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  "title": "PUNJAB FINANCE ACT 2022",
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  "text": "THE PUNJAB FINANCE ACT 2022 \r\n  (IX of 2022) \r\nCONTENTS \r\n1. Short title, extent and commencement \r\n2. Amendment of Act II of 1899 \r\n3. Amendment of Act XXXII of 1958 \r\n4. Amendment of Act XLII of 2012 \r\n5. Amendment of Act XVII of 2014 \r\n6. Special relaxations for financial year 2022-23 \r\n \r\n \r\n \r\n   \r\n \r\n \r\nTEXT \r\n \r\n1THE PUNJAB FINANCE ACT 2022 \r\n(IX OF 2022) \r\n    [24 June 2022] \r\nAn \r\nAct \r\nto levy, alter and rationalize certain taxes and duties. \r\nIt is necessary in public interest to levy, alter and rationalize certain taxes and duties \r\nin the Punjab; and, to deal with ancillary matters. \r\nBe it enacted by Provincial Assembly of the Punjab as follows: \r\n1. Short title, extent and commencement .- (1) This Act may be cited as the \r\nPunjab Finance Act 2022. \r\n(2)  This Act extends to whole of the Punjab. \r\n(3) This Act shall come into force on the first day of July 2022. \r\n2. Amendment of Act II of 1899 .- In the  Stamp Act, 1899 (II of 1899), in \r\nSCHEDULE I: \r\n(a) in Article 18, in column 3, against clause (a) in column 2, for the word \r\n“One”, the word “Two” shall be substituted; \r\n(b) in Article 23, in column 3: \r\n(i) against clause (a) in column 2, for the word “One”, t he word \r\n“Two” shall be substituted; and \r\n(ii) the existing “ Note” shall be renumbered as “ Note-I”, and the \r\nfollowing “Note-II” shall be added: \r\n“Note-II: The rate of the stamp duty shall be 0.5 percent of the \r\nvalue of a property to be transferred to a Real Estate Investment \r\nTrust ( REIT), and the rate of the stamp duty shall be one \r\npercent of the value of a property which is to be transferred by \r\nREIT to the end users. \r\nExplanation. The term “value” means the real value but not \r\nbelow the one prescribed in valuation table issued under section \r\n27-A of this Act.”; \r\n(c) in Article 27-A, in column 3, against clause (a) in column 2, for the word \r\n“One”, the word “Two” shall be substituted; \r\n(d) in Article 31, in column 3: \r\n(i) against clause (a) in column 2, for the word “One”, the word \r\n“Two” shall be substituted; and \r\n                                                      \r\n1This Act was passed by Provincial Assembly of the Punjab on 24 June 2022; assented to by the Governor of the Punjab on 24 June 2022; \r\nand, was published in the Punjab Gazette (Extraordinary), dated: 24 June 2022, pp. 6339-6345. \r\n \r\n \r\n(ii) against clause (c) in column 2, for the word “One”, the word \r\n“Two” shall be substituted; \r\n(e) in Article 33, in column 3, ag ainst clause (a) in column 2, for the word \r\n“One” occurring twice, the word “Two” shall be substituted; \r\n(f) in Article 55, in column 3:  \r\n(i) against sub -clause (i) of clause (a) in column 2, for the figure \r\n“1”, the figure “2” shall be substituted; and  \r\n(ii) against sub -clause (i) of clause (b) in column 2, for the figure \r\n“1”, the figure “2” shall be substituted. \r\n(g) in Article 63, in column 3, against clause (i) in column 2, for the word, \r\n“One”, the word “Two” shall be substituted; and \r\n(h) in Article 63-A, in column 3, for the word, “One” the word “Two” shall be \r\nsubstituted. \r\n3. Amendment of Act XXXII of 1958.- In the Punjab Motor Vehicles Taxation Act, \r\n1958 (XXXII of 1958): \r\n(a) in section 3, after subsection (3), the following new subsection (4) shall \r\nbe added: \r\n“(4) For the purposes of calculation of the tax in respect of electric \r\nvehicles, 1 kilowatt shall be equal to engine power of 18.77 cc.”; and \r\n(b) in the SCHEDULE, at S.No.4, in column 2, the existing Explanation \r\nshall be omitted. \r\n4. Amendment of Act XLII of 2012 .- In the Punjab Sales Tax on Services Act \r\n2012 (XLII of 2012): \r\n(a) in section 16A, in subsection (1), for the words “payment of the tax \r\namount for a transaction exceeding value of fifty thousand rupees”, the \r\nwords “payment of amounts of one or mor e transactions made to the \r\nsame person in one tax period where the aggregate of such amounts \r\nexceeds fifty thousand rupees including the amount of sales tax but \r\nexcluding any payments made on account of utilities” shall be \r\nsubstituted; \r\n(b) in section 16C, in s ubsection (1), for the word “eighty”, the word \r\n“ninety” shall be substituted;  \r\n(c) in section 24: \r\n(i) in subsection (2), after the words “the assessment relates”, the \r\nwords “for tax periods ending before 1 st of July 2022, and within \r\nfive years from the end of the financial year in which the tax \r\nperiod to which the assessment relates falls for tax periods \r\nending on or after 1st July 2022” shall be inserted; \r\n(ii) for subsection (3), the following shall be substituted: \r\n“(3) An order under subsection (1) shall be m ade within one \r\nyear from the end of the financial year in which the show \r\ncause notice is issued.”; and \r\n \r\n \r\n(iii) in subsection (4), the words “or the time taken through \r\nadjournments by the person” shall be omitted; \r\n(d) in section 27, in subsection (3), for the words “The Authority may, by \r\nnotification in the official Gazette”, the words, “The Commissioner may, \r\nby an order in writing” shall be substituted; \r\n(e) in section 32, in subsection (1), after the words “eight years after the \r\nend of the tax period to which such  record or documents relate”, the \r\nwords “for tax periods before July 2022, and six years from the end of \r\nthe financial year to which such record or documents relate for tax \r\nperiods after 1st July 2022” shall be inserted; \r\n(f) in section 48, in the Table:  \r\n(i) at S.No.3, in column 3, in clause (a), for the full stop at the end, \r\na colon shall be substituted, and thereafter the following proviso \r\nshall be inserted: \r\n“Provided that if the amount of tax or any part thereof is paid \r\nwithin ten days from the due date, the def aulter shall pay a \r\npenalty of five hundred rupees for each day of default.”; \r\n(ii) at S.No.4, in column 3, the following shall be substituted: \r\n“Such person shall be liable to pay a penalty which may range \r\nfrom ten thousand rupees to one hundred thousand rupees o r \r\nfive percent of the total tax payable for the period for which he \r\nhas failed to maintain the required record, whichever is higher.”; \r\n(iii) at S.No.5: \r\n(1) in column 2, for the full stop at the end of the existing \r\nprovision, a colon shall be substituted, and thereaf ter, the \r\nfollowing proviso shall be added: \r\n“Provided that if the record is not produced despite \r\nissuance of three notices, it shall be considered as \r\nsufficient evidence that the person has failed to maintain \r\nthe record.”; and \r\n(2) in column 3, for the existing provision, the following shall \r\nsubstituted: \r\n“Such person shall pay a penalty of twenty five thousand \r\nrupees for the first default and one hundred thousand \r\nrupees for each subsequent default.”; \r\n(iv) at S.No.6, in column 2, in clause (c), for the full stop at the  end, \r\nthe expression “; or” shall be substituted, and thereafter, the \r\nfollowing new clause (d) shall be added: \r\n“(d) fails to pay, recover, or deposit the actual amount of tax, \r\nor claims inadmissible tax credit or adjustment or \r\ndeduction or refund.”; \r\n(v) at S.N o.6, in column 3, for the words “twenty five”, the word \r\n“fifty” shall be substituted; \r\n \r\n \r\n(vi) at S.No.9, in column 3, for the words “twenty five”, the words \r\n“one hundred”, and for the words “ten percent of”, the words \r\n“equal to” shall be substituted; \r\n(vii) at S.No.11, in column 3, for the words “five thousand rupees or \r\nthree per cent of the tax payable for the tax period to which the \r\noffence relates”, the words “ten thousand rupees or five per cent \r\nof the amount of tax involved” shall be substituted;  \r\n(viii) at S.N o.12, in column 3, for the word “three”, the word “five” \r\nshall be substituted;  \r\n(ix) at S.No.18, in column 2, for the words “branches etc. within \r\nfourteen days”, the words “business bank account, changes in \r\ntaxable / economic activity etc. in accordance with th e \r\nrequirements prescribed under this Act and rules made \r\nthereunder within fourteen days of such change” shall be \r\nsubstituted;  \r\n(x) at S.No.18, in column 3, for the existing provision, the following \r\nshall be substituted: \r\n“Such person shall be liable to a penalt y which may range from \r\nfifty thousand rupees to one hundred thousand rupees.”;  \r\n(xi) at S.No.21, in column 3, for the existing provision, the following \r\nshall be substituted:  \r\n“Such person shall be liable to pay a penalty of twenty thousand \r\nrupees on first defau lt and fifty thousand rupees for each \r\nsubsequent default: \r\nProvided that in case of three defaults, the business premises of \r\nsuch person may be liable to sealing for a period which may \r\nextend to one month.”; and \r\n(xii) after S.No.21, the following shall be added: \r\n“22 Where any person \r\nunauthorizedly \r\nissues an invoice in \r\nwhich an amount of \r\ntax is specified. \r\nSuch person shall be liable to \r\npay a penalty of ten thousand \r\nrupees per invoice or five \r\npercent of the amount of tax \r\ninvolved, whichever is higher. \r\n30 \r\n23 Where a  bank fails \r\nto attach, or delays \r\nin attaching the \r\nbank account of a \r\nperson, specified in \r\nthe notice issued by \r\nan officer of the \r\nAuthority, from \r\nwhom tax is sought \r\nto be recovered, or \r\nfails to pay or \r\nSuch bank shall be liable to \r\npay a penalty of one hundred \r\nthousand rupees or one \r\nhundred percent of the tax \r\nsought to be recovered, \r\nwhichever is higher. The \r\nconcerned manager or officer \r\nin-charge of such bank shall \r\nfurther be liable, upon \r\nconviction by a Special Judge, \r\nto imprisonm ent, which may \r\n70 \r\n \r\n \r\ndelays payment of \r\nsuch amount. \r\nextend to one year or with fine, \r\nwhich may extend to an \r\namount equal to the amount of \r\ntax sought to be recovered or \r\nwith both. \r\n24 Where any person \r\nrefuses to receive \r\nany notice or order \r\nissued by an officer \r\nof the Authority. \r\nSuch person shall be liable to \r\npay a penalty of fifty thousand \r\nrupees or one hundred \r\npercent of the tax payable for \r\nthe tax period to which the \r\noffence relates, whichever is \r\nhigher.  \r\n78”\r\n. \r\n(g) in section 52: \r\n(i) in subsection (1), after the words “eight years of the relevant tax \r\nperiod”, the words “for periods before 1 st of July 2022 and within \r\nfive years from the end of the financial year in which the relevant \r\ntax period falls for tax periods after 1 st July 2022,” shall be \r\ninserted; \r\n(ii) in clause (a) of subsection ( 2), after the words “eight years of \r\nrelevant tax period”, the words “for periods before 1 st of July \r\n2022 and within five years from the end of the financial year in \r\nwhich the relevant tax period falls for tax periods after 1 st July \r\n2022,” shall be inserted; \r\n(iii) in clause (b) of subsection (2), for the words “eight years of the \r\nreceipt of such refund”, the words “five years from the end of the \r\nfinancial year in which the refund was received” shall be \r\nsubstituted; \r\n(iv) for subsection (4), the following shall be substituted: \r\n“(4) Any order under subsection (3) shall be made within one year \r\nfrom the end of the financial year in which the show cause \r\nnotice is issued.”; and \r\n(v) in subsection (5), the words “or the time taken through \r\nadjournments by the petitione r not exceeding thirty days” shall \r\nbe omitted; \r\n(h) in the SECOND SCHEDULE: \r\n(i)  at S.No.6, in column 2, the expression “EXCLUDING: internet \r\nservices, whether dialup or broadband including email services, \r\ndata communication network services (DCNS) and value add ed \r\ndata services when the charges do not exceed Rs.1500/ - per \r\nmonth per student” shall be omitted; \r\n(ii) at S.No.22, in column 2, at the end, the following explanation \r\nshall be inserted: \r\n“Explanation: This entry includes and shall be deemed to have \r\nalways included real estate aggregators.”; and \r\n \r\n \r\n(iii) at S.No.69, in column 2, at the end, the following explanation \r\nshall be inserted: \r\n“Explanation: This entry includes and shall be deemed to have always \r\nincluded cab aggregators.”. \r\n5. Amendment of Act XVII of 2014 .- In the Punjab Finance Act 2014 (XVII of \r\n2014), in the FIRST SCHEDULE: \r\n(a) in the third row of the first column, after the words “Headquarters \r\nDistrict”, the expression “(other than Lahore)” shall be inserted; \r\n(b) in the third column, for the heading “ Rate of Tax”, the heading “ Rate of \r\nTax on Residential Houses with completion of construction from \r\n01.01.2001 to 30.06.2022” shall be substituted; and \r\n(c) after the third column, the following new fourth column shall be added: \r\n \r\n“Rate of Tax on Residential Houses with completion of construction from \r\n01.07.2022 \r\n(1) Rs.300,000/- per Kanal subject to a maximum of Rs.2,500,000/- \r\n……………………………… \r\n(2) Rs.400,000/- per Kanal subject to a maximum of Rs.4,000,000/-  \r\n(1) Rs.200,000/- per Kanal subject to a maximum of Rs.1,800,000/- \r\n……………………………… \r\n(2) Rs.300,000/- per Kanal subject to a maximum of Rs.3,500,000/- \r\n(1) Rs.125,000/- per Kanal subject to a maximum of Rs.1,500,000/- \r\n……………………………… \r\n(2) Rs.225,000/- per Kanal subject to a maximum of Rs.2,500,000/-.”. \r\n6. Special relaxations for financial year 2022 -23.- (1) Notwithstanding \r\nanything contained in sections 3 and 12 of the Punjab Urban Immovable Property \r\nTax Act, 1958 (V of 1958), for the financial year 2022-23:  \r\n(a) discount equal to five percent of the tax being paid shall be allowed on \r\npayment of tax through e-payment system;  \r\n(b) The tax shall be paid on yearly basis or half yearly basis as the \r\nassessee may choose on the such later date as the Government may, \r\nby notification, determine; and  \r\n(c) for financial year 2022-23, the tax shall be collected as follows:  \r\n(i) in first quarter with five percent rebate in the amount of annual \r\ntax;  \r\n(ii) in second quarter, the amount of annual tax without any rebate; \r\nand  \r\n(iii) in third and fourth quarters, the amount of annual tax with one \r\npercent surcharge per month on the gross payable tax.  \r\n(2) Notwithstanding anything contained in sections 3 and 9 of the Punjab Motor \r\nVehicle Taxation Act, 1958 (XXXII of 1958), for the financial year 2022-23:  \r\n \r\n \r\n(a) discount equal to five percent of the tax being paid sh all be allowed on \r\npayment of tax through e-payment system; and  \r\n(b) for financial year 2022-23, the tax shall be collected as follows: \r\n(i) in first quarter with ten percent rebate in the amount of annual \r\ntax;  \r\n(ii) in second quarter, the amount of annual t ax without any rebate; \r\nand  \r\n(iii) in third and fourth quarters, the amount of annual tax with such \r\npenalty as may be determined under section 9.  \r\n(3) This section shall remain in force till 30th day of June 2023.",
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