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FINANCE ACT, 1994
32 of 1994
13th May, 1994
An Act to give effect to the financial proposals of the Central Government for the financial year 1994-95. Be it enacted by Parliament in the Forty-fifth Year of the Republic of India as follows:
SECTION 01: SHORT TITLE AND COMMENCEMENT
(1) This Act may be called The Finance Act, 1994.
(2) Save as otherwise provided in this Act, Sections 2- to 59- (except section 26- ). shall be deemed to have come into force on the 1st day of April, 1994.
SECTION 02: INCOME TAX
(1) Subject to the provisions of sub-sections (2) and (3) for the assessment year commencing on the 1st day of April, 1994. income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax as reduced by the rebate of income-tax calculated under Chapter 8-A of the Income-tax Act, 1961 (hereinafter referred to as the Income-tax Act) shall be increased.---
(a) in the cases to which Paragraphs A, B, c and D of that Part 'apply, by a surcharge. for purposes of the Union; and (b) in the cases to which Paragraph E of that Part applies, by a surcharge, calculated in each case in the manner provided therein.
(2) In the cases to which Sub-Paragraph I or Sub-Paragraph II of Paragraph A of Part I of the First Schedule applies, where the assessee has, in the previous year, any net agricultural income exceeding six hundred rupees, in addition to total income, and the total income exceeds,---
(i) in a case to which said Sub-Paragraph I applies, thirty thousand rupees, and
(ii) in a case to which they said Sub-Paragraph II applies, eighteen thousand rupees, then,-
(a) the net agricultural income shall be taken into account, in the manner provided in clause (b) [that is to say, as if the net agricultural income were comprised in the total income after.---
(i) in a case to which they said Sub-Paragraph I applies, the first thirty thousand rupees, and
(ii) in a case to which they said Sub -Paragraph II applies, the first eighteen thousand rupees, of the total income but without being liable to tax], only for the purpose of charging income-tax in respect of the total income; and (b) the income-tax chargeable shall be calculated as follows: -
(i) the total income and the net agricultural, income shall be aggregated and the amount of income-tax shall be determined in respect of the aggregate income at the rates specified in Sub -Paragraph I or, as the case may be, Sub-Paragraph II of the said Paragraph A. as if such aggregate income were the total income;
(ii) the net agricultural income shall be increased-
(A) in a case to which the said Sub-Paragraph I applies, by a sum of thirty thousand rupees; and
(B) in a case to which the said Sub-Paragraph II applies, by a sum of eighteen thousand rupees, and the amount of income-tax shall be determined in respect of the net a gricultural income as so increased at the rates specified in Sub -Paragraph I or, as the case may be, Sub-Paragraph II of the said Paragraph A. as if the net agricultural income as so increased were the total income; (iii) the amount of income-tax determined in accordance with sub-clause (i) shall be reduced by the amount of income -tax determined in accordance with sub- clause (ii) and the sum so arrived at shall be the income -tax in respect of the total income. Provided that.the amount of income-tax so arrived at. as reduced by the rebate of income-tax calculated under Chapter 8-A of the Income-tax Act, 1961 shall, in the case of every person having a total income exceeding one hundred thousand rupees, be increased by a surcharge for purposes of the union calculated at the rate of twelve percent of such income-tax and the sum so arrived at shall be the income -tax in respect of the total income.
(3) In cases to which the provisions of Chapter XII or Chapter XII -A or sub-section (IA) of section 161 or section 164 or section 164A or section 167B of the Income-tax Act, 1961 apply the tax chargeable shall be determined as provided in that Chapter or that section, and with reference to the rate imposed by sub-section (1) or the rates as specified in that Chapter or section, as the case may be : Provided that the amount of income-tax computed in accordance with the provisions of section 112 shall be increased by a surcharge for purposes of the Union or surcharge as provided in Paragraph A, B, C, D or E, as the case may -be, of Part I of the First Schedule: Provided further that in respect of any income chargeable to tax under section 115B or Section 115BB of the Income-tax Act,
(a) the income-tax computed under section 115B shall be increased by a surcharge calculated at the rate of fifteen percent of such income-tax; and,
(b) the income-tax computed under section 115BB shall be increased,-
(i) in the case of a person other than a company, being a resident in India, by a surcharge for purposes of the Union calculated at the rate of twelve percent of such income -tax: and
(ii) in the case of a domestic company, by a surcharge calculated at the rate of fifteen percent of such income-tax.
(4) In cases in which tax has to be deducted under sections 193 , 194 , 194A , 194B , 194BB , 194D and 195 of the Income-tax Act, at the rates in force, the deduction shall be made at the rates specified in Part II of the First Schedule and shall be increased in the cases to which the provisions of sub-item (a) of item 2 of that Part apply, by a surcharge, calculated, in the manner provided therein.
(5) In cases in which tax has to be deducted under Sections 194C , 194EE , 194F , 194G and 194-1 of the Income-tax Act, the deduction shall be made at the rates specified in those sections and shall be increased in the case of an assessee, being a domestic company, by a surcharge calculated at the rate of fifteen percent, of such deduction.
(6) In cases in which tax has to be collected under Section 206C of the Income-tax Act, the collection shall be made at the rate specified in that section and shall be increased in the case of a buyer, being a domestic company, by a surcharge calculated at the rate of fifteen percent of such collection.
(7) Subject to the provisions of sub-section (8) in cases in which income-tax has to be calculated under the first proviso to sub-section (5) of section 132 of the Income-tax Act or charged under sub-section (4) of section 172 or sub -section (2) of section 174 or section 175 or sub-section (2) of section 176 of the said Act or deducted under section 192 of the said Act from income chargeable under the head "Salaries" or in which the "advance tax" payable under Chapter XVII-C of the said Act has to be computed, at the rate or rates in force, such income-tax or, as the case may be, "advance tax" shall be so calculated, charged deducted or computed at the rate or rates specified in Part III of the First Schedule and such tax shall be increased, in the cases to which Paragraph E of that Part applies, by a surcharge, calculated in the manner provided therein : Provided that in cases to which the provisions of Chapter XII or Chapter XIIA or sub- section (IA) of section 161 or section 164 or section 164A or section 167B of the Income-tax Act apply, "advance tax" shall be computed with reference to the rates imposed by this sub-section or the rates as specified in that Chapter or section, as the case may be; Provided further that amount of income-tax computed in accordance with the provisions of section 112 shall be increased by a surcharge as provided in Paragraph E of Part III of the First Schedule: Provided also that in respect of any income chargeable to under section 115B or in the case of a domestic company, under section 115BB of the Income-tax Act , the "advance tax" computed under the first proviso shall be increased by a surcharge calculated at the rate of fifteen percent of such "advance tax".
(8) In the cases to which Sub -Paragraph I or Sub-Paragraph II of Paragraph A of Part III of the First Schedule applies, where the assessee has, in the previous year or, if by virtue of any provision of the Income-tax Act, income tax is to be charged in respect of the income of a period other than the previous year, in such other period, any net agricultural income, exceeding six hundred rupees, in addition to total income and the total income exceeds,-
(i) in a case to which the said Sub-Paragraph I applies, thirty -five thousand rupees, and
(ii) in a case to which the said Sub-Paragraph II applies, eighteen thousand rupees: then, in calculating income-tax under the First proviso to sub-section (5) of section 132 of the income-tax Act or in charging income-tax under sub-section (2) of section 174 or section 175 or sub-section (2) of section 176 of the said Act or in computing the "advance tax" payable under Chapter XVII-C of the said Act, at the rate or rates in force. -
(a) the net agricultural income shall be taken into account, in the manner provided in clause (b) [that is to say, as if the net agricultural income were comprised in the total income after -
(i) in a case to which the said Sub-Paragraph I applies, the first thirty-five thousand rupees, and
(ii) in a case to which the said Sub-Paragraph .11 applies, the First eighteen thousand rupees, of the total income but without being liable to tax], only for the purpose of calculating, charging or computing such income-tax or, as the case may be, "advance tax" in respect of the total income: and
(b) such income-tax or.as the case may be. "advance tax" shall be so calculated, charged or computed as follows :---
(i) the total income and the net agricultural income shall be aggregated and, the amount of income-tax or "advance tax" shall be determined in respect of the aggregate income at the rates specified in Sub -Paragraph I or, as the case may be, Sub-Paragraph II of the said Paragraph A, as if such aggregate income were the total income:
(ii) the net agricultural income shall be increased,-
(A) in a case to which the said Sub-Paragraph I applies, by a sum of thrity-five thousand rupees: and
(B) in a case to which the said Sub-Paragraph II applies, by a sum of eighteen thousand rupees, and the amount of income-tax or "advance tax" shall be determined in respect of the net agricultural income as so increased at the rates specified in the said Sub-Paragraph I or. as the case may be, the said Sub-Paragraph II, as if the net agricultural income as so increased were the total income:
(iii) the amount of income-tax or "advance tax" determined in accordance with sub- clause (i) shall be reduced by the amount of incometax or. as the case may be, "advance tax" determined in accordance with sub-clause (ii) and the sum so arrived at shall be the income-tax or, as the case may be, "advance tax" in respect of the total income.
(9) For the purposes of this section and the First Schedule.__
(a) "company in which the public are substantially interested" means a company within the meaning of clause (18) of Section 2 of the Income-tax Act and includes, a subsidiary of such company if the whole of the share capital of such subsidiary company has been held by the parent company or by its nominees throughout the previous year;
(b) "domestic company" means an Indian company, or any other company which, in respect of its income liable to income-tax under the Income-tax Act for the assessment year commencing on the 1st day of April, 1994, has made the prescribed arrangements for the declaration and payment within India of the dividends (including dividends on preference shares) payable out of such income in accordance with the provisions of section 194 of that Act:
(c) "incusrance commission" means any remuneration or reward, whether by way of commission or otherwise, for soliciting or procuring insurance business (including business relating to 'the continuance, renewal or revial of policies of insurance);
(d) "net'agricultural income", in relation to a person means the total amount of agricultural income, from whatever source derived, of that person computed in accordance with the rules contained in Part IV of the First Schedule:
(e) all other words and expressions used in this section or in the- First Schedule but not defined in this subsection and defined in the Income-tax Act, shall have the meanings, respectively, assigned to them in that Act.
SECTION 03: 3-50
- Of this Act, amended following sections of the Income-tax Act, which are being incorporated in the Principal Act and hence not printed hereat: sections affected are; 2 ; 5A (ins.): 6 , 10 ; 10B ; 12A ; 13 : 17 : 24 : 33AB : 35 : 36 : 37 : 44AD : and 44AE (ins.); 44D : 55 ; 57 : 64 ; 71 : 71A (subst.): 80E (ins.): 80G : 80HHD : 80HHE : 801A ; 80V (omitted.): 88 : 88B ; 112 : 115A ; 115K : 115N : 116 : 139 : 143 : 154 : 1941 (ins.): 196A : 197 : 198 to 200 and 202 to 205 ; 211 ; 234C : 246 : 269 : 273A : 296 : Section 50 made consequential amendments in certain sections.
Explanation 2.-- For the purposes of this clause, the expression "security" shall have meaning assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 ;
4. Insertion of new section 5A.--- After section 5 of the Income-tax Act the following section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1963, namely:--
SECTION 51: AMENDMENT OF SECTION 2
-- -[Incorporated in the Wealth-tax Act, 1957 (hereinafter referred to as the Wealth tax Act),---
(i) in cluase (ea). in the Explanation, in clause (b), for the words "period of three years", the words "period of five years" shall be substituted with effect from the 1st day of April, 1995:
(ii) in clause (s), after the word "Director", the words and brackets "Additional Director of Income-tax", "Additional Commissioner of Income-tax", "Additional Commissioner of Incometax (Appeals)", "Deputy Director", shall be inserted with effect from the 1st day of June 1994.
SECTION 52: AMENDMENT OF SECTION 4
- In section 4 of the Wealth-tax Act , in sub-section (1), in clause (a), in sub-clause (ii), after the words "not being", the words, figures and letter "a minor child suffering from any disability of the nature specified in section 80U of the Income- tax Act or" shall be inserted with effect from the 1st day of April, 1995.
SECTION 53: AMENDMENT OF SECTION 46
- In section 46 of the Wealth-tax Act , in sub-section (4), after the words "every rule made under this Act", the words, brackets, figures and letter "and the rules of procedure framed-by the Settlement Commission under sub-section (7) of section 22F" shall be inserted with effect from the 1st day of June, 1994.
SECTION 54: 54-55
- [Incorporated in the Gift-tax Act, 1958 ].
SECTION 56: AMENDMENT OF SECTION 3 OF ACT 45 OF 1974
- [Amendments incorporated in the Interest-tax Act, 1974].
SECTION 57: 57-59
- [Amendments incorporated in the Expenditure-tax, Act, 1987 ].
SECTION 60: AMENDMENTS OF ACT 52 OF 1962
- In the Customs Act, 1962 , (hereinafter referred to as the Customs Act),---
(1) for section 20- . the following section shall be substituted, namely:- "20. Re-importation of goods.- - If goods are imported into India after exportation there form, such goods shall be liable to duty and be subject to all the conditions and restrictions, if any, to which goods of the like kind and value are liable or subject, on the importation thereof: Provided that if such importation (other than importation of goods exported in bond or of goods produced or manufactured in a free trade zome) takes place within three years after the exportation of such goods and it is shown to the satisfaction of the Assistant Collector of Customs that the goods are the same which were exported, the goods may be admitted-
(a) in any case where at the time of exportation of the goods, drawback of any customs or excise duty levied by the Union or both was allowed, on payment of customs duty equal to the amount of such drawback;
(b) in any case where at the time of exportation of the goods, drawback of any excise duty levied by a State was allowed, on payment of customs duty equal to such excise duty leviable at the time and place of importation of the goods:
(c) in any other case, without payment of duty: Provided further that if the Central Government is satisfied that it is necessary in the public interest so to do, it may, by order in each case, extend the aforesaid period of three years for such further period as it may deem fit.
Explanation 1.- Where in respect of any goods produced or manufactured in a free trade zone, any duty leviable under this sub-section is leviable at different rates, then, such duty shall be leviable at the highest of those rates.
Explanation 2.- For the purposes of this section, "free trade zone" has the same meaning as in Explanation 2 to sub-section (1) of section 3 of the Central Excises and Salt Act, 1944 .
(2) in section 23- , for sub-section (2), the following sub-section shall be substituted, namely:- "(2) The owner of any imported goods may, at any time before an order for clearance of goods for home consumption under section 47- or an order for permitting the deposit of goods in a warehouse under section 60- has been made, relinquish his title to the goods and thereupon he shall not be liable to pay the duty thereon".
(3) in section 59- , in sub-section (1), the words, brackets and letter "clause (a) of shall omitted;
(4) section 59A- shall be omitted;
(5) in sections 60- , 72- , and 73- , the words, figures and letter "or section 59A- " shall be omitted;
(6) for section 61- , the following section shall besubstituted, namely:--
SECTION 61 Period for which goods may remain warehoused
(1) Any warehoused goods may be left in the warehouse in which they are deposited or in any warehouse to which they may be removed- (a) in the case of capital goods intended for use in any hundred percent export oriented undertaking, till the expiry of five years, and (b) in the case of any other goods, till the expiry of one year, after the date on which the proper officer has made an order under section 60- permitting the deposit of the goods in a warehouse: Provided that -
(i) in the case of any goods which are not likely to deteriorate, the period specified in sub-section (1) may, on sufficient cause being shown, be extended by the Collector of Customs for a period not exceeding six months and by the principal Collector of Customs for such further period as he may deem fit:
(ii) in the case of any goods referred to in clause (b), if they are likely to deteriorate, the aforesaid period of one year may be reduced by the Collector of Customs to such shorter period as he may deem fit: Provided further that when the licence for any private warehouse is cancelled, the owner of any goods warehoused therein shall, within seven days from the date on which notice of such cancellation is given or within such extended period as the proper officer may allow, remove the goods from such warehouse to another warehouse or clear them for home consumption or exportation.
(2) Where any warehoused goods remain in a warehouse beyond the period specified in sub-section ( 1 ) by reason of extension of the aforesaid period or otherwise, interest at such rate as is specified in section 47- shall be payable, on the amount of duty payable at the time of clearance of the goods in accordance with the provisions of section 15- on the warehoused goods, for the period from the expiry of the said warehousing period till the date of payment of duty on the warehoused goods: Provided that the Board may, if it considers it necessary so to do in the public interest, by order and under circumstances of an exceptional nature, to be specified in such order, waive the whole or part of any interest payable under this section in respect of any warehoused goods: Provided further that the Board may, if it is satisfied that it is necessary so to do in the public interest, by notification in the Official Gazette, specify the class of goods in respect of which no interest shall be charged under this section.
Explanation.-- For the purposes of this section, "hundred percent export oriented undertaking" has the same meaning as in Explanation 2 to sub-section (1) of section 3 of the Central Excises and Salt Act, 1944 .
61. Amendment of Act 51 of 1975.--- The Customs Tariff Act, 1975 (hereinafter referred to as the Customs Tariff Act) shall be amended in the manner specified in the Second Schedule.
SECTION 62: AMENDMENT OF ACT 5 OF 1986
--The Central Excise Tariff Act,1985 (hereinafterreferred to as the Central Excise Tariff Act),---
(a) shall be amended in the manner specified in the Third Schedule; and
(b) shall, with effect from such date as the Central Government may, by notification in the Official Gazette, appoint, be also amended in the manner specified in the Fourth Schedule.
SECTION 63: AMENDMENT OF ACT 58 OF 1957
--- In the Additional Duties of Excise (Goods of Special Importance) Act, 1957 (hereinafter referred to as the Additional Duties of Excise Act),---
(a) in section 3- , for sub-section (3), the following sub-section shall be substituted, namely:- "(3) The provisions of the Central Excises and Salt Act, 1944 and the rules made thereunder, including those relating to refunds, exemptions from duty, offences and penalties, shall, so far as may be, apply in realtion to levy and collection of the additional duties as they apply in relation to the levy and collection of the duties of excise on the goods specified in sub-section (1)".
(b) the First Schedule shall be amended in the manner specified in the Fifth Schedule.
SECTION 64: EXTENT, COMMENCEMENT AND APPLICATION
(1) This Chapter extends to the whole of India except the State of Jammu and Kashmir,
(2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
(3) It shall apply to taxable services provided on or after the commencement of this Chapter.
SECTION 65: DEFINITIONS
1 In this Chapter, unless the context otherwise requires,-
(1) "actuary" has the meaning assigned to it in clause (1) of Section 2 of the Insurance Act, 1938 (4 of 1938);
(2) "advertisement" includes any notice, circular, label, wrapper, document, hoarding or any other audio or visual representation made by means of light, sound, smoke or gas;
(3) "advertising agency" means any commercial concern engaged in providing any service connected with the making, preparation, display or exhibition of advertisement and includes an advertising consultant;
(4) "air travel agent" means any person engaged in providing any service connected with the booking of passage for travel by air;
(5) "Appellate Tribunal" means the Customs, Excise and Gold (Control) Appellate Tribunal constituted under Section 129 of the Customs Act, 1962 (52 of 1962);
(6) "architect" means any person whose name is, for the time being, entered in the register of architects maintained under Section 23 of the Architects Act, 1972 (20 of 1972) and also includes any commercial concern engaged in any manner, whether directly or indirectly, in rendering services in the field of architecture;
(7) "assessee" means a person liable to pay the service tax and includes his agent;
(8) "authorised service station" means any service station or centre, authorised by any motor vehicle manufacturer, to carry out any service or repair of any motor car or two wheeled motor vehicle manufactured by such manufacturer;
(9) "banking" and "banking company" shall have the meanings assigned to them in clauses (b) and (c) of Section 5 of the Banking Regulation Act, 1949 (10 of 1949), respectively;
(10) "banking and other financial services" means, the following services provided by a banking company or a financial institution including a non-banking financial company, namely:- (i) financial leasing services including equipment leasing and hire- purchase by a body corporate; (ii) credit card services; (iii)merchant banking services; (iv) securities and foreign exchange (forex) broking; (v) asset management including portfolio management, all forms of fund management, pension fund management, custodial depository and trust services, but does not include cash management; (vi) advisory and other auxiliary financial services including investment and portfolio research and advice, advice on mergers and acquisitions and advice on corporate restructuring and strategy; and (vii)provision and transfer of information and data processing;
(11) "Board" means the Central Board of Excise and Customs constituted under the Central Boards of Revenue Act, 1963 (54 of 1963);
(12) "body corporate" shall have the meaning assigned to it in clause (7) of Section 2 of the Companies Act, 1956 (1 of 1956);
3(13) "broadcasting" has the meaning assigned to it in clause (c) of Section 2 of the Prasar Bharati (Broadcasting Corporation of India) Act, 1990 (25 of 1990) and also includes programme selection, scheduling or presentation of sound or visual matter on a radio or a television channel that is intended for public listening or viewing, as the case may be; and in the case of a broadcasting agency or organisation, having its head office situated in any place outside India, includes the activity of selling of time slots or obtaining sponsorships for broadcasting of any programme or collecting the broadcasting charges on behalf of the said agency or organisation, by its branch office or subsidiary or representative in India or any agent appointed in India or by any person who acts on its behalf in any manner;
4(13A)"broadcasting agency or organisation" means any agency or organisation engaged in providing service in relation to broadcasting in any manner and, in the case of a broadcasting agency or organisation, having its head office situated in any place outside India, includes its branch office or subsidiary or representative in India or any agent appointed in India or any person who acts on its behalf in any manner, engaged in the activity of selling of time slots for broadcasting of any programme or obtaining sponsorships for programme or collecting broadcasting charges on behalf of the said agency or organisation."
(14) "cab" means a motor cab or maxi cab;
(15) "caterer" means any person who supplies, either directly or indirectly, any food, edible preparations, alcoholic or non-alcoholic beverages or crockery and similar articles or accoutrements for any purpose or occasion;
(16) "clearing and forwarding agent" means any person who is engaged in providing any service, either directly or indirectly, connected with the clearing and forwarding operations in any manner to any other person and includes a consignment agent;
(17) "computer network" has the meaning assigned to it in clause (F) of sub-section (1) of Section 2 of the Information Technology Act, 2000 (21 of 2000);
(18) "consulting engineer" means any professionally qualified engineer or an engineering firm who, either directly or indirectly, renders any advice, consultancy or technical assistance in any manner to a client in one or more disciplines of engineering;
(19) "convention" means a formal meeting or assembly which is not open to the general public, and does not include a meeting or assembly the principal purpose of which is to provide any type of amusement, entertainment or recreation;
(20) "courier agency" means a commercial concern engaged in the door- to-door transportation of time-sensitive documents, goods or articles utilising the services of a person, either directly or indirectly, to carry or accompany such documents, goods or articles;
(21) "credit rating agency" means any commercial concern engaged in the business of credit rating of any debt obligation or of any project or programme requiring finance, whether in the form of debt or otherwise, and includes credit rating of any financial obligation, instrument or security, which has the purpose of providing a potential investor or any other person any information pertaining to the relative safety of timely payment of interest or principal;
(22) "custom house agent" means a person licensed, temporarily or otherwise, under the regulations made under sub-section (2) of Section 146 of the Customs Act, 1962 (52 of 1962);
(23) "data" has the meaning assigned to it in clause (o) of sub-section (1) of Section 2 of the Information Technology Act, 2000 (21 of 2000);
(24) "electronic form" has the meaning assigned to it in clause (r) of sub section (1) of Section 2 of the Information Technology Act, 2000 (21 of 2000);
(25) "facsimile (FAX)" means a form of telecommunication by which fixed graphic images, such as printed texts and pictures are scanned and the information converted into electrical signals for transmission over the telecommunication system;
(26) "financial institution" has the meaning assigned to it in clause (c) of Section 45-1 of the Reserve Bank of India Act, 1934 (2 of 1934);
(27) "general insurance business" has the meaning assigned to it in clause (g) of Section 3 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972);
(28) "goods" has the meaning assigned to it in clause (7) of Section 2 of the Sale of Goods Act, 1930 (3 of 1930);
(29) "information" has the meaning assigned to it in clause (y) of sub- section (1) of Section 2 of the Information Technology Act, 2000 (21 of 2000);
(30) "Insurance Agent" has the meaning assigned to it in clause (10) of Section 2 of the Insurance Act, 1938 (4 of 1938);
(31) "insurance auxiliary service" means any service provided by an actuary, an intermediary or insurance intermediary or an insurance agent in relation to general insurance business and includes risk assessment, claim settlement, survey and loss assessment;
(32) "intermediary or insurance intermediary" has the meaning assigned to it in sub-clause (f) of clause (1) of Section 2 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(33) "insurer" means any person carrying on the general insurance business in India;
(34) "interior decorator" means any person engaged, whether directly or indirectly, in the business of providing by way of advice, consultancy, technical assistance or in any other manner, services related to planning, design or beautification of spaces, whether man- made or otherwise and includes a landscape designer;
(35) "leased circuit" means a dedicated link provided between two fixed locations for exclusive use of the subscriber and includes a speech circuit, data circuit or a telegraph circuit;
(36) "magnetic storage device" includes wax blanks, discs or blanks, strips or films for the purpose of original sound recording;
(37) "management consultant" means any person who is engaged in providing any service, either directly or indirectly, in connection with the management of any organisation in any manner and includes any person who renders any advice, consultancy or technical assistance, relating to conceptualising, devising, development, modification, rectification or upgradation of any working system of any organisation;
(38) "mandap" means any immovable property as defined in Section 3 of the Transfer of Property Act, 1882 (4 of 1882) and includes any furniture, fixtures, light fittings and floor coverings therein let out for consideration for organising any official, social or business function;
(39) "mandap keeper" means a person who allows temporary occupation of a mandap for consideration for organising any official, social or business function;
(40) "manpower recruitment agency" means any commercial concern engaged in providing any service, directly or indirectly, in any manner for recruitment of manpower, to a client;
(41) "market research agency" means any commercial concern engaged in conducting market research in any manner, in relation to any product, service or utility, including all types of customised and syndicated research services;
(42) "maxi cab" has the meaning assigned to it in clause (22) of Section 2 of the Motor Vehicles Act, 1988 (59 of 1988);
(43) "motor cab" has the meaning assigned to it in clause (25) of Section 2 of the Motor Vehicles Act, 1988 (59 of 1988);
(44) "non-banking financial company" has the meaning assigned to it in clause (f) of Section 45-1 of the Reserve Bank of India Act, 1934 (2 of 1934);
(45) "on-line information and database access or retrieval" means providing data or information, retrievable or otherwise, to a customer, in electronic form through a computer network;
(46) "pager" means an instrument, apparatus or appliance which is a non- speech, one way personal calling system with alert and has the capability of receiving, storing and displaying numeric or alpha- numeric messages;
(47) "photography" includes still photography, motion picture photography, laser
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