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Finance (No. 2) Act, 1998 Complete Act

Title: Finance (No. 2) Act, 1998

State: Central

Year: 1998

.....- Short title and commencement Chapter II Section2 - Income-tax Chapter III Section3 - Substitution of new authorities Section4 - Amendment of section 2 Section5 - Amendment of section 10 Section6 - Amendment of section 16 Section7 - Amendment of section 17 Section8 - Amendment of section 24 Section9 - Amendment of section 32 Section10 - Insertion of new section 33ABA Section11 - Amendment of section 35 Section12 - Amendment of section 35A Section13 - Amendment of section 35AB Section14 - Amendment of section 35D Section15 - Amendment of section 37 Section16 - Amendment of section 41 Section17 - Amendment of section 42 Section18 - Amendment of section 43 Section19 - Amendment of section 43B Section20 - Amendment of section 44AA Section21 - Amendment of section 47 Section22 - Amendment of section 47A Section23 - Insertion of new section 50A Section24 - Amendment of section 54H Section25 - Amendment of section 69C Section26 - Insertion of new section 71B Section27 - Amendment of section 72A Section28 - Substitution of new section for sections 80-DD and 80-DDA Section29 - Amendment of section 80-G Section30 - Insertion of new section 80-GG Section31.....

Finance (No. 2) Act, 1998 Preamble 1

Title: Finance (No. 2) Act, 1998

State: Central

Year: 1998

THE FINANCE (NO. 2) ACT, 1998 [Act No. 21 Of 1998] [1st August, 1998] PREAMBLE An act to give effect to the financial proposals of the Central Government for the financial year 1998-99. BE it enacted by Parliament in the Forty-ninth Year of the Republic of India as follows:--

Finance (No. 2) Act, 1998 Complete Act

State: Central

Year: 1998

FINANCE (NO. 2) ACT, 1998 FINANCE (NO. 2) ACT, 1998 21 of 1998 An Act to give effect to the financial proposals of the Central Government for the financial year 1998-99 BE it enacted by Parliament in the Forty-ninth Year of the Republic of India as follows :- SECTION 01: SHORT TITLE AND COMMENCEMENT (1) This Act may be called the Finance (No. 2) Act, 1998. (2) Save as otherwise provided in this Act, sections 2 to 98 (except section 51) shall be deemed to have come into force on the 1st day of April, 1998. SECTION 02: INCOME -TAX (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 1998, income-tax shall be charged at the rates specified in Part I of the First Schedule. (2) In the cases to which Paragraph A of Part I of the First Schedule applies, where the assessee has, in the previous year, any net agricultural income exceeding six hundred rupees, in addition to total income, and the total income exceeds forty thousand rupees, then,- (a) the net agricultural income shall be taken into account, in the manner provided in clause (b) [that is to say, as if the net agricultural income were comprised in.....

Finance (No. 2) Act, 1998 Chapter VI

Title: Service Tax

State: Central

Year: 1998

.....whether movable or immovable, or of any person, in any manner and includes the services of investigation, detection or verification, of any fact or activity, whether of a personal nature or otherwise, including the services of providing security personnel; (41) "service tax" means tax leviable under the provisions of this chapter; (42) "ship" means a sea-going vessel and includes a sailing vessel; (43) "shipping line" means any person who owns or charters a ship and includes an enterprise which operates or manages the business of shipping; (44) "steamer agent" means any person who undertakes, either directly or indirectly:-- (a) to perform any service in connection with the ship's husbandry or dispatch including the rendering of administrative work related thereto; or (b) to book, advertise or canvas for cargo for or on behalf of a shipping line; or (c) to provide container feeder services for or on behalf of a shipping line; (45) "stock-broker" means a stock-broker who has either made an application for registration or is registered as a stock-broker in accordance with the rules and regulations made under the Securities and Exchange Board of India Act,.....

Finance (No. 2) Act, 1998 Section 116

Title: Amendment of Act 32 of 1994

State: Central

Year: 1998

.....whether movable or immovable, or of any person, in any manner and includes the services of investigation, detection or verification, of any fact or activity, whether of a personal nature or otherwise, including the services of providing security personnel; (41) "service tax" means tax leviable under the provisions of this chapter; (42) "ship" means a sea-going vessel and includes a sailing vessel; (43) "shipping line" means any person who owns or charters a ship and includes an enterprise which operates or manages the business of shipping; (44) "steamer agent" means any person who undertakes, either directly or indirectly:-- (a) to perform any service in connection with the ship's husbandry or dispatch including the rendering of administrative work related thereto; or (b) to book, advertise or canvas for cargo for or on behalf of a shipping line; or (c) to provide container feeder services for or on behalf of a shipping line; (45) "stock-broker" means a stock-broker who has either made an application for registration or is registered as a stock-broker in accordance with the rules and regulations made under the Securities and Exchange Board of India Act,.....

Finance (No. 2) Act, 1998 Chapter III

Title: Direct Taxes

State: Central

Year: 1998

.....sold or otherwise transferred by the assessee to Government, a local authority, a corporation established by or under a Central, State of Provincial Act or a Government company as defined in section 617 of the Companies Act, 1956; or (ii) where the sale or transfer of the asset is made in connection with the succession of a firm by a company in the business or profession carried on by the firm as a result of which the firm sells or otherwise transfers to the company any asset and the scheme or the deposit scheme continues to apply to the company in the manner applicable to the firm. Explanation.-- The provisions of clause (ii) of the proviso shall apply only where-- (i) all the properties of the firm relating to the business or profession immediately before the succession become the properties of the company; (ii) all the liabilities of the firm relating to the business or profession immediately before the succession become the liabilities of the company; and (iii) all the shareholders of the company were partners of the firm immediately before the succession. (9) The Central Government may, if it considers necessary or expedient so to do, by notification in the.....

Finance (No. 2) Act, 1998 Chapter V

Title: Indirect Taxes

State: Central

Year: 1998

.....unless the context otherwise requires,-- (a) "Bench" means a Bench of the Settlement Commission; (b) "case" means any proceeding under this Act or any other Act for the levy, assessment and collection of customs duty, or any preceding by way of appeal or revision in connection with such levy, assessment or collection, which may be pending before a proper officer or the Central Government on the date on which an application under sub-section (1) of section 127B is made: Provided that where any appeal or application for revision has been preferred after the expiry of the period specified for the filing of such appeal or application of. revision under this Act and which has not been admitted, such appeal or revision shall be deemed to be a proceeding pending within the meaning of this clause; (c) "Chairman" means the Chairman of the Settlement Commission; (d) "Commissioner (Investigation)" means an officer of the customs or a Central Excise Officer appointed as such Commissioner to conduct inquiry or investigation for the purposes of this Chapter; (e) "Member" means a Member of the Settlement Commission and includes the Chairman and the Vice-Chairman; (f).....

Finance (No. 2) Act, 1998 Chapter IV

Title: Kar Vivad Samadhan Scheme, 1998

State: Central

Year: 1998

.....any person against whom proceedings have been initiated and are pending under any direct tax enactment or indirect tax enactment; (l) "relevant Act" means an Act specified in the Schedule to this Scheme; (m) "tax arrear" means,- (i) in relation to direct tax enactment, the amount of tax, penalty or interest determined on or before the 31st day of March, 1998 under that enactment in respect of an assessment year as modified in consequence of giving effect to an appellate order but remaining unpaid on the date of declaration; (ii) in relation to indirect tax enactment,- (a) the amount of duties (including drawback of duty, credit of duty or any amount representing duty), cesses, interest, fine or penalty determined as due or payable under that enactment as on the 31st day of March, 1998 but remaining unpaid as on the date of making a declaration under section 88; or (b) the amount of duties (including drawback of duty, credit of duty or any amount representing duty), cesses, interest, fine or penalty which constitutes the subject matter of a demand notice or a show-cause notice issued on or before the 31st day of March, 1998 under that enactment but remaining unpaid.....

Finance (No. 2) Act, 1998 Section 102

Title: Insertion of New Chapter Xiva

State: Central

Year: 1998

.....Commission under Chapter V of the Central Excise Act, 1944, it shall have all the powers which are vested in an officer of the customs under this Act or the rules made thereunder. (2) Where an application made under section 127B has been allowed to be proceeded with under Section 127C, the Settlement Commission shall, until an order is passed under sub-section (7) of section 127C, have, subject to the provisions of sub-section (6) of that section, exclusive jurisdiction to exercise the powers and perform the functions of any officer of customs or Central Excise Officer as the case may be, under this At or in the Central Excise Act, 1944, as the case may be, in relation to the case. (3) In the absence of any express direction by the Settlement Commission to the contrary, nothing in this Chapter shall affect the operation of the provisions of this Act in so far as they relate to any matter other than those before the Settlement Commission. (4) The Settlement Commission shall, subject to the provisions of Chapter V of the Central Excise Act, 1944 and this Chapter, have power to regulate its own procedure and the procedure of Benches thereof in all matters arising out of the.....

Finance (No. 2) Act, 1998 Section 110

Title: Insertion of New Chapter V

State: Central

Year: 1998

.....Central Excise Tariff Act, 1985. (2) Where any excisable goods, books of account, other documents have been seized under the provisions of this Act or rules made thereunder, the assessee shall not be entitled to make an application under sub-section (1), before the expiry of one hundred and eighty days from the date of the seizure. (3) Every application made under sub-section (1) shall be accompanied by such fees as may be prescribed. (4) An application made under sub-section (1) shall not be allowed to be withdrawn by the applicant. 32F. Procedure on receipt of an application under section 32E. (1) On receipt of an application under sub-section (1) of section 32E, the Settlement Commission shall call for a report from the Commissioner of Central Excise having jurisdiction and on the basis of the materials contained in such report and having regard to the nature and circumstances of the case or the complexity of the investigation involved therein, the Settlement Commission may, allow the application to be proceeded with or reject the application: Provided that an application shall not be rejected under this sub-section, unless an opportunity has been given to the.....