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120. Amendment of Act 18 of 2005. |
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In the Finance Act, 2005,
(i) in section 95, after sub-section (2), the following sub-section shall be inserted with effect from the 1st day of April, 2009, namely :
"(3) Notwithstanding anything contained in sub-section (1), no banking cash transaction tax shall be charged in respect of any taxable banking transaction entered into on or after the 1st day of April, 2009.";
(ii) the Seventh Schedule shall be amended in the manner specified in the Ninth Schedule.
Clause 120 seeks to amend section 95 of the Finance Act, 2005, relating to charge of banking cash transaction tax.
It is proposed to insert a new sub-section (3) in section 95 so as to provide that no banking cash transaction tax shall be charged in respect of any taxable banking transaction after 31st March, 2009.
This amendment will take effect from 1st April, 2009.
This clause also seeks to amend the Seventh Schedule of the said Act, so as to substitute certain entries with a view to enhance the rate of duty.
Declaration under the Provisional
Collection of Taxes Act, 1931
It is hereby declared that it is expedient in the public interest that the provisions of clauses 72(i), 72(ii), 84, 117 and 120(ii) of this Bill shall have immediate effect under the Provisional Collection of Taxes Act, 1931 (16 of 1931).
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