Punjab Finance Act, 1995

From: 1995-06-27 - To: 0000-00-00 An Act to levy and enhance the rates of certain taxes, duties and fees in the Punjab Preamble.— Whereas it is expedient to levy and enhance the rates of certain taxes, duties and fees in the Punjab; It is hereby enacted as follows:- 1. Short title, extent and commencement.— (1) This Act may be called the Punjab Finance Act, 1995. (2) It shall extend to the whole of the Punjab. (3) It shall come into force on and from the first day of July 1995. 2. Amendment of Act II of 1899.— In the Stamp Act, 1899 (II of 1899), in Schedule I, the following amendments shall be made; namely- (1) in Article 1, for the existing sub-articles (a) to (d), the following shall be substituted:- “(a) Where such amount does not exceed two thousand rupees One rupee (b) Where such amount exceeds two thousands rupees but does not exceed ten thousand rupees Two rupees (c) Where such amount exceeds ten thousand rupees Five rupees”; (2) in Article 2, in sub-article (b), for the word “Fifty”, the words “One hundred” shall be substituted; (3) in Article 3, for the word “Fifty”, the words “One hundred” shall be substituted; (4) in Article 4, for the word “Five”, the word “Ten” shall be substituted; (5) in Article 5— (i) in sub-article (a), for the word “One”, the word “Two” shall be substituted; (ii) in sub-article (b), for the words “Fifty paisa”, the words “One rupee” and for the words “subject to a maximum of fifty rupees”, the words “subject to a maximum of one hundred rupees” shall be substituted; (iii) in sub-article (c), for the words “Twenty five paisa”, the words “One rupee” shall be substituted; (iv) the following new sub-article (cc) shall be added:- “(cc) if relating to the sale of immovable property Fifty rupees” (v) in sub-article (d), for the word “Ten”, the word “Twenty” shall be substituted; (6) in Article 7— (i) in sub-article (a), for the words “Thirty five”, the word “Fifty” shall be substituted; and (ii) in sub-article (b), for the word “seventy”, the words “One hundred” shall be substituted; (7) in Article 8— (i) in sub-article (a), for the words “The same duty as on a Bond (No.15) for such amount”, the words “Three rupees for every one…