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The Finance Act, 1980

( ACT NO. XXIII Of 1980 )

Amendment of E.P. Act X of 1957
8. In the Finance Act, 1957 (E.P. Act X of 1957), for section 2 the following shall be substituted, namely:-
 
 
 
 
2. Levy and collection of tax on advertisement.- (1) There shall be levied and collected a tax on advertisement by cinema slides films and through radio and television and daily newspapers at the rates specified below:-
    Rates
(i)            on advertisement by cinema slides and films and through radio and television   at the rate of fifteen per centum of the amount charged on such advertisement.
     
(ii)           on advertisement through daily newspapers excluding tender and employment notices   at the rate of ten per centum of the amount charged on such advertisement.
     
(2) The tax shall be collected and paid to the Government­:-
     

(a)           in respect of advertisement by cinema slides and films, by the owner or management of the cinema

(b)           in respect of advertisement through radio and television, by the authority or management concerned; and

(c)           in respect of advertisement through daily newspapers, by the authority or management concerned.

(3) The National Board of Revenue may make rules regulating the procedure for collection and payment of the tax and any other matter incidental to its levy.”.

     

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