This Act may be called the Finance (No. 2) Act, 1957.

(1) Subject to the provisions of sub-sections (2), (3), (4) and (5) for the year beginning on the 1st day of April, 1957,

(a) income-tax shall be charged at the rates specified in Part I of the First Schedule, and, in the cases to which Paragraphs A, B and C of that Part apply, shall be increased by a surcharge for purposes of the Union and a special surcharge on unearned income, calculated in either case in the manner provided therein; and

(b) super-tax shall, for the purposes of Section 55 of the Indian Income-tax Act, 1922 (11 of 1922) (hereinafter referred to as the Income-tax Act), be charged at the rates specified in Part II of the First Schedule, and, in the cases to which Paragraphs A, B and C of that Part apply, shall be increased by a surcharge for purposes of the Union and a special surcharge on unearned income, calculated in either case in the manner provided therein.

(2) In making any assessment for the year ending on the 31st day of March, 1958, there shall be deducted from the total income of an assessee, in respect of the earned income, if any, chargeable under the head Salaries included therein,

(a) an amount equal to one-fifth of such earned income, but not exceeding in any case four thousand rupees, or

(b) the amount, if any, arrived at after deducting from four thousand rupees one-fifth of the amount by which the aggregate of all earned incomes included in the total income under whatever head they are chargeable exceeds twenty-five thousand rupees,

whichever is less.

(3) In making any assessment for the year ending on the 31st day of March, 1958,

(a) where the total income of an assessee, not being a company, includes any income chargeable under the head Salaries as reduced by the deduction for earned income appropriate thereto, or any income chargeable under the head Interest on Securities , or any income from dividends in respect of which by virtue of Section 49-B of the Income-tax Act he is deemed himself to have paid the income-tax imposed under that Act, the income-tax payable by the assessee on that part of his total income which consists of such inclusions shall be an amount bearing to the total amount of income-tax payable according to the rates applicable under the operation of the Finance Act, 1956 (18 of 1956), on his total income the same proportion as the amount of such inclusions bears to his total income;

(b) where the total income of an assessee, not being a company, includes any income chargeable under the head Salaries on which super-tax has been or might have been deducted under the provisions of sub-section (2) of Section 18 of the Income-tax Act, the super-tax payable by the assessee on that portion of his total income which consists of such inclusion shall be an amount bearing to the total amount of super-tax payable according to the rates applicable under the operation of the Finance Act, 1956 (18 of 1956), on his total income the same proportion as the amount of such inclusion bears to his total income.

(4) In making any assessment for the year ending on the 31st day of March, 1958, where the total income of a company includes any profits and gains from life insurance business, the super-tax otherwise payable by the company on the whole of such total income shall be reduced by an amount which bears to that super-tax the same proportion as the amount of such inclusion bears to its total income, or

by an amount computed at the rate of

(i) twelve per cent. in the case of a mutual insurance company as defined in Section 95 of the Insurance Act, 1938 (4 of 1938); and

(ii) nine per cent. in the case of any other company, on the amount of such inclusion,

whichever is less.

(5) In case to which Section 17 of the Income-tax Act applies, the tax chargeable shall be determined as provided in that section, and with reference to the rates imposed by sub-section (1), and in accordance with the provisions of sub-sections (2), (3) and (4) of this section, wherever applicable.

(6) For the purposes of this section and of the rates of tax imposed thereby, the expression total income means total income as determined for the purposes of income-tax or super-tax, as the case may be, in accordance with the provisions of the Income-tax Act, and the expression earned income has the meaning assigned to it in clause (6-AA) of Section 2 of that Act.

In Section 4 of the Income-tax Act, in sub-section (3),

(i) in clause (xvii), the figures and words 3 per cent. shall be omitted;

(ii) in clause (xvii-a), the figures and words 10 year shall be omitted; and

(iii) after clause (xvii-a), the following clause shall be inserted, namely:

(xvii-b) Interest payable

(i) by Government or a local authority on moneys borrowed by it from sources outside India from any person not resident in India or from any institution established outside India;

(ii) by an industrial undertaking in India on moneys borrowed by it under a loan agreement entered into with any such financial institution in a foreign country as may be approved in this behalf by the Central Government by general or special order;

(iii) by an industrial undertaking in India on any moneys borrowed or debt incurred by it in a foreign country in respect of the purchase outside India of capital plant and machinery in any case where the loan or debt is approved by the Central Government, having regard to its terms generally and in particular, to the terms of its repayment. .

In Section 10 of the Income-tax Act, for sub-sections (2-B) and (2-C), the following sub-sections shall be substituted, namely:

(2-B) Notwithstanding anything contained in sub-section (2), no allowance under clause (vi), clause (vi-a), clause (vi-b) or clause (vii) of that sub-section shall be made in computing under this section the profits or gains of a company for any previous year unless the company deposits or has deposited with the Central Government within six months from the end of the said previous year or before the thirtieth day of June of the assessment year relevant to such previous year, whichever is later

(i) such percentage, if any (not exceeding twenty-five in any case) as may be notified by the Central Government, of the accumulated profits and reserves of the company as at the end of the year preceding the previous year, to the extend to which such profits and reserves are not represented by the fixed assets of the company; and

(ii) such percentage, if any (not exceeding seventy-five in any case) as may be notified by the Central Government, of the amount by which the aggregate of the following amounts, namely:

(a) the total income of the company for the previous year, as reduced by the amount of income-tax and super-tax payable in respect thereof (the total income and tax being computed by the assessee for this purpose) and by the dividends, if any, declared or deemed to be declared in India, during the previous year; and

(b) the sum of the allowances claimed by the company under the clauses aforesaid;

exceeds the sum of rupees one lakh:

Provided that where the total income computed by the Income-tax Officer under this Act exceeds the total income as computed by the company under clause (ii), the company shall be deemed not to have made any deposit under that clause unless it deposits with the Central Government such further amount as may be prescribed having regard to the excess, together with interest thereon at the prescribed rate and within the prescribed time:

Provided further that the Central Government may, by notification in the Official Gazette, direct that for any assessment year the provisions of this sub-section shall have effect as if for the period of six months and the date the thirtieth day of June referred to therein the period or date specified in the notification had been substituted.

Explanation. The power to fix percentages under this sub-section includes a power to fix different percentages in relation to different classes of companies.

(2-C) The Central Government may make rules,

(a) providing for the manner in which the deposits referred to in sub-section (2-B) may be computed or made;

(b) providing for the manner in which and the extent to which any amounts declared as dividends by a company incorporated outside India or by a company not resident in India or, by a company any portion of whose profits and gains is not included in its total income by reason of any of the provisions of this Act may be deemed to have been declared as dividends in India;

(c) providing for the time when, and the manner in which, refunds of any deposit made under sub-section (2-B) shall be made, whether with or without interest, and, in particular, the refund at any time of any such deposit or any part thereof where the refund is claimed for carrying out any such purpose connected with the business of the company as may be approved by the Central Government;

(d) prescribing the circumstances in which, and the conditions subject to which, a deposit need not be made under sub-section (2-B);

(e) providing for the procedure to be followed in respect of any of the matters specified in the preceding clauses, and the constitution of a Board of Referees for any of the purposes aforesaid. .

In Section 15 of the Income-tax Act, in sub-section (3),

(i) for the words, brackets and figures sub-section (1) of Section 58-F , the words and figures Section 58-F shall be substituted; and

(ii) for the word one-fifth in both the places where it occurs, the word one-fourth shall be substituted.

In Section 17 of the Income-tax Act, in clause (b) of sub-section (1), for the words three annas in the rupee , the words nineteen per cent. shall be substituted.

In Section 23-A of the Income-tax Act,

(i) for sub-sections (1) and (2), the following sub-sections shall be substituted, namely:

(1) Where the Income-tax Officer is satisfied that in respect of any previous year the profits and gains distributed as dividends by any company within the twelve months immediately following the expiry of that previous year are less than the statutory percentage of the total income of the company of that previous year as reduced by

(a) the amount of income-tax and super-tax payable by the company in respect of its total income, but excluding the amount of any super-tax payable under this section;

(b) the amount of any other tax levied under any law for the time being in force on the company by the Government or by a local authority in excess of the amount, if any, which has been allowed in computing the total income; and

(c) in the case of a banking company, the amount actually transferred to a reserve fund under Section 17 of the Banking Companies Act, 1949 (10 of 1949);

the Income-tax Officer shall, unless he is satisfied that, having regard to the losses incurred by the company in earlier years or to the smallness of the profits made in the previous year, the payment of a dividend or a larger dividend than that declared would be unreasonable, make an order in writing that the company shall, apart from the sum determined as payable by it on the basis of the assessment under Section 23, be liable to pay super-tax at the rate of fifty per cent. in the case of a company whose business consists wholly or mainly in the dealing in or holding of investments, and at the rate of thirty-seven per cent. in the case of any other company on the undistributed balance of the total income of the previous year, that is to say, on the total income as reduced by the amounts, if any, referred to in clause (a), clause (b) or clause (c) and the dividends actually distributed, if any.

(2) No order under sub-section (1) shall be made,

(i) in the case of a company whose business consists wholly or mainly in the dealing in or holding of investments which has distributed not less than ninety per cent. of its total income as reduced by the amounts, if any, referred to in clause (a), clause (b) or clause (c) of sub-section (1); or

(ii) in the case of any other company whose distribution falls short of the statutory percentage by not more than five per cent. of its total income as reduced by the amounts, if any, aforesaid; or

(iii) in any case where according to the return made by a company under Section 22 it has distributed not less than the statutory percentage of its total income as reduced by the amounts, if any, aforesaid, but in the assessment made by the Income-tax Officer under Section 23 a higher total income is arrived at and the difference in the total income does not arise out of the application of the proviso to Section 13 or sub-section (4) of Section 23 or the omission by the company to disclose its income fully and truly;

unless the company, on receipt of a notice from the Income-tax Officer that he proposes to make such an order, fails to make within three months of the receipt of such notice a further distribution of its profits and gains so that the total distribution made is not less than the statutory percentage of the total income of the company as reduced by the amounts, if any, aforesaid. ;

(ii) sub-sections (3), (4), (5), (6) and (7) shall be omitted;

(iii) in sub-section (8), the words Except in cases where a decision is given by the Commissioner of Income-tax under sub-section (3) or the Board of Referees under sub-section (4) shall be omitted;

(iv) the Explanation to Section 23-A shall be re-numbered as Explanation 1, and in the Explanation as so re-numbered, in clause (b),

(a) in sub-clause (i), for the words held by the public , the words held by the Government or a corporation established by a Central, State or Provincial Act or the public shall be substituted;

(b) in sub-clause (iii), for the brackets and words (persons who are related to one another as husband, wife, lineal ascendant or descendant, brother or sister, as the case may be, being treated as a single person and persons who are nominees of another person together with that other person being likewise treated as a single person) the following shall be substituted, namely:

and in computing the number of six persons aforesaid, the Government or any corporation established by a Central, State or Provincial Act or a company to which the provisions of this section do not apply shall not be taken into account, and persons who are relatives of one another and persons who are nominees of any other person together with that other person shall be treated as a single person, the expression relative in this context meaning husband, wife, lineal ascendant or descendant, brother or sister; ;

(c) for the word, brackets and figure sub-section (4) in both the places where they occur, the words, brackets and figures clause (ii) of Explanation 2 shall be substituted;

(v) after the Explanation as so re-numbered, the following Explanation shall be inserted, namely:

Explanation 2. For the purposes of this section, statutory percentage means,

the said percentages being applied separately with reference to the amounts of profits and gains attributable to the two parts of the company's business aforesaid as if the said amounts were respectively the total income of the company in relation to each of its parts, the amount of dividends and taxes also being similarly apportioned, for the purposes of sub-section (1);

(iv) in the case of any other company not referred to in the preceding clauses,

(a) where the accumulated profits and reserves (including the amounts capitalised from the earlier reserves) representing accumulations of past profits which have not been the subject of an order under sub-section (1) exceed either the aggregate of

(b) where sub-clause (a) does not apply. .60% .

In Section 24 of the Income-tax Act,

(a) in clause (iii) of sub-section (2), after the words following year and so on , the words but no loss shall be so carried forward for more than eight years shall be inserted;

(b) in sub-section (2-B), after the words to the following year and so on , the words so however that no such loss shall be carried forward for more than eight years shall be inserted.

For Section 58-E of the Income-tax Act, the following section shall be substituted, namely:

58-E. Annual contributions of employers and interest when deemed to be income received. That portion of the annual accretion in any year to the balance at the credit of an employee participating in a recognised provident fund as consists of

(a) contributions made by the employer in excess of ten per cent. of the salary of the employee, and

(b) interest credited on the balance to the credit of the employee in so far as it exceeds one-third of the salary of the employee or is allowed at a rate exceeding the rate fixed by the Central Government in this behalf by notification in the Official Gazette,

shall be deemed to have been received by him in that year and shall be included in his total income for that year, and shall be liable to income-tax and super-tax. .

For Section 58-F of the Income-tax Act, the following section shall be substituted, namely:

58-F. Exemption of employees' contributions from income-tax. An employee shall not be liable to pay income-tax on his own contributions to his individual account in a recognised provident fund in so far as the aggregate of such contributions if any year does not exceed one-fifth of his salary in that year or eight thousand rupees, whichever is less. .

(1) The amendments to the Income-tax Act made by Sections 3, 9 and 10 shall, for the purposes of making any deduction of income-tax under sub-section (2) or sub-section (2-B) of Section 18 of the Income-tax Act, have effect on and from the first day of April, 1957, and for other purposes shall have effect on and from the first day of April, 1958.

(2) Save as otherwise provided in sub-section (1), the provisions of Section 2 and the amendments to the Income-tax Act made by Sections 3 to 10 inclusive shall be deemed to have come into force on the first day of April, 1957.

(3) Where any assessment for the year ending on the thirty-first day of March, 1958, has been completed or a notice of demand has been issued before the commencement of this Act, the Income-tax Officer shall, wherever necessary, revise the assessment or issue a revised notice of demand, as the case may be, conformably to the provisions of this Act.

(4) For the removal of doubts, it is hereby declared that the provisions of Section 23-A of the Income-tax Act, as in force immediately before the 1st day of April, 1957, shall continue to apply to a company in respect of its profits and gains of a previous year relevant to any assessment year prior to the assessment year ending on the 31st day of March, 1958.

(1) The Indian Tariff Act, 1934 (hereinafter referred to as the Tariff Act), shall be amended in the manner specified in Parts I, II, III and IV of the Second Schedule.

(2) In the First Schedule to the Tariff Act, the following Explanation shall be inserted at the end, namely:

Explanation. References in this Schedule to the excise duty for the time being leviable on like articles if produced or manufactured in India shall be construed as references to the excise duty for the time being in force which would be leviable on like articles if produced or manufactured in India or, if like articles are not so produced or manufactured, which would be leviable on the class or description of articles to which the imported articles belong. .

In the First Schedule to the Central Excises and Salt Act, 1944,

(a) in Item No. 2, for sub-items (1), (2), (3) and (4), the following shall be substituted, namely:

(b) In Item No. 4, for the entry in the third column, the entry One rupee and twenty-five naye paise per imperial gallon. shall be substituted;

(c) in Item No. 7, for the entry in the third column, the entry Forty rupees per ton. shall be substituted;

(d) in Item No. 8, in sub-item (1), for the entry in the third column, the entry Eleven rupees and twenty-five naye paise per cwt. shall be substituted;

(e) in Item No. 9,

(i) in sub-item I (4), for the entry in the third column, the entry Seventy-five naye paise per 1b. shall be substituted;

(ii) for sub-items I(5) and I(6), the following sub-items shall be substituted, namely:

(f) in Item No. 15, for the entry in the third column, the entry Twenty rupees per ton. shall be substituted;

(g) for Item No. 21, the following Item shall be substituted, namely:

(h) in Item No. 23, for the entry in the third column, the entry One hundred and twelve rupees per ton. shall be substituted;

(i) in Item No. 24, for the entry in the third column, the entry Forty naye paise per imperial gallon. shall be substituted;

(j) in Item No. 25, in sub-item (a), for the entry in the third column, the entry Forty rupees per ton. shall be substituted;

The First Schedule to the Indian Post Office Act, 1898, shall be amended as follows, namely:

(i) for the heading Letters and the entries thereunder, the following headings and entries shall be substituted, namely:

(ii) in column 2 of the entries under the heading Book, Pattern and Sample Packets, for the figure and words 6 naye paise the figure and words 8 naye paise shall be substituted.

(1) Sections 31 and 37 of, and the Third and Fourth Schedules to, the Finance Act, 1956 (18 of 1956), and Section 5 of the Finance Act, 1957 (5 of 1957), are hereby repealed.

(2) Section 8 of the Finance (No. 3) Act, 1956, (77 of 1956) and Section 2 of the Finance Act, 1957 (5 of 1957) are hereby repealed and shall be deemed never to have been enacted.

Notwithstanding anything contained in the Provisional Collection of Taxes Act, 1931, no refund shall be made of any duties of excise or customs collected before the commencement of this Act by virtue of a declared provision within the meaning of that Act contained in the Finance (No. 2) Bill, 1957.

(See Section 2)

PART I

(i) In the case of every individual who is married and every Hindu undivided family whose total income does not exceed Rs. 22,000 in either case.

(ii) In the case of every individual who is not married and every individual or Hindu undivided family whose total income in either case exceeds Rs. 20,000 and in the case of every unregistered firm or other association of persons, not being a case to which Paragraph B or Paragraph C or Paragraph D of this Part applies:

Provided that for the purposes of this Paragraph

(i) no income-tax shall be payable on a total income which does not exceed the limit specified below;

(ii) the income-tax payable shall in no case exceed half the amount by which the total income exceeds the said limit;

(iii) the income-tax payable by an individual who is married or a Hindu undivided family whose total income exceeds in either case Rs. 20,000 shall not exceed the aggregate of

(a) the income-tax which would have been payable if the total income had been Rs. 20,000;

(b) half the amount by which the total income exceeds Rs. 20,000

The limit aforesaid shall be

(i) Rs. 6,000 in the case of every Hindu undivided family which as at the end of the previous year satisfies either of the following conditions, namely:

(a) that it has at least two members entitled to claim partition who are not less than eighteen years of age; or

(b) that it has at least two members entitled to claim partition who are not lineally descended one from the other and who are not lineally descended from any other living member of the family;

(ii) Rs. 3,000 in every other case.

Surcharge on Income-tax.

The amount of income-tax computed at the rates hereinbefore specified shall be increased by the aggregate of the surcharges calculated as under:

(a) A surcharge for purposes of the Union equal to the sum of

(i) five per cent. of the amount of income-tax; and

(ii) where the earned income included in the total income exceeds Rs. 1,00,000, five per cent. of the difference between the amount of income-tax which would have been payable on the whole of the earned income included in the total income if such earned income had been the total income and the amount of income-tax payable on a total income of Rs. 1,00,000;

(b) A special surcharge on unearned income at fifteen per cent. of the difference between the amount of income-tax on the total income and the amount of income-tax on the whole of the earned income, if any, included in the total income of such earned income had been the total income:

Provided that

(i) no surcharge for purposes of the Union shall be payable where the total income does not exceed the limit specified below;

(ii) no special surcharge on unearned income shall be payable in the case of an assessee whose total income does not include any income from dividend on ordinary shares if his total income does not exceed the limit specified below, and where the total income includes any dividends on ordinary shares, such limit shall be increased by Rs. 1,500 or the amount of the said dividends, whichever is less:

Provided further that

(a) where the total income includes any dividends on ordinary shares, the surcharge for purposes of the Union and the special surcharge on unearned income shall not in each case exceed half the amount by which the total income exceeds the respective limits applicable in either case;

(b) the surcharge for purposes of the Union and the special surcharge on unearned income, both together, shall not exceed half the amount by which the total income exceeds the limit specified below;

The limit aforesaid shall be

(i) Rs. 15,000 in the case of every Hindu undivided family which satisfies as at the end of the previous year either of the following conditions, namely:

(a) that it has at least two members entitled to claim partition who are not less than eighteen years of age; or

(b) that it has at least two members entitled to claim partition who are not lineally descended one from the other and who are not lineally descended from any other living member of the family;

(ii) Rs. 7,500 in every other case.

Explanation. For the purposes of this Paragraph, in the case of every Hindu undivided family governed by the Mitakshara law, a son shall be deemed to be entitled to claim partition of the coparcenary property against his father, or grand-father notwithstanding any custom to the contrary.

In the case of every company and local authority,

On the whole of the total income 30%

The amount of income-tax computed at the rate hereinbefore specified shall be increased by a surcharge of 5 per cent. thereon.

(1) In every case in which under the provisions of the Income-tax Act, income-tax is to be charged at the maximum rate,

On the whole of the total income 25%

The amount of income-tax computed at the rate hereinbefore specified shall be increased by a surcharge of 20 per cent. thereon.

(2) In every case in which under the provisions of the Income-tax Act, income-tax is to be deducted at the maximum rate, deduction shall be made from the whole income which is to be subjected to such deduction at the following rates, namely:

In the case of every registered firm,

(1)On the first Rs. 40,000 of the total income. . .Nil

(2)On the next Rs. 35,000 of total income. . .5%

(3)On the next Rs. 75,000 of total income. . .6%

(4)On the balance of total income. . .9%

PART II

In the case of every individual, Hindu undivided family, unregistered firm and other association of persons, not being a case to which any other paragraph of this Part applies,

(1)On the first Rs. 20,000 of total income. . .Nil

(2)On the next Rs. 5,000 of total income. . .5%

(3)On the next Rs. 5,000 of total income. . .15%

(4)On the next Rs. 10,000 of total income. . .20%

(5)On the next Rs. 10,000 of total income. . .30%

(6)On the next Rs. 10,000 of total income. . .35%

(7)On the next Rs. 10,000 of total income. . .40%

(8)On the balance of total income. . .45%

The amount of super-tax computed at the rates hereinbefore specified shall be increased by the aggregate of the surcharges calculated as under:

(a) A sur-charge for purposes of the Union equal to the sum of,

(i) five per cent., of the amount of super-tax; and

(ii) where the earned income included in the total income exceeds Rs. 1,00,000, five per cent. of the difference between the amount of super-tax which would have been payable on the whole of the earned income included in the total income, if such earned income had been the total income and the amount of super-tax payable on a total income of Rs. 1,00,000;

(b) A special surcharge on unearned income at fifteen per cent. of the difference between the amount of super-tax on the total income and the amount of super-tax on the whole of the earned income, if any, included in the total income, if such earned income has been the total income.

In the case of every local authority,

On the whole of the total income. .16%

The amount of super-tax computed at the rate hereinbefore specified shall be increased by a surcharge of 12 thereon.

In the case of every association of persons being a co-operative society as defined in clause (5-B) of Section 2 of the Income-tax Act,

(1)On the first Rs. 25,000 of total income. . .Nil

(2)On the balance of total income. . .16%

The amount of super-tax computed at the rates hereinbefore specified shall be increased by a surcharge of 12 % thereon.

In the case of every company,

On the whole of the total income 50%

Provided that,

(i) a rebate at the rate of 40 per cent. on so much of the total income as consists of dividends from a subsidiary Indian company and a rebate at the rate of 35 per cent. on the balance of the total income shall be allowed in the case of any company which

(a) in respect of its profits liable to tax under the Income-tax Act for the year ending on the 31st day of March, 1958, has made the prescribed arrangements for the declaration and payment within India of the dividends payable out of such profits and for the deduction of super-tax from dividends in accordance with the provisions of sub-section (3-D) of Section 18 of that Act; and

(b) is such a company as is referred to in sub-section (9) of Section 23-A of the Income-tax Act with a total income not exceeding Rs. 25,000;

(ii) a rebate at the rate of 40 per cent. on so much of the total income as consists of dividends from a subsidiary Indian company and a rebate at the rate of 30% on the balance of the total income shall be allowed in the case of any company which satisfies condition (a) but not condition (b) of the preceding clause;

(iii) a rebate at the rate of 40% on so much of the total income as consists of dividends from a subsidiary Indian company and a rebate at the rate of 20% on the balance of the total income shall be allowed in the case of any company not entitled to a rebate under either of the preceding clauses:

Provided further that,

(i) the amount of the rebate under clause (i) or clause (ii) shall be reduced by the sum, if any, equal to the amount or the aggregate of the amounts, as the case may be, computed as hereunder:

(ii) where the sum arrived at in accordance with clause (i) of this proviso exceeds the amount of the rebate arrived at in accordance with clause (i) or clause (ii), as the case may be, of the preceding proviso, only so much of the amounts of reduction mentioned in sub-clauses (a), (b) and (c) of clause (i) of this proviso as is sufficient, in that order, to reduce the rebate to nil shall be deemed to have been taken into account for the purpose.

Provided further that the super-tax payable by a company, the total income of which exceeds rupees twenty-five thousand shall not exceed the aggregate of

(a) the super-tax which would have been payable by the company if its total income had been rupees twenty-five thousand, and

(b) half the amount by which its total income exceeds rupees twenty-five thousand.

Explanation. For the purposes of this paragraph

(i) the expression paid-up capital means the paid-up capital (other than capital entitled to a dividend at a fixed rate) of the company as on the first day of the previous year relevant to the assessment for the year ending on the 31st day of March, 1958, increased by any premiums received in cash by the company on the issue of its shares, standing to the credit of the share premium account as on the first day of the previous year aforesaid;

(ii) the expression dividend shall be deemed to include any distribution included in the expression dividend as defined in clause (6-A) of Section 2 of the Income-tax Act;

(iii) where any portion of the profits and gains of the company is not included in its total income by reason of such portion being exempt from tax under any provision of the Income-tax Act, the paid-up capital of the company, the amount distributed as dividends (not being dividends payable at a fixed rate), the amount representing the face value of any bonus shares and the amount of any bonus issued to the share-holders shall each be deemed to be such proportion thereof as the total income of the company for the previous year bears to its total profits and gains for that year other than capital receipts, reduced by such allowances as may be admissible under the Income-tax Act which have not been taken into account by the company in its profit and loss account for that year.

(See Section 12)

PART I

In the First Schedule to the Tariff Act,

(i) in Items Nos. 3, 3(4), 4, 5(1), 11, 11(2), 11(4), 11(5), 12, 15, 15(1), 15(2), 15(4), 15(8), 16(2), 21(2), 23, 25(7), 27(2), 28(5), 28(6)(a), 28(6)(b), 28(7), 28(8), 28(16), 28(17), 28(19), 30(8), 30(10), 32(4), 34(1), 34(2), 36, 39(1), 40, 40(3), 40(4), 40(5), 46(1), 47(1), 47(3), 47(4), 47(5), 47(7), 50, 50(1), 50(2), 50(4), 50(6), 50(7), 52(1), 58, 58(2), 59(6), 63(18)(b), 63(28), 64(4)(b), 65(a), 65(b), 66(a), 66(b), 66(1), 67, 67(1), 68, 69(2), 70, 70(1), 70(3), 70(6), 70(9), 71(1), 71(11), 72(6), 72(12), 73(2), 73(6), 74(1), 75, 75(4), 76(3), 82 and 82(3), for the existing entries against each of them in the fourth column, the entry 35 per cent. ad valorem shall be substituted;

(ii) in Item No. 3(1), for the existing entry in the fourth column, the entry One rupee per Indian maund of 82-2/7 lbs. plus 10 per cent. ad valorem shall be substituted;

(iii) in Item Nos. 3(2), 43, 63, 63(1), 63(4), 63(5), 63(7), 63(11), 63(13), 63(22), 63(23), 63(26), 63(35), 73(3), 74(2), 74(3) and 76(1), for the existing entries against each of them in the fourth column, the entry 20 per cent. ad valorem shall be substituted;

(iv) in Items Nos. 3(3), 5(2), 11(3), 12(2), 13(2), 13(4), 30(5) and 50(8), for the existing entries against each of them in the fourth and sixth columns, the entries 40 per cent. ad valorem and 30 per cent. ad valorem respectively shall be substituted;

(v) Item No. 4(3) shall be omitted;

(vi) in Items Nos. 5, 14, 28(31)(a), 28(34)(a), 30(9)(a) and 64(a), for the existing entries against each of them in the fourth column, the entry 30 per cent. ad valorem shall be substituted;

(vii) in Items Nos. 7 and 8, for the existing entries against each of them in the fourth and sixth columns, the entries 45 per cent. ad valorem and 35 per cent. ad valorem respectively shall be substituted;

(viii) in Items Nos. 8(3), 11(6)(b), 20(4), 21(1), 22, 25(3), 33, 33(1), 45(b), 45(c), 53, 55, 58(1), 59(1), 63(16), 64(3)(b) and 71(7), for the existing entries against each of them in the fourth column, the entry 50 per cent. ad valorem shall be substituted;

(ix) in Item No. 9, for the existing entries in the fourth and sixth columns, the entries 40 per cent. ad valorem plus six naye paise per lb. and 40 per cent. ad valorem respectively shall be substituted;

(x) in Item No. 9(1), for the existing entries in the fourth and sixth columns, the entries 50 per cent. ad valorem and 40 per cent. ad valorem respectively shall be substituted;

(xi) in Item No. 9(2), for the existing entries in the fourth and sixth columns, the entries Sixty naye paise per lb. and Forty-eight naye paise per lb. respectively shall be substituted;

(xii) in Items Nos. 9(3) and 9(4), for the existing entries against each of them in the fourth and sixth columns, the entries 82 per cent. ad valorem and 75 per cent. ad valorem respectively shall be substituted;

(xiii) in Item No. 9(5), for the existing entry in the fourth column, the entry Rs. 1.03 per lb. shall be substituted;

(xiv) in Items Nos. 11(6)(a), 17(1), 28(11), 28(12), 28(31)(b), 28(34)(b), 30(9)(b), 64(b), 64(3)(a), 70(5) and 72(33), for the existing entries against each of them in the fourth column, the entry 40 per cent. ad valorem shall be substituted;

(xv) in Items Nos. 12(5), 13(1), 22(7), 40(1) and 71(6), for the existing entries against each of them in the fourth column, the entry 5 per cent. ad valorem shall be substituted;

(xvi) in Item No. 13(6), for the existing entry in the fourth column, the entry Rs. 40 per seer of 80 tolas or 25 per cent. ad valorem, whichever is higher shall be substituted;

(xvii) in Items Nos. 15(6) and 15(7), for the figures 35 and 25 against each of them in the fourth and sixth columns, the figures 45 and 35 respectively shall be substituted;

(xviii) in Items Nos. 17 and 17(3), for the existing entries against each of them in the fourth column, the entry The rate at which excise duty is for the time being leviable on sugar, other than khandsari or palmyra sugar, produced in India plus Rs. 10 per cwt. shall be substituted;

(xix) in Items Nos. 17(2), 19, 31(5), 36(2), 45(a), 45(5), 45(6), 59(2), 59(3), 59(5), 60(1)(a), 60(1)(b), 60(3), 75(6)(b), 75(7)(b), 75(7-A)(b), 75(8)(b), 82(2) and 83, for the existing entries against each of them in the fourth column, the entry 75 per cent. ad valorem shall be substituted;

(xx) in Item No. 20(2), for the existing entries in the fourth and sixth columns, the entries 75 per cent. ad valorem and 65 per cent. ad valorem respectively shall be substituted;

(xxi) in Items Nos. 20(5)(a) and 20(8)(a), for the existing entries against each of them in the fourth column, the entry 39 per cent. ad valorem shall be substituted;

(xxii) in Items Nos. 20(5)(b), 20(8)(b) and 20(9)(b), for the existing entries against each of them in the fourth column, the entry 45 per cent. ad valorem shall be substituted;

(xxiii) in Item No. 20(9)(a), for the existing entry in the fourth column, the entry 37 per cent. ad valorem shall be substituted;

(xxiv) in Item No. 22(1), for the existing entries in the fourth column against sub-items (a), (b), (c) and (d), the entries Rs. 4.50 per Imperial gallon , 75 naye paise per bottle , 40 naye paise per bottle and 20 naye paise per bottle respectively shall be substituted;

(xxv) in Item No. 22(2), for the existing entries in the fourth column against sub-Items (b), (c) and (d), the entries Rs. 1.50 per bottle , 75 naye paise per bottle and 40 naye paise per bottle respectively shall be substituted;

(xxvi) in Item No. 22(4)

(1) for the existing entries in the fourth column against each of the sub-items (a) and (b)(ii), the entry Rs. 120 per Imperial gallon of the strength of London proof or 100 per cent. ad valorem, whichever is higher shall be substituted;

(2) for the existing entry in the fourth column against sub-item (b)(i), the entry Rs. 150 per Imperial gallon or 100 per cent. ad valorem whichever is higher shall be substituted; and

(3) proviso (a) shall be omitted;

(xxvii) in Item No. 22(5)

(1) for the existing entries in the fourth and sixth columns against sub-item (a)(i), the entries Rs. 73 per Imperial gallon or 45 per cent. ad valorem, whichever is higher and Rs. 68 per Imperial gallon or 35 per cent. ad valorem, whichever is higher respectively shall be substituted;

(2) for the existing entries in the fourth and sixth columns against each of the sub-items (a)(ii) and (d), the entries Rs. 55.25 per Imperial gallon of the strength of London proof or 45 per cent. ad valorem, whichever is higher and Rs. 51.50 per Imperial gallon of the strength of London proof or 35 per cent. ad valorem, whichever is higher respectively shall be substituted;

(3) for the existing entries in the fourth, fifth and sixth columns against sub-item (b)(i), the entries Rs. 48 per Imperial gallon or 45 per cent. ad valorem, whichever is higher , Rs. 44 per Imperial gallon or 35 per cent. ad valorem, whichever is higher and Rs. 44 per Imperial gallon or 35 per cent. ad valorem, whichever is higher respectively shall be substituted;

(4) for the existing entries in the fourth, fifth and sixth columns against sub-item (b)(ii), the entries Rs. 35 per Imperial gallon of the strength of London proof or 45 per cent. ad valorem, whichever is higher , Rs. 32 per Imperial gallon of the strength of London proof or 35 per cent. ad valorem, whichever is higher and Rs. 32 per Imperial gallon of the strength of London proof or 35 per cent. ad valorem, whichever is higher respectively shall be substituted; and

(5) proviso (a) shall be omitted;

(xxviii) in Item No. 22(6), for the existing entry in the fourth column, the entry 15 per cent. ad valorem shall be substituted;

(xxix) in Item No. 24, for the existing entry in the fourth column, the entry Rs. 17 per lb. shall be substituted;

(xxx) in Item No. 24(1), for the existing entry in the fourth column, the entry 40 per cent. ad valorem plus Rs. 16.50 per lb. shall be substituted;

(xxxi) in Item No. 24(2), for the existing entry in the fourth column, the entry 40 per cent. ad valorem, plus Rs. 41 per thousand or Rs. 16:50 per lb. whichever is higher shall be substituted;

(xxxii) in Item No. 24(3), for the existing entries in the fourth and sixth columns, the entry Rs. 10 per lb. shall be substituted;

(xxxiii) in Item No. 25

(a) in the third column, the word revenue shall be inserted, and

(b) for the existing entry in the fourth column, the entry 10 per cent. ad valorem shall be substituted;

(xxxiv) in Item No. 25(4), for the existing entries in the fourth and fifth columns, the entries 50 per cent. ad valorem and 40 per cent. ad valorem respectively shall be substituted;

(xxxv) in Item No. 25(5), for the existing entry in the fourth column, the entry Rs. 30 per ton shall be substituted;

(xxxvi) in Item No. 27, for the existing entry in the fourth column, the entry Eighty naye paise per ton shall be substituted;

(xxxvii) in Items Nos. 27(4)(a) and 27(4)(b), for the existing entry against each of them in the fourth column, the entry 18.75 naye paise per Imperial gallon and 20 naye paise per Imperial gallon shall respectively be substituted;

(xxxviii) in Item No. 27(5), in the fourth column, for the words and figures Three annas per Imperial gallon or 15 per cent. ad valorem , the words and figures Twenty naye paise per Imperial gallon or 16 per cent. ad valorem shall be substituted;

(xxxix) in Item No. 27(7)(a), for the existing entry in the fourth column, the entry Rs. 20 per ton or 16 per cent. ad valorem, whichever is higher shall be substituted;

(xl) in Items Nos. 27(7)(b)(1) and 27(7)(b)(2), for the figures 15 against each of them in the fourth column, the figures 16 shall be substituted;

(xli) in Item No. 27(8), for the existing entry in the fourth column, the entry Twenty naye paise per Imperial gallon or 16 per cent. ad valorem, whichever is higher shall be substituted;

(xlii) in Items Nos. 28, 28(18)(a), 28(18)(b), 28(18)(c) and 28(18)(d), for the existing entries against each of them in the fourth, fifth and sixth columns, the entries 40 per cent. ad valorem , 30 per cent. ad valorem and 30 per cent. ad valorem respectively shall be substituted;

(xliii) Item No. 28(2) shall be omitted;

(xliv) in Items Nos. 28(3) and 39

(a) in the third column against each of them, the word revenue shall be inserted, and

(b) for the existing entries against each of them in the fourth column, the entry 5 per cent. ad valorem shall be substituted;

(xlv) in Item No. 28(4)(a), for the existing entry in the fourth column, the entry Rs. 4.25 per cwt. shall be substituted;

(xlvi) in Item No. 28(4)(b), for the existing entry in the fourth column, the entry Rs. 5.75 per cwt. shall be substituted;

(xlvii) in Items Nos. 28(7-A), 61(7), 75(6)(a), 75(7)(a), 75(7-A)(a) and 75(8)(a), for the existing entries against each of them in the fourth column, the entry 65 per cent. ad valorem. shall be substituted;

(xlviii) in Item No. 28(8), for the words magnesium and zinc compounds not otherwise specified appearing in the second column, the words magnesium and zinc compounds not otherwise specified, green copperas (ferrous sulphate) shall be substituted;

(xlix) in Item No. 28(9), for the existing entry in the fourth column, the entry Rs. 8 per lb. shall be substituted;

(l) in Item No. 28(10), for the existing entry in the fourth column, the entry 25 per cent. ad valorem or Rs. 8 per pound of saccharine content, whichever is higher shall be substituted;

(li) in Item No. 28(15)(a), for the existing entry in the fourth column, the entry Rs. 3.50 per cwt. shall be substituted;

(lii) in Item No. 28(15)(b), for the existing entry in the fourth column, the entry Rs. 5 per cwt. shall be substituted;

(liii) in Item No. 28(20), for the figures and words 31 and 8 annas in the fourth column against each of the sub-items, the figures and words 35 and 50 naye paise respectively shall be substituted;

(liv) in Item No. 28(26), for the existing entries in the fourth, fifth and sixth columns, the entries 26 per cent. ad valorem , 20 per cent. ad valorem and 20 per cent. ad valorem respectively shall be substituted;

(lv) in Item No. 28(32), for the existing entries in the fourth column against sub-items (a) and (b), the entries 50 per cent. ad valorem and 60 per cent. ad valorem respectively shall be substituted;

(lvi) in Item No. 29, for the existing entry in the fourth column, the entry Rs. 1.75 per 100 linear feet shall be substituted;

(lvii) in Item No. 29(1), for the existing entry in the fourth column, the entry 50 naye paise per linear foot shall be substituted;

(lviii) in Item No. 30, for the figures 36 and 24 in the fourth and fifth columns, the figures 40 and 30 respectively shall be substituted;

(lix) in Item No. 30(2)

(1) for the figures and words 30 per cent. ad valorem or Rs. 4-12 per cwt., whichever is higher, plus one-fifth of the total duty in the fourth column against sub-item (a), the figures and words 40 per cent. ad valorem shall be substituted;

(2) for the figures and words 30 per cent. ad valorem or Rs. 5-12 per cwt., whichever is higher, plus one-fifth of the total duty in the fourth column against sub-item (b), the figures and words 40 per cent. ad valorem shall be substituted;

(3) for the figures and words 30 per cent. ad valorem or Rs. 6 per cwt., whichever is higher, plus one-fifth of the total duty in the fourth column against sub-item (c), the figures and words 40 per cent. ad valorem shall be substituted;

(4) for the word and figures Rs. 8-8 in the fourth column against sub-item (cc)(i), the word and figures Rs. 8.50 shall be substituted;

(5) for the word and figures Rs. 11-4 in the fourth column against sub-item (cc)(ii), the word and figures Rs. 11.25 shall be substituted; and

(6) for the figures 24 in the fifth column against each of the sub-items (a), (b) and (c), the figures 30 shall be substituted;

(lx) in Item No. 30(3), for the existing entries in the fourth column against each of the sub-items (a), (b), (c) and (d), the entry 35 per cent. ad valorem plus the excise duty for the time being leviable on like articles if produced or manufactured in India, and where such duty is leviable at different rates, the highest duty shall be substituted;

(lxi) in Item No. 30(4), for the figures 25 in the fourth column, the figures 35 shall be substituted;

(lxii) in Items Nos. 30(7) and 45(4), for the existing entries against each of them in the fourth column, the entry 15 naye paise for every length of 7 inches or part thereof or 75 per cent. ad valorem, whichever is higher shall be substituted;

(lxiii) in Item No. 30(14)(a), for the figures 34 in the fourth column, the figures 35 shall be substituted;

(lxiv) in Item No. 30(14)(b), for the figures 44 in the fourth column, the figures 45 shall be substituted;

(lxv) in Items Nos. 32, 32(1), 32(2), 37, 37(1), 37(2), 38, 40(2), 42, 50(5), 61(4), 61(6), 61(9), 61(10), 70(10), 70(11), 71(2), 71(3), 82(1) and 85(2), for the existing entries against each of them in the fourth column, the entry 100 per cent. ad valorem shall be substituted;

(lxvi) in Items Nos. 34, 34(3), 61(5), 61(8), 80, 80(1), 80(2)(a), 80(2)(b), 80(2)(c), 80(2)(d), 80(2)(e), 80(2)(f), 80(2)(g), 80(4), 81, 84(a) and 85(1), for the existing entries against each of them in the fourth column, the entry 80 per cent. ad valorem shall be substituted;

(lxvii) in Item No. 44, for the figures 37 in the fourth column, the figures 40 shall be substituted;

(lxviii) in Items Nos. 44(4) and 44(7), for the figures 66-2/3 against each of them in the fourth column, the figures 75 shall be substituted;

(lxix) in Item No. 46, for the existing entry in the fourth column, the entry 35 per cent. ad valorem plus Rs. 4 per lb. shall be substituted;

(lxx) in Item No. 46(3), for the existing entry in the fourth column the entry 12 naye paise per lb. shall be substituted;

(lxxi) in Item No. 47(6)(a), for the figures 5 and 6 in the fourth column against sub-items (i) and (ii), the figures 6 and 7 respectively shall be substituted;

(lxxii) in Item No. 47(6)(b)(i), for the existing entry in the fourth column, the entry 6 per cent. ad valorem or 10 naye paise per lb., whichever is higher shall be substituted;

(lxxiii) in Item No. 47(6)(b)(ii), for the existing entry in the fourth column, the entry 7 per cent. ad valorem or 15 naye paise per lb., whichever is higher shall be substituted;

(lxxiv) in Items Nos. 47(8), 71(5), 72(34), 72(40)(a) and 72(40)(b), for existing entries against each of them in the fourth column, the entry 10 per cent. ad valorem shall be substituted;

(lxxv) in Item No. 48

(1) for the existing entries in the fourth column against each of the sub-items (a) and (b), the entry 120 per cent. ad valorem plus Rs. 8.50 per lb. shall be substituted; and

(2) for the existing entry in the fourth column against sub-item (c) the entry 120 per cent. ad valorem plus Rs. 6.25 per lb. shall be substituted;

(lxxvi) in Items Nos. 48(1)(a) and 48(5)(b)(i), for the figure and words 7 annas per square yard against each of them in the fourth column, the figures and words 45 naye paise per square yard shall be substituted;

(lxxvii) in Items Nos. 48(1)(b) and 48(5)(b)(ii), for the figures and words 14 annas per square yard against each of them in the fourth column, the figures and words 90 naye paise per square yard shall be substituted;

(lxxix) (sic lxxviii) in Item No. 48(5)(a)(ii), for the figures and words 5 annas per square yard in the fourth column, the figures and words 35 naye paise per square yard shall be substituted;

(lxxix) in Item No. 48(5)(a)(ii), for the figures and words 11 annas per square yard in the fourth column, the figures and words 70 naye paise per square yard shall be substituted;

(lxxx) In Items Nos. 49(a) and 49(b), for the words The ad valorem rates of duty against each of them in the fourth column, the figures and words 1 times the ad valorem rates of duty shall be substituted;

(lxxxi) in Item No. 49(5), for the existing entry in the fourth column, the entry 50 naye paise per lb. shall be substituted;

(lxxxii) in Item No. 54(2), for the existing entry in the fourth column, the entry 35 per cent. ad valorem or 25 naye paise per pair, whichever is higher shall be substituted;

(lxxxiii) in Item No. 59(4), for the existing entry in the fourth column, the entry 75 per cent. ad valorem or 80 naye paise per square foot, whichever is higher shall be substituted;

(lxxxiv) in Items Nos. 60, 60(6) and 60(7), for the existing entry in the fourth column, the entry 70 per cent. ad valorem shall be substituted;

(lxxxv) in Item No. 60(8)(a), for the existing entry in the fourth column, the entry 75 per cent. ad valroem or Rs. 4.50 per flash, whichever is higher shall be substituted;

(lxxxvi) in Item No. 60(8)(b), for the existing entry in the fourth column, the entry 75 per cent. ad valorem or Rs. 3.50 per refill or inner, whichever is higher shall be substituted;

(lxxxvii) in Items Nos. 61(2) and 62(1), for the existing entries against each of them in the fourth column, the entry 50 naye paise per ounce shall be substituted;

(lxxxviii) in Items Nos. 61(3) and 62(2), for the existing entries against each of them in the fourth column, the entry Rs. 30 per tola of 180 grains fine shall be substituted;

(lxxxix) in Item No. 63(3)

(1) for the existing entry in the fourth column against sub-item (i), the entry Rs. 31 per ton or 10 per cent. ad valorem whichever is higher , shall be substituted; and

(2) for the existing entry in the fourth column against sub-item (ii), the entry Rs. 60 per ton or 20 per cent. ad valorem, whichever is higher , shall be substituted;

(xc) in Item No. 63(6), for the existing entry in the fourth column against sub-item (ii), the entry Rs. 75 per ton shall be substituted;

(xci) in Item No. 63(8), for the existing entry in the fourth column, the entry Rs. 5 per ton or 20 per cent. ad valorem, whichever is higher shall be substituted;

(xcii) in Item No. 63(10), for the existing entries in the fourth column against sub-items (i) and (ii), the entries Rs. 60 per ton and Rs. 81 per ton respectively shall be substituted;

(xciii) in Items Nos. 63(14), 63(24), 63(34)(a), 63(34)(b) and 63(34)(c), for the existing entries against each of them in the fourth and fifth columns, the entries 25 per cent. ad valorem and 15 per cent. ad valorem respectively shall be substituted;

(xciv) in Item No. 63(17), for the existing entries in the fourth column against sub-items (i) and (ii), the entries Rs. 32 per ton or 10 per cent. ad valorem, whichever is higher and Rs. 55 per ton respectively shall be substituted;

(xcv) in Item No. 63(20)

(1) for the existing entry in the fourth column against sub-item (a)(1)(i), the entry Rs. 29 per ton or 10 per cent. ad valorem, whichever is higher shall be substituted;

(2) for the existing entry in the fourth column, against sub-item (a)(1)(ii), the entry Rs. 50 per ton shall be substituted;

(3) for the existing entry in the fourth column against sub-item (a)(2)(i), the entry Rs. 30 per ton or 10 per cent. ad valorem, whichever is higher shall be substituted;

(4) for the existing entry in the fourth column against sub-item (a)(2)(ii), the entry Rs. 60 per ton shall be substituted;

(5) for the existing entries in the fourth column against each of the sub-items (b)(1)(i) and (b)(2)(i), the entry Rs. 32 per ton or 10 per cent. ad valorem, whichever is higher shall be substituted;

(6) for the existing entry in the fourth column against sub-item (b)(1)(ii), the entry Rs. 55 per ton shall be substituted; and

(7) for the existing entry in the fourth column against sub-item (b)(2)(ii), the entry Rs. 65 per ton shall be substituted;

(xcvi) in Item No. 63(21)

(1) for the existing entries in the fourth column against each of the sub-items A(a)(i) and B(a)(i), the entry Rs. 10 per ton or 15 per cent. ad valorem, whichever is higher shall be substituted;

(2) for the existing entries in the fourth column against each of the sub-items A(a)(ii) and B(a)(ii), the entry Rs. 10 per ton or 25 per cent. ad valorem, whichever is higher shall be substituted;

(3) for the existing entries in the fourth column against each of the sub-items A(b)(i) and D(i), the entry Rs. 31 per ton or 10 per cent. ad valorem, whichever is higher shall be substituted;

(4) for the existing entries in the fourth column against each of the sub-items A(b)(ii) and D(ii), the entry Rs. 60 per ton shall be substituted;

(5) for the existing entry in the fourth column against sub-item B(b)(i), the entry Rs. 33 per ton or 10 per cent. ad valorem, whichever is higher shall be substituted;

(6) for the existing entry in the fourth column against sub-item B(b)(ii), the entry Rs. 65 per ton shall be substituted;

(7) for the existing entry in the fourth column against sub-item C(i), the entry Rs. 10 per ton or 10 per cent. ad valorem, whichever is higher shall be substituted;

(8) for the existing entry in the fourth column against sub-item C(ii), the entry Rs. 10 per ton or 20 per cent. ad valorem, whichever is higher shall be substituted;

(9) for the existing entries in the fourth column against each of the sub-items E(ii) and F(ii), the entry Rs. 80 per ton or 10 per cent. ad valorem, whichever is higher shall be substituted; and

(10) for the existing entries in the fourth column against each of the sub-items E(ii) and F(ii), the entry Rs. 80 per ton shall be substituted;

(xcvii) in item No. 63(25), for the existing entries in the fourth column against sub-items (i) and (ii), the entries 25 per cent. ad valorem and 25 per cent. ad valorem plus Rs. 35 per ton respectively shall be substituted;

(xvciii) in Item No. 63(27), for the existing entries in the fourth column against sub-items (i) and (ii), the entries Rs. 15 per ton or 15 per cent. ad valorem, whichever is higher and Rs. 42.50 per ton or 25 per cent. ad valorem, whichever is higher respectively shall be substituted;

(xcix) in Item No. 63(30), for the existing entries in the fourth column against sub-items (a) and (b), the entries 35 per cent. ad valorem and 45 per cent. ad valorem respectively shall be substituted;

(c) in Item No. 63(31), for the existing entries in the fourth column against sub-items (a) and (b), the entries Rs. 29 per ton or 10 per cent. ad valorem, whichever is higher and Rs. 50 per ton respectively shall be substituted;

(ci) in Item No. 63(32), for the existing entries in the fourth column against sub-items (a) and (b), the entries Rs. 50 per ton and Rs. 85 per ton respectively shall be substituted;

(cii) in Item No. 63(33)(a), for the existing entry in the fourth column, the entry 35 per cent. ad valorem or 35 naye paise per gross, whichever is higher shall be substituted;

(ciii) in Item No. 63(33)(b), for the existing entry in the fourth column, the entry 50 per cent. ad valorem or 60 naye paise per gross, whichever is higher shall be substituted;

(civ) in Items Nos. 64(4)(a), 67(2), 68(2) and 70(2), for the existing entries against each of them in the fourth column, the entry 25 per cent. ad valorem shall be substituted;

(cv) in Item No. 71(4), for the existing entry in the fourth column, the entry Ten naye paise per lb. shall be substituted;

(cvi) in Item No. 71(10)(b), for the figure and words 3 annas per dozen in the fourth column, the words and figures Rs. 2.25 per gross shall be substituted;

(cvii) in Item No. 71(13), for the figures and words 15 annas per foot in the fourth column against each of the sub-items (a), (b) and (c), the words one rupee per foot shall be substituted;

(cviii) in Item No. 72(10), for the existing entries in the fourth and fifth columns, the entries 40 per cent. ad valorem and 30 per cent. ad valorem respectively shall be substituted;

(cix) in Items Nos. 72(35), 72(36) and 72(37), for the existing entries against each of them in the fourth column, the entry 95 per cent. ad valorem shall be substituted;

(cx) in Item No. 73(1), for the words and wires and cables of other metals of not more than equivalent conductivity in the second column, the words and wires and cables of other metals and alloys of not more than equivalent conductivity shall be substituted;

(cxi) in Item No. 73(7)(b), for the figures 31 in the fourth column, the figures 35 shall be substituted;

(cxii) in Item No. 73(15), for the figures 45 in the fourth column, the figures 50 shall be substituted;

(cxiii) in Item No. 74, for the existing entries in the fourth column against sub-items (a) and (b), the entries Rs. 20 per ton or 15 per cent. ad valorem, whichever is higher and Rs. 60 per ton or 25 per cent. ad valorem, whichever is higher respectively shall be substituted;

(cxiv) in Item No. 75(2), for the existing entries in the fourth and fifth columns, the entries 47 per cent. ad valorem and 40 per cent. ad valorem shall be substituted;

(cxv) in Items Nos. 75(3) and 75(13), for the existing entries against each of them in the fourth and fifth columns, the entries 32 per cent. ad valorem and 25 per cent. ad valorem respectively shall be substituted;

(cxvi) in Item No. 75(5)(a), for the existing entry in the fourth column, the entry 65 per cent. ad valorem or Rs. 80 per cycle whichever is higher shall be substituted;

(cxvii) in Item No. 75(5)(b), for the existing entry in the fourth column, the entry Rate of duty actually charged at the time for such products of the United Kingdom origin plus 10 per cent. ad valorem shall be substituted;

(cxviii) in Item No. 76, for the existing entry in the fourth column, the entry 3 per cent. ad valorem shall be substituted;

(cxix) in Item No. 77(3), for the existing entries in the fourth and sixth columns, the entries 30 per cent. ad valorem and 20 per cent. ad valorem respectively shall be substituted.