PUNJAB FINANCE ACT 2010

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THE PUNJAB FINANCE ACT 2010 
(VI of 2010)  
CONTENTS 
1. Short title, extent and commencement 
2. Amendment in Act II of 1899 
3. Amendment in Act XVII of 1967 
4. Amendment in Act XII of 1989 
5. Amendment in Ordinance II of 2000 
6. [* * * *]  
7. Amendment in Act I of 2008 
 
TEXT 
1
THE PUNJAB FINANCE ACT 2010 
(VI of 2010) 
[28th June, 2010] 
An 
Act 
to levy tax and alter the rate of taxes and duties in the Punjab. 
Preamble.– Whereas it is expedient to levy tax and alter the rates of tax and duties in 
the Punjab and other connected matters. 
 It is hereby enacted as follows:– 
1. Short title, extent and commencement .– (1) This Act may be cited as the 
Punjab Finance Act 2010. 
(2) It extends to the whole of the Punjab 
2
[.]  
(3) It shall come into force on the first day of July 2010. 
2. Amendments in Act II of 1899.– In the Stamp Act, 1899 (II of 1899)– 
(a) for section 27-A, the following shall be substituted:– 
“27-A. Value of immovable property .– (1) Where any instrument 
chargeable with ad valorem duty under Articles 23, 31 or 33 of Schedule 
I, relates to an immovable property, the value of the immovable property 
shall be calculated according to the valuation table notified by the District 
Collector in respect of immovable property situated in the locality. 
(2) Where an instrument, mentioned in sub-section (1), relates to 
an immovable property consisting of land and structure, it shall state the 
value of the land or structure separately and the value of the structure 
stated in the instrument shall, subject to the provision of this Act, be 
accepted. 
(3) Where the value of immovable property stated in an 
instrument to which sub-section (1) applies is more than the value fixed 
according to the valuation table, the value declared in the instrument shall 
be accepted as value for the purposes of stamp duty. 
(4) Where the value given in the valuation table notified under 
sub-section (1), when applied to any immovable property, appears to be 
excessive, the Executive District Officer (Revenue) or any other person 
notified by the Government may, on application made to him by the 
aggrieved person, determine its correct value and for that purpose the 
provisions of sections 31 and 32 shall apply as nearly as possible.”; and 
(b) in Schedule I– 
                                                           
1This Act was passed by the Punjab Assembly on 22 June 2010; assented to by the Governor of the Punjab on 25 June 2010; 
and, was published in the Punjab Gazette (Extraordinary), dated 28 June 2010, pages 3145-3150. 
2Misprinted in the Gazette. 
(i) for Article 23, the following shall be substituted:– 
“23. CONVEYANCE as defined by section 2(10) not being a 
TRANSFER charged or exempted under Article 62– 
 (a) in the case of an 
immovable 
property; 
two percent of the value of the 
property. 
 (b) in case of a 
registered motor 
vehicle. 
one hundred rupees.” 
(ii) for Article 31, the following shall be substituted:– 
“31. Exchange of 
immovable 
property. 
two per cent of the value of the property of 
the highest value.” 
(iii) for Article 33, the following shall be substituted:– 
“33. GIFT– Instrument of, including a memorandum of oral gift 
of an immovable property, not being a S ETTLEMENT 
(Article 58) or WILL OR TRANSFER (Article 62)– 
 when executed in 
respect of an 
immovable property. 
two per cent of the value of the 
property.” 
3. Amendment in Act XVII of 1967 .– In  the Punjab Land Revenue Act 1967 
(XVII of 1967), for section 46, the following shall be substituted:– 
“46. Mutation fees.– (1) The Board of Revenue may fix scale of fee for an entry 
in any record or register under this Chapter and for provision of a copy of any such 
entry. 
(2) Where the scale of mutation fee is fixed at a certain percentage of 
the consideration or value of land, the consideration or value of the land shall be 
calculated according to the valuation table notified by the District Collector in 
respect of the land situated in the locality under the Stamp Act 1899 (II of 1899). 
(3) A fee in respect of any entry shall be payable by the person in 
whose favour the entry is made.” 
4. Amendment in Act XII of 1989.– In the Bank of Punjab Act 1989 (XII of 1989)– 
(a) in section 4– 
(i) for sub-section (1), the following shall be substituted:– 
“(1) Subject to the provisions of this Act, the authorized 
capital of the Bank shall be fifty thousand million rupees divided 
into five thousand million ordinary or preference shares of ten 
rupees each.”; 
(ii) for sub-section (2), the following shall be substituted:– 
“(2) Out of the authorized capital of the Bank, shares 
shall, from time to time, be divided into such number of ordinary 
and preference shares and, be issued in such number and on 
such terms, including the terms of th e brokerage and 
underwriting, as the Board may decide.”; 
(b) for section 7, the following shall be substituted:– 
“7. Government to be shareholder .– Notwithstanding anything 
contained in section 6, the Government shall be a shareholder of the 
Bank and shall hold up to fifty one per cent of all types of shares issued 
by the Bank.” 
5. Amendment in Ordinance II of 2000 .– In the Punjab Sales Tax Ordinance 
2000 (II of 2000)– 
(a) in section 3, in sub -section (1), for the words “sixteen per cent”, the 
words “seventeen per cent”, shall be substituted; and 
(b) for the schedule, the following shall be substituted:– 
“THE SCHEDULE 
[see section 3(2)] 
1. Services provided or rendered by hotels, clubs and caterers. 
2. Advertisement on television and radio, excluding advertisements– 
(a) sponsored by an agency of the federal or provincial Government 
for health education; 
(b) financed out of funds provided by a Government under grant -in-
aid agreement; and 
(c) conveying public service message, if telecast on television by 
the Wo rld Wide Fund for Nature (WWF) or United Nations 
Children’s Fund (UNICEF). 
3. Services provided or rendered by persons authorized to transact 
business on behalf of others– 
(a) customs agents; 
(b) ship chandlers; and 
(c) stevedores. 
4. Courier services. 
5. Advertisement on a cable television. 
6. Services provided or rendered by shipping agents. 
7. Telecommunication services– 
(a) telephone services; 
(b) fixed line voice telephone service; 
(c) wireless telephone; 
(d) cellular telephone; 
(e) wireless Local Loop telephone; 
(f) video telephone; 
(g) payphone cards; 
(h) pre-paid calling cards; 
(i) voice mail service; 
(j) messaging service; 
(k) short Message service (SMS); 
(l) multimedia message service (MMS); 
(m) bandwidth services [used for voice and video telecomm unication 
services]; 
(i) copper line based; 
(ii) fiber-optic based; 
(iii) co-axial cable based; 
(iv) microwave based; 
(v) satellite based; 
(n) telegraph; 
(o) telex; 
(p) telefax; 
(q) store and forward fax services; 
(r) audio-text services; 
(s) tele-text services; 
(t) trunk radio services; 
(u) paging services; 
(v) voice paging services; 
(w) radio paging services; 
(x) vehicle tracking services; and 
(y) burglar alarm services. 
8. Services provided or rendered in respect of insurance to a policy holder 
by an insurer, including a re-insurer– 
(a) goods insurance; 
(b) fire insurance; 
(c) theft insurance; 
(d) marine insurance; and 
(e) other insurance. 
9. Services provided by Banking Companies or Non -Banking Financial 
Institutions including but not limited to all non -interest based services 
provided or rendered against a consideration in form or a fee or 
commission or charge.  
10. Services provided or rendered by the Stock Brokers. 
11. Any other service notified by the Provincial Government in the official 
Gazette.” 
6. 
3
[* * * * * * * * * * * *   ] 
7. Amendment in Act I of 2008.– In the Punjab Finance Act 2008 (I of 2008)– 
(a) section 6 shall be omitted; and 
(b) the Schedule shall be omitted. 
                                                           
3Omitted by the Punjab Finance Act 2017 (XII of 2017), published in the Punjab Gazette (Ext raordinary), dated: 16 
June 2017, pp. 8235 -8250, s.3.  It was earlier substituted by the Punjab Finance Act 2012 (XLI of 2012), 
w.e.f.1.7.2012, s.6; and published in the Punjab Gazette (Extraordinary), dated 25.6.2012, pages 41719-41724.