{"act":{"id":"finance-act-2015","short_title":"The Finance Act, 2015","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2015-2016.","act_number":"20","act_year":2015,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":165,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2015/"},"unit":"section","section":{"number":"107","heading":"Amendment of section 65B","text":"CHAPTER V SERVICE TAX Amendment of section 65B 107 . In the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the1994 Act), save as otherwise provided, in section 65B,— (a) | clause (9) shall be omitted with effect from such date as the Central Government may, by notification in the Official Gazette, appoint; (b) | after clause (23), the following clause shall be inserted, namely:— '(23A) | \"foreman of chit fund\" shall have the same meaning as is assigned to the term \"foreman\" in clause (j) of section 2 of the Chit Funds Act, 1982 (40 of 1982);'; (c) | clause (24) shall be omitted with effect from such date as the Central Government may, by notification in the Official Gazette, appoint; (d) | after clause (26), the following clause shall be inserted, namely:— '(26A) | \"Government\" means the Departments of the Central Government, a State Government and its Departments and a Union territory and its Departments, but shall not include any entity, whether created by a statute or otherwise, the accounts of which are not required to be kept in accordance with article 150 of the Constitution or the rules made thereunder;'; (e) | after clause (31), the following clause shall be inserted, namely:— '(31A) | \"lottery distributor or selling agent\" means a person appointed or authorised by a State for the purposes of promoting, marketing, selling or facilitating in organising lottery of any kind, in any manner, organised by such State in accordance with the provisions of the Lotteries (Regulation) Act, 1998 (17 of 1998);'; (f) | in clause (40), the words \"alcoholic liquors for human consumption,\" shall be omitted with effect from such date as the Central Government may, by notification in the Official Gazette, appoint; (g) | in clause (44), for Explanation 2, the following Explanation shall be substituted, namely:— 'Explanation 2.—For the purposes of this clause, the expression \"transaction in money or actionable claim\" shall not include— (i) | any activity relating to use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged; (ii) | any activity carried out, for a consideration, in relation to, or for facilitation of, a transaction in money or actionable claim, including the activity carried out— (a) | by a lottery distributor or selling agent in relation to promotion, marketing, organising, selling of lottery or facilitating in organising lottery of any kind, in any other manner; (b) | by a foreman of chit fund for conducting or organising a chit in any manner.'; (h) | clause (49) shall be omitted with effect from such date as the Central Government may, by notification* in the Official Gazette, appoint. * 1-4-2016† †NOTIFICATION NO.15/2016-ST, DATED 1-3-2016.—In exercise of the powers conferred by clause (h) of section 107 of the Finance Act, 2015 (20 of 2015), the Central Government hereby appoints 1st day of April, 2016, as the date on which the provision of said clause shall come into force.","html":"CHAPTER V
SERVICE TAX
Amendment of section 65B
107 . In the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the1994 Act), save as otherwise provided, in section 65B,—
| (a) | | clause (9) shall be omitted with effect from such date as the Central Government may, by notification in the Official Gazette, appoint; |
| (b) | | after clause (23), the following clause shall be inserted, namely:— |
| '(23A) | | \"foreman of chit fund\" shall have the same meaning as is assigned to the term \"foreman\" in clause (j) of section 2 of the Chit Funds Act, 1982 (40 of 1982);'; |
| (c) | | clause (24) shall be omitted with effect from such date as the Central Government may, by notification in the Official Gazette, appoint; |
| (d) | | after clause (26), the following clause shall be inserted, namely:— |
| '(26A) | | \"Government\" means the Departments of the Central Government, a State Government and its Departments and a Union territory and its Departments, but shall not include any entity, whether created by a statute or otherwise, the accounts of which are not required to be kept in accordance with article 150 of the Constitution or the rules made thereunder;'; |
| (e) | | after clause (31), the following clause shall be inserted, namely:— |
| '(31A) | | \"lottery distributor or selling agent\" means a person appointed or authorised by a State for the purposes of promoting, marketing, selling or facilitating in organising lottery of any kind, in any manner, organised by such State in accordance with the provisions of the Lotteries (Regulation) Act, 1998 (17 of 1998);'; |
| (f) | | in clause (40), the words \"alcoholic liquors for human consumption,\" shall be omitted with effect from such date as the Central Government may, by notification in the Official Gazette, appoint; |
| (g) | | in clause (44), for Explanation 2, the following Explanation shall be substituted, namely:— |
| | 'Explanation 2.—For the purposes of this clause, the expression \"transaction in money or actionable claim\" shall not include— |
| (i) | | any activity relating to use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged; |
| (ii) | | any activity carried out, for a consideration, in relation to, or for facilitation of, a transaction in money or actionable claim, including the activity carried out— |
| (a) | | by a lottery distributor or selling agent in relation to promotion, marketing, organising, selling of lottery or facilitating in organising lottery of any kind, in any other manner; |
| (b) | | by a foreman of chit fund for conducting or organising a chit in any manner.'; |
| (h) | | clause (49) shall be omitted with effect from such date as the Central Government may, by notification* in the Official Gazette, appoint. |
* 1-4-2016†
†NOTIFICATION NO.15/2016-ST, DATED 1-3-2016.—In exercise of the powers conferred by clause (h) of section 107 of the Finance Act, 2015 (20 of 2015), the Central Government hereby appoints 1st day of April, 2016, as the date on which the provision of said clause shall come into force.
","words":510,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2015/section/107/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}