the income-tax act the expression "specified date" in relation to the accounts of the previous year or years relevant to any assessment year means the date of the expiry of four months from the md of that year or where there is more than one previous year from the md of the previous year which expired last before the commencement of that assessment year or the 30th june of sucb assessment year whichever date falls later the proposed amelldment w111 take effect from 1st aprll, 1985j and will accordingly apply in relation to the assessment year 1985-86 and subsequent years  clause 12 seeks to amend sub-section (3) of section 80cc of the income-tax actunder the existing provisions where certain specified categories of asses sees purchase new equity shares out of their income chargeable to tax they are allowed a deduction, in the computation of their total income of an amount equal to 50 per cent of the cost of the shares so purchased where such cost exceeds ra20000 the amount with reference to which the deduction is allowed is limited to rs20, 000 under the proposed amendment no deduction wtll be avauable with refermce to the cost of any shares offered for public subscription after the 29th february, 1984 this ammdment wil1 take effect from 1st april, 1984 clause 13 seeks to omit with effect from 1st april, 1985 section 800 of the income-tax act relating to deduction in respect of medical treatm81t of handicapped dependants the deduction wlll not therefore, be rvallable for the absessmmt year 1985-86 and subsequent assessment years clause 14 seeks to amand section 80e of the income-tax act relating to deduction in respect of paymellt for securing retiremellt annuities udder the existing provisiotul, an indian citlzm who is resident in india and is a partner of a registered flrlll red_lng professional service as r chartered accountant 80ucitor, lawyer, architect, or such other professional service notified by the central government, is entitled, subject to certain conditions, to a deduction, in the computation of his total income, in respect of the amount paid by him as premium under an approved contract for the purpose of securing for him a life annuity in old age under the proposed amendment, no deduction will be allowed under this provision in relation to the amount paid as premium after the 29th february, 1984 this amendment will take effect from 1st april, 1984 clause 15 seeks to amend section sol of the income-tax act relating to deductions in respect of inoome from specified financial assets under the existing provisions, income from investment in specified financial assets (including units of the unlt trust of india) is deducted in computing the taxable income the aggregate amount of the deduction under this provision is limited to rs 7, 000 in addition, a further deduction of an amount up to rs3, 000 is allowed wlder the unlt trust of india act in respect of income from units of the unit trust of india the amendment under sub-clause (a) seeks to include, in the categories of income quaufying for deduction 1dlder section sol, any interest on deposits under any such national deposit scheme as may be framed by the central government and notified by it in this behalf in the official gazette the amendment under sub-clause (b) is consequential to the amendment under o;ub-clause (a) the amendmmt under sub-clause (c) seeks to insert a proviso to section sol to the effect that where the gross total income of the assessee includes any income by way of interest on any deposits under any notified national deposit scheme or any income in respect of units of the unit trust of india, the assessee shan be entitled, in addition to the deduction of rs 7,000 under the main provision, a further deduction of an amount equal to so much of the income from the aforesaid assets as has not been allowed as deduction under the main provision, subject to a maximum of rs3, 000 the proposed amendments will take effect from 1st april, 1985, and will, accordingly, apply in relation to the assessment year 1985-86 and subsequent years clause 16 seeks to amend section 80m of the income-tax act relating to deduction in respect of certain inter-corporate dividends under the existing provisions, where the gross total income of a domestic company includes any income by way of dividends from a domestic company, a deduction is allowed in computing its total lnoome of an amount equal to, -(a) the whole of such income, if the dividend income is derived from a domestic company exclusively or almost exclusively engaged in the manufacture of anyone or more of the specified priority articles; an (b) sixty per cent of such income in any other case the proposed amendment seeks to introduce a uniform rate of deduction of sixty per cent for all inter corporato dividends this amendment will take effect from 1st april, 1985, and wdl, accordingly, apply in relation to the assessment year 1985-86 and subsequent years clause 17 seeks to amend section 80n of the income-tax act relating to deduction in respect of dividend received from certain foreign companies under the existing provisions, an indian company deriving income by way of dividends on shares allotted to it in a foreign company in consideration for the provision of technical "lmow-how" or technical services to such company is entitled to a deduction of the whole of such income by way of dividends in the computation of the taxable income to the extent such income is received in or is brought into india by the taxpayer in accordance with the law regulating payments and dealings in foreign exchange the proposed amendment seeks to restrict this deduction to fifty per cent of such income this amendment wil1 take effect from 1st april, 1985, and will, accordingly, apply in relation to the assessment year 1985-86 and subsequent years clause 18 seeks to amend sectlon 800 of the income-tax act relatlng to deductlon in respect of royalty etc, received from certain forelgn sources, under the exlstlng provisions an indlan company deriving lncome by way of royalty, commlbslon, fees or any similar payment received from the government of a forelgn state or a foreign enterprlbe in conslderatlon of the provision of technical "know-how" or technical services is entitled to a deduction of the whole of such income in the comput,don of the taxable lncome, to the extent such income ls received in or brought into india by the company in accordance with the law regulating payments and deallngs in forelgn exchange the proposed amendment seeks to restrict this deduction to 50 per cent of such income thls amendment wtll take effect from 1st april, 1985j and will, accordingly, apply in relation to the assessment year 1985-86 and subsequent years, clause 19 seeks to amend sectlon 80u of the income-tax act relating to deduction in the case of totally blind or physically handicapped resident persons under the existing provlslons, a resident lndlvldual who is either totally blind or suffers from a permanent physlcal dlsabulty (other than blindness) whlch has the effect of reduclng substantlally bis capacity for engaging in a gainful employment or occupation is entitled to a deduction up to a sum of rs 10,000 in the computatlon of his taxable inoome sub-clause <a) seeks to secure that in order to qualify for a deduction under this provlslon, the person m  t suffer from a permanent physical jisablllty of a type which is speclfled by the central board of direct taxes in rules made in this behalf sub-clause (b) seeks to insert a new sub-section (2) in section bou the new sub-section provides that in making any rules for specifying any dlsablllty for the purposes of section bou the board wlll have to take lnto account the nature of such disablllty and the effect which such dlsabulty ls llkely to have rn the capacity of the person suffering therefrom to engage in gainful employment or occupation the proposed amendment wlll take effect from 1st aprll 198!ltand wlll accordingly, apply in relation to the 88se8sment year 1985-86 and subsequent years clause 20 seeks to amend section 161 of the income-tax act relating to llablllty of representative 88seasee sub-sectton (1) of section 161 provldes that every representatlve assessee as regards the income in respect of which he ls a representatlve asseessee, shall be hable to assessment in his own name in respect of such income and tax shall be levied upon and recovered from him in llke manner and to the same extent as it would be leviable upon and recoverable from the person represented by him the proposed amendment seeks to lnsert a new sub-section (la) in section 161 of the act the new sub-section provides that where any income in respect of which the person mentloned in clause (iv) of sub-sectlon (1) of section 160 is hable as a representative assessee consists of or includes, profits and gains of business tax shall be charged on the whole of the income in respect of which such person is 80 hable at ibe "maxlmum marginal rate" the proposed provision wul however, not apply in cases where such profits and gains are receivable under a trust declared by any person by wul exclusively for the benefit of any relatlve dependent on him for support and malntenanoe and such trust is the obly trust so declared by him for the purposes of the new provlslon the term "maximum marginal rate" shall have the same meaning  in ~xp1aoatlon 2 to section 164 of the income-tax act the proposed amendment wul take effect from 1st apru 1985, and wul~accordlnglyl apply in relation to the ansment year 1985-86 and subsequent years clause 21 seeks to amend sectton 164 of the income-tax act relating to charge of tax where share of beneflclarles 18 unjcnown sub-tiectlon (1) of section 164 of the income-tax act provides that where any income in respect of which the persons mentioned in clauses (ill) and (iv) of sub-section (1) of section 160 are uable 88 representative aeseeae8li is not specifically receivable on behalf of or for the beneflt of anyone person or where the individual shares of the persons on whose behalf or for whose benefit such income is receivable are lndetermlnate or unknown, tax shall be char~ed on the relevant income at the maximum marginal rate, the proviso to sub-section (1) of section 164 provides that in the four types of cases specified therein, the relevant income will not be charged to tax at the maximum marginal rate, but tax on such income shall be charged as if it were the total income of an association of persons sub-clause (a) seeks to lnsert a further proviso to sub-section (1) of section 164 of the act the new proviso seeks to provide that where any income in respect of which the per8(ln mentioned in clause (iv) of sub-section (1) of section 160 is liable as a representative assessee oonslsts of, or includes, pre>flts and gains of business, the provisions of the first proviso referred to 10 the· preceding paragraph shall apply only if such profits and gains are receivable under a trust declared by any person by wlll exclusively for the benefit of any relatlve dependent on him for support and maintenance and such trust is the only trust so declared by him sub-clause (b) seeks to insert a proviso to sub-eectlon (2) of section 164 the aforesaid sub-section (2) provides that in the case of inoome derived from property held under trust wholly for charitable or religious purposes or which is in the nature of vohmtary contributions received by the trust or which is of the nature of profits and gains of buslness, tax shall be charged on so much of the income as is not exempt under section 11 or section 12 of the income-tax act as if the income not 80 exempt were the inoome of an association of persons the new provllo seeks to provide that in a case where the whole or any part of the aforesaid income is not exempt under section 11 or section 12 because of the contravention of the provisions contained in clause (c) or clause (d) of section 13(1) of the income-tax act, tax shall be charged on such income or part thereof, as the case may be, at the maximum marginal rate sub-clause (c) seeks to insert two new provisos to sub-section (3) of section 164 of the income-tax act the first of these provisos seeks to carve out an exception to the provisions contained 10 the first proviso to section 164(3) the existing first proviso specifies the cases in wbich the relevant income deriv by a trust in part only for charitable or rellglous purposes is to be charged as if it were the total income of an association of persons, and not at the maximum marglnal rate as laid down in section 164(3) of the act the proposed new proviso seeks to provide that where the relevant lncome consists of, or includes, proflts and gains of business, the provisions of the exlstlng first proviso shall apply only if the lncome is receivable under a trust declared by any person by will exclusively for the benefit of any relative dependent on him for support and maintenance, and such trust is the only trust so declared by him the second of the two new provisos seeks to carve out an exception to the provisions contained in section 164(3) this proviso seeks to secure that in a case where the whole or any part of the relevant income derived from property held under trust in part only for charitable purposes or which is of the nature of voluntary contributions received by the trust or which is of the nature of profits and gains of business shall be charged to tax at the maximum marginal rate in cases where the trust forfeits exemption from tax for contravention of the provl810ns contained in clause (c) or clau8e (d) of sub-section (1) of section 13, and not as if such income were the total income of all assoclatlon of persons these amendments wlll take effect from lst april, 1985, and wlll, accordingly, apply in relation to the assessment year 1985-86 and subsequent years clause 22 seeks to amend section 193 of the income-tax act relatlng to deduction of tax at source in respect of interest on securltles under the existing provisions, the person responsible for paying any income chargeable under the head ''interest on securities" is required, at the tlme of payment, to deduct ldoome-tax at the tatee in force on the amount of interest payable in respect of interest payable on certain securities specified in the 8ectlon, no tax is required to be deducted at source the proposed amendment seeks to provide that no tax need be deducted from any interest payable to an individual who is resident in india, on debentures issued by a company in which the pub1lc are substantially interested, if such debentures are listed on a recognised stock exchange in india; the interest is paid by the company by an account payee cheque; and the aggregate amount of latereet payable by the company to buch individual does not exceed one thousand rupees this amendment wul take effect from 1s~t~j~un!mse!a  1u9eli184i3&' __________________ _ clause 23 seeks to amend section 194 of the income-tax act relating to deduction of tax at source in respect of dhtldends paid unde~ the existing provisions, the principal officer of an indian company or a company which has made the prescribed arrangements for the declaration and payment of dividends (lncludlng dividends on preference shares) within india is required to deduct lncome-tax from the amount of such dividend at the rates in force the proposed amendment seeks to provide that in the case of a share holder being an individual, resident in india, no tax need be deducted at source from such dividend income where the dlvldend is paid by a company in which the publlc are substantially interested; the aggregate amount of such dividend pald does dot exceed one thousand rupees; and the dividend is paid by the company by an account payee cheque drawn on a bank this amendment wul take effect from 1st june, 1984 clause 24 of the blll seeks to amend section 252 of the income-tax act &lb-clause (a) of this clause seeks to insert a new sub-section (4a) in this section so as to empower the central government to appoint one of the vice-presidents of the appellate tribunal to be the 8en1or vice-president thereof sub-clause (b) seeks to make a consequential amendment in sub-section (5) of this section to provide that the senior vice-president of the appellate tribunal shall also exercise such of the powers and perform such of the functions of the president of the appellate tribunal as may be delegated to him by the president by a general or special order in writing these amendments will take effect from 1st april 1984 clause 25 seeks to amend section 269c of the income-tax act relatlng to immovable property in respect of which proceedings for acquisition may be taken under the exlstlng provisions, the central government is, subject to the fulfilment of oertaln condltlons, empowered to acquire any immovable property having a fair market value exceeding; ds 25, 000 in cases where the declared consideration for the transfer of the property is less than the fair market value of the property on the date of transfer the proposed amendment seeks to raise the aforesaid monetary umtt to rs 50 000 this amendment will take effect from 1st june 1984 clause 26 seeks to amend section 269f of the income-tax act relating to the bearing of objections in respect of proceedings (or the acquisition of immovable property under chapter xxa of the act the proposed amendment is consequential to the amendment of section 269c of the inoome-tax act effected by clause 25 this amendment will take effect from 1st june 1984 clause 27 seeks to amend section 269p of the income-tax act relatlng to the statement to be furnished in respect of transfers of immovable property udder the existing provisions any person presenting a document for tl'ansferring any immovable property for an apparent consideration exceeding dsloooo is required to furnish to the registering officer a statement in tbe prescribed form in duplicate in respect of such transfer the proposed amendment seeks to provide that such statements wlll have to be flied before the registering officers only in cases where the apparent consideration exceeds rs 25, 000 this amendment wlll take effect from 1st june 1984 clawse 28 seeks to insert a new section 269ss in the income-tax act relating to the mode of taking or accepting certain loans and deposits the proposed provision seeks to provide that, after 30th june 1984 no person shall accept ldy"lold or deposit from any other person of ten thousand rupees or more except by account pa,ee cheque or account payee bank draft this requirement will also apply in cases where, on the date of taking or accepting a loan ~r deposit from a person any earlier ioid or deposit taken or accepted from the ame person and rem81nldg unpaid on that date, is ten thousand rupees or more the proposed requirement wul also apply if the aggregate amount of such earlier 101d or deposit and the amouut of loan or deposit proposed to be taken or accepted from that person 18 ten thousand rupees or more tbe proposed requirement will, bo  ver, not apply to any loan or depo81t taken or aooepted from or lily 101d or ciepoelt taken from or aooepted by government, any baldng company, poat dice avtng' -                                                                                      ·~:·  ·~i~''rt,·,                                                                                                   ~                                                                                                    ;                                                                                                      ~ • ~l:'l~,                                                                                                                (':'                                                                                                                     i::,"~",  :';                                                                                                                                  ,", 1: '" _                                                                                                                                              ,,~,",                                                                                                                                                             , , "                                                                                                               "' "                                                                                                                            r' ',',; / ,: ::"1'                                                                                                                                               '"                                                                                                                                                 '''~:: bank or any co-operative bank; any corporatton established by a central, state or provincial act; or any government company as defined in section 617 of the companies act, 1956 the provisions of the new section will also not apply to any loan or deposit taken, or accepted from, or any loan or deposit taken from, or accepted by, any institution association or body or class of insututions associations or bodies which the central government may, for reasons to be recorded in writing, notify in tbis be_ilalf in the official gazette for the purposes of this provision, the expression ''banking company" will have the meaning assigned to it in clause (a) of tbe explanation to section 40a(8) of the income-tax act the expression oleo-operative bank" will have the meaning assigned to it in part v of the banking regulation act, 1949, and the exprelslon ''loan or deposit" will mean any loan or deposit of money the proposed provision will take effect from 1st aprll, 1984, but as stated earlier, the requll'e1118nt laid down under the proposed section will apply only in relation to loans and deposits taken or accepted after 30th june, 1984 clause 29 seeks to amend section 269t of the income-tax act relating to mode of repayment of certain deposits by banking companies, co-operative banks etc under the proposed amendment, the expression "co-operative bank" is proposed to be defined as having the same meaning as is assigned to it in part v of the banking regulation act, 1949 this amendment wlll take effect from 1st april 1984  clause 30 seeks to insert a new section 271b in the income-tax act relating to failure to get accounts auditedthe proposed provision seeks to provide that if any person falls without reasonable cause, to get his accounts audited in respect of any year or obtain a report of sucb audit as required under new section 44ab (proposed to be inserted in the income-tax act by clause 11 of the bill), the income-tax cl'flcer may impose a penalty equal to one- half per cent of the total sales turnover or gross receipts, as the case may be, in the business, or of the gross receipts in the profession in the relevant year subject to a maximum of rsl, 00, 000 the proposed amendment will take effect from 1st aprll, 1985,and will, accordingly, apply in relation to the assessment year 1985-86 and subsequent years clause 31 seeks to insert a new sectlon 276dd in the income-tax act which provides for a penalty for contravention of section 26985 under the proposed new section if any person, without reasonable cause or excuse take, or acoepts any loan or deposit in contravention of the provisions of new section 269ss be shall be punishable wlth imprisonment for two years and shall also be liable to fine equal to the amount of such loan or deposit this amendment will take effect from 1st aprtl, 1984 clause 32 seeks to amend section 281a of the income-tax act relatlng to effect of failure to furnish information in respect of properties held benaml  sub-clause (a) seeks to amend sub-section (1) of section 281aunder the existing provisions the real owner of any property held benami or any person acting on his behalf is debarred from instituting any suit in any court to enforce any right in respect of any property held benaml unless the income from such property or the property itself haa been di8cl08ed in any return of income or net wealth by the claimant or a notice in the prescribed form and containing the prescribed particulars in respect of the property has been given by him to the income-tax officer the existing provisions do not lay down any time limit for 8uch disclosure in the return of income or net wealth or for giving a notice in the prescribed form to the income-tax cl'flcer it is proposed to replace the existing option of making a disclosure in the return of income or net wealtb and replace it by a provision for giving notice in the prescribed form within a lpeclfled period hence, under the amended provisions of sub-section (1), the real owner of the property wul be required in all cases to give a notice in the prescribed form containing the prescribed particulars in reapeot of the property within a period of one year from the date of acquisition of the property to the comml •• loner of income-tax &1b-claus8 (b) seeks to insert two new sub-sections in section 281a new sub-section (ia) seeks to covercases where such benaml acquisition of property is made before the introduction of the finance blll the new sub-section accordingly provides that where any such property is acquired by the claimant before 1st march,1984, the requirement of the amended sub-section (1) of section 281a shall be deemed to have been fulfilled lf notice in the prescribed form and containing the prescribed particulars in respect of the property is given by the claimant within a period of one year from that date to the commissioner of income-tax new sub-section (lb) carves out an exception to the provisions contalneclln the amended sub-section (1) and the new sub-sectlo"n (ia) in cases where the value of any suit relating to any immovable property does not exceed rs 50, 000 new sub- sectlon (1b) provides that in such cases the aforesaid provisions shall be deemed to have been fulfilled if, at any time before the suit, notice in the prescribed form and containing the prescribed particulars in respect of the property is given by the claimant to the commis-sioner of income-tax &1b-clause (c) seeks to substitute sub-section (2) of section 281a by a new sub-section the new sub-section provides that the commissioner of income-tax shall, on an applicatlon made in the prescribed manner by the claimant or any person acting on his behalf or claiming under him, and on payment of the prescribed fees, issue for the purposes of a su it a certified copy of any notice given by the claimant under sub-section (1) or sub-section (ia) or sub-section (ib), within 14 days from the receipt of the appllcatlon these amendments take effect from 1st april, 1984 clause 33 of the blll seeks to amend the ninth schedule to the income-tax act this amendment is consequential to the amendment made in section 80m of the income-tax act by clause 16 of the but clause 34 seeks to amend the wealth-tax act, 1957 sub-clause (a)(i)(i) seeks to amend the proviso to clause (iv) of sub-eectlon (1) of section 5 of the act under the existing provisions, the value of one house belonging to the taxpayer is exempt from wealthtax up to one hundred thousand rupees the proposed amendment seeks to raise this llmlt to two hundred tho  and rupees sub-clause (a)(i)(2) seeks to wert a new clause (xxva) in sectlon 5(1) of the wealth-tax act to provide exemption from wealth-tax in respect of any deposits under such natlonal deposit scheme as may be framed by the central government and notified by it tn this behalf in the omclal gazette sub-clause (a)(i){3) seeks to insert a new clause (xxvlla) in section 5(1) of the act to include any deposit with the industrial development bank of india in the nst of assets exempt from wealth-tax sub-clause (ahu) seeks to amend sub-section (ta) of section 5 of the act sub-clause (a)(u)(1) seeks to secure that exemption in respect of the value of the deposits under any  notlfled natlonal deposit scheme and deposits with the industrial development bank of india together with the value of the other assets speclfled in section 5(ta) of the act wlll not exceed the specified amount sub-clause (a)(u)(2) seeks to raise the limit up to which the value of specified usets is exempt from wealth-tax from one hundred and sixty-five thousand rupees to two hundred and slxty-flve thousand rupees sub-clause (a)(ii)(3) seeks to insert a second proviso to sub-section (ta) of section 5 of the act the proposed provlso seeks to secure that where the assets of the assessee include any units of the unit trust of india or any deposits under any n~lfled national deposit scheme the assessee shall be entitled, tn addition to the exemption provided eder sob-section (ta), a further exemption in respect of the value of the units and the deposits aforesaid in so far as such exemption has not been allowed under sub-sectlon (l),read with sub-sectlon (ta) of section 5, subject to a maxlmum of rs 35, 000 su~clause (a)(ul) seeks to amend sub-section (3) of section 5 of the act the proposed amendment seeks to secure that the value of deposits under any notified national deposit scheme or of any deposits with the industrial development bank of india shall qualify for exemption under seotten 6 of the act onl, if such deposits have been held by the "88ee for a period of at leut six months endtngwlth the relevant valuation dat sub-clause (b) of tms clause seeks to amend section 21a of the act sub-clause (b) (1) seeks to provide that where any property is held under trust for any pubuc purpose of a charitable or religious nature in india, tax shall be leviable upon and recoverable from the trustee or manager in respect of the property held by him under trust at the ''maximu?\,\ marginal rate" if the trust forfeits exemption by reason of any of the following factors, namely:-(i) any part of the trust's property or any income of the trust, including income by way of voluntary contributions is used or applied, directly or indirectly, for the benefit of any person referred to in section 13(3) of the income-tax act, 8 g, the settlor, the trustee, their relatives, etc; or (if) any part of the income of the trust, created on or after lst aprll, 1962, including income by way of voluntary contrlbutlons, enures, directly or tndlrectly, for the benefit of any of the penon referred'to in sectton 13(3) of the income-tax act; or (ii!) any funds of the trust are invested or deposited or any shares in a company are held by the trust in contravention of the investment pattern for trust funds laid down in clause (d) of sub-section (1), read with su~sectlon (5), of section 13 of the income-tax act sub-clause (b)(2) seeks to amend the explanation below the second proviso to this section tbe proposed amendment seeks to provide that uie expression "maximum marginal rate" would mean tbe rate of wealth-tax applicable in relation to the highest slab of wealth in the case of an individual as specified in part i of schedule i to the wealth-tax act these amendment wul take effect from 1st april, 1985"and will, accordingly, apply in relation to the assessment year 1985-86 and subsequent yean  clause 35 read with the second schedule seeks to amend the customs tariff aot, 1975,to-(1) raise the rate of basic customs duty (standard) on slag, ash and residues containing metals or metalllc compounds; (u) raise the rate of basic wstoms duty (standard) on certain categories of petroleum ous and preparations, not elsewhere specified; (1ii) raise the rate of basic customs duty (standard) on petroleum jelly and certain mlderal waxes; (iv) raise the rate of basic wstoms duty (standard) on wool, raw and wool tops; (v) raise the rate of basic customs cl1ty (standard) on buttons and button moulds; studs, cufflinks idd press fasteners; slide fasteners; b18llks and parts of such articles; (vi) revise the desorlption of heading no 92 01/13 relating to musical ld8truments,etc clauge 36 seeks to levy up to the 31st march, 1986, awdllary dutles of oustoma on all imported good8 at the rate of 50 per cent of their value clbu8e 37 seeks to laiert an e!p1anatg 1ft su~sect1on (1) of seouon 28 of the cuatoms act providing for the exclusion of the period of stay under a court order in relation to computation of ttnle-llmlt for the service of notice for short levy, ertolleous refund, etc clli18e 38 seeks to add a provl8o to su~sectlon (2) of section 61 of the custidma act enablldc the board to waive the tnterest payable on warehoused goode in public ldter  t and udder exceptional ctroumatanom clause 39 seea tid substltute sub-sectlon (2) of section 129 of the cuatoma abt by two dew subaotto under the flnt adleddmedt it is propoeed to provtde that a perboll shall qualify for appoint-iiuiii&  a fudlolal member of the customs, exclae and gold (control) appell trlbanallf be bill for at l  t ten f8an beld a judicial oface in the territory of liidla or b beed a member of the cmtral legal service and has held a post in grade i of that service or any equivalent or higher post for at least three years a person who has been an advocate for at least ten years wul contlnue to be ellglble for such appointment 88 hitherto for thls purpose, in computlng the period during which such a person has held a judicial office, any period durlng which he has been an advocate or has held the office of a member of a tribunal or any post under the union or state requiring special knowledge of law after he has held any judicial office will be included similarly, in computlng the period during which a person has been an atjvocate of a high court, any period durlng which he has held a judicial office or the offlce of a member of a tribunal or any post under the union or state requiring special knowledge of law after' he became an advocate  wllj also be included under the second amendment, it is proposed to provide that a person who has been a member of the indian customs and central excise service, group a and has held the post of collector of customs or central excise or any equivalent or higher post for at least three years wbi qualify for appolnbnent as a technical member in the appellate tribunal provision is also being made for the appointment of a senior vice-president of the appellate tribunal clause 40 seeks to exclude from the jurisdiction of the appellate tribunal, customs cases relating to-(a) goods imported as baggage, (b) sbort·landed goods, (c) payment of drawback clause 41 seeks to ralse the monetary limit of the customs cases to be dectded by single member benches of the appellate tribunal from bs10, 000 to bs 50,000 clause 42 provldes for reduction in the time llmlt for seeking revlslon of the orders of the subordinate authorltles by the board/collector clause 43 seeks to provide for revision by the central government of the types of cases excluded from the jurisdiction of the appellate tribunal under clause 40 of the bul the provlslons are on the lines of the provisions which existed prior to the setting up of the appellate tribunal clause 44 seeks to amend clause (f) of section 2 of the central excises act to specifically include conversion of artificial or synthetic resins and plastic materials into moulding powder in the deflnition of "manufacture" in relation to artificial or synthetic resins and plastic materials covered under item no 15a of the first schedule to the act clause 45 seeks to amend seolion 3 of the central excises act to provide for the levy of duty of excise on excisable goods produced or manufactured by a 100% export oriented unit and sold in india equal to the duties of customs leviable on importation of the uke goods from abroad clause 46 seeks to amend explanation to section 4(4)(d)(u) of the central excises act to provide that in computing the amount of duty of excise deductible from the cum-duty price under any act, the effective amount of duty of excise payable on goods under assessment shall not include the effect ofthe notification providing for set-off or proforma credit of the duty under the relevant act butalso theadditlonal duty leviable under the customs tariff act, 1975, already paid on the raw materials and component parts used in the production or manufacture of such goods clause 47 seeks to exclude from the jurisdiction of the appellate tribunal, central excise cases relaung to -(a) goods lost in transit/storage, (b) goods exported under rebate of duty, (c) goods exported without payment of duty clause 48 eeks to raise the monetary limit of the central excise cases to be decided by single member bencb •• of the appellate trtbudili from ra 10,000 to re 50,000   ~,- '------"  ,"',, clause 49 provides for reduction in the time limit for seeking revision of the orders of the subordinate authorities by the board/collector clause 50 seeks to provide for revision by the central government of the types of cases excluded from the jurlsdlctlon of the appellate tribunal under clause 47 of the bul the provisions are on the lines of the provisions whlch existed prior to the setting up of the appellate tribunal clause 51 seeks to amend the first schedule to the central excises act sub-clause (a) of this clause read with the third schedule seeks to amend the first schedule to the central excises act to -(a) omit item nos if, llb, 22d, 23d and 24; (b) amend the description of sub~tem 11(5) of item no4 relating to chewing tobacco to specifical inclme certain tobacco preparations within its scope: (c) amend the de3cription of item no 16 relatlng to tyres to fix the specific rates of duties on ce specified varieties of tyres: (d) amend the description of sub-ltems (1) and (2) of item no e9 relating to magnetic tapes and sound-recorded magnetic tapes to widen the scope of the sub-ttems sub-clause (b) of this clause, read with the fo,trth schedule also seeks to ameod the first schedule to t1 central excises act to broadly align the excise classification in respect of oopper, zinc, aluminium and lead with the corresponding customs classification this amendment will come into force from a date to be notified by the central government clause 52 seeks to levy up to the 31st day of march, 1985, special duties of excise on all excisable at the rate of 10% of the duty leviable under the central excises act, read with any notification for the u being in force issued by the central government in relation to the duties so chargeable, other than a notification providing for set-off or proforma credit of the excise duty or the additional duty leviable under the customs tariff act, 1975, already paid on the raw materials and component parts used in the production or manufacture of such goods clause 53 read with the fifth schedule seeks to amend the first schedule to the addltional nities of excise (goods of special importance) act, 1957 to change or amend the description of-(1) sub-ttem no 11(2) of item no4 relating to cigarettes to revise the rate of duty; (2) sub-ltem no 11(5) of item no4 relating to chewing tobacco to specifically include certain tobacco preparations within its scope; (3) item no 22 relating to man-made fabrics to revise the rate of duty clause 54 seeks to amend section 32 of the unit trust of india act, 1963, relating to income-tax and other taxes sub- clause (a) seeks to omit clause (b) and clause (ba) of sub-section (1) of section 32 of the said act the omission of these two clauses is consequential to the amendments proposed under clause 15 and clause 34 of the blll respectively sub-clause (b) seeks to amend explanation 1 to section 32(1) of the said act the amendments under this sub-clause are consequential to the omission of olause (b) and clause (ba) of section 32(1) of the unit trust of india act under sub-clause (a) of this clause the proposed amendments will take effect from 1st april, 1985,and will, accordingly, apply in relation to the assessment year 1985-86 and subsequent years clause 65 seeks to amend the gold (control) act, 1968 - (a) to raise the monetary limit of the gold control cases to be decided by single member benches of the appllate tribunal from rs 10,000 to ra 50, oof)and (b) to reduce the time limit for seeking revision of the orders of the subordinate authorlties by the administrator/collector from two years to one year  financial memorandumclause 24 of the b1ll which seeks to id8ert a new sub-fsectlon (4a) in section 252 of the incometax act, 1961 empowers the central government to appoint one of the vice-presidents of the lncometax a~ellate tribunal to be the senior vice-president thereof as the intention 18 only to convert one of the posts of vice-presidents into that of senior vice-president, the expenditure involved w1ll be to the extent of the difference in the salary of a vice-president and a senior vice-president, which is rs250 per month thus the reblrrlng expenditure on account of this provision would be rs,3, 000 per year 2 clause 39(b) of the but which seeks to insert a new sub-section (4a) in section 129 of the customs act, 1962, empowers the central government to appoint one of the vioe-presidents of the customs, excise and gold (control) appellate tribunal to be the senior vice-president thereof as the intention is only to coovert one of the posts of vice-presidents into that of senior vice-president, the expenditure involved will be to the extent of the difference in the salary of a vice-president and a senior vloe-pre8ident, which 18 r8250 per month thus, the reblrring expenditure on account of this provision would be rs3,oooper year i clau8e 410f the blll relating to the customs act, 1962, clause 48 of the bill relating to the central excises and sait aot, 1944 and clause 55(&) of the bill relating to the gold (control)act, 1968, seek to enhance the powers of the single member benches of the olstoms, excise and gold (cootrol) appellate triwnal as a 8ecpel to this proposal, the machinery of departmental representatives would need to be strengthened for this purpose, the creation of the following posts 18 envisaged the annual recurring expenditure in this regard is as follows: average annual annual expenditure bno post nos expeddtture per post r8 rs 1 2 3 4 5 t 7 chief departmental representative senior departmental representative judlor departmeatal representative personal ass1atant$eoographer upper division clerk lower dtvialon clerk peon/sepoy 1 49,000 49000 4 40,700 1,62800 4 32,200 1,28,800 4 16,700 86,800 4 13,100 52400 4 10,400 41,800 4 7300 29,200 total 5,30,600 4 claules 43 and 50 of the b11i leek to insert two new lections 129dd add 350 in the c act, 1962 and the central exciles and salt act, 1944,respectlvely which invest the ceatral go: with powen of rev1sloll apinst oertaln orders jassed by the collector of customs k\ case may be, the collector of ceotral excise (appeall) it ii proposed to utili ~~ :e:::) o:::::e for exerciling the powerl of revlsim udder the aforeatd new sectlodl as h  ry to be mvolved wilen thelle new proytatonl are enacted aad b  into· &uti c - do apead1ture ie ljkely  opera on 5 the provildou of the an do dot brvolve all)' other expead1tare of a reourrl dature di or dod-l"eourr1ng  memorandum regarding delega ted legislationy clause 2(7) of the bill providefl that if a company makes a deposit with the industrial development bank ~ india in accordance with any scheme framed by the central government, the surcharge on income-tax ! payable by the company will be red,;ced to the extent mentioned in the said sub-clause the scheme to be i framed by the central government wul contain details as to the manner of making such deposits, the period : for which such deposits may be maue and other connected matters of detail i ~ clause 15(a) of the bill seeks to insert a new clause (ila) in sub-section (1) of section sol of the incomel tax act, 1961 which seeks to include interest on deposits under such national deposit scheme framed by the t central government as may be notified by it in the official gazette as one of the categories of income ! quallfylng for deductlon under this section clause 19(a) of the bill seeks to provide that the permanent physical disability which would entitle an assessee to get deduction under section 80u of the income-tax act will henceforth be only such permanent  physical dlsabillty of a type as may be specified by the central board of direct taxes by rules made in this behalf sub-clause (b) of this clause also provides that in making any rules for speclfylng any disability under  this section, the board will take into account the nature of such disability and the effect which such disabillty is likely to have on the capacity of the person subject thereto or suffering therefrom to enpge in a gainful employment or occupation clause 28 of the bm seeks to insert a new section 289ss in the income-tax act whiclt provides that no person shall take or accept any loan or deposit otherwise than by an account payee cheque or account payee bank draft if the amount of such loan or deposit is ten thousand rupees or more the provisions of this section shall not apply to any loan or deposit taken from or accepted by, government, banking company, etc, and such lnstitution, association or body, or class of institutions, associations or bodies which the central government may, for reasons to be recorded in writing, notify in this behalf in the official gazette clause 32 of the b11l seeks to amend section 281a of the income-tax act relatlng to the effect of failure to furnish information in respect of properties held benami by an amendment to sub-section (1) of this section, it is proposed to replace the existing option of making a disclosure in the return of income or net wealth or giving a notice to the income-tax officer before instituting any suit in any court to enforce any right in respect of property held benami by a provision for g1 ving notice within one year of the date of acquisition of the property to the commissioner in the form to be prescribed by rules made by the central board of direct taxes under the act and, containing such particulars to be specified by the board in such rules new sub~'hction (la) proposed to be inse ' in this section provides that the prescrlbed notice containlng the prescribed particulars required to be made unde sub-section (1) aforesaid shall, in respect of any property acquired before 1st march, 1984, be deemed to have fulfllled if such notice containing the particulars is given to the commissioner within a period of one year from t date new sub-section (lb) provides that the aforesaid provisions of sub-section (1) and sub-section (la) shall b deemed to have been fulfuled in respect of any suit relating to any immovable property of a value not exceeding rs 50, 000 if notice in the prescribed form containing prescribed particulars in respect of the property is given b the claimant to the commissioner at any time before the suit the new sub-section (2) to this section empowers commissioner, on an application made by the claimant in the manner prescribed by rules and on payment of the specified in such rules, to furnish a certified copy of any notice given by him under the aforesaid provisions clause 34(a)(i)(2) of the bill seeks to insert a new clall!le (xxva) in section 5(1) of the wealtb-tax act the ne clause (xxva) 1lroposes to provide for exemption in respect of any deposits under such national deposlt scheme a may be framed by the central government and notified by it in this behalf in the official gazette clause 43 of the bill seeks to insert a new section 129dd in the customs act, 1962 this new eectlon seeks invest the central government with powers of revision in respeot of certain orders passed by the collector of custom8 (appeals) under section 12" of the act on an appucation made by the person aggrieved by the order section (3) of this section requires aach application to be made in 8uch form and shall be verifled in suoh mamut as may be specifled by rules made in this behalf by the central government clause 50 of the bill seeks to insert a new section 35ee in the central excles and 8&1t act, 1 m4 th18 d8w section seeks to invost the central government with powers 'of revision in respect of certain orders passed by collector of central excise (appeals) under ectlon 35a or that act on an applicatlon made by the per8dll"'~ by the order sub-seotion (3) of this 8ection requires such application to be made in suoh form and ball be ye in such manner as may be speclfled by rules made in this behalf by the central government the deleptlod of lqialative power under the afore-mentloned provtslona relate to mattera of prooedare or adminiltrative detail or to matters in respect of which it 18 not practicable to make detailed pro'f1lou b, the delepuou of legi8lative power 18 of a aormal oharacter  billto give effect to the financial proposals of the central government for the financial year 1984-85 (sb,; pranab mukberjee, minister of finance> 