 the finanl'e bill, 19s0(as introduced in lok sabha)  the finance bill, 1980 billto continue for the fin an ci aj year 198tr81 the existing rates of incometill  irh certain modifications, to provide for certain utlllptions from income-till ciid to provide for the continucilce of the provisions relating to auxiliary duties of customs ciid specicd duties of excise for the said 'year be it enacted by parliament in the thirty-first year of the republic of india as follows:-1 (1) this act may be called the finance act, 198 o 9aort title aad commencement (2) save as otherwise provided in this act, sections 2 5 and 3 shall come into i'orce on the 1st day of april, 1980 income-tax 21 of 1979 2 the provisions of section 2 of, and the first schedule to, the finance act, 1979, shall apply in relation to income-tax for the assessment year or, as the case miy be, the financial year commencing on the 1st day of april, 1980, as they apply in reia-10 tion to income-tax for the assessment year or, as the case may be, the financial year commencing on the 1st day of april, 1979, with the following modifications, namely:-la) in section 2,-(i) for the figures ''1979'', wherever they occur, the 15 figures "1980" shall be rubstitutedi (ii) in sub-section (2), in clause (b), -(1) in sub-clause (iii), in the proviso, for the words "seventy per cent ", the words "sixty per cent " shall be substituted; 20 (2) in sub-clause (iv), for the words "fifteen per cent ", the words "twenty per cent " shall be substituted; (b) in the first schedule-(i) for part i the following part shall be substituted, namely:- 'part ihlcomj:-tax and surcharge on income-tax  p grcl8raph a sub-p czrqraph iin 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 artificial juridical person referred to in sub-clause (vii) of clause (31) of 10 section 2 of the income-tax act, not being a case to which sub-paragraph d of this paragraph or any other paragraph of this part applies,-rates df incdllte-tcii nil; 15 (1) where the total income does not exceed rs 8 000 (2) where the total income exceeds rs 8000 but does not exceedrs15,000 15 per cent of the amount by which the total income exceeds rs 8000; 20 (3) where the total income exceeds rs 15,000 but does not exceed rs 20,000 rs 1, 060 plus 18 per cent of the amount by which the total income exceeds rs 15000; (4) where the total income exceeds rs 20000 but does not exceed ra 25, 000 25 rs 1950 plus 25 per cent of the amount by which the total income exceeds rs 20000; (5) where the total income exceeds rs 25,000 but does not exceed ra 30,000 ra 3, 200 plus 30 per cent of the amount by which the total income exceeds rs 25,000; 30 (6) where the total income exceeds rs 30000 but does not exceed rs50,ooo rs 4 700 plus 40 per cent of the amount by which the total income exceeds rs 30000; (7) where the total income exceeds as 50,000 but does not exceedrs70000 rs 12700 plus 50 per cent of the amount by which the total income exceeds rs 50000; (8) where tbe totalldcome exceeds rs 70000 but does not exceedrs1,oo000 rs 22,700 phu 55 per cent of the amount by which the total income exceeds rs 70000; (9) where the tot81ldcome 5 exceeds ra 1 00000 rs 39200 plus 60 per cent of the amount by which the total income exceeds rs 100000: provided that for the purposes of this sub-paragraph-(i) no income-tax shall be payable on a totallncome not exceeding ra 10 000; 10 (ii) where the totallncome exceeds rb 10,000 but does not exceed rs 12, 000, the income-tax payable thereon shall not exceed thirty per cent of the amount by which the total income exceeds rsi0,ooo  sllrchgrge on lncome-tgt15 the amount of income-tax computed in accordance with the preceding provislons of this sub-paragraph shall be increased by a surcharge for purposes of the union calculated at the rate of twenty per cent of such income-tax  sub-paragraph ii20 in the case of every hindu undivided family which at any time durlng the previous year has at least one member wbose total income of the previous year relevant to the asbes8dlent year commencing on the 1st day of april 1980 exceeds rsi0 000- rates of inconre-tcii25 (1) where the total income nil; does not exceed rs 8 000 (2) where the total income 18 per cent of the amount by exceeds rs 8000 but does not which the total income exceeds exceed ra 15,000 rs 8 000; 30 (3) where the total income rs 1260 pills 25 per cent of exceeds rs 16000 but does not the amount by which the total exceed ra 20 000 income exceeds rs 15, 000; 35 (4) where the total income rs 2 510 plus 30 per cent of exceeds ra 20000 but does not the amount by which the total exceed rs25000 income exceeds rs 20,000; | rs                 | 4, 010    ||---------------------|-----------|| plus,               |           || 40                  | per       || the amount by which |           || the                 | total     || i!klome             | exceeds   |(5) where the total income exceeds ra 25,000 but does not exceed ri 30,000 5 rs 6, 010 plus 50 per cent of the amount by which the total income exceeds rs 30, '000; (6) where the total income exceeds rs 30,000 but does not - exceed ra 50, 000 | rs        | 16, 010    ||------------|------------|| plus       |            || 55         | per        || the amount | by         || income     | exceeds    |(7) where the total income exceeds rs 50,000 but does not exceed ra 70,000 (8) where the total income exceeds rs70,ooo rs 27,010 plus 60 per cent of 10 the amount by which the total income exceeds rs 70,000: provided that for the purposes of tbis sub-paragraph,-(i) no income-tax shall be payable on a total income not exceedingrs10,000 15 (ii) where the total income exceeds rs 10,000 but does not exceed rs 13, 000, the income-tax payable thereon shall not exceed thirty per cent of the amount by which the total income exceeds rslo,ooo surcharge on income-tal 20 the amount of income-tax computed in accordance with the preceding provisions of this sub-paragraph shall be increased by a surcharge for purposes of the union calculated at the rate of twenty per cent of such income-tax paragraph b 25 in the case of every co-operative 8oclety,- rates of income-tax(1) where the total income does not exceed rs 10,000 15 per cent of the total income; 30 (2) where the total income exceeds rs 10,000 but does not exceed rs 20,000 rs 1,500 plus 25 per cent of the amount by which the total income exceeds rs 10,000; (3) where the total income exceeds rs20,ooo rs 4 000 plus 40 per cent of the amount by which the total income exceeds rs 20,000 35  surcluust on incornt-talthe amount of income-tax computed in accordance with the preceding provisions of this paragraph shall be increased by a surcharge for purposes of the union calculated at the rate of 5 twenty per cent of such income-tax  parqraph c s"b-p arasraph iin the case of every registered firm, not being a cue to wb1ch sub-paragraph 0 of this paragraph appues,-ratts of incorne-tal 10 (1) where the total income nil; does not exceed rs 10,000 5 per cent of the amount by which the total income exceeds rs 10,000; (2) where the total income exceeds rs 10, 000 but does not exceed ra 25, 000 15 | rs                       | 750     ||---------------------------|---------|| plus                      |         || 7                         |         || per                       |         || cent                     | of      || amount by which the total |         || income                    |         || exoeedsrs                | 25,000; || (3)                       |         || where the total income    |         || exceeds                   | rs     || exceed                    |         || ra                       |         || 50, 000                   |         |20 (4) where the tota11dcome exceeds ra 50,000 but does not exceedrsl,oo,ooo | rs                           | 2,                            | 600     ||-------------------------------|-------------------------------|---------|| plu                          |                               |         || 16                            | per                           | cent   || the amount by which the total |                               |         || income                        |                               |         || exceeds                       | rs                           | 60,000; || (5) where the                 |                               |         || total                         | income                        |         || exceeds                       | ba1,oo,ooo                   |         || rs                           | 10,000                        |         || plus                          |                               |         || 24                            |                               |         || per                           |                               |         || cent                         |                               |         || of                            | the amount by which the total |         || income                        |                               |         || exceeds                       |                               |         || ra                           |                               |         || 1,00,000                     |                               |         |25 5urchargt on incorne-ta% the amount of income-tax computed in accordance with the preceding provisions of this sub-paragraph shall be increased by a surcharge for purposes of the union calculated at the rate of twenty per cent of such income-tax  sub--p aragraph ii30 in the case of every registered firm whose total income includes income derived from a profession carried on by it and the income 80 included is not less than fifty-one per cent of such total income,- rales of income-lglnil; (1) where the total income does not exceed re 10,000 5 4 per cent of the amount by which the total lncome exceeds rs 10,000; (2) where the total income exceeds rsi0,000 but does not exceed re 25, 000 rs 600 plus 7 per cent of the amount by which the total bloome 10 exceeds rs 25,000; (3) where the total income exceeds rs 25,000 but does not exceed ra 50,000 rs 2,350 plus 13 per cent of the amount by which the total idcome exceeds ra 50,000, (4) where the total 1ncome exoeeds ra 50,000 but does not exceedrs1,00,000 15 (6) where the total income exceeds ra1, 00, 000 rs 8,850 plus 22 per cent of the amount by whicb the total income exceeds rs 1, 00, 000 the amount of income-tax computed in accordance with the precedlng pl'ov181ons of this sub-paragraph shall be lncreaaed 20 by a aurchaqe for purposes of the union oalculated at the rate of twenty per cent of such lucome-tax eqlgllgtidn - - for tbe purposes of this paragraph, "repstered firm" includes an unregistered firm assessed as a rell--tared firm under clause (b) of section 183 of the income-tax act 25  parqraph din the case of every local authority,-  rate of incolle-taron the whole of the total income 60 per cent surcharge on jncdlle-tal 30 tbe amount of income-tax computed at the rate hereldbefore apeclfied 8ball be lncreued by a 81l1'obarp for purposes of tbe union calculated at the rate of twenty per cent of such idcometax  paragraph ein the calle of a company,- rates of in,ome  wl in tbe case of a domestic company,-5 (1) where the company 11 a company in which the public are substantially interested,-10 (t) in a case where tbe 45 per cent of the total income; total incom e does not exceed ra1,oo,ooo (ii) in a case where the 55 per cent of the total lncome; total income exceeds re 1,00,000 15 (2) where the company is dot a company in which the public are substantially interested, -(i) in the calle of an iddustrial company_ 20 (,) where the total 56 per cent of the total income; income does dot exceed ba 2,00,000 25 (b) where the total 60 per cent of the total1ncome; income exceeds 8s2,oo,ooo (it) in any ot,ber case 65 per cent of the total income: provided that-30 (t) the income-tax payable by a domestic company, being a company in which the public are aubstanually interested, the total income of which exceeds rs 1,00,000, shall dot exceed the aggregate of-(a) the income-tax which would have been payable by the company if its total income had been rs 1,00,000 (the income of ri 100000 for this purpose being computed as if such income included income from v8l'ious 35 iources in the same proportion as the total1dcome of the company); and (ii) eighty per cent of the amount by which its total income exceeds rs 1,00,000; (it) the income-tax payable by a domestic company, not 5 being a company in which the public are sub8tadtially interested, which is an industrial company and the total income of which exceeds rs 2,00,000, shall not exceed the aggregate of-(4) the income-tax which would have been payable by 10 the company if its total income bad been re 2,00,000 (the income of rs 2,00,000 for this purpose being computed as if such income included income from various sources in the same proportion as the total income 01 the company); and 15 (b) eighty per cent of the amount by which its total income exceeds rs 2,00,000 u in the case of 8 company other than a domestic company,-20 (i) on so much of the total income as consists of-25 (ii) royalties received from an indian concern in pursuance of an agreement made by it with the indian concern after the 31st day of march, 1961 but before the 1st day of april, 1976, or 30 15 (b) fees for rendering technical services received from an indian concern in pursuance of an agreement made by it with the indian concern after the 29th day of february, 1964 but before the 1st day of april, 1976, 50 per cent ; and where such agreement bas, in either case, been approved by the central government 70 per cent (ii) on the balance, if any, of the total income the amount of income-tax computed in accordance with the preceding provisions of this pa ragraph shall be increased by a surcharge calculated at the rate of seven and a half per cent of such income-tax' j (ii) in part ni, in sub-paragraph n of paragraph a, for the figures "1980", the f1gur~s "1981" shall be substituted; (iii) in part iv, in rule 9,-10 ( a) for sub- rules (1) and (2), the following sub- rules shall be substituted, namely:-15 20  ,( 1) where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of april, 1980, any agricultural income and the net result of the computation of the agricultural income of the assessee for 1lily one or more of the previous years relevant to the assessment years commencing on the 1st day of april, 1974 or the 1st day of april, 1975 or th" 1st day of april, 1976 or the 1st day of april, 1977 or the 1st day of april, 1978 or the 1st day of aprll, 1979, is a loss, then, for the purposes of sub-sectlon (2) of section 2 of this act,-25 30 (i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 1974, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of apru, 1975 or the 1st day of april, 1976 or the 1st day of april, 1977 or the 1st day of april, 1978 or the 1st day of april, 1979, 35 (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 1975, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of april 1976 or the 1st day of april, 1977 or the 1st day of aprll, 1978 or the 1st day of april, 1979, (tit) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 1976, to the extent, if any, such loss has not been set off against the agricuhural income for the previous year relevant to the assessment 5 year commencing on the 1st day of april, 1977 or the 1st day of april, 1978 or the 1st day of april, 1979, (tv) the loss so computed for the previous year relevant to the assessment year commencing on the 10 1st day of april, 1977, to the extent, if any, such loss bas not been set off against the agricultural income for the previous year relevant to the assessment year commenoing on the 1st day of april, 1978 or the 1st day of april, 1979, 15 (v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 1978, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the 20 assessment year commencing on the 1st day of april, 1979, and (vi) the loss 80 computed for the previous year relevant to the assessment year commencing on the 1st day of april, 1979, 25 shall be set off against the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of april, 1980 30 21 of 1979 erplanation- in this sub-rule and sub-rule (2) the expression "section 2 of this act" means section 2 of the finance act, 1979 as applied for the purposes of this act 35 40 (2) where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of april, 1981 or, if by virtue of any provision of the income-tax act, income-tax is to be charged in respect of the income of a perlod other than that previous year, in such other period, any agricultural income and the net result of the computation of the agricultural income of the assessee for anyone or more of the prevlous years relevant to the assessment years commencing on the 1st day of april, 1974 or the 1st day of april, 1975 or the 1st day of april,1976 or the 1st day of ai>ril, 1977 or the 1st day of april, 1978 or the 1st day of april, 1979 or the 1st day of april, 1980, is a loss, then, for the purposes of sub-section (6) of section 2 of this act,-5 10 (i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 1974, to the extent, if any, such 1088 has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of april, 1975 or the 1st day of april, 1976 or the 1st day of april, 1977 or the 1st day of april, 1978 or the 1st day of april, 1979 or the 1st day of april, 1980, 15 20 (i') the loss so computed (or the previous year relevant to the assessment year commencing on the 1st day of april, 1975 to the extent, if any, 8uch loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of april 1976 or the 1st day of april, 1977 or the 1st day of april, 1978 or the 1st day of april 1979 or the 1st day of april, 1980, 25 30 (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april 1976, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of april 1977 or the 1st day of april, 1978 or the 1st day of april, 1979 or the 1st day of april 1980 35 (tv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april 1977 to the extent, if any such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of april, 1978 or the 1st day of april, 1979, or the 1st day of april, 1980, 40 (v) the los8 so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 1978, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of april, 1979 or the 1st day of april, 1980, (ui) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of aprll, 1979, to the extent, 5 if any, such loss bas not been set off against the agricultural income for the previous year relevant to the asse8sment year commencing on the 1st day of april, 1980, and (vii) the loss so competed for the previous 10 year relevapt to the assessment year commencing on the 1st day of april, 1980, shall be set off against the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of april, 1981, 15 or the period aforesaid i ; (8) for sub-rule (5), the following sub-rule shall be substituted namely:-20 of 1974-2s of 1975 66 of 1976-29 of 1977 19 of 1978-21 of 19'19 "(5) notwithstanding anything contained in this rule, no loss which has not been determined by the 20 income-tax officer under the provisions of these rules or the rules contained in part iv of the first schedule to the finance act, 1974, or of the first schedule to the finance act, 1975, or of the first schedule to the finsnce act, 1976, or of the first 25 schedule to the finance (no2) act, 1977, or of the schedule to the finance act 1978, or of the first schedule to the finance act, 1979, shall be set off under sub-rule (1) or, as the case may be, sub-rule (2) " 30 i in section 10 of the income-tax act, 1961,-amedd_ of hctioa 10 d , act 43 of 1961 (ca) in clause (17a), for the words "awards for literary, scientific and artistic work or attainment", the words "awards for literary, sclentlflc or artistic work or attainment or for service for alleviating the distress of the j5 poor the weak and the ailing" shall be substituted; (b) in clause (26a), for the figures, leiters and words "1st day of april, 1980" the figures, letters and words "1st day of april, 1983" shall be substituted; (e) after clause (26a) the following clause shall be 40 inserted and shall be deemed to have bem-n inserted, with effect from the 1st day of april, 1972 namely:-'(268) any inoome of a corporation estabushed by a central state or provincial act or of any other body, institution or &ssoclation (being a body, institution or 6 association wholly financed by government) where such corporation or other body or insutution or association has been estal:iished or formed for promoting the interests of the members of either the scheduled castes or the scheduled tribes or of both 10 explclftalion -for the purposes of thls clause ''scheduled castes" and "scheduled tribes" shall have the meanings respectively assigned to them in clauses (24) and (25) of article 366 of the constitution;' auxiliary duties of cuiltoids 4 (1) in the case of goods mentioned in the first schedule 51 of 1975 16 to the customs tariff act, 1975 or in that schedule, as amended from time to time, there shall be levied and collected as an auxiliary duty of customs an amount equal to twenty per cent of the value of the goods as determined in acoordance with the 52 of 1962 provisions of section 14 of the customs act, 1962 (hereinafter 20 referred to as the customs act) 10 of 1897 25 (2) sub-section (1) shall cease to have effect after the 31st day of march, 1981, 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 if the sald sub-section had then been repealed by a central act (3) the auxiliary duties of customs referred to in subsection (1) shall be in addition to any duties of customs chargeable on such goods under the customs act, or any other law 30 for the time being in force (4) the provisions of the customs act and the rules and regulations made thereunder, including those relating to refunds and exemptions from duties, shall, as far as may be, apply in relation to the levy and collection of the auxiliary 35 duties of customs leviable under this section in respect of any goods as they apply in relation to the levy and collection of the duties of customs on such goods under that act or those rules and regulations, as the case may be sped duties of excie •• (1) in the case of goods chargeabl e with a duty of excise 1 of 1944 40 under the central excises and salt act, 1944, as amended from time to time (hereinafter referred to as the central excises act), read with any notification for the time being in force issued by tbe central government in relation to the duty 80 chargeable, there shall be levied and collected a special duty of exci be ecpal to five per cent of the amount 80 chargeable on such goods 5 10 of 1897· (2) sub-section (1) shall cease to have effect after the 31st day of march, 1981, except as respects things done or omitted to be done before such cesser; and section 6 of the general clauses act, 1897, shall apliy upon such cesser as if the said sub-section had then been repealed by a central act 10 (3) the special glues of excise referred to in subsection (1) shall be in addition to any duties of excise chargeable on such goods under the central excises act, or any other law for the time being in force (4) the proviblons of the central excises act and the 15 rules made thereunder, idcluding those relating to refunds and exemptions from duues, shall, as far as may be, apply in relation to the lny and oollect1on of the special duties of excise leviable umer this _cum in respect of any goods as they apply in relation to the levy add collection of the duties of 20 excise on such goods udder that act or those rules as the case may be  neclgtion  " die pjoiii'siollil coueelioa of tills a", 1931it 18 bereby declared that it is expedient in the pabll0 interest 25 that the provisions of clauses 4 and 5 of tbls bm shall haft lmmediate effect under the provisional collection of toe act 1931 16 of 1931 the object of this short bill is to continue for the financial year 1980-81 the existing rates of income-tax with certain modifications~ to provide for certain exemptions from inoome-tax and to provide for the continuance of the provisions relating to awduary duties of cust~s and special duties of excise for the said year 2 cl'luse 2 of the bill deals with rates of income-tax the rates of income -tax and surcharge which were speclfied in part ui of the first schedule to the finance act, 1979, for the purpose of deduction of tax at source from salaries during the financial year 1979-80, for computing the"advance tax"payable during that financial year in relation to current incomes and for certain special purposes, are proposed to be continued for the purpose of assessments for the assessment year 1980-81 further, the same rates are proposed to be continued also for the purpose of deduct loll of tax at source from salaries during the financial year 1980-81, for oomputing the "advance tax" payable during that financial year on current incomes, and also for the said special purposes 3 under the provisions of the finance act, 1979, the net agricultural income (as computed in accordance with the rules contained in part iv of the first schedule to that act) in the case of individuals, hindu undivided families, etc, is taken into account for determining the rates of income-tax applicable to their non-agriculturalincome these provisions are proposed to be continued for the purposes of determining the rates of income-tax applicable to the non-agrioulturalincome for the assessment year 1980-81, as also for computation ofthe "advance tax" and charging of inc<me -tax on current incomes in cases where accelerated assessments are required to be made during the financial year 1980-81 the rules relating to computation of net agricultural income are proposed to be modified to secure that the unabsorbed loss in agriculture for the previous year relevant to the assessment year 1979-80 is also set off against the agricultural income for the previous year relevant to the assessment year 1980-81 and the unabsorbed loss in respect of the previous year relevant to the assessment year 1980-81 is set off in determining the net agricultural income for the purposes of payment of "advance tax" during the financial year 1980-81  4 the rates for deduction of tax at source during the financial year 1979-80 from incomes other than salaries, specified in part n of the first schedule to the finance act, 1979, are also proposed t" ut: continued for deduction of tax at source from such incomes during the financial year 1980-81 5 clause 2 of the bill accordingly proposes to apply to the financial year 1980-81 the provisions of section 2 of, and the first schedule to, the finance act, 1979, with consequential and other aecessary modulcati<lls t 6 clauee 3 of the bill seeks to extend the exemptl<ll from idoometax in the case of residents of ladakh for a further period of three years and to exempt from income-tax awards for service for allevlatlng the distress of the poor, the weak and the auing and income of corporations or other bodies, associations or institutions estabusbed for promoting the interests of members of the scheduled castes or the scheduled tribes 7 clause 4 of the bill seeks to levy up to the 31at day of march, 1981, auxiliary d\&ies of customs <il all imported goods at the rate 01 twenty per cent of their value 8 clause 5 of the blll seeks to levy up to the 31st march, 1981, special duties of excise oil all excisable goods at tbe rate of five per cent of the duty leviable under the central excl8e8 act, read with any nctuication for the tlme being in force issued under the said act or the rules made thereunder new diiul ; a vend tabaiian tht luh ai,,, 1980  president's recommendation under articles 117 and 27,( of the constitution of india(copy of letter no f 3(1)-b(d)/80 dated the 11th march, 1980 from shrl r venkataraman, minister of finance, to the secretary, ldt sabha) the president, haviuc been informed of the subject matter of the proposed bui, recommends under clauses (1) and (3) of article 117 read with clause (1) of article 274 of the constitution of india the ldtroduction of the finance bui, 1980 to the lok sabba and al80 recommends to the lok sabha the collsleieration of the b111 2 the bill will be introduced in the lok sabba immediately after the presentation of the budget on the 11th karch, 1980 as this bill seeks to continue the existing tax structure for the financial year 1980-81, subject to certain modifications in relation to income-tax, the b111, if enacted and brought into operation, would not involve any additional expenditure from the consolidated fund of india  billto contidue for the ftdiidcial year 1980-81 the existidi rates of inoometax with certain mocllflcatlona to provide for certain exemptions from income-tax and to provide for the continuance of the proviaions ~latlng to auxiliary duties of customs and special duties of exel  for the said year (sian r vemat  , minister" f fin  u) 