Reduction of tax credit (Section 9(6), 9(9) and Section 10(3)

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....those specified in the Second Schedule, the tax credit shall be reduced by [ 2/R  X  100 ]  percents where R is the rate of tax applicable as per section 4.]                           ^10[Provided that in case of following goods, the tax credit shall be reduced by 100 percents: (i)  Un-manufactured tobacco, tobacco and tobacco products in all forms such as cigarettes (irrespective of form and length), chewing tobacco, gutkha, cigars, hooka tobacco, khaini, zarda, surti, bidis etc.;                  &....

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....ts, where R is the rate of tax applicable as per section 4: (i) Un-manufactured tobacco, tobacco and tobacco products in all forms such as cigarettes (irrespective of form and length), chewing tobacco, gutkha, cigars, hooka tobacco, khaini, zarda, surti, bidis etc.;                                     (ii) All kinds of lubricants.]       ******************** Notes : 1. Has been substituted vide Notification No. F. 3(10)/Fin.(T&E)/2008-2009/JS/Fin./351 dated 24/7/2008 before it was substituted vide Notification No. .F 3(2)/Fi....

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....ed vide Notification No.F.3(15)/Fin.(Rev-I)/2012-13/dsVI/264 Dated 30/03/2013. 7. Substituted vide F.3(12)/Fin(Rev-I)/2015-2016/dsvi/650 before it was read as, " ^1 [(1) For the purposes of sub-section (6) of Section 9 and ^6[sub-clause(ii) of clause (c) of] sub-section (3) of Section 10, the tax credit shall be reduced by the following prescribed percentages:  (a) In the case of goods specified in the Second Schedule - 100 per cent (b) In the case of goods specified in the Third Schedule ^3[- 40 per cent] (c) In the case of goods specified in the Fourth Schedule - 10 per cent (d) In the case of any other goods specified in the clause (e) of sub-section (1) of Section 4 - 16 per cent] ^3[(e)....