new delhi government on tuesday introduced in lok sabha a bill to replace an ordinance amending the income tax act and the finance act providing relief in income and banking cash transaction taxes including exempting political parties from payment of fringe benefit taxthe taxation laws second amendment bill 2005 piloted by finance minister p chidambaram seeks to exempt leasing of aircraft from income tax for a further period of six months till march 31 2006chidambaram had exempted in the budget 2005 the leasing of aircraft by domestic airlines from foreign countries for a period of six months till september this yearthrough an ordinance government exempted this for further six months to facilitate domestic airlines to carry out their expansion plansthe ordinance had several farreaching measures to set right certain anomalies in the finance act 2005 and exempt withdrawals from savings bank account from the new bank cash transaction tax and raising of limit for levying the tax in current and other bank accounts for withdrawals from rs 10000 to rs 25000 for individuals and rs one lakh for companiesthe ordinance also exempted certain specified incomes of persons from international sporting events conducted in india from income taxthe ordinance had extended tax incentives and a duty entitlement passbook scheme for export business for a further period beyond september