West Bengal Finance Act, 2007
No: 3 Dated: Mar, 31 2007
THE WEST BENGAL FINANCE ACT, 2007
West Bengal Act III of 2007
An Act to amend the Indian Stamp Act, 1899, in its application to West Bengal, the Bengal Agricultural Income-tax Act, 1944, the West Bengal Duty On Inter-State River Valley Authority Electricity Act, 1973, the West Bengal State Tax on Professions, Trades, Callings and Employments Act, 1979, the West Bengal Taxation Tribunal Act, 1987, the West Bengal Sales Tax Act, 1994, the West Bengal Sales Tax (Settlement of Dispute) Act, 1999, the West Bengal Transport Infrastructure Development Fund Act, 2002 and the West West Bengal Value Added Tax Act, 2003.
WHEREAS it is expedient to amend the Indian Stamp Act, 1899, in its application to West Bengal, the Bengal Agricultural Income-tax Act, 1944, theWest Bengal Duty On Inter-State River Valley Authority Electricity Act, 1973, the West Bengal State Tax on Professions, Trades, Callings and Employments Act, 1979, the West Bengal Taxation Tribunal Act, 1987, the West Bengal Sales Tax Act, 1994, the West Bengal Sales Tax (Settlement of Dispute) Act, 1999, the West Bengal Transport Infrastructure Development Fund Act, 2002 and the West West Bengal Value Added Tax Act, 2003, for the purposes and in the manner hereinafter appearing;
It is hereby enacted in the Fifty-eighth Year of Republic of India, by the Legislature of West Bengal, as follows:-
1. Short title and commencement:- (1) This Act may be called the West Bengal Finance Act, 2007.
(2) Save as otherwise provided, it shall come into force on such date, or shall be deemed to have come into force on such date, as the State Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different provisions of this Act.
2. Application and amendment of Act 2 of 1899:- (1) The Indian Stamp Act, 1899 (hereinafter referred to as the principal Act), shall, in its application to West Bengal, be amended for the purpose and in the manner hereinafter provided.
(2) In the Schedule IA to the principal Act,—
(a) in article 23, in the column under the heading "Proper Stamp-duty",—
(i) in clause (a), for the words "six per centum of the market value,", the words "six per centum of the market value, in case the market value of the property does not exceed rupees twenty-five lath, and seven per centum of the market value, in case the market value of the property exceeds rupees twenty-five lakh," shall be substituted;
(ii) in clause (b), for the words "six per centum of the market value,", the words "six per centum of the market value, in case the market value of the property does not exceed rupees twenty-five lakh, and seven per centum of the market value, in case the market value of the property exceeds rupees twenty-five lakh," shall be substituted;
(iii) in clause (c), for the words "five per centum of the market value,", the words "five per centum of the market value, in case the market value of the property does not exceed rupees twenty-five lath, and six per centum of the market value, in case the market value of the property exceeds rupees twenty-five lath," shall be substituted;
(b) in the Explanation appended to article 33,—
(i) for the words and brackets "daughter (unmarried, widowed or divorcee)", the words and brackets "daughter (married, unmarried, widowed or divorcee)" shall be substituted; and
(ii) for the words and brackets "sister (unmarried, widowed or divorcee)", the words and brackets "sister (married, unmarried, widowed or divorcee)" shall be substituted.
3. Amendment of Ben. Act IV of 1944:- In the Bengal Agricultural Income-tax Act, 1944, after section 67, the following section shall be inserted:—
68. "Power to waive or reduce interest:- (1) Notwithstanding anything to the contrary contained in this Act, the State Government may, if it considers necessary so to do, by general or special order to be published in the Official Gazette, waive or reduce any interest payable under this Act by any class of persons or association of persons
(2) The State Government may amend or rescind the order under subsection(1)."