9911796707
TMI BlogAmendment of section 65 of Finance Act, 1994X X X X Extracts X X X X X X X X Extracts X X X X ..... ey changing;"; (b) for sub-clause (b), the following sub-clause shall be substituted, namely: ''(b) foreign exchange broking and purchase or sale of foreign currency, including money changing provided by a foreign exchange broker or an authorised dealer in foreign exchange or an authorised money changer, other than those covered under sub-clause (a);"; (c) after sub-clause (b) as so amended, the following Explanation shall be inserted at the end, namely: ' Explanation . For the purposes of this clause, it is hereby declared that "purchase or sale of foreign currency, including money changing" includes purchase or sale of foreign currency, whether or not the consideration for such purchase or sale, as the case may be, is specified separat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the following clause shall be inserted, namely: '(53a) "information technology software" means any representation of instructions, data, sound or image, including source code and object code, recorded in a machine readable form, and capable of being manipulated or providing interactivity to a user, by means of a computer or an automatic data processing machine or any other device or equipment;'; (7) for clause (57a), the following clause shall be substituted, namely: '(57a) "internet telecommunication service" includes, (i) internet backbone services, including carrier services of internet traffic by one Internet Service Provider to another Internet Service Provider, (ii) internet access services, including provision of a direct connect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation 1 as so numbered, the following Explanation shall be inserted, namely: ' Explanation 2. For the removal of doubts, it is hereby declared that for the purposes of this clause "renting of immovable property" includes allowing or permitting the use of space in an immovable property, irrespective of the transfer of possession or control of the said immovable property;'; (13) in clause (92), for the words "to a client", the words "to any person" shall be substituted; (14) in clause (105), (a) in sub-clauses (e), (h), (j), (k), (p), (q), (r), (s), (t), (u), (v), (w), (x), (y), (z), (za), (zc), (zi), (zj), (zu), (zzt) and (zzw), for the words "to a client", occurring at the beginning, the words "to any person" shall be substituted; (b) in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e" shall be substituted; (g) after sub-clause (zzzzd), the following sub-clauses shall be inserted, namely: "(zzzze) to any person, by any other person in relation to information technology software for use in the course, or furtherance, of business or commerce, including, (i) development of information technology software, (ii) study, analysis, design and programming of information technology software, (iii) adaptation, upgradation, enhancement, implementation and other similar services related to information technology software, (iv) providing advice, consultancy and assistance on matters related to information technology software, including conducting feasibility studies on implementation of a system, specifications for a database desi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m paid for the Unit Linked Insurance Plan policy = Rs.100 Risk premium = Rs. 10 Amount actually invested = Rs. 85 Gross amount charged for the service provided = Rs. 5 [100-(10+85)]; (iii) in addition to the amount referred to in clause (ii), the gross amount charged shall include any amount charged subsequently, whether or not periodically, by the insurer from the policy holder in relation to management of investment under unit linked insurance business; (zzzzg) to any person, by a recognised stock exchange in relation to assisting, regulating or controlling the business of buying, selling or dealing in securities and includes services provided in relation to trading, processing, clearing and settlement of transactions in securities; (zzzz ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r arranging tours (which may include arrangements for accommodation, sightseeing or other similar services) by any mode of transport, and includes any person engaged in the business of operating tours in a tourist vehicle or a contract carriage by whatever name called, covered by a permit, other than a stage carriage permit, granted under the Motor Vehicles Act, 1988 or the rules made thereunder. Explanation . For the purposes of this clause, the expression "tour" does not include a journey organised or arranged for use by an educational body, other than a commercial training or coaching centre, imparting skill or knowledge or lessons on any subject or field;'; - - statute, statutory provisions legislation, law, enactment, Acts, Rules, R ..... X X X X Extracts X X X X X X X X Extracts X X X X
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