Section 2 - Amendment of section 2 - Taxation Laws (Amendment) Act, 1991

2. Amendment of section 2. In section 2 of the Finance Act, 1990 (12 of 1990) (hereinafter referred to as the principal Act), (a) in sub-section (5) - (i) for the words eight per cent. , wherever they occur, the words twelve per cent. shall be substituted; (ii) the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 15th day of October, 1990, namely: Provided that in the case of a contractor, being a domestic company. the provisions of this sub-section shall have effect, as if for the words eight per cent. , the words fifteen per cent. had been substituted. ; (b) in sub-section (6), (i) for the words eight per cent. , wherever they occur, the words twelve per cent. shall be substituted; (ii) the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 15th day of October, 1990, namely; Provided that in the case of a buyer, being a domestic company, the provisions of this sub-section shall have effect, as if for the words eight per cent. , the words fifteen per cent. had been substituted. ; (c) in sub-section (7), in the second proviso, for the words eight per cent. , the words fifteen per cent. shall be substituted and shall be deemed to have been substituted with effect from the 15th day of October, 1990; (d) in sub-section (8), in the proviso, for the words eight per cent. , the words twelve per cent. shall be substituted.