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Finance (No. 2) Act, 2004 Complete Act

Title: Finance (No. 2) Act, 2004

State: Central

Year: 2004

.....- FINANCE (NO. 2) ACT, 2004 Chapter 1 Section1 - Short Title and Commencement Chapter 2 Section2 - Income-tax Chapter 3 Section3 - Amendment of Section 2 Section4 - Amendment of Section 7 Section5 - Amendment of Section 10 Section6 - Amendment of Section 12AA Section7 - Amendment of Section 17 Section8 - Amendment of Section 32 Section9 - Amendment of section 33AC Section10 - Amendment of section 35AC Section11 - Amendment of section 40 Section12 - Amendment of Section 48 Section13 - Amendment of section 56 Section14 - Amendment of section 71 Section15 - Insertion of new section 80CCD Section16 - Amendment of section 80DD Section17 - Amendment of section 80-IA Section18 - Amendment of section 80-IB Section19 - Amendment of section 80U Section20 - Amendment of section 87 Section21 - Amendment of section 88 Section22 - Insertion of new section 88D Section23 - Insertion of new section 88E Section24 - Amendment of section 90 Section25 - Amendment of section 94 Section26 - Insertion of new section 111A Section27 - Amendment of section 115AD Section28 - Amendment of section 115JB Section29 - Amendment of section 115R Section30 - Insertion of new Chapter.....

Finance (No. 2) Act, 2004 Preamble 1

Title: Finance (No. 2) Act, 2004

State: Central

Year: 2004

The Finance (No. 2) Act, 2004 [Act, No. 22-C of 2004] An Act PREAMBLE to give effect to the financial proposals of the Central Government for the financial year 2004-. BE it enacted by Parliament in the Fifty-fifth Year of the Republic of India as follows:--

Finance (No.2) Act, 2004 Complete Act

State: Central

Year: 2004

FINANCE (NO.2) ACT, 2004 FINANCE (NO.2) ACT, 2004 22 of 2004 PREAMBLE An Act to give effect to the financial proposals of the Central Government for the financial year 2004- BE it enacted by Parliament in the Fifty-fifth Year of the Republic of India as follows: CHAPTER 1: PRELIMINARY: SECTION : Short Title and Commencement: (1) This Act may be called the Finance (No. 2) Act, 2004. (2) Save as otherwise provided in this Act, (S.2) to (S.60) shall lie deemed to have come into force on the 1st day of April, 2004. CHAPTER 2: RATES OF INCOME-TAX: SECTION 2: Income-tax: (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2004, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax as reduced by the rebate of income-tax calculated under Chapter VIII-A of the Income-tax Act, (43 of 1961) (hereinafter referred to as the Income-tax Act) shall be increased by a surcharge for purposes of the Union calculated in each case in the manner provided therein. (2) In the cases to which Paragraph A of Part I of the First Schedule applies, where the.....

Finance (No. 2) Act, 2004 Chapter 4

Title: Indirect Taxes

State: Central

Year: 2004

.....of them, the entry "50%" shall be substituted. Section 79 to 88 - Excise Section 79 - Amendment of Section 9A Section 9A of the Central Excise Act, 1944(1 of 1944) (hereinafter referred to as the Central Excise Act) shall be re-numbered as sub-section (1) thereof and after sub-section (1) as so renumbered, the following sub-section shall be inserted, namely:-- "(2) Any offence under this Chapter may, either before or after the institution of prosecution, be compounded by the Chief Commissioner of Central Excise on payment, by the person accused of the offence to the Central Government, of such compounding amount as may be prescribed.". Section 80 - Amendment of Section 11 In section 11 of the Central Excise Act, the following proviso shall be inserted at the end, namely:- "Provided that where the person (hereinafter referred to as predecessor) from whom the duty or any other sums of any kind, as specified in this section, is recoverable or due, transfers or otherwise disposes of his business or trade in whole or in part, or effects any change in the ownership thereof, in consequence of which he is succeeded in such business or trade by any other person, all.....

Finance (No. 2) Act, 2004 Chapter 3

Title: Direct Taxes

State: Central

Year: 2004

.....interest, commission or brokerage, fees forprofessional services or fees for technical services payable to a resident, oramounts payable to a contractor or subcontractor,being resident, for carrying out any work (including supply of labour forcarrying out any work), on which tax is deductible at source under ChapterXVII_B and such tax has not beendeducted or, after deduction, has not been paid during the previous year, or inthe subsequent year before theexpiry of the time prescribed under sub-section(1) of section 200; Provided that where in respect of any such sum, tax has been deductedin any subsequent year or, has been deducted in theprevious year but paid in anysubsequent year after the expiryof the time prescribed under sub-section (1) of section 200, such sum shall be allowed as a deduction in computing the income of the previousyear in which such tax has been paid. Explanation.--for the purposes of this sub-clause,-- (i) "commission or brokerage" shall have the same meaning as in clause (i) ofthe Explanation to section 194H; (ii) "fees for technical services" shall have the same meaning as in Explanation 2toclause (vii) of sub-section (1) ofsection 9; (iii).....

Finance (No. 2) Act, 2004 Section 87

Title: Validation of Certain Actions Taken by Officers of Customs

State: Central

Year: 2004

.....1944(1 of 1944), retrospectively, at all material times. (3) For the purposes of this section, the designations of the officers of customs and the Central Excise Officers as existed before the commencement of the Finance Act, 1995(22 of 1995) shall be deemed to be the corresponding substituted designations as specified in the Tables respectively below section 50 and section 70 of the said Finance Act. Explanation 1.--For the removal of doubts, it is hereby declared that no act or omission on the part of any person shall be punishable as an offence which would not have been so punishable if the principal notification as amended by the first amendment and the second amendment had not come retrospectively into force. Explanation 2.--For the purposes of this section, "hundred per cent. export-oriented undertaking" shall have the meaning assigned to it in clause (ii) of Explanation 2 to the proviso to clause (b) of section 3 of the Central Excise Act, 1944(1 of 1944).

Finance (No. 2) Act, 2004 Chapter 5

Title: Service Tax

State: Central

Year: 2004

.....clause shall be inserted, namely:-- '(46a) "forwardcontract" has the meaning assigned to it in clause (c) of section 2 of theForward Contracts (Regulation) Act, 1952(74 of 1952);'; (x) after clause (50), the following clauses shall beinserted, namely:-- '(50a) "goodscarriage" has the meaning assigned to it in clause (14) of section2 of the Motor Vehicles Act, 1988(59 of 1988); (50b) "goodstransport agency" means any commercial concern which provides service inrelation to transport of goods by road and issues consignment note, by whatevername called;'; (xi)after clause (55), the following clauses shall be inserted, namely:-- '(55a) "intellectualproperty right" means any right to intangible property, namely, trademarks, designs, patents or any other similar intangible property, under any lawfor the time being in force, but does not include copyright; (55b) "intellectualproperty service" means,-- (a)transferring, whetherpermanently or otherwise; or (b)permitting the use orenjoyment of, any intellectual property right;'; (xii) after clause (75), the following clauses shall beinserted, namely:-- '(75a) "opinion poll" means any service designedto secure.....

Finance (No. 2) Act, 2004 Section 90

Title: Amendment of Act 32 of 1994

State: Central

Year: 2004

.....clause shall be inserted, namely:-- '(46a) "forwardcontract" has the meaning assigned to it in clause (c) of section 2 of theForward Contracts (Regulation) Act, 1952(74 of 1952);'; (x) after clause (50), the following clauses shall beinserted, namely:-- '(50a) "goodscarriage" has the meaning assigned to it in clause (14) of section2 of the Motor Vehicles Act, 1988(59 of 1988); (50b) "goodstransport agency" means any commercial concern which provides service inrelation to transport of goods by road and issues consignment note, by whatevername called;'; (xi)after clause (55), the following clauses shall be inserted, namely:-- '(55a) "intellectualproperty right" means any right to intangible property, namely, trademarks, designs, patents or any other similar intangible property, under any lawfor the time being in force, but does not include copyright; (55b) "intellectualproperty service" means,-- (a)transferring, whetherpermanently or otherwise; or (b)permitting the use orenjoyment of, any intellectual property right;'; (xii) after clause (75), the following clauses shall beinserted, namely:-- '(75a) "opinion poll" means any service designedto secure.....

Finance (No. 2) Act, 2004 Section 30

Title: Insertion of New Chapter Xii-g

State: Central

Year: 2004

.....excess shall not form part of the relevant shipping income for the purposes of this Chapter and shall be taxable under the other provisions of this Act. (2) The core activities of a tonnage tax company shall be-- (i) its activities from operating qualifying ships; and (ii) other ship-related activities mentioned as under:-- (A) shipping contracts in respect of-- (i) earning from pooling arrangements; (ii) contracts of affreightment. Explanation.--for the purposes of this sub-clause,-- (a) "pooling arrangement" means an agreement between two or more persons for providing services through a pool or operating one or more ships and sharing earnings or operating profits on the basis of mutually agreed terms; (b) "contract of affreightment" means a service contract under which a tonnage tax company agrees to transport a specified quantify of specified products at a specified rate, between designated loading and discharging ports over a specified period; (B) specific shipping trades, being-- (i) on-board or on-shore activities of passenger ships comprising of fares and food and beverages consumed on board; (ii) slot charters, space charters, joint charters,.....

Finance (No. 2) Act, 2004 Chapter 7

Title: Securities Transaction Tax

State: Central

Year: 2004

.....Boards of Revenue Act, 1963(54 of 1963); (4) "derivative" has the meaning assigned to it in clause (aa) of section 2 of the Securities Contracts (Regulation) Act, 1956(42 of 1956); (5) "equity oriented fund" means a fund-- (i) where the investible funds are invested by way of equity shares in domestic companies to the extent of more than 1 [sixty-five per cent]. of the total proceeds of such fund; and (ii) which has been set up under a scheme of a Mutual Fund: Provided that the percentage of equity share holding of the fund shall be computed with reference to the annual average of the monthly averages of the opening and closing figures; (6) "Mutual Fund" means a Mutual Fund specified under clause (23D) of section 10 of the Income-tax Act, 1961(43 of 1961); (7) "option in securities" has the meaning assigned to it in clause (d) of section 2 of the Securities Contracts (Regulation) Act, 1956(42 of 1956); (8) "option premium" means the premium payable by the purchaser of an "option in securities" at the time of such purchase; (9) "prescribed" means prescribed by rules made by the Board under this Chapter; (10) "recognised stock exchange" shall have the.....