THE FINANCE ACT, 2005

 

An Act to give effect to the financial proposals of the Central Government for the financial year 2005-2006.

 

BE it enacted by Parliament in the Fifty-sixth Year of the Republic of India as follows:

 

1. Short title and commencement

2. Income-tax.

3. Amendment of section 2

4. Amendment of section 10

5. Amendment of section 10A

6. Amendment of section 16

7. Amendment of section 17

8. Amendment of section 32

9. Amendment of section 33AC

10. Amendment of section 35

11. Amendment of section 35DDA

12. Amendment of section 36

13. Amendment of section 40

14. Amendment of section 43

15. Amendment of section 47

16. Amendment of section 49

17. Amendment of section 54EC

18. Amendment of section 54ED

19. Insertion of new section 72AA

20. Amendment of section 73

21. Insertion of new section 80C

22. Amendment of section 80CCC

23. Amendment of section 80CCD

24. Insertion of new section 80CCE

25. Substitution of new section for section 80E

26. Amendment of section 80-IA

27. Amendment of section 80-IB

28. Omission of section 80L

29. Amendment of section 88

30. Omission of section 88B

31. Omission of section 88C

32. Omission of section 88D

33. Amendment of section 112

34. Amendment of section 115A

35. Amendment of section 115JAA

36. Amendment of section 115VD

37. Insertion of new Chapter XIIH

38.           Amendment of section 119

39.           Amendment of section 124

40.           Amendment of section 139

41.           Amendment of section 139A

42.           Amendment of section 140

43.           Amendment of section 140A

44.           Amendment of section 142

45.           Amendment of section 153

46.           Amendment of section 153B

47.           Amendment of section 153C

48.           Amendment of section 194A

49.           Amendment of section 194C

50.           Amendment of section 199

51.           Amendment of section 203

52.           Insertion of new section 206A

53.           Amendment of section 206C

54.           Amendment of section 238

55.           Amendment of section 239

56.           Amendment of section 244A

57.           Amendment of section 246A

58.           Amendment of section 271

59.           Insertion of new section 271FB

60.           Amendment of section 272A

61.           Amendment of section 273B

62.           Amendment of section 276CC

63.           Amendment of section 278

64.           Amendment of section 295

88.           Amendment of Act 32 of 1994

93.           Extent, commencement and application

94.           Definitions

95.           Charge of banking cash transaction tax

96.           Value of taxable banking transaction

97.           Collection and recovery of banking cash transaction tax

98.           Scheduled bank to furnish prescribed return

99.           Assessment

100.       Rectification of mistake

101.       Interest on delayed payment of banking cash transaction tax.

102.       Penalty for failure to collect or pay banking cash transaction tax.

103.       Penalty for failure to furnish prescribed return

104.       Penalty for failure to comply with notice

105.       Penalty not to be imposed in certain cases

106.       Application of certain provisions of Act 43 of 1961

107.       Appeals to Commissioner of Income-tax (Appeals)

108.       Appeals to Appellate Tribunal

109.       False statement in verification, etc

110.       Institution of proceedings

111.       Power to make rules

112 Power to remove difficulties