PUNJAB FINANCE ACT, 2004

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THE PUNJAB FINANCE ACT, 2004 
(XIX of 2004) 
CONTENTS 
1. Short title, extent and commencement 
2. Amendment of Act II of 1899 
3. Amendment of Act V of 1958 
4. Amendment of Act X of 1958 
5. Amendment of Act XXXII of 1958 
6. Amendment of Act XIV of 1973 
7. Amendment of Act XV of 1977 
 
 
TEXT 
1
THE PUNJAB FINANCE ACT, 2004 
(XIX of 2004) 
[30th June, 2004] 
An 
Act 
to enhance, reduce and rationalize certain taxes, fees and duties in the Province of 
the Punjab. 
Preamble.– Whereas it is expedient to enhance, reduce and rationalize certain 
taxes, fees and duties in the Province of the Punjab; 
 It is hereby enacted as follows:– 
1. Short title, extent and commencement. – (1) This Act may be called the 
Punjab Finance Act, 2004. 
(2) It shall extend to the whole of the Punjab. 
(3) It shall come into force on the first day of July, 2004. 
2. Amendment of Act II of 1899. – In the S tamp Act, 1899 (II of 1899), in 
Schedule-I, the following amendments shall be made, namely – 
(1) Article 10 shall be deleted; 
(2) in Article 12, the words and brackets “Three rupees for every one 
hundred rupees or part thereof for” shall be substituted by the words 
“Two percent of”; 
(3) in Article 18, the words, brackets and comma “The same duty as on a 
Conveyance (No.23), for a” shall be substituted by the words “Two 
percent of the”; 
(4) in Article 23,– 
(i) in clause (a), the words “four rupees for every o ne hundred 
rupees or part thereof” shall be substituted by the words “Two 
percent”; 
(ii) in clause (b), the words “five rupees for every one hundred 
rupees or part thereof” shall be substituted by the words “Two 
percent”; and 
(iii) in clause (c), the words  “four rupees for every one hundred 
rupees or part thereof” shall be substituted by the words “Two 
percent”; 
(5) in Article 31,– 
                                                           
1This Act was passed by the Punjab Assembly on 28 June 2004; assented to by the Governor of the Punjab on 30 June 2004; 
and, was published in the Punjab Gazette (Extraordinary), dated 30 June 2004, pages 1989-1992. 
(i) in sub-article (a), the words “Two rupees for every one hundred 
rupees or part thereof” shall be substituted by the words “ Two 
percent”; 
(ii) in sub-article (b), the words “Five rupees for every one hundred 
rupees or part thereof” shall be substituted by the words “Two 
percent”; and 
(iii) in sub-article (c), the words “Four rupees for every one hundred 
rupees or part thereof” shall be substituted by the words “Two 
percent”; 
(6) in Article 32,– 
(i) in sub-article (a), the words and brackets “The same duty as on a 
Conveyance (No.23) for a” shall be substituted by the words “Two 
percent of the”; and 
(ii) in sub-article (b),– 
(a) in clause (i), the words and brackets “The same duty as 
on a Conveyance (No.23) for a” shall be substituted by 
the words “Two percent of the”; and 
(b) in clause (ii), the words and brackets “The same duty as 
on a Bond (No.15) for” shall be substituted by th e words 
“Two percent of”; 
(7) in Article 33, for sub -articles (a), (b) and (c), the following shall be 
substituted:- 
“(a) when executed in 
respect of agricultural 
land in rural areas;  
Two percent of the value of the land 
as set forth in such instrument. 
(b) when executed in 
respect of immovable 
property or agricultural 
land in an urban area as 
defined under 
Explanation-I in Article 
23; 
Two percent of the value of the 
property or land as notified by 
the District Collector. 
(c) other property;  Two percent  of the value of the 
property.”; 
(8) in Article 35,– 
(i) in sub-article (a),– 
(a) in clauses (i) and (ii), the words and brackets “The same 
duty as on a Bond (No.15) for” shall be substituted by the 
words “Two percent of”; and 
(b) in clauses (iii) to (v),  the words and brackets “The same 
duty as is leviable on a Debenture [No.27 (b)] for a” shall 
be substituted by the words “Two percent of the”; 
(ii) in sub-article (b), in clauses (i) and (ii), the words and brackets 
“The same duty as is leviable on a Conv eyance (No.23) for a”, 
shall be substituted by the words “Two percent of the”; and 
(iii) in sub-article (c), in clauses (i) and (ii), the words and brackets 
“The same duty as is leviable on a Conveyance (No.23) for a”, 
shall be substituted by the words “Tw o percent of the”, and the 
words “four rupees” occurring after the word “exceed” at the end 
shall be substituted by the words “one hundred rupees”; 
(9) Article 39 shall be deleted; 
(10) in Article 40,– 
(i) in sub-article (a), the words and brackets “The same duty as on a 
Conveyance (No.23) for a” shall be substituted by the words “Two 
percent of the”; and 
(ii) in sub-article (b), the words and brackets “The same duty as on 
a Bond (No.15) for” shall be substituted by the words “Two 
percent of”; 
(11) in Article 45,– 
(i) for the words “Three rupees for every one hundred rupees or 
part thereof for”, the words “Two percent of” shall be substituted; 
and 
(ii) in clauses (a) and (c) of the proviso, for the words “four rupees” 
occurring at the end shall be substitute d by the words “one 
hundred rupees”; 
(12) in Article 48, in sub-article (b), the words and brackets “The same duty as 
is leviable on a Conveyance (No.23) for” shall be substituted by the words 
“Two percent of”; 
(13) in Article 55, the words “Four rupees fo r every one hundred rupees or 
part thereof for” shall be substituted by the words “Two percent of”;  
(14) in Article 58,– 
  (i) in sub-article A,– 
(a) in clause (i), the words “Two rupees for every one 
hundred rupees or part thereof” shall be substituted b y 
the words “Two percent”; 
(b) in clause (ii), the words and brackets “The same duty as 
on a Bond (No.15) for a” shall be substituted by the words 
“Two percent of the”; and 
(c) in clause (iii), the words “The same duty as is leviable on a 
Conveyance (No.23) for a” shall be substituted by the words 
“Two percent of the”; and in the first proviso, after the word 
“exceed” and before the colon at the end, the words “four 
rupees” shall be substituted by the words “one hundred 
rupees”; and 
(ii) in sub -article B, t he words and brackets “The same duty as is 
leviable on a Conveyance (No.23) for a” shall be substituted by 
the words “Two percent of the” and the words “fifty rupees” shall 
be substituted by the words “one hundred rupees”; and 
(15) In Article 63, the words  and brackets “The same duty as is leviable on 
Conveyance (No.23) for a” shall be substituted by the words “Two 
percent of the”. 
3. Amendment of Act V of 1958. – In the Punjab Urban Immovable Property 
Tax Act, 1958 (V of 1958), in section 4,– 
(i) the existing clause (i) shall be re-lettered as clause (h); and 
(ii) after clause (h), so re -lettered, the following new clause (i) shall be 
added:- 
“(i) one residential house, measuring an area upto five marlas, used 
for residential purpose and situated in localiti es assessed to 
categories D to G of valuation tables notified under section 5 -A 
of this Act.” 
4. Amendment of Act X of 1958.– In the Punjab Entertainments Duty Act, 1958 
(X of 1958),– 
(i) in section 3, in sub -section (1), in the second proviso, after the w ord 
“Provided”, the word “further” shall be inserted; and 
(ii) in section 3 -A, in the table, after serial No.2, the following provision 
shall be added in column Nos. 1 to 3 respectively:- 
“3. Circus  thirty percent of the payment for admission; provided that 
the Government may, by notification, require the proprietor of 
the circus to pay the duty on annual fixation basis, on such 
terms and conditions as may be determined by the 
Government.”. 
5. Amendment of Act XXXII of 1958. – In the Punjab Motor Vehicles T axation 
Act, 1958 (XXXII of 1958), in the Schedule, in serial number 1, in clauses (a), (b) and 
(c), for the figures “1000/ -”, “1000/-” and “1200/ -”, the figures “1200/ -”, “1200/-” and 
“1500/-” shall respectively be substituted. 
6. Amendment of Act XIV of 1973.– In the Punjab Finance Act, 1973 (XIV of 
1973), in the Second Schedule,– 
(i) in serial number 1, in column 3, for the figures “150” in sub-serial (iv), “150” 
in sub-serial (vii) and “200” in sub-serial (viii), the figures “160”, “160” and 
“210” shall respectively be substituted; 
(ii) in serial number 6, in column 3, for the figure “100.00”, the figure 
“500.00” shall be substituted; 
(iii) in serial number 7, in sub -serial number (a), in column 3, for the figure 
“200.00”, the figure “1000.00” shall be substituted; 
(iv) in serial number 8, in sub -serial number (a), in column 3, for the figure 
“200.00”, the figure “1000.00” shall be substituted; 
(v) in serial number 10,– 
(a) in clause (a), in column 3, the figure “100.00” shall be 
substituted by the figure “150.00”; and 
(b) clause (c) shall be substituted by the following:- 
“(c) Any other vehicle–  
 (i) with engine capacity upto 1000cc Rs. 1,200.00 
 (ii) with engine capacity exceeding 1000cc 
but not exceeding 1800cc 
Rs. 2,000.00 
 (iii) with engine capacity exceeding 1800cc Rs. 3,000.00”; 
(vi) for serial number 12 and the entries against it, the following shall be 
substituted:- 
“12. Fee for endorsement of Hire Purchase Agreement of a vehicle 
under sub-rule (6) of rule 46 shall be charged at the following 
rates– 
(a) a motorcycle, a scooter and an invalid carriage or a 
trailer not having more than two wheels and not 
weighing more than one ton in unladen weight; 
Rs.150.00 
(b) a heavy transport vehicle; Rs.4,000.00 
(c) any other vehicle–  
 (i) with engine capacity upto 1000cc Rs.1,200.00 
 (ii) with engine capacity exceeding 1000cc but 
not exceeding 1800cc 
Rs.2,000.00 
 (iii) with engine capacity exceeding 1800cc Rs.3,000.00”; 
(vii) after serial number 12, the following new serial number 13 shall be 
added:- 
“13. Fee for assignment of fresh registration mark to a vehicle under 
section 30 of the Provincial Motor Vehicles Ordinance, 1965 and 
under sub -rule (1) of rule 48 shall be charged at the following 
rates– 
(a) a motorcycle, a scooter and an invalid carriage or a 
trailer not having more than two wheels and not 
weighing more than one ton in unladen weight; 
Rs.150.00 
(b) a heavy transport vehicle; Rs.4,000.00 
(c) any other vehicle-  
 (i) with engine capacity upto 1000cc Rs.1,200.00 
 (ii) with engine capaci ty exceeding 1000cc but 
not exceeding 1800cc 
Rs.2,000.00 
 (iii) with engine capacity exceeding 1800cc Rs.3,000.00. 
and” 
(viii) after serial number 13, the following new serial number 14 shall be 
added:- 
14. Fee for alteration in a motor vehicle under sub -rule (2) of rule 49 
shall be charged at the following rates:- 
(i) transport vehicles Rs. 3000.00 
(ii) other vehicles Rs. 1500.00.”. 
7. Amendment of Act XV of 1977. – In the Punjab Finance Act, 1977 (XV of 
1977), in the Second Schedule,– 
(i) in serial number 5,– 
(a) the existing sub-serial numbers (i), (ii) and (iii) shall respectively 
be renumbered as (ii), (iii) and (iv); 
(b) before sub-serial number (ii), so renumbered, the following new 
sub-serial number (i) shall be inserted:- 
“(i) not exceeding rupees 1 million 500/-;”; 
(ii) in serial number 6,– 
(a) for sub -serial numbers (i) and (ii) and the entries in column 3, 
the following shall be substituted:- 
“(i) Medical consultants or specialists/  dental surgeons
 1,000/- 
(ii) Registered medical practitioners
 1,000/-.”; and 
(b) after clause (x), a new clause (xi) shall be added, namely:- 
“(xi) Tobacco vendors –wholesalers
 2,000/-.”.