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 ..... oreign currency, including money 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 sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent", the words "to any person" shall be substituted; (6) after clause (53), 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 Intern ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... contracts;'; (12) in clause (90a), the Explanation occurring at the end shall be numbered as Explanation 1 thereof, and after the Explanation 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) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or any other body corporate or commercial concern referred to in sub-clause (zm);"; (f) in sub-clause (zzzu), for the words "internet telephony", the words "internet telecommunication service" 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, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er for the Unit Linked Insurance Plan policy; and (b) the sum of premium paid for or attributable to risk cover, whether for life, health or other specified purposes, and the amount segregated for actual investment. Illustration Total premium 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ), for the words "internet telephony", the words "internet telecommunication service" shall be substituted; (18) for clause (115), the following clause shall be substituted, namely:— '(115) "tour operator" means any person engaged in the business of planning, scheduling, organising or 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 claus ..... X X X X Extracts X X X X X X X X Extracts X X X X
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