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):  August 1, 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  August 1,  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 24, 2005,  was being  extended with a new
expected end during the week that starts August 14, 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 8.01.  Other Events

The Company  expects to hold its annual meeting of  shareholders on January
26, 2006 (the "2006 Annual Meeting").

Shareholders  interested in presenting a proposal for  consideration at the
2006 Annual  Meeting may do so by following  the  procedures  prescribed in
Rule  14a-8  of the  Securities  Exchange  Act of  1934,  as  amended  (the
"Exchange Act") and the Company's By-laws.

In order for  shareholder  proposals  intended to be  presented at the 2006
Annual  Meeting  to be  eligible  for  inclusion  in  the  Company's  proxy
statement  and the form of proxy for the 2006 Annual  Meeting,  pursuant to
Rule 14a-8 under the Exchange  Act,  they must be received by the Company's
Secretary a reasonable time before the Company begins to print and mail its
proxy materials for the meeting.

The Company  expects to begin  printing and mailing proxy material in early
December  2005,  and  will  include  shareholder   proposals  submitted  by
September  1,  2005 in its proxy  statement  and form of proxy for the 2006
Annual Meeting.  Shareholder  proposals  submitted after that date shall be
excluded,  unless otherwise  required to be included pursuant to Rule 14a-8
under the Exchange Act, the rules and  regulations  of the  Securities  and
Exchange Commission and other applicable laws.


Item 9.01.  Financial Statements and Exhibits

(c) Exhibits

         99.1     Important  Notice to  Directors  and  Executive  Officers
                  Regarding the  Prohibition of Your Ability To Purchase or
                  Sell Ashland Inc. Securities Under the Sarbanes-Oxley Act
                  of 2002 Second 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:  August 1, 2005                 /s/ David L. Hausrath
                              --------------------------------------------
                              Name:     David L. Hausrath
                              Title:    Senior Vice President, General Counsel
                                        and Secretary


                                    -3-
<PAGE>
                               EXHIBIT INDEX


         99.1     Important  Notice to  Directors  and  Executive  Officers
                  Regarding the  Prohibition of Your Ability To Purchase or
                  Sell Ashland Inc. Securities Under the Sarbanes-Oxley Act
                  of 2002 Second Update
[{"type": "8-K", "sequence": "1", "filename": "form8k.txt", "description": "FORM 8-K 8-1-05", "secsgml_size_bytes": 5726}]
{"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": "05989279"}, "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):  August 1, 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  August 1,  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 24, 2005,  was being  extended with a new
expected end during the week that starts August 14, 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 8.01.  Other Events

The Company  expects to hold its annual meeting of  shareholders on January
26, 2006 (the "2006 Annual Meeting").

Shareholders  interested in presenting a proposal for  consideration at the
2006 Annual  Meeting may do so by following  the  procedures  prescribed in
Rule  14a-8  of the  Securities  Exchange  Act of  1934,  as  amended  (the
"Exchange Act") and the Company's By-laws.

In order for  shareholder  proposals  intended to be  presented at the 2006
Annual  Meeting  to be  eligible  for  inclusion  in  the  Company's  proxy
statement  and the form of proxy for the 2006 Annual  Meeting,  pursuant to
Rule 14a-8 under the Exchange  Act,  they must be received by the Company's
Secretary a reasonable time before the Company begins to print and mail its
proxy materials for the meeting.

The Company  expects to begin  printing and mailing proxy material in early
December  2005,  and  will  include  shareholder   proposals  submitted  by
September  1,  2005 in its proxy  statement  and form of proxy for the 2006
Annual Meeting.  Shareholder  proposals  submitted after that date shall be
excluded,  unless otherwise  required to be included pursuant to Rule 14a-8
under the Exchange Act, the rules and  regulations  of the  Securities  and
Exchange Commission and other applicable laws.

Item 9.01.  Financial Statements and Exhibits

(c) Exhibits

         99.1     Important  Notice to  Directors  and  Executive  Officers
                  Regarding the  Prohibition of Your Ability To Purchase or
                  Sell Ashland Inc. Securities Under the Sarbanes-Oxley Act
                  of 2002 Second 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:  August 1, 2005                 /s/ David L. Hausrath
                              --------------------------------------------
                              Name:     David L. Hausrath
                              Title:    Senior Vice President, General Counsel
                                        and Secretary

                                    -3-
EXHIBIT INDEX

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