रजिस्ट्री सं ० डी-( श्री) -72
REGISTERED No. D- ( D) - ス
भारत का राजपत्र The Gazette of India
BALSECRETARIAT LIBE
अवाधास्ण
EXTRAORDINARY
18MAR
भाग II- खण्ड 2
ORY OF INDRA
PART II -Section 2
प्राधिकार से प्रकाशित
PUBLISHED BY AUTHORITY
सं० 8]
मई विल्ली, मंगलवार , मार्च 11 , 1980/ फाल्गुम 21 , 1901
No. 8]
NEW DELHI , TUESDAY, MARCH 11 , 1989/ PHALGUNA, 21 , 100x
इस भाग में भिन्य पृष्ठ संख्या वी आती है जिससे कि यह अलग संकलन के रूप में रखा जा सर्व्हे ।
Separate paging is given to this Part in order that it may be filed as a separate compilation
LOK SABHА
The following Bill was introduced in Lok Sabha on the 11th March, 1980:-
BILL NO . 38 OF 1980
A Bill to continue for the financial year 1980-81 the existing rates of income - tax with certain modifications , to provide for certain exemp tions from income - tax and to provide for the continuance of the provisions relating to auxiliary duties of customs and special 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, 1980 .
(2) Save as otherwise provided in this Act , sections 2 and 3 shall come into force on the 1st day of April , 1980 .
Short title and com- mence- ment. 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 may be , the financial year commencing on the 1st day of April , 1980, as they apply in relation 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: -
(a) in section 2 ,-
(i) for the figures " 1979", wherever they occur , the figures "1980" shall be substituted;
(95 ) [PART II-
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96
(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;
(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 I
INCOME - TAX AND SURCHARGE ON INCOME - TAX
Paragraph A
Sub -Paragraph I
In the case of every individual or Hindu undivided family or unregis- tered firm or other association of persons or body of individuals, whether incorporated or not, or every artificia juridical person referred in sub- clause ( vii ) of clause ( 31 ) of section 2 of the Income - tax Act, not being a case to which Sub-Paragraph II of this Paragraph or any other Paragraph of this Part applies ,-
Rates of income -tax
(1) where the total does not exceed Rs . 8,000 income
(2) where the total income exceeds Rs . 8,000 but does not ex- ceed Rs . 15,000
(3) where the total income ex- ceeds Rs . 15,000 but does not exceed Rs . 20,000
(4) where the total income exceeds Rs . 20,000 but does not exceed Rs . 25,000
(5) where the total income 'exceeds Rs . 25,000 but does not exceed Rs . 30,000
(6) where the total Income exceeds Rs . 30,000 but does not exceed Rs . 50,000
(7) where the total income exceeds Rs. 50,000 but does not exceed Rs . 70,000
(8) where the total income ex- ceeds Rs . 70,000 but does not exceed Rs . 1,00,000
(9) where the total income ex- ceeds Rs . 1,00,000
Nil;
15 per cent . of the amount by which the total income exceeds Rs . 8,000;
Rs . 1,050 plus 18 per cent . of the amount by which the total income exceeds Rs . 15,000;
Rs . 1,950 plus 25 per cent , of the amount by which the total income exceeds Rs . 20,000;
Rs . 3,200 plus 30 per cent . of the amount by which the total income exceeds Rs . 25,000;
Rs . 4,700 plus 40 per cent , of the amount by which the total income exceeds Rs . 30,000 ;
Rs. 12,700 plus 50 per cent . of the amount by which the total income exceeds Rs . 50,000 ;
Rs . 22,700 plus 55 per cent . of the amount by which the total income exceeds Rs . 70,000 ;
Rs. 39,200 plus 60 per cent. of the amount by which the total income exceeds Rs. 1,00,000 ;
Src: 2]
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97
Provided that for the purposes of this Sub- Paragraph ,-
(i) no income- tax shall be payable on a total income not exceed- ing Rs . 10,000 ;
(ii ) where the total income exceeds Rs . 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 Rs. 10,000.
Surcharge on income - tax
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 -Paragraph II
In the case of every Hindu undivided family which at any time during the previous year has at least one member whose total income of the pre- vious year relevant to the assessment year commencing on the 1st day of April , 1980 exceeds Rs . 10,000,-
Rates of income - tax
(1) where the total income does not exceed Rs . 8,000
(2) where the total income ex- ceeds Rs . 8,000 but does not exce- ed Rs . 15,000
(3) where the total income ex- ceeds Rs . 15,000 but does not ex- ceed Rs . 20,000
(4) where the total income ex- ceeds Rs . 20,000 but does not ex- ceed Rs . 25,000
(5) where the total income ex- ceeds Rs . 25,000 but does not ex- exceeds Rs . 30,000;
(6 ) where the total income ex- ceeds Rs . 30,000 but does not ex- ceed Rs . 50,000
(7) where the total income ex- ceeds Rs . 50,000 but does not exce- ed Rs . 70,000
(8) where the total income ex- ceeds Rs . 70,000
Nil;
18 per cent . of the amount by which the total income exceeds Rs . 8,000 ;
Rs . 1,260 plus 25 per cent. of the amount by which the total income exceeds Rs . 15,000;
Rs . 2,510 plus 30 per cent . of the amount by which the total income exceeds Rs . 20,000 ;
Rs . 4,010 plus 40 per cent , of the amount by which the total income exceeds Rs . 25,000 ;
Rs . 6,010 plus 50 per cent . of the amount by which the total income exceeds Rs . 30,000 ;
Rs . 16,010 plus 55 per cent . of the amount by which the total income exceeds Rs . 50,000 ;
Rs . 27,010 plus 60 per cent . of the amount by which the total income exceeds Rs . 70,000 :
Provided that for the purposes of this Sub-Paragraph ,-
(i) no income- tax shall be payable on a total income not exceed- ing Rs . 10,000;
[PART 11-
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98
(ii) where the total income exceeds Rs . 10,000 but does not ex- ceed Rs . 13,000, the income- tax payable thereon shall not exceed thirty per cent , of the amount by which the total income exceeds Rs . 10,000.
Surcharge on income -tax
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
In the case of every co -operative society,-
Rates of income- tax
(1) where the total income does 15 per cent . of the total income;
not exceed Rs . 10,000
(2) where the total income ex- Rs . 1,500 plus 25 per cent . of the
ceeds Rs . 10,000 but does not ex- amount by which the total income
ceed Rs. 20,000 exceeds Rs . 10,000 ;
(3) where the total income ex- Rs . 4,000 plus 40 per cent. of the
eeeds Rs . 20,000 amount by which the total income
exceeds Rs . 20,000 .
Surcharge on income - tax
The amount of income- tax computed in accordance with the preced- ing provisions of this 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 C
Sub-Paragraph I
In the case of every registered firm , not being a case to which Sub- Paragraph II of this Paragraph applies ,-
Rates of income-tax
(1) where the total income does not exceed Rs , 10,000
(2) where the total income ex- ceeds Rs . 10,000 but does not ex- ceed Rs . 25,000
(3) where the total income ex- ceeds Rs . 25,000 but does not ex- ceed Rs . 50,000
(4) where the total income ex- ceeds Rs . 50,000 but does not ex- ceed Rs . 1,00,000
(5) where the total income ex- ceeds Rs . 1,00,000
Nil;
5 per cent. of the amount by which the total income exceeds Rs . 10,000;
Rs. 750 plus 7 per cent . of the amount by which the total income exceeds Rs . 25,000;
Rs . 2,500 plus 15 per cent. of the amount by which the total income exceeds Rs . 50,000 ;
Rs . 10,000 plus 24 per cent , of the amount by which the total income exceeds Rs . 1,00,000.
THE GAZETTE OF INDIA EXTRAORDINARY
Sec. 23
وو
Surcharge on income- tax
The amount of income- tax computed in accordance with the preced- ing 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 -Paragraph II
In the case of every registered firm whose total income includes in- come derived from a profession carried on by it and the income so in- cluded is not less than fifty-one per cent . of such total income,-
Rates of income - tax
Nil;
(1) where the total income does not exceed Rs . 10,000
4 per cent . of the amount by which the total income exceeds Rs . 10,000;
(2) where the total income ex- ceeds Rs . 10,000 but does not ex- ceed Rs . 25,000
Rs . 600 plus 7 per cent. of the amount by which the total income exceeds Rs . 25,0000;
(3) where the total income ex ceeds Rs, 25,000 but does not ex- ceed Rs. 50,000
Rs . 2,350 plus 13 per cent . of the amount by which the total in- come exceeds Rs. 50,000 ;
(4) where the total income ex- ceeds Rs . 50,000 but does not ex- ceed Rs . 1,00,000
(5) where the total income ex- ceeds Rs . 1,00,000
Rs . 8,850 plus 22 per cent. of the amount by which the total income exceeds Rs . 1,00,000 .
Surcharge on income- tax
The amount of income- tax computed in accordance with the preced- ing 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 .
Explanation :-For the purposes of this Paragraph, " registered firm" includes an unregistered firm assessed as a registered firm under clause (b) of section 183 of the Income - tax Act .
Paragraph D
In the case of every local authority,-
Rate of income - tax
50 per cent .
On the whole of the total income
Surcharge on income- tax
The amount of income - tax computed at the rate hereinbefore specifi- ed shall be increased by a surcharge for purposes of the Union calculated at the rate of twenty per cent . of such income-tax.
100
THE GAZETTE OF INDIA EXTRAORDINARY
[PART I
Paragraph E
In the case of a company ,-
Rates of income -tax
1. In the case of a domestic company,-
(1) where the company is a company in which the public are substantially interested,-
(i) in a case where the total income does not exceed Rs . 1,00,000.
exceeds (ii) in a case where the total income Rs . 1,00,000
(2) where the company is not a company in which the public are substantially inter- ested,-
(i) in the case of an in- dustrial company,-
(a) where the total income does not exceed Rs . 2,00,000
(b) where the total income Rs . 2,00,000 exceeds
( ii) in any other case
Provided that--
45 per cent . of the total income;
55 per cent , of the total income;
55 per cent . of the total income;
60 per cent, of the total income;
65 per cent . of the total income;
(i) the income- tax payable by a domestic company, being a com- pany in which the public are substantially interested, the total income of which exceeds Rs . 1,00,000, shall not 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 Rs . 1,00,000 for this purpose being computed as if such income included income from various sources in the same proportion as the total income of the company) ; and
(b) eighty per cent . of the amount by which its total income exceeds Rs . 1,00,000 ;
(i) the income - tax payable by a domestic company, not being a company in which the public are substantially interested, which is an industrial company and the total income of which exceeds Rs . 2,00,000. shall not exceed the aggregate of-
(a) the income- tax which would have been payable by the company if its total income had been Rs . 2,00,000 (the income of Rs . 2,00,000 for this purpose being computed as if such income in- cluded income from various sources in the same proportion as the total income of the company ) ; and
(b) eighty per cent. of the amount by which its total income exceeds Rs . 2,00,000.
SEC. 2 ]
THE GAZETTE OF INDIA EXTRAORDINARY
ΙΟΙ
II . In the case of a company other than a, domestic company,
(i) on so much of the total income as consists of
(a) royalties received from 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
(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 has , in either case, been approved by the Central Government
70 per cent .
(ii) on the balance, if any , of the total income
Surcharge on income- tax
The amount of income- tax computed in accordance with the preceding provisions of this Paragraph shall be increased by a surcharge calculated at the rate of seven and a half per cent of such income - tax .' ;
(ii) in Part III , in Sub -Paragraph II of Paragraph A, for the figures " 1980" , the figures " 1981 " shall be substituted;
(iii ) in Part IV, in rule 9,-
(A) for sub -rules ( 1) and (2 ) , the following sub -rules shall be substituted , namely: -
' (1 ) Where the assessee has , in the previous year re- levant 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 any 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 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 , is a loss , then, for the purposes of sub- section ( 2) of section 2 of this Act,-
(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 pre- vious 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 ,
(ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st 102
THE GAZETTE OF INDIA EXTRAORDINARY
[PART H
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 commene- ing 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,
(iii) the loss so computed for the previous year rele- vant 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 commenc- ing on the 1st day of April , 1977 or the 1st day of April, 1978 or the 1st day of April , 1070,
(iv) 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 commenc- ing on the 1st day of April, 1978 or the 1st day of April , 1979,
(v) the loss so computed for the previous year rele- vant 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 pre- vious year relevant to the assessment year commencing on the 1st day of April , 1979, and
(vi) the lass so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1979,
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 .
21 of1979,
Explanation. 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.
(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 period other than that previous year , in such other period , any agricultural income and the net result of the computation of the agricultural income of the assessee for any 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 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.is a loss . then, for the purposes of sub-section (6) of section 2 of this Act,-
(i) the loss so computed for the previous year rele- vant to the assessment year commencing on the 1st day 103 THE GAZETTE OF INDIA EXTRAORDINARY
SEC . 2 ]
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 commenc- ing 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 ,
(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 com- mencing 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 ,
(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 com- mencing on the 1st day of April, 1977 or the 1st day ofApril , 1978 or the 1st day of April, 1979 or the 1st day ofApril , 1980 ,
(iv ) 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 commenc- ing on the 1st day of April , 1978 or the 1st day of April , 1979, or the 1st day of April , 1980,
( v ) the loss so computed for the previous year rele- vant 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 com- mencing on the 1st day of April , 1979 or the 1st day of April, 1980 ,
(vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April , 1979 , to the extent , if any , such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commenc- ing on the 1st day of April , 1980; and
(vii ) the loss so computed for the previous year relevant 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 com- mencing on the 1st day of April , 1981 , or the period afore. said.';
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104
[PART II-
(B) for sub - rule ( 5) , the following sub - rule shall be substi- tuted , namely:-
20 of 1974.
25 of 1975 .
66 of 1976 . 29 of 1977 .
19 of1978 , 21 of 1979 .
" (5) Notwithstanding anything contained in this rule , no loss which has not been determined by the 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 Finance Act, 1976, or of the First Schedule to the Finance ( No.2) 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) .".
3. In section10 of the Income- tax Act, 1961 ,-
(a) in clause ( 17A ) , for the words " awards for literary , scientific and artistic work or attainment " , the words " awards for literary , scientific or artistic work or attainment or for service for alleviating the distress of the poor, the weak and the ailing" shall be substituted ;
Amend- ment of section 10 of Act 43 of 1961 .
(b) in clause (264 ) , for the figures , letters and words " 1st day of April , 1980 " , the figures , letters and words " 1st day of April , 1983 " shall be substituted;
(c) after clause ( 26A ) , the following clause shall be inserted , and shall be deemed to have been inserted, with effect from the 1st day of April , 1972 , namely :-
or ' (26B) any income of a corporation established by a Central , State of Provincial Act or of any other body , institution association (being a body, Institution or association wholly finan- ced by Government ) where such corporation or other body or institution or association has been established or formed for promoting the interests of the members of either the Scheduled Castes or the Scheduled Tribes or of both .
Explanation. For the purposes of this clause, " Scheduled Castes" and "Scheduled Tribes " shall have the meanings respec- tively assigned to them in clauses (24) and ( 25) of article 366 of the Contitution; ' .
51 of 1975.
Auxiliary duties of customs
52of1962 , 4. (1) In the case of goods mentioned in the First Schedule 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 deter- mined in accordance with the provisions of section 14 of the Customs Act , 1962 (hereinafter referred to as the Customs Act) .
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 apply upon such cesser as if the said sub -section had been repealed by a Central Act.
(3) The auxiliary duties of customs referred to in sub -section (1) shall be in addition to any duties of customs chargeable on such goods under the Customs Act, or any other law for the time being in force.
SEC. 2 ]
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105
(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 duties of customs leviable under this section in respect of any goods as they apply in relation to the levy and collec- tion of the duties of customs on such goods under that Act or those rules and regulations , as the case may be .
1 of 1944.
Special duties of excise.
5. (1) In the case of goods chargeable with a duty of excise 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 the Central Government in relation to the duty so chargeable, there shall be levied and collected a special duty of excise equal to five per cent , of the amount so charge- able on such goods .
(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 said sub - section had then been repealed by a Central Act .
(3 ) The special duties of excise referred to in sub- section ( 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 provisions of the Central Excises Act and the rules made thereunder, including those relating to refunds and exemptions from duties, shall, as far as may be , apply in relation to the levy and collection of the special duties of excise levlable 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.
Declaration under the Provisional Collection of Taxes Act, 1931 .
16 of 1931 .
It is hereby declared thatit is expedient in the public interest that the provisions of clauses 4 and 5 of this Bill shall have immediate effect under the Provisional Collection of Taxes Act , 1931 .
[PART II-
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STATEMENT OF OBJECTS AND REASONS
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 income- tax and to provide for the continuance of the provisions relating to auxiliary duties of customs and special duties of excise for the said year .
2. Clause 2 of the Bill deals with rates of income- tax . The rates of income-tax and surcharge which were specified in Part III 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 deduction of tax at source from salaries during the financial year 1980-81 , for computing 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 un- divided families , etc. , is taken inte account for determining the rates of income tax applicable to their non - agricultural income . These provisions are proposed to be continued for the purposes of determining the rates of income- tax applicable to the non -agricultural income for the assess- ment year 1980-81 , as also for computation of the " advance tax" and charging of income - 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 II of the First Schedule to the Finance Act , 1979 , are also proposed to be 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 necessary modifications .
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SEC . 2 ]
107
6. Clause 3 of the Bill seeks to extend the exemption from income- tax in the case of residents of Ladakh for a further period of three years and to exempt from income - tax awards for service for alleviating the distress of the poor , the weak and the ailing and income of corporations or other bodies , associations or institutions established 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 31st day of March , 1981 , auxiliary duties of customs on all imported goods at the rate of twenty per cent , of their value .
8. Clause 5 of the Bill seeks to levy up to the 31st March , 1981 , special duties of excise on all excisable goods at the rate of five per cent . of the duty leviable under the Central Excises Act, read with any notification for the time being in force issued under the said Act or the rules made thereunder .
NEW DELHI;
R. VENKATARAMAN.
The 11th March , 1980 .
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[PART 11-
PRESIDENT'S RECOMMENDATION UNDER ARTICLES 117 AND 274 OF THE CONSTITUTION OF INDIA
(Copy of letter No. F. 3 (1) -B/80 dated the 11th March , 1980 from Shri R. Venkataraman , Minister of Finance, to the Secretary , 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 introduc- tion of the Finance Bill , 1980 to the Lok Sabha and also recommends to the Lok Sabha the consideration of the Bill .
2. The Bill will be introduced in the Lok Sabha immediately after the presentation of the Budget on the 11th March , 1980.
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THE GAZETIE OF INDIA EXTRAORDINARY
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FINANCIAL MEMORANDUM
As this Bill seeks to continue the existing tax structure for the finan- cial year 1980-81 , subject to certain modifications in relation to income- tax, the Bill , if enacted and brought into operation, would not involve any additional expenditure from the Consolidated Fund of India .
AVTAR SINGH RIKHY ,
Secretary .
PRINTED BY THE GENERAL MANAGER , GOVERNMENT OF INDIA PRESS , MINTO ROAD NEW DELHI AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS , DELHI, 1980