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  "title": "PUNJAB FINANCE ACT, 1990",
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  "text": "THE PUNJAB FINANCE ACT, 1990 \r\n(I of 1990) \r\nCONTENTS \r\n1. Short title, extent and commencement \r\n2. Amendment of Act II of 1899 \r\n3. Amendment of W.P. Act I of 1965 \r\n4. Amendment of Punjab Ordinance No. XIII of 1978 \r\n5. Amendment of Act XXI of 1860 \r\n \r\nTEXT \r\n1\r\nTHE PUNJAB FINANCE ACT, 1990 \r\n(I of 1990) \r\n[28th June, 1990] \r\nAn \r\nAct \r\nto enhance the rates of certain taxes, duties and fees in the province of the Punjab \r\nPreamble.– WHEREAS it is expedient to enhance the rates of certain taxes, duties \r\nand fees in the Province of the Punjab; \r\n It is hereby enacted as follows:– \r\n1. Short title, extent and commencement .– (1) This Act may be called the \r\nPunjab Finance Act, 1990. \r\n (2) It shall extend to the whole of the Province of the Punjab. \r\n (3) It shall come into force on and from the first day of July, 1990. \r\n2. Amendment of Act II of 1899 .– In the Stamp Act , 1899, in Schedule I, the \r\nfollowing amendments shall be made, namely:– \r\n (1) In Article I– \r\n (i) in sub -article (b), for the figure “40”, the figure “50” shall be \r\nsubstituted ; \r\n  (ii) for sub-article (c), the following shall be substituted:– \r\n“(c) where such amount exceeds Rs.2,000/- but does not \r\nexceed Rs.10,000/- \r\nOne rupee” \r\n  (iii) the following new sub-article (d) shall be added:- \r\n“(d) where such amount exceeds Rs.10,000/-  Two rupees”. \r\n(2) In Article 2, in sub-article (b), for the word “Thirty”, the word “Fifty” shall \r\nbe substituted. \r\n(3) In Article 4, for the word “Four”, the word “Five” shall be substituted. \r\n(4) In Article 5, in sub -article (d), for the word “Four”, the word “Ten” shall \r\nbe substituted. \r\n(5) In Article 8, in sub-article (b), for the word “Thirty”, the word “Fifty” shall \r\nbe substituted. \r\n(6) In Articl e 9, for the word “Twenty -five”, the word “Fifty” shall be \r\nsubstituted. \r\n(7) In Article 10– \r\n                                                           \r\n1This Act was passed by the Punjab Assembly on 27th June, 1990; assented to by the Governor of the Punjab on 28th June, \r\n1990; and, was published in the Punjab Gazette (Extraordinary), dated 28th June, 1990, Pages 1165-A to 1165-G. \r\n(i) in sub-article (a), for the word “Fifty”, the words “One hundred” \r\nshall be substituted; \r\n(ii) in sub-article (b), for the words “One hundred”, the words “Two \r\nhundred” shall be substituted; \r\n(iii) in sub-article (c), for the words “Two hundred”, the words “Three \r\nhundred” shall be substituted ;   \r\n(iv) for sub-article (d), the following shall be substituted:– \r\n“(d) Where the nominal share capital exceeds \r\nRs.10,00,000/- but does not exceed Rs.50,00,000/- \r\nOne thousand \r\nrupees”. \r\n  (v) the following new sub-article shall be added:- \r\n“(e) Where the nominal share capital exceeds \r\nRs.50,00,000/- \r\nTwo thousand and five \r\nhundred rupees”. \r\n(vi) under the heading “Exemption”, for the words “Section 26 of the \r\nCompanies Act, 1913”, the words “the Companies Ordinance, \r\n1984” shall be substituted. \r\n(8) In Article 11, for the words “Five hundred”, the words “Seven hundred \r\nand fifty” shall be substituted. \r\n(9) In Article 12, the words “subject t o a maximum of fifty rupees” shall be \r\nomitted. \r\n(10) In Article 17, for the word “Fifteen”, the word “Twenty” shall be \r\nsubstituted. \r\n(11) In Article 19, for the words “Fifty paisas”, the words “Two rupees” shall \r\nbe substituted. \r\n(12) In Article 23– \r\n(i) in sub -article (a), for the word “Four”, the word “Five” shall be \r\nsubstituted; \r\n(ii) in sub-article (c), for the words “Five and a half”, the word “six” \r\nshall be substituted. \r\n(13) In Article 24, in sub-article (ii), for the word “Four”, the word “Five” shall \r\nbe substituted. \r\n(14) In Article 25, in sub-article (b), for the word “Four”, the word “Five” shall \r\nbe substituted. \r\n(15) In Article 26, in sub -article (b), for the word “Thirty”, the word “Fifty” \r\nshall be substituted. \r\n(16) In Article 28, for the words “Twenty -five paisas”, the words “Two \r\nrupees” shall be substituted. \r\n(17) Article 30 shall be omitted. \r\n(18) In Article 31, in sub-article (a), for the word “One”, the word “Two” shall \r\nbe substituted. \r\n(19) For Article 33, the following shall be substituted:– \r\n“GIFT. In strument of, not being a SETTLEMENT (No.58) OR WILL OR \r\nTRANSFER (No.62). \r\n(a) (i) When executed in  \r\nfavour  of legal heirs in \r\nrespect of agricultural land \r\nTwo rupees for every rupees one hundred or part thereof \r\nof the value of the property as set forth in s uch \r\ninstrument. \r\n (ii) In any other case, in \r\nrespect of agricultural land \r\nFive rupees for every rupees one hundred or part thereof \r\nof the value of the property. \r\n(b) Other property Six rupees for every rupees one hundred or part thereof \r\nof the value of the property.”. \r\n(20) In Article 36, for the words “Fifty paisas”, the words “Two rupees” shall \r\nbe substituted. \r\n(21) In Article 37, for the words “Fifty paisas”, the words “Two rupees” shall \r\nbe substituted. \r\n(22) In Article 38, for the words “Twenty -five”, the  word “Thirty” shall be \r\nsubstituted. \r\n(23) In Article 39– \r\n(i) in sub -article (a), for the words “section 35 of the Companies \r\nAct, 1913” and “Seventy Five”, the words “the Companies \r\nOrdinance, 1984” and “One hundred” shall respectively be \r\nsubstituted; \r\n(ii) in sub-article (b), for the words “Two hundred”, the words “Two \r\nhundred and fifty” shall be substituted; and \r\n(iii) under heading “Exemption”, for the words “section 26 of the \r\nCompanies Act , 1913”, the words “the Companies Ordinance , \r\n1984” shall be substituted. \r\n(24) In Article 41, in sub -article (b), for the words “Fifty paisas”, wherever \r\noccurring, the words “One rupee” shall be substituted. \r\n(25) In Article 42, for the word “Four”, the word “Five” shall be substituted. \r\n(26) In Article 43– \r\n(i) in sub -article (a), for the words “Fifty paisas”, the words “Two \r\nrupees” shall be substituted ; \r\n(ii) in sub-article (b), for the words “Twenty -five paisas”, the words \r\n“two rupees” shall be substituted ; \r\n(iii) in sub-article (c), for the words “Twenty -five paisas”, the wo rds \r\n“one rupee” shall be substituted. \r\n(27) In Article 44, for the word “Four”, the word “Five” shall be substituted. \r\n(28) In Article 46– \r\n(i) in sub-article (A), for the figure “500”, the figure “10,000” and for \r\nthe words “Ten” and “Fifty”, the words “fifty ” and “Two hundred \r\nand fifty” shall respectively be substituted. \r\n(ii) in sub-article (B), for the words “Twenty -five rupees”, the words \r\n“Half of the Stamp duty payable on original” shall be substituted. \r\n(29) In Article 48– \r\n(i) in sub-article (a), for the word “Two”, the word “Ten” shall be \r\nsubstituted; \r\n(ii) in sub-article (b), for the word “Five”, the word “Ten” shall be \r\nsubstituted; \r\n(iii) in sub-article (c), for the words “Twenty-five”, the word “Fifty” \r\nshall be substituted; \r\n(iv) in sub-article (f), for the word “Five”, the word “Ten” shall be \r\nsubstituted. \r\n(30) In Article 49, for sub-article (a), the following shall be substituted:– \r\n“(a) when payable on demand– \r\n(i) when the amount or value does not exceed Rs.250; \r\nFifty paisas \r\n (ii) when the amount or value exceeds Rs.250/- but does \r\nnot exceed Rs.1000; \r\nOne rupee \r\n (iii) when the amount or value exceeds Rs.1000 but does \r\nnot exceed Rs.10,000; \r\nTen rupees \r\n (iv) when the amount or value exceeds Rs.10,000 but does \r\nnot exceed Rs.1,00,000; and \r\nTwenty \r\nrupees \r\n (v) in any other case Fifty \r\nrupees”. \r\n(31) In Article 50, for the word “Four”, the word “Five” shall be substituted. \r\n(32) In Article 51, for the word “Four”, the word “Five” shall be substituted. \r\n(33) In Article 52, for the words “Twenty -five paisas”, the words  “Two \r\nrupees” shall be substituted. \r\n(34) In Article 53– \r\n(i) in sub -article (b), for the word “Forty”, the word “Fifty” shall be \r\nsubstituted; \r\n(ii) for sub-article (c), the following shall be substituted– \r\n“(c) when such amount or value exceeds Rs.2,000 but \r\ndoes not exceed Rs.10,000/- \r\nOne rupee”. \r\n(iii) the following new sub-article (d) shall be added:- \r\n“(d) where such amount exceeds Rs.10,000/- Two rupee”. \r\n(35) In Article 54, in sub -article (b), for the word “Thirty”, the word “Fifty” \r\nshall be substituted. \r\n(36) For Article 55, the following shall be substituted– \r\n“(55) RELEASE, that is to say, any instrument (not \r\nbeing such a release as is provided for by \r\nsection 23 -A) whereby a person renounces a \r\nclaim upon another person or against any \r\nspecified property. \r\nThe same duty as on a \r\nBond (No.15) for such \r\namount of the claim or value \r\nof the property”. \r\n(37) In Article 57, in sub -article (b), for the word “Thirty”, the word “Fifty” \r\nshall be substituted. \r\n(38) In Ar ticle 60, for the words “Twenty five paisas”, the word s “Two \r\nrupees” shall be substituted. \r\n(39) In Article 61, in sub -article (b), for the word “Thirty”, the word “Fifty” \r\nshall be substituted. \r\n(40) In Article 62– \r\n(i) in sub -article (c), in clause (ii), for the word “Thirty”, the word \r\n“Fifty” shall be substituted; and \r\n(ii) in sub-article (d), for the word “Thirty”, the word “Fifty” shall be \r\nsubstituted. \r\n(41) In Article 64, for the word “Thirty” wherever occurring, the word “Fifty” \r\nshall be substituted. \r\n(42) In Article 65, for the word “Two”, the word “Five” shall be substituted. \r\n3. Amendment of W.P. Act I of 1965 .– In the Punjab Finance Act , 1965 (W.P. \r\nAct I of 1965), in Section 12, for sub-section (1), the following shall be substituted:– \r\n“(1) There shall be levied and collected every year a tax on hotels, \r\npayable by the owner or management thereof, at the rate of seven and a half \r\npercent of the daily charges of the lodging units of a hotel actually occupied: \r\nProvided that no tax shall be levied if daily charges for a lodging u nit are less \r\nthan rupees twenty five: \r\nProvided further that a Hotel at a Hill Station shall be charged the tax at half of \r\nthe prescribed rate.”. \r\n4. Amendment of Punjab Ordinance No. XIII of 1978 .– In the Punjab Finance \r\nOrdinance 1978 (XIII of 1978), in the econd Schedule, for the entries ag ainst serial \r\nnumbers 9 and 10, the following shall be substituted:– \r\n“9. Registration fee under Rule 42– \r\n(a) in respect of a motorcycle, scooter or a trailer not having more \r\nthan two wheels and not weighing more than one ton in unladen \r\nweight; \r\nRs.200/- \r\n(b) in respect of invalid car or carriage; Rs.100/- \r\n(c) in respect of a heavy transport vehicle; Rs.1,500/- \r\n(d) in respect of any other vehicle; and Rs.700/- \r\n(e) in respect of temporary registration of any vehicle Rs100/-.”. \r\n10. Fee for transfer of owners hip of a motor vehicle under sub -rule (1) of \r\nRule 47 shall be charged at the following rates:– \r\n(i) a motorcycle, a scooter and an invalid carriage or a trailer not \r\nhaving more than two wheels and not weighing more than one \r\nton in unladen weight; \r\nRs.100/- \r\n(ii) a heavy transport vehicle; and Rs.1,000/- \r\n(iii) any other vehicle Rs.450/-”. \r\n5. Amendment of Act XXI of 1860 .– In the Societies Registration Act , 1860 \r\n(Act XXI of 1860), for Section 3, the following shall be substituted:– \r\n“3. Registration Fee.– Upon such memorandum and certified copy being \r\nfiled, the Registrar shall certify under his hand that the Society is registered \r\nunder this Act. There shall be paid to the Registrar for every such registration \r\nsuch fee as the Provincial Government may direct, an d all fees so paid shall \r\nbe accounted for to the Provincial Government.”",
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