Page 3, after line 54, insert -

'Provided that in the case of every woman, resident in India and below the age of sixty-five years at any time during the previous year, referred to in item (II) of Paragraph A of Part III of the First Schedule, the provisions of this sub-section shall have effect as if for the words "one lakhs rupees", the words "one lakh thirty-five thousand rupees" had been substituted:

Provided further that in the case of every individual, being a resident in India, who is of the age of sixty-five years or more at any time during the previous year, referred to in item (III) of Paragraph A of Part III of the First Schedule, the provisions of this sub-section shall have effect as if for the words "one lakh rupees", the words "one lakh eighty-five thousand rupees" had been substituted'.

Page 5, for lines 11 to 13, substitute -

"Provided that no deduction under this section shall be allowed to an assessee who does not furnish a return of his income on or before the due date specified under sub-section (1) of section 139.".

Page 14, for line 3, substitute

"(iii) an association of persons or a body of individuals, whether incorporated or not, but excluding any fund or trust or institution eligible for exemption under clause (23C) of section 10 or registered under section 12AA;".

Page 14, for lines 16 to 48, substitute

"Fringe 115WB (1) For the purpose of this Chapter, "fringe benefits" means benefits, any consideration for employment provided by way of -

(a) any privilege, service, facility or amenity, directly or indirectly, provided by an employer, whether by way or reimbursement or otherwise, to his employees (including former employee or employees);

(b) any free or concessional ticket provided by the employer for private journeys of his employees or their family members; and

(c) any contribution by the employer to an approved superannuation fund for employees.

(2) The fringe benefits shall be deemed to have been provided by the employer to his employees, if the employer has, in the course of his business or profession (including any activity whether or not such activity is carried on with the object of deriving income, profits or gains) incurred any expense on, or made any payment for the following purposes, namely : -

(A) entertainment;

(B) provision of hospitality of every king by the employer to any person, whether by way of provision of food or beverages or in any other manner whatsoever and whether or not such provision is made by reason of any express or implied contract or custom or usage of trade but does not include -

(i) any expenditure on, or payment for, food or beverages provided by the employer to his employees in office or factory;

(ii) any expenditure on or payment through paid vouchers which are not transferable and usable only at eating joints or outlets;

(C) conference (other than fee for participation by the employees in any conference).

Explanation - For the purposes of this clause, any expenditure on conveyance, tour and travel (including foreign travel), on hotel, or boarding and lodging in connection with any conference shall be deemed to be expenditure incurred for the purposes of conference;

(D) sales promotion including publicity :

Provided that any expenditure on advertisement, -

(i) being the expenditure (including rental) on advertisement of any form in any print (including journals, catalogues or price lists) or electronic media or transport system;

(ii) being the expenditure on the holding of, or the participation in, any press conference or business convention, fair or exhibition;

(iii) being the expenditure or sponsorship of any sports even or any other event organized by any Government agency or trade association or body;

(iv) being the expenditure on the publication in any print or electronic media of any notice required to be published by or under any law or by an order of a court or tribunal;

(v) being the expenditure on advertisement by way of signs, art work, panting, banners, awnings, direct mail, electric spectaculars, kiosks, boardings, bill boards or by way of such other medium of advertisement; and

(vi) being the expenditure by way of payment to any advertising agency for the purpose of clauses (i) to (v) above,

shall not be considered as expenditure on sales promotion including publicity,

(E) employees' welfare,;

Explanation - For the purpose of this clause, any expenditure incurred or payment made to fulfil any statutory obligation or mitigate occupational hazards or provide first aid facilities in the hospital or dispensary run by the employer shall not be considered as expenditure for employees' welfare;

(F) conveyance, tour and travel (including foreign travel);

(G) use of hotel, boarding and lodging facilities;

(H) repair, running (including fuel), maintenance of motorcars and the amount of depreciation thereon;

(I) repair, running (including fuel) and maintenance of aircrafts and the amount of depreciation thereon;

(J) use of telephone (including mobile phone) other than expenditure on leased telephone lines;

(K) maintenance of any accommodation in the nature of guest house other than accommodation used for training purposes;

(L) festival celebrations;

(M) use of health club and similar facilities;

(N) use of any other club facilities;

(O) gifts; and

(P) scholarship'

Page 15, for lines 1 to 5, substitute -

"(3) For the purposes of sub-section (1), the privilege, service, facility or amenity does not include perquisite in respect of which tax is paid or payable by the employee."

Cost at which the benefits referred to in clause (b) of sub-section (I) of section 115 WB, is provided by the employer to the general public as reduced by the amount, if any, paid by, or recovered from, his employee or employees :

Provided that in a case where the expenses of the nature referred to in clause (b) of sub-section (I) of section 115WB are included in any other clause of sub-section (2) of the said section, the total expenses included under such other clause shall be reduced by the amount of expenditure referred to in the said clause (b) for computing the value of fringe benefits.

Page 19, for lines 18 to 23, substitute -

'(iii) in the first proviso, -

(A) for the words "at any time during the previous year", the words "during the previous year incurs an expenditure of fifty thousand rupees or more towards consumption of electricity or at any time during the previous year" shall be substituted;

(B) clause (iii) shall be omitted;'.

Page 20, for lines 34 and 35, substitute -

(C) in sub-section (3) for the words, brackets and figures "sub-section (1) and (2)", the words, brackets, figures and letters "sub-sections (1), (1A), (1B) and (2)" shall be substituted;

(d) in the proviso to Explanation I, for the words brackets, figures and letter "in sub-sections (1), (2), and (2A)", the words, brackets, figures and letters "in sub-section (1), (1A), (1B), (2) and (2A)" shall be substituted."

Page 24, for line 25, substitute -

"(e) determination of origin of the goods in terms of the rules notified under the Customs Tariff Act, 1975 and matters relating thereto"';

67

51 of 1975.

Page 24, -

for lines 34 and 35, substitute -

'in section 128 A of the Customs Act, in sub-section (5), for the words "and the Commissioner of Customs", the words", the Chief Commissioner of Customs and the Commissioner of Customs" shall be substituted."

Page 24, -

for lines 38 and 39, substitute -

"(IB) (i) The Board may, by notification in the Official Gazette, constitute such Committees as may be necessary for the purposes of this Act.

(ii) Every Committee constituted under clause (i) shall consists of two Chief Commissioners of Customs or two Commissioners of Customs, as the case may be.";

Page 24, -

in line 42, omit "Chief"

Page 27, -

for lines 32 and 33, substitute -

"78. In section 35A of the Central Excise Act, in sub-section (5) for the words "and the Commissioner of Central Excise", the words, "the Chief Commissioner of Central Excise and the Commissioner of Central Excise" shall be substituted.'

Page 27, -

for lines 36 to 38, substitute -

"(IB) (i) The Central Board of Excise and Customs constituted under the Central Boards of Revenue Act, 1963 may be notification in the Official Gazette, constitute such Committees as may be necessary for the purpose of this Act.

(ii) Every Committee constituted under clause (i) shall consists of two Chief Commissioners of Central Excise or two Commissioners of Central Excise, as the case may be.";

79

54 of 1963.

Page 38, for lines 1 to 8, substitute -

"(a) a transaction, being withdrawal of cash (by whatever mode) on any single day from an account (other than a savings bank account) maintained with any scheduled bank, exceeding, -

(i) twenty-five thousand rupees, in case such withdrawal is from the account maintained by any individual or Hindu undivided family;

(ii) one lakh rupees, in case such withdrawal is from the account maintained by a person other than any individual or Hindu undivided family; or

(b) A transaction, being receipt of cash from any scheduled bank on any single day on encashment of one or more term deposits, whether on maturity or otherwise, from that bank, exceeding, -

(i) twenty-five thousand rupees, in case such term deposit or deposits are in the name of any individual or Hindu undivided family;

(ii) one lakh rupees, in case such terms deposit or deposits are by any person other than any individual or Hindu undivided family;".

"95. (1) On and from the commencement of this Chapter, there shall be charged a banking cash transaction tax, in respect of every taxable banking transaction entered into on or after the 1st day of June, 2005, at the rate of 0.1 per cent, of the value of every such taxable banking transaction.

(2) The banking cash transaction tax referred to in sub-section

(1) shall be payable, -

(i) in respect of taxable banking transaction referred to in sub-clause (a) of clause (8) of section 94, by the individual or Hindu undivided family referred to in sub-clause (i) or a persons referred to in sub-clause (ii) of said clause (a), from whose account the cash is withdrawn from any scheduled bank;

(ii) in respect of taxable banking transaction referred to in sub-clause (bb) of clause (8) of section 94, by the person who receives the cash on encashment of term deposit or deposits:

Provided that no banking each transaction tax shall be payable if the amount of the term deposit or deposits is credited to any account with the bank."

41.

Value
of
taxable banking tran-
saction

Page 38, for lines 30 to 36, substitute-

96. The value of taxable banking transaction shall be,-

(i) in respect of taxable banking transaction referred to in sub-clause (a) of clause (8) of section 94, the amount of cash withdrawn;

(ii) in respect of taxable banking transaction referred to in sub-clause (b) of clause (8) of section 94, the amount of cash received on encashment of term deposit or deposits."-

"Rates of income-tax

"Rates of income-tax

Page 77, after line 15, insert-

of which is a brand name, that is a name or a registered trade marks under the Trade Marks Act, 1999 (47 of 1999), or any other mark such as a symbol, monogram, label, signature or invented words or any writing which is used in relation to that medicine for the purpose of indicating or so as to indicate a connection in the course of trade between the medicine and some person, having the right either as proprietor or otherwise to use the name or mark with or without any indication of the identity of that person;

Page 85, after line 16, insert-

'(5A) in Chapter 51, in Note 3, for "5109", substitute "5109 or 5110, dyeing";

(5B) in Chapter 52, in Note 2, for "5205 and 5206", substitute "5205, 5206 and 5207";

(5C) in Chapter 52, in Note 4, for "5207 or 5208 or 5209", substitute "5208 or 5209 or 5210 or 5212";

(5D) in Chapter 54,--
(a) in Note 2, for "5402 and 5403", substitute "5402, 5403 and 5406";

(5E) in Chapter 55,-
(a) in Note 2, after "5510", insert "or 5511";
(b) in Note 4, after "5515", insert "or 5516";

Page 85, after line 18, insert-

'(6A) in Chapter58, in tariff 5805 00 10, 5805 00 20 and 5805 00 90, for the entry in column (4) occurring against each of them, the entry "Nil" shall be inserted;

(6B) In Chapter 70, in Note 6, for "7015", substitute "7013";

Page 85, after line 25, insert-

'(8) in Chapter 90, against tariff item 9017 20 10, for the entry in column (4), the entry "16%" shall be substituted.'.

Page 86, after line 13, insert-

'(d) after heading 8704, the following sub-heading, tariff item and entries shall be inserted, namely:-

"8704 10 - Dumpers designated for off - highway use:

Page 103, after line 57, insert-

Page 108, after line 52, insert-

Page 110, after line 25, insert-