THE PUNJAB FINANCE ACT 1985

(Pb. Act I Of 1985)

Sections

         1.         Short title, extent and commencement.

         2.         Amendment of sections 3 and 4 of Act XXXII of 1958.

         3.         Amendment in section 4 of Act XIV of 1973.

         4.         Repeal of Federal Act XIV of 1963.

 

^[1]THE PUNJAB FINANCE ACT 1985

(Pb. Act I of 1985)

[12 June 1985]

An Act to make certain provisions in relation to taxation in the Province of the Punjab

Preamble.— Whereas it is expedient to make certain provisions in relation to taxation in the Province of the Punjab;

      It is hereby enacted as follows:-

1.   Short title, extent and commencement.— (1) This Act may be called the Punjab Finance Act 1985.

      (2)  It shall extend to the whole of the Province of the Punjab.

      (3)  It shall come into force on and from the first day of July 1985.

2.   Amendment of sections 3 and 4 of Act XXXII of 1958.— In the Punjab Motor Vehicles Taxation Act, 1958 (XXXII of 1958):-

      (a)  In section 3, in sub-section (1)—

             (i)  in the first proviso after the word “Schedule” and before the colon, the following words shall be added:-

                  “or direct that subject to such conditions as may be prescribed, the tax shall be leviable on annual basis”;

             (ii)  after the second proviso, the following new proviso shall be added:-

                        “Provided further that if so opted by a tax payer, the tax in respect of a motor vehicle may be levied once for all at such rate as may be prescribed and if the tax is so paid such motor vehicle shall forever cease to be liable to the payment of tax under this Act.”

      (b)  in section 4, in sub-section (2), after the word “April” and before the colon, the following words shall be added:-

            “if in lumpsum for a financial year, before the first day of October and if once for all, at the time of initial registration”;

      (c)  in section 8, after sub-section (1), the following new sub-section shall be added:-

            “(1-A)  The provisions of sub-section (1) shall apply mutatis mutandis in the case of vehicles liable to pay the tax annually.”

      (d)  in section 13, after sub-section (2), the following shall be added:-

            “(2-A)  Whoever becomes liable to pay the tax annually but proves to the satisfaction of the licensing officer that he has not used or permitted the use of the motor vehicle for at least three months, shall be entitled to receive an order in writing from the licensing officer exempting him from liability to pay the tax for that period proportionately and the licensing officer shall make an endorsement to that effect upon the licence.”

3.   Amendment in section 4 of Act XIV of 1973.— In the Punjab Finance Act 1973 (XIV of 1973), in section 4, in sub-section (1), clause (iii) shall be omitted.

4.   Repeal of Federal Act XIV of 1963.— The Gift Tax Act 1963 (Federal Act XIV of 1963), is hereby repealed.