SECURITIES AND EXCHANGE COMMISSION

                          Washington, D. C. 20549

                                  FORM 8-K

                               CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of
                    the Securities Exchange Act of 1934

       Date of report (Date of earliest event reported): July 15, 2005

                                ASHLAND INC.
           (Exact name of registrant as specified in its charter)

                                  Kentucky
               (State or other jurisdiction of incorporation)

                1-32532                                 20-0865835
        (Commission File Number)                     (I.R.S. Employer
                                                    Identification No.)

 50 E. RiverCenter Boulevard, Covington, Kentucky        41012-0391
      (Address of principal executive offices)           (Zip Code)

    P.O. Box 391, Covington, Kentucky                    41012-0391
            (Mailing Address)                            (Zip Code)

     Registrant's telephone number, including area code (859) 815-3333


Check the  appropriate  box below if the Form 8-K  filing  is  intended  to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:

[  ]     Written communications pursuant to Rule 425 under the Securities Act
         (17 CFR 2230.425)
[  ]     Soliciting material pursuant to Rule 14a-12 under the Exchange Act
         (17 CFR 240.14a-12)
[  ]     Pre-commencement communications pursuant to Rule 14d-2(b) under the
         Exchange Act (17 CFR 240.14d-2(b))
[  ]     Pre-commencement communications pursuant to Rule 13e-4(c) under the
         Exchange Act (17 CFR 240.13e-4(c))



<PAGE>



Item 5.04.  Temporary Suspension of Trading Under Registrant's Employee
            Benefit Plans

         On July 15, 2005,  Ashland Inc. (the  "Company") sent a notice to
the  Company's  executive  officers and directors  informing  them that the
blackout period relating to the Company's  401(k) plan,  which was expected
to end during the week that started July 10, 2005,  was being extended with
a new expected  end during the week that starts July 24, 2005.  The notice,
which is  attached  hereto as Exhibit  99.1 and is  incorporated  herein by
reference,  was  provided  by the  Company to its  executive  officers  and
directors in accordance with Section 306 of the Sarbanes-Oxley Act of 2002.

         During  the  blackout  period  and  for  a  period  of  two  years
thereafter,  a security  holder or other  interested  persons  may  obtain,
without charge,  information about the actual beginning and ending dates of
the 401(k) blackout period by contacting Ron Griffith,  c/o Ashland Inc. at
the following address: 3499 Blazer Parkway, Lexington, KY 40509 (Tel: (859)
357-7314; rrgriffith@ashland.com).

Item 9.01.  Financial Statements and Exhibits

(c) Exhibits

         99.1     Important  Notice  to  Directors  and  Exective  Officers
                  Regarding the  Prohibition of Your Ability to Purchase or
                  Sell Ashland Inc. Securities Under the Sarbanes-Oxley Act
                  of 2002 Update



                                    -2-
<PAGE>



                                 SIGNATURES


     Pursuant to the  requirements of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

                                         ASHLAND INC.
                               -------------------------------------------
                                         (Registrant)



Date:  July 15, 2005                 /s/ David L. Hausrath
                              --------------------------------------------
                              Name:     David L. Hausrath
                              Title:    Senior Vice President, General Counsel
                                        and Secretary


                                    -3-
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{"company-data": {"conformed-name": "ASHLAND INC.", "cik": "0001305014", "assigned-sic": "5160", "irs-number": "200865835", "state-of-incorporation": "KY", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32532", "film-number": "05957357"}, "business-address": {"street1": "50 EAST RIVERCENTER BLVD., 16TH FLOOR", "city": "COVINGTON", "state": "KY", "zip": "41012", "phone": "859-815-3483"}, "mail-address": {"street1": "50 EAST RIVERCENTER BLVD., 16TH FLOOR", "city": "COVINGTON", "state": "KY", "zip": "41012"}, "former-company": {"former-conformed-name": "New EXM Inc.", "date-changed": "20041004"}}
SECURITIES AND EXCHANGE COMMISSION

                          Washington, D. C. 20549

                                  FORM 8-K

                               CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of
                    the Securities Exchange Act of 1934

       Date of report (Date of earliest event reported): July 15, 2005

                                ASHLAND INC.
           (Exact name of registrant as specified in its charter)

                                  Kentucky
               (State or other jurisdiction of incorporation)

                1-32532                                 20-0865835
        (Commission File Number)                     (I.R.S. Employer
                                                    Identification No.)

 50 E. RiverCenter Boulevard, Covington, Kentucky        41012-0391
      (Address of principal executive offices)           (Zip Code)

    P.O. Box 391, Covington, Kentucky                    41012-0391
            (Mailing Address)                            (Zip Code)

     Registrant's telephone number, including area code (859) 815-3333

Check the  appropriate  box below if the Form 8-K  filing  is  intended  to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:

[  ]     Written communications pursuant to Rule 425 under the Securities Act
         (17 CFR 2230.425)
[  ]     Soliciting material pursuant to Rule 14a-12 under the Exchange Act
         (17 CFR 240.14a-12)
[  ]     Pre-commencement communications pursuant to Rule 14d-2(b) under the
         Exchange Act (17 CFR 240.14d-2(b))
[  ]     Pre-commencement communications pursuant to Rule 13e-4(c) under the
         Exchange Act (17 CFR 240.13e-4(c))
Item 5.04.  Temporary Suspension of Trading Under Registrant's Employee
            Benefit Plans

         On July 15, 2005,  Ashland Inc. (the  "Company") sent a notice to
the  Company's  executive  officers and directors  informing  them that the
blackout period relating to the Company's  401(k) plan,  which was expected
to end during the week that started July 10, 2005,  was being extended with
a new expected  end during the week that starts July 24, 2005.  The notice,
which is  attached  hereto as Exhibit  99.1 and is  incorporated  herein by
reference,  was  provided  by the  Company to its  executive  officers  and
directors in accordance with Section 306 of the Sarbanes-Oxley Act of 2002.

         During  the  blackout  period  and  for  a  period  of  two  years
thereafter,  a security  holder or other  interested  persons  may  obtain,
without charge,  information about the actual beginning and ending dates of
the 401(k) blackout period by contacting Ron Griffith,  c/o Ashland Inc. at
the following address: 3499 Blazer Parkway, Lexington, KY 40509 (Tel: (859)
357-7314; rrgriffith@ashland.com).

Item 9.01.  Financial Statements and Exhibits

(c) Exhibits

         99.1     Important  Notice  to  Directors  and  Exective  Officers
                  Regarding the  Prohibition of Your Ability to Purchase or
                  Sell Ashland Inc. Securities Under the Sarbanes-Oxley Act
                  of 2002 Update

                                    -2-
SIGNATURES

     Pursuant to the  requirements of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

                                         ASHLAND INC.
                               -------------------------------------------
                                         (Registrant)

Date:  July 15, 2005                 /s/ David L. Hausrath
                              --------------------------------------------
                              Name:     David L. Hausrath
                              Title:    Senior Vice President, General Counsel
                                        and Secretary

                                    -3-