RNI No. GOAENG/2002/6410 Reg. No. G-2/RNP/GOA/32/2018-20
Panaji, 26th April, 2018 (Vaisakha 6, 1940) SERIES I No. 4 PUBLISHED BY AUTHORITY
INDEX
Department Notification/Ord./Corri. Subject Pages 1. Civil Aviation Corri.- DOCA/EST/01 Correction of order dated 25-7-2016. 183 Dir. & ex officio Jt. Secretary Creation/2015-16/64
2. Civil Supplies and Not.- DCS/S/Ker/PF/ Revised fixation of Superior Kerosene Oil. 184 Consumer Affairs /2018-19/45 Dir. & ex officio Jt. Secretary
3. Law & Judiciary Not.- 10/4/2016-LA The Finance Act, 2016. 185 Under Secretary
4. Revenue Ord.- 14/59/2017-RD/761 Rate of Fees for services provided through CSC. 380 Under Secretary
GOVERNMENT OF GOA
Department of Civil Aviation
Directorate of Civil Aviation
___
Corrigendum
DOCA/EST/01/Creation/2015-16/64
Read: Order No. DOCA/EST/01/Creation/2015-16 dated 25-7-2016.
In the above referred order the nomenclature of the post "Technical Officer" stands changed to "Civil Aviation Officer".
This issues with administrative approval of the Government vide U.O. No. 3653/F dated 19-4-2018.
By order and in the name of the Governor of Goa.
Dr. S. Shanbhogue, Director & ex officio Jt. Secretary (Civil Aviation).
Porvorim, 24th April, 2018.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018Department of Civil Supplies and
Consumer Affairs
___
Notification
DCS/S/Ker/PF/2018-19/45
In pursuance of clause 3 read with sub-clause (d)(i) of clause 2 of Kerosene Fixation of Ceiling Price Order (1993), the Government of Goa hereby directs that maximum wholesale & retail price for domestic purpose of Superior Kerosene Oil stands revised as under with effect from 16-4-2018. This Notification supersedes earlier Notification No. DCS/S/KER/PF/2017-18/ /601 dated 20-03-2018.
Sr. Taluka Wholesale Price Wholesale Price Retail Price Retail Price
No. per kilo litre per kilo litre per litre per litre
including GST including GST including GST including GST
& Green Cess & Green Cess & Green Cess & Green Cess
Existing Revised Existing Revised
1 2 3 4 5 6
1. Tiswadi Rs. 24333.38 Rs. 24752.42 Rs. 27.00 Rs. 27.50
Chorao Rs. 24364.88 Rs. 24783.92 Rs. 27.00 Rs. 27.50
Diwar Rs. 24364.88 Rs. 24783.92 Rs. 27.00 Rs. 27.50
2. Salcete Rs. 23841.01 Rs. 24260.05 Rs. 26.50 Rs. 27.00
3. Bardez Rs. 24488.86 Rs. 24907.90 Rs. 27.25 Rs. 27.75
Corjuvem Rs. 24488.86 Rs. 24907.90 Rs. 27.25 Rs. 27.75
4. Mormugao Rs. 23653.14 Rs. 24072.18 Rs. 26.25 Rs. 26.75
5. Ponda Rs. 23944.67 Rs. 24363.71 Rs. 26.50 Rs. 27.00
6. Quepem Rs. 24093.67 Rs. 24512.71 Rs. 26.75 Rs. 27.25
7. Bicholim Rs. 24501.82 Rs. 24920.86 Rs. 27.25 Rs. 27.75
8. Pernem Rs. 24793.35 Rs. 25212.39 Rs. 27.50 Rs. 28.00
9. Canacona Rs. 24391.69 Rs. 24810.73 Rs. 27.00 Rs. 27.50
10. Sanguem Rs. 24236.20 Rs. 24655.24 Rs. 27.00 Rs. 27.50
11. Satari Rs. 24391.69 Rs. 24810.73 Rs. 27.00 Rs. 27.50
12. Dharbandora Rs. 24236.20 Rs. 24655.24 Rs. 27.00 Rs. 27.50
By order and in the name of the Governor of Goa.
Mahesh V. Corjuenkar, Director & ex officio Jt. Secretary (Civil Supplies & Consumer Affairs).
Panaji, 19th April, 2018.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018Department of Law & Judiciary
Legal Affairs Division ___
Notification
10/4/2016-LA
The Finance Act, 2016 (Central Act No. 28 of 2016), which has been passed by Parliament and assented to by the President on 14-05-2016 and published in the Gazette of India, Extraordinary, Part II, Section 1, date 14-05-2016, is hereby published for the general information of the public.
Julio Barbosa Noronha, Under Secretary (Law).
Porvorim, 26th October, 2016.
______
THE FINANCE ACT, 2016
Arrangement of Section
CHAPTER I
Preliminary
Sections
1. Short title and commencement.
CHAPTER II
Rates of Income-tax
2. Income-tax.
CHAPTER III
DIRECT TAXES
Income-tax
3. Amendment of section 2.
4. Amendment of section 6.
5. Amendment of section 9.
6. Amendment of section 9A.
7. Amendment of section 10.
8. Amendment of section 10AA.
9. Amendment of section 17.
10. Amendment of section 24.
11. Substitution of new section for sections 25A,
25AA and 25B.
12. Amendment of section 28.
13. Amendment of section 32.
11. Amendment of section 32AC.
12. Amendment of section 35.
Sections
13. Insertion of new section 35ABA.
14. Amendment of section 35AC.
15. Amendment of section 35AD.
16. Amendment of section 35CCC.
17. Amendment of section 35CCD.
18. Amendment of section 36.
19. Amendment of section 40.
20. Amendment of section 43B.
21. Amendment of section 44AA.
22. Amendment of section 44AB.
26. Amendment of section 44AD.
27. Insertion of new section 44ADA.
28. Amendment of section 47.
29. Amendment of section 48.
30. Amendment of section 49.
31. Amendment of section 50c.
32. Insertion of new section 54EE.
33. Amendment of section 54GB.
34. Amendment of section 55.
35. Amendment of section 56.
36. Amendment of section 80.
37. Amendment of section 80CCD.
38. Substitution of new section for section 80EE.
39. Amendment of section 80GG.
40. Amendment of section 80-IA.
41. Amendment of section 80-IAB.
42. Insertion of new section 80-IAC.
43. Amendment of section 80-IB.
44. Insertion of new section 80-IBA.
45. Substitution of new section for section 80JJAA.
46. Amendment of section 87 A.
47. Amendment of section 92CA.
48. Amendment of section 92D.
49. Amendment of section 111A.
50. Amendment of section 112.
51. Insertion of new section 115BA.
52. Insertion of new section 115BBDA.
53. Amendment of section 115BBE.
54. Insertion of new section 115BBF.
55. Amendment of section 115JB.
56. Insertion of new Chapter XII-Bc.
57. Amendment of section 115-O.
58. Amendment of section 115QA.
59. Amendment of section 115TA.
60. Amendment of section 115TC.
61. Insertion of new section 115TCA.
62. Insertion of new Chapter XII-EB.
63. Amendment of section 115UA.
64. Amendment of section 119.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018Sections
Sections
CHAPTER IV
Indirect Taxes
Customs
116. Amendment of section 2. 117. Amendment of chapter heading of Chapter III. 118. Omission of section 9. 119. Amendment of section 25. 120. Amendment of section 28. 121. Amendment of section 47. 122. Amendment of section 51. 123. Substitution of new section for section 53. 124. Substitution of new section for section 57. 125. Substitution of new sections 58, 58A and 58B
for section 58.
126. Substitution of new section for section 59. 127. Substitution of new section for section 60. 128. Substitution of new section for section 61. 129. Omission of sections 62 and 63. 130. Substitution of new section for section 64. 131. Amendment of section 65. 132. Amendment of section 68. 133. Amendment of section 69. 134. Amendment of section 71. 135. Amendment of section 72. 136. Amendment of section 73. 137. Insertion of new section 73A. 138. Amendment of section 156. 139. Amendment of notifications issued under
section 25 of Act 52 of 1962.
Customs Tariff
140. Omission of section 8C. 141. Amendment of First Schedule.
Excise
65. Amendment of section 124. 66. Amendment of section 133C. 67. Amendment of section 139. 68. Amendment of section 143. 69. Amendment of section 147. 70. Substitution of new section for section 153. 71. Substitution of new section for section 153B. 72. Amendment of section 192 A. 73. Amendment of section 194BB. 74. Amendment of section 194C. 75. Amendment of section 194D. 76. Amendment of section 194DA. 77. Amendment of section 194 EE. 78. Amendment of section 194G 79. Amendment of section 194H. 80. Omission of sections 194K and 194L. 81. Amendment of section 194LA. 82. Amendment of section 194LBA. 83. Amendment of section 194LBB. 84. Insertion of new section 194LBC. 85. Amendment of section 197. 86. Amendment of section 197 A. 87. Amendment of section 206AA. 88. Amendment of section 206C. 89. Amendment of section 211. 90. Amendment of section 220. 91. Amendment of section 234C. 92. Amendment of section 244A. 93. Amendment of section 249. 94. Amendment of section 252. 95. Amendment of section 253. 96. Amendment of section 254. 97. Amendment of section 255. 98. Insertion of new section 270A. 99. Insertion of new section 270AA.
100. Amendment of section 271. 101. Amendment of section 271 A. 102. Amendment of section 271 AA. 103. Amendment of section 271 AAB. 104. Insertion of new section 271GB. 105. Amendment of section 272A. 106. Amendment of section 273A. 107. Amendment of section 273AA. 108. Amendment of section 273B. 109. Amendment of section 276C. 110. Amendment of section 279. 111. Amendment of section 281 B. 112. Amendment of section 282A. 113. Insertion of new section 286. 114. Amendment of section 288. 115. Amendment of Fourth Schedule.
142. Amendment of section 5A. 143. Amendment of section 11A. 144. Amendment of section 37B. 145. Amendment of Third Schedule.
Excise Tariff
146. Amendment of First Schedule. 147. Amendment of Second Schedule.
CHAPTER V
Service Tax
148. Amendment of section 65B. 149. Amendment of section 66D. 150. Amendment of section 66E.
151. Amendment of section 67 A.
152. Amendment of section 73.
153. Amendment of section 75.
154. Amendment of section 78A.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018Sections
155. Amendment of section 89.
156. Amendment of section 90. 157. Amendment of section 91. 158. Amendment of section 93A.
158. Insertion of new sections 101, 102 and 103. 160. Amendment of notification issued under
section 93A of Finance Act, 1994.
CHAPTER VI
Krishi Kalyan Cess
161. Krishi Kalyan Cess.
CHAPTER VII
Infrastructure Cess
162. Infrastructure Cess.
CHAPTER VIII
Equalisation Levy
163. Extent, commencement and application. 164. Definitions. 165. Charge of equalisation levy. 166. Collection and recovery of equalisation levy. 167. Furnishing of statement. 168. Processing of statement. 169. Rectification of mistake. 170. Interest on delayed payment of equalisation
levy.
171. Penalty for failure to deduct or pay
equalisation levy.
172. Penalty for failure to furnish statement. 173. Penalty not to be imposed in certain cases. 174. Appeal to Commissioner of Income-tax
(Appeals).
175. Appeal to Appellate Tribunal. 176. Punishment for false statement. 177. Institution of prosecution. 178. Application of certains provisions of Income-
tax Act.
179. Power to make rules. 180. Power to remove difficulties.
CHAPTER IX
The Income Declaration Scheme, 2016
181. Short title and commencement. 182. Definitions. 183. Declaration of undisclosed income. 184. Charge of tax and surcharge. 185. Penalty. 186. Manner of declaration. 187. Time for payment of tax. 188. Undisclosed income declared not to be
included in total income.
189. Undisclosed income declared not to affect for
finality of completed assessments.
Sections
190. Undisclosed income declared not to be treated as benami transaction in certain cases.
191. Tax in respect of voluntarily disclosed income
not refundable.
192. Declaration not admissible in evidence
against declarant.
193. Declaration by misrepresentation of facts to
be void.
194. Exemption from wealth-tax in respect of
assets specified in declaration.
195. Applicability of certain provisions of Income-
tax Act and of Chapter V of Wealth-tax Act.
196. Scheme not to apply to certain persons.
197. Removal of doubts.
198. Power to remove difficulties.
199. Power to make rules.
CHAPTER X
The Direct Tax Dispute
Resolution Scheme, 2016
200. Short title and commencement.
201. Definitions.
202. Declaration of tax payable.
203. Particulars to be furnished.
204. Time and manner of payment.
205. Immunity from initiation of proceedings in respect of offence and imposition of penalty in certain cases.
206. No refund of amount paid under Scheme.
207. No other benefit, concession or immunity to
declarant.
208. Scheme not to apply in certain cases.
209. Power of Central Government to issue
directions, etc.
210. Power to remove difficulties.
211. Power to make rules.
CHAPTER XI
The Indirect Tax Dispute Resolution Scheme, 2016
212. Short title, application and commencement.
213. Definitions.
214. Procedure for making declaration.
215. Scheme not to apply in certain cases.
216. Immunity from other proceedings under Act.
217. Consequences of order made under Scheme.
218. Power to make rules.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018Sections
CHAPTER XII
Miscellaneous
PART I
Amendments to the Reserve Bank of India Act, 1934
219. Commencement and Amendment of
Act 2 of 1934.
220. Amendment of Preamble.
221. Amendment of section 2.
222. Insertion of new Chapter III F.
223. Amendment of section 58.
PART II
Amendment to the Central Sales Tax Act, 1956
224. Amendment of Act 74 of 1956.
PART III
Amendment to the Oil Industry (Development) Act, 1974
225. Amendment of Schedule of Act 47 of 1974.
PART IV
Amendment to the Smugglers and Foreign Exchange Manipulators (Forefeiture of Property) Act, 1976
226. Amendment of Act 13 of 1976.
PART V
Amendments to the Narcotic Drugs and Psychotropic Substances Act, 1985
227. Amendment of Act 61 of 1985.
PART VI
Amendments to the Foreign Exchange Management Act, 1999
228. Commencement of this Part. 229. Amendment of Act 42 of 1999.
PART VII
Amendment to the Central Road Fund Act, 2000
230. Amendment of Act 54 of 2000.
PART VIII
Amendment to the Finance Act, 2001
231. Amendment of Act 14 of 2001.
PART IX
Amendment to the Prevention of Money-laundering Act, 2002
232. Amendment of Act 15 of 2003.
Sections
PART X
Amendment to the Finance (No. 2) Act, 2004
233. Amendment of Act 23 of 2004.
PART XI
Amendment to the Finance Act, 2005
234. Amendment of Act 18 of 2005.
PART XII
Amendment to the Finance Act, 2010
235. Amendment of Act 14 of 2010.
PART XIII
Amendment to the Foreign Contribution (Regulation) Act, 2010
236. Amendment of section 2 of Act 42 of 2010.
PART XIV
Amendment to the Finance Act, 2013
237. Amendment of Act 17 of 2013.
PART XV
Amendment to the Finance Act, 2015
238. Amendment of Act 20 of 2015.
PART XVI
Repeal and Amendment of Certain Enactments
239. Repeal and amendment of certain
enactments.
240. Savings.
241. Collection and payment of arrears of duties.
THE FIRST SCHEDULE.
THE SECOND SCHEDULE.
THE THIRD SCHEDULE.
THE FOURTH SCHEDULE.
THE FIFTH SCHEDULE.
THE SIXTH SCHEDULE.
THE SEVENTH SCHEDULE.
THE EIGHTH SCHEDULE.
THE NINTH SCHEDULE.
THE TENTH SCHEDULE.
THE ELEVENTH SCHEDULE.
THE TWELFTH SCHEDULE.
THE THIRTEENTH SCHEDULE.
THE FOURTEENTH SCHEDULE.
THE FIFTEENTH SCHEDULE.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018THE FINANCE ACT, 2016
(As passed by the houses of Parliament)
AN
ACT
to give effect to the financial proposals of the Central Government for the financial year 2016-2017.
Be it enacted by Parliament in the Sixty- -seventh Year of the Republic of India as follows:—
CHAPTER I
Preliminary
1. Short title and commencement.— (1) This
Act may be called the Finance Act, 2016.
(2) Save as otherwise provided in this Act, sections 2 to 115 shall be deemed to have come into force on the 1st day of April, 2016.
CHAPTER II
Rates of Income-Tax
2. Income-tax.— (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year Income-tax commencing on the 1st day of April, 2016, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax shall be increased by a surcharge, for purposes of the Union, calculated in each case in the manner provided therein.
(2) In the cases to which Paragraph A of Part I of the First Schedule applies, where the assessee has, in the previous year, any net agricultural income exceeding five thousand rupees, in addition to total income, and the total income exceeds two lakh fifty 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 the first two lakh fifty 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 the said Paragraph A, as if such aggregate income were the total income:
(ii) the net agricultural income shall be increased by a sum of two lakh fifty thousand rupees, and the amount of income-tax shall be determined in respect of the net agricultural income as so increased at the rates specified in 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 in the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year, referred to in item (II) of Paragraph A of Part I of the First Schedule, the provisions of this sub-section shall have effect as if for the words "two lakh fifty thousand rupees", the words "three lakh rupees" had been substituted:
Provided further that in the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year, referred to in item (III) of Paragraph A of Part I of the First Schedule, the provisions of this sub-section shall have effect as if for the words "two lakh fifty thousand rupees", the words "five lakh rupees" had been substituted.
(3) In cases to which the provisions of Chapter XII or Chapter XII-A or OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 43 of 1961.
section 115JB or section 115JC or Chapter XII-FA or Chapter XII-FB or sub-section (1A) of section 161 or section 164 or section 164A or section 167B of the Income-tax Act, 1961 (hereinafter referred to as the Income-tax Act) apply, the tax chargeable shall be determined as provided in that Chapter or that section, and with reference to the rates 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 III A or section 112 of the Income- -tax Act shall be increased by a surcharge, for the purposes of the Union, 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 115A, 115AB, 115AC, 115ACA, 115AD, 115B, 115BB, 115BBA, 115BBC, 115BBD, 115BBE, 115 E, 115JB or 115JC of the Income-tax Act, the amount of income-tax computed under this sub-section shall be increased by a surcharge, for purposes of the Union, calculated,—
(a) in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or ever y artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income- -tax Act, or co-operative society or firm or local authority, at the rate of twelve per cent. of such income-tax, where the total income exceeds one crore rupees;
(b) in the case of ever y domestic
company,—
(i) at the rate of seven per cent. of such income-tax, where the total income exceeds one crore rupees but does not exceed ten crore rupees;
(ii) at the rate of twelve per cent. of such income-tax, where the total income exceeds ten crore rupees;
(c) in the case of every company, other
than a domestic company,—
(i) at the rate of two per cent. of such income-tax, where the total income exceeds one crore rupees but does not exceed ten crore rupees;
(ii) at the rate five per cent. of such income-tax, where the total income exceeds ten crore rupees:
Provided also that in the case of persons mentioned in (a) above, having total income chargeable to tax under section 115JC of the Income-tax Act, and such income exceeds one crore rupees, the total amount payable as income-tax on such income and surcharge thereon shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees:
Provided also that in the case of every company having total income chargeable to tax under section 115JB of the Income-tax Act, and such income exceeds one crore rupees but does not exceed ten crore rupees, the total amount payable as income-tax on such income and surcharge thereon, shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees:
Provided also that in the case of every company having total income chargeable to tax under section 115JB of the Income-tax Act, and such income exceeds ten crore rupees, the total amount payable as income-tax on such income and surcharge thereon, shall not exceed the total amount payable as income- -tax and surcharge on a total income often crore rupees by more than the amount of income that exceeds ten crore rupees.
(4) In cases in which tax has to be charged and paid under section 115-O or section 115QA or sub-section (2) of section 115R or section 115TA or section 115TD of the Income-tax Act, the tax shall be charged and paid at the rates as specified in those sections and shall be increased by a surcharge, for purposes of the OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 Union, calculated at the rate of twelve per cent. of such tax.
(5) In cases in which tax has to be deducted under sections 193, 194, 194A, 194B, 194BB, 194D, 194LBA, 194LBB, 194LBC and 195 of the Income-tax Act, at the rates in force, the deductions shall be made at the rates specified in Par t II of the First Schedule and shall be increased by a surcharge, for purposes of the Union, calculated in cases wherever prescribed, in the manner provided therein.
(6) In cases in which tax has to be deducted under sections 192A, 194C, 194DA, 194E, 194EE, 194F, 194G, 194H, 194-I, 194-IA, 194J, 194LA, 194LB, 194LBA, 194LBB, 194LBC, 194LC, 194LD, 196B, 196C and 196D of the Income-tax Act, the deductions shall be made at the rates specified in those sections and shall be increased by a surcharge, for purposes of the Union,—
(a) in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every ar tificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income- -tax Act, being a non-resident, calculated at the rate of fifteen per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees;
(b) in the case of every co-operative society or firm, being a non-resident, calculated at the rate of twelve per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees;
(c) in the case of every company, other
than a domestic company, calculated,—
(i) at the rate of two per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees but does not exceed ten crore rupees;
(ii) at the rate office per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds ten crore rupees.
(7) In cases in which tax has to be collected under the proviso to section 194B of the Income-tax Act, the collection shall be made at the rates specified in Part of the First Schedule, and shall be increased by a surcharge, for purposes of the Union, calculated, in cases wherever prescribed, in the manner provided therein.
(8) In cases in which tax has to be collected under section 206C of the Income-tax Act, the collection shall be made at the rates specified in that section and shall be increased by a surcharge, for purposes of the Union,—
(a) in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or ever y ar tificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income- tax Act, being a non-resident, calculated at the rate of fifteen per cent. of such tax, where the amount or the aggregate of such amounts collected and subject to the collection exceeds one crore rupees;
(b) in the case of every co-operative society or firm, being a non-resident, calculated at the rate of twelve per cent. of such tax, where the amount or the aggregate of such amounts collected and subject to the collection exceeds one crore rupees;
(c) in the case of every company, other
than a domestic company, calculated,—
(i) at the rate of two per cent. of such tax, where the amount or the aggregate of such amounts collected and subject to the collection exceeds one crore rupees but does not exceed ten crore rupees;
(ii) at the rate of five per cent. of such tax, where the amount or the aggregate of such amounts collected and subject OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 to the collection exceeds ten crore rupees.
(9) Subject to the provisions of sub-section (10), in cases in which income-tax has to be charged under sub-section (4) of section 172 or sub-section (2) of section 174 or section 174A or section 175 or sub-section (2) of section 176 of the Income-tax Act or deducted from, or paid on, income chargeable under the head "Salaries" under section 192 of the said Act 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 charged, deducted or computed at the rate or rates specified in Part III of the First Schedule and such tax shall be increased by a surcharge, for purposes of the Union, calculated in such cases and in such manner as provided therein:
Provided that in cases to which the provisions of Chapter XII or Chapter XII-A or section 115JB or section 115JC or Chapter XII- FA or Chapter XII-FB or sub-section (1A) 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 fur ther that the amount of "advance tax" computed in accordance with the provisions of section 111A or section 112 of the Income-tax Act shall be increased by a surcharge, for purposes of the Union, as provided in Paragraph A, B, C, D or E, as the case may be, of Part III of the First Schedule:
Provided also that in respect of any income chargeable to tax under section 115A, 115AB, 115AC, 115ACA, 115AD, 115B, 115BA, 115BB, 115BBA, 115BBC, 115BBD, 115BBDA, 115BBE, 115BBF, 115E, 115JB or 115JC of the Income- -tax Act, "advance tax" computed under the first proviso shall be increased by a surcharge, for purposes of the Union, calculated,—
(a) in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or ever y artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, calculated at the rate of fifteen per cent. of such "advance tax", where the total income exceeds one crore rupees;
(b) in the case of ever y co-operative society or firm or local authority, calculated at the rate of twelve per cent. of such "advance tax", where the total income exceeds one crore rupees;
(c) in the case of every domestic company,
calculated,—
(i) at the rate of seven per cent. of such "advance tax", where the total income exceeds one crore rupees but does not exceed ten crore rupees;
(ii) at the rate of twelve per cent. of such "advance tax", where the total income exceeds ten crore rupees;
(d) in the case of every company, other
than a domestic company, calculated,—
(i) at the rate of two per cent. of such "advance tax", where the total income exceeds one crore rupees but does not exceed ten crore rupees;
(ii) at the rate of five per cent. of such "advance tax", where the total income exceeds ten crore rupees:
Provided also that in the case of persons mentioned in (a) and (b) above, having total income chargeable to tax under section 115JC of the Income-tax Act, and such income exceeds one crore rupees, the total amount payable as "advance tax" on such income and surcharge thereon shall not exceed the total amount payable as "advance tax" on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees:
Provided also that in the case of every company having total income chargeable to tax under section 115JB of the Income-tax Act, and such income exceeds one crore rupees but does not exceed ten crore rupees, the total amount payable as "advance tax" on such income and surcharge thereon, shall not OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 exceed the total amount payable as "advance tax" on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees:
Provided also that in the case of every company having total income chargeable to tax under section 115JB of the Income-tax Act, and such income exceeds ten crore rupees, the total amount payable as "advance tax" on such income and surcharge thereon, shall not exceed the total amount payable as "advance tax" and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.
(10) In cases to which 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 five thousand rupees, in addition to total income and the total income exceeds two lakh fifty thousand rupees, then, in charging income-tax under sub-section (2) of section 174 or section 174A 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 the first two lakh fifty thousand rupees of the total income but without being liable to tax], only for the purpose of 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 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 the said Paragraph A, as if such aggregate income were the total income;
(ii) the net agricultural income shall be increased by a sum of two lakh fifty 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 Paragraph A, as if the net agricultural income 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 income-tax 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:
Provided that in the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year, referred to in item (II) of Paragraph A of Part III of the First Schedule, the provisions of this sub-section shall have effect as if for the words "two lakh fifty thousand rupees", the words "three lakh rupees" had been substituted:
Provided further that in the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year, referred to in item (III) of Paragraph A of Part III of the First Schedule, the provisions of this sub-section shall have effect as if for the words "two lakh fifty thousand rupees", the words "five lakh rupees" had been substituted:
Provided also that the amount of income- -tax or "advance tax" so arrived at, shall be increased by a surcharge for purposes of the Union calculated in each case, in the manner provided therein.
(11) The amount of income-tax as specified in sub-sections (1) to (10) and as increased by the applicable surcharge, for purposes of the OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 Union, calculated in the manner provided therein, shall be further increased by an additional surcharge, for purposes of the Union, to be called the "Education Cess on income-tax", calculated at the rate of two per cent. of such income-tax and surcharge so as to fulfil the commitment of the Government to provide and finance universalised quality basic education:
Provided that nothing contained in this sub-section shall apply to cases in which tax is to be deducted or collected under the sections of the Income-tax Act mentioned in sub-sections (5), (6), (7) and (8), if the income subjected to deduction of tax at source or collection of tax at source is paid to a domestic company and any other person who is resident in India.
payment within India of the dividends (including dividends on preference shares) payable out of such income;
(b) "insurance 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 revival of policies of insurance);
(c) "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;
(d) all other words and expressions used in this section and the First Schedule but not defined in this sub-section and defined in the Income-tax Act shall have the meanings, respectively, assigned to them in that Act.
CHAPTER III
Direct Taxes
Income-tax
(12) The amount of income-tax as specified in sub-sections (1) to (10) and as increased by the applicable surcharge, for purposes of the Union, calculated in the manner provided therein, shall also be increased by an additional surcharge, for purposes of the Union, to be called the "Secondary and Higher Education Cess on income-tax", calculated at the rate of one per cent. of such income-tax and surcharge so as to fulfil the commitment of the Government to provide and finance secondary and higher education:
Provided that nothing contained in this sub-section shall apply to cases in which tax is to be deducted or collected under the sections of the Income-tax Act mentioned in sub-sections (5), (6), (7) and (8), if the income subjected to deduction of tax at source or collection of tax at source is paid to a domestic company and any other person who is resident in India.
(13) For the purposes of this section and the
First Schedule,—
(a) "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, 2016, has made the prescribed arrangements for the declaration and 3. In section 2 of the Income-tax Act,—
Amendement of section 2.— (a) in clause (14), in item (vi), after the words and figures "Gold Deposit Scheme, 1999", the words and figures "or deposit certificates issued under the Gold Monetisation Scheme, 2015" shall be inserted;
(b) after clause (23B), the following clause shall be inserted with effect from the 1st day of June, 2016, namely:—
'(23C) "hearing" includes communication of data and documents through electronic mode;';
(c) in clause (24), in sub-clause (xviii), for the words, figures and brackets "other than the subsidy or grant or reimbursement which is taken into account for determination of the actual cost of the asset in accordance with the provisions of Explanation 10 to clause (1) of section 43", the following shall be substituted with effect from the 1st day of April, 2017, namely:—
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018"other than,—
(a) the subsidy or grant or reimbursement which is taken into account for determination of the actual cost of the asset in accordance with the provisions of Explanation 10 to clause (1) of section 43; or
(b) the subsidy or grant by the Central Government for the purpose of the corpus of a trust or institution established by the Central Government or a State Government, as the case may be;";
(d) in clause (37A), in sub-clause (iii), after the words, figures and letters "section 194LBA or", the words, figures and letters "section I 94LBB or section 194LBC or'' shall be inserted with effect from the 1st day of June, 2016;
(e) in clause (42A), af ter the second proviso and before Explanation I, the following proviso shall be inserted with effect from the 1st day of April, 2017, namely:—
'Provided also that in the case of a share of a company (not being a share listed in a recognised stock exchange in India), the provisions of this clause shall have effect as if for the words "thirty-six months", the words "twenty-four months" had been substituted.'.
4. Amendment of section 6.— In section 6 of the Income-tax Act, for clause (3), the following clause shall be substituted with effect from the 1st day of April, 2017, namely:—
'(3) A company is said to be a resident in
India in any previous year, if—
(i) it is an Indian company; or
(ii) its place of effective management,
in that year, is in India.
Explanation.— For the purposes of this clause "place of effective management" means a place where key management and commercial decisions that are necessary for the conduct of business of an entity as a whole are, in substance made.'.
Amendment of section 9.— In section 9 of the Income-tax Act, in sub-section (1), in clause (i), in Explanation 1 after clause (d), the following clause shall be inserted, namely:—
"(e) in the case of a foreign company engaged in the business of mining of diamonds, no income shall be deemed to accrue or arise in India to it through or from the activities which are confined to the display of uncut and unassorted diamond in any special zone notified by the Central Government in the Official Gazette in this behalf.".
6. Amendment of section 9A.— In section 9A of the lncome-tax Act, in sub-section (3), with effect from the 1st day of April, 2017,—
(i) in clause (b), after the words "has been entered into", the words "or is established or incorporated or registered in a country or a specified territory notified by the Central Government in this behalf' shall be inserted;
(ii) in clause (k), the words "or from India"
shall be omitted,
7. Amendment of section 10.— In section 10
of the Income-tax Act,—
(A) with effect from the 1st day of April,
2017,—
(i) af ter clause (12), the following
clause shall be inserted, namely:—
"(12A) any payment from the National Pension System Trust to an employee on closure of his account or .on his opting out of the pension scheme referred to in section 80CCD, to the extent it does not exceed forty per cent of the total amount payable to him at the time of such closure or his opting out of the scheme;";
(ii) in clause (13),—
(I) in sub-clause (iv), for the word "thereon", the words "thereon; or'' shall be substituted;
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018(II) after sub-clause (iv), the following
sub-clause shall be inserted, namely:—
"(v) by way of transfer to the account of the employee under a pension scheme referred to in section 80CCD and notified by the Central Government;";
(B) in clause (15), in sub-clause (vi), after the words and figures "Gold Deposit Scheme, 1999", the words and figures "or deposit cer tificates issued under the Gold Monetisation Scheme, 2015" shall be inserted;
(C) with effect from the 1st day of April,
2017,—
(I) in clause (23DA), in the Explanation,—
(1) in clause (a), after sub-clause (i), the following sub-clause shall be inserted, namely:—
54 of 2002.
"(ia) in clause (z) of sub- -section (1) of section 2 of the Securitisation and Recon- struction of Financial Assets and Enforcement of Security Interest Act, 2002; or";
(2) in clause (b), for the word, figures and letters "section 115TC", the word, figures and letters "section 115TCA" shall be substituted;
(II) in clause (23FC), for the words "by way of interest received or receivable from a special purpose vehicle", the following shall be substituted, namely:—
"by way of—
(a) interest received or receivable
from a special purpose vehicle; or
(b) dividend referred to in sub-
-section (7) of section 115-O";
(III) in clause (23FD), for the words, brackets, figures and letters "in clause (23FC)", the words, brackets, letters and figures "in sub-clause (a) of clause (23FC)" shall be substituted;
(IV) in clause (34), the following proviso
shall be inserted, namely:—
"Provided that nothing in this clause shall apply to any income by way of dividend chargeable to tax in accordance with the provisions of section 115BBDA;";
(V) in clause (35A),—
(a) before the Explanation, the following proviso shall be inserted, namely:—
"Provided that nothing contained in this clause shall apply to any income by way of distributed income referred to in the said section, received on or after the 1st day of June, 2016.";
(b) in the Explanation, for the word, figures and letters "section 115TC", the word, figures and letters "section 115TCA" shall be substituted;
(VI) in clause (38),—
(i) af ter the second proviso, the following proviso shall be inserted, namely:—
"Provided also that nothing contained in sub-clause (b) shall apply to a transaction under taken on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is paid or payable in foreign currency.";
(ii) for the Explanation, the following Explanation shall be substituted, namely:—
'Explanation.— For the purposes of this
clause,—
(a) "equity oriented fund" means a
fund—
(i) where the investible funds are invested by way of equity shares in domestic companies to the extent of more than sixty-five per cent. of the total proceeds of such fund; and
(ii) which has been set up under a scheme of a Mutual Fund specified under clause (23D):
Provided that the percentage of equity share holding of the fund shall OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 be computed with reference to the annual average of the monthly averages of the opening and closing figures;
28 of 2005.
(b) "International Financial Services Centre" shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005;
(c) "recognised stock exchange" shall have the meaning assigned to it in clause (ii) of the Explanation 1 to sub-section (5) of section 43.';
(D) after clause (48), the following clause
shall be inserted, namely:—
"(48A) any income accruing or arising to a foreign company on account of storage of crude oil in a facility in India and sale of crude oil there from to any person resident in India:
Provided that—
(i) the storage and sale by the foreign company is pursuant to an agreement or an arrangement entered into by the Central Government or approved by the Central Government; and
(ii) having regard to the national interest, the foreign company and the agreement or arrangement are notified by the Central Government in this behalf;";
(E) after clause (49), the following clause shall be inserted with effect from the 1st day of June, 2016, namely:—
'(50) any income arising from any specified service provided on or after the date on which the provisions of Chapter VIII of the Finance Act, 2016 comes into force and chargeable to equalisation levy under that Chapter.
Explanation.— For the purposes of this clause, "specified service" shall have the meaning assigned to it in clause (i) of section 161 of Chapter VIII of the Finance Act, 2016.'.
8. Amendment of section 10AA.— In section 10AA of the Income-tax Act, in sub-section (1), for the words and figures "April, 2006, a deduction of", the words, figures and letters "April, 2006, but before the 1st day of April, 2021, the following deduction shall be allowed" shall be substituted with effect from the 1st day of April, 2017.
9. Amendment of section 17.— In section 17 of the Income-tax Act, in sub-section (2), in clause (vii), for the words "one lakh rupees", the words "one lakh and fifty thousand rupees" shall be substituted with effect from the 1st day of April, 2017.
10. Amendment of section 24.— In section 24 of the Income-tax Act, in clause (b), in the second proviso, for the words "three years", the words "five years" shall be substituted with effect from the 1st day of April, 2017.
11. Substitution of new section for sections 25A, 25AA and 25B.— For sections 25A, 25AA and 25B of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 2017, namely:—
'25A. Special provision for arrears of rent and unrealised rent received subsequently.— (1) The amount of arrears of rent received from a tenant or the unrealised rent realised subsequently from a tenant, as the case may be, by an assessee shall be deemed to be the income from house proper ty in respect of the financial year in which such rent is received or realised, and shall be included in the total income of the assessee under the head "Income from house property ", whether the assessee is the owner of the property or not in that financial year.
(2) A sum equal to thirty per cent. of the arrears of rent or the unrealised rent referred to in sub-section (1) shall be allowed as deduction.'.
12. Amendment of section 28.— In section 28 of the Income-tax Act in clause (va), with effect from the 1st day of April, 2017,—
(A) in sub-clause (a), after the words "any business", the words "or profession" shall be inserted;
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018(B) in the proviso, in clause (i), after the words "any business", the words "or profession" shall be inserted.
13. Amendment of section 32.— In section 32 of the Income-tax Act, in sub-section (1), in clause (iia), for the words "or in the business of generation or generation and distribution", the words "or in the business of generation, transmission or distribution" shall be substituted with effect from the 1st day of April, 2017.
14. Amendment of section 32AC.— In section 32AC of the Income-tax Act, in sub-section (1A),—
(i) for the words "acquired and installed during any previous year exceeds twenty- five crore rupees", the words, figures and letters "acquired during any previous year exceeds twenty-five crore rupees and such assets are installed on or before the 31st day of March, 2017" shall be substituted;
(ii) before the proviso, the following
proviso shall be inserted, namely:—
"Provided that where the installation of the new assets are in a year other than the year of acquisition, the deduction under this sub-section shall be allowed in the year in which the new assets are installed.";
(iii) in the existing proviso, for the words "Provided that", the words "Provided further that" shall be substituted.
15. Amendment of section 35.— In section 35 of the Income-tax Act, with effect from the 1st day of April, 2018,—
(i) in sub-section (1),—
(a) in clause (ii),—
(I) for the words "one and three- fourth", the words "one and one-half' shall be substituted;
(II) after the proviso, the following
proviso shall be inserted, namely:—
"Provided further that where any sum is paid to such association, university, college or other institution in a previous year relevant to the assessment year beginning on or after the 1st day of April, 2021, the deduction under this clause shall be equal to the sum so paid;";
(b) in clause (iia), the words "an amount equal to one and one-fourth times of" shall be omitted;
(c) in clause (iii), the words "an amount equal to one and one-fourth times" shall be omitted;
(ii) in sub-section (2AA),—
(A) in clause (a), for the words "two times", the words "one and one-half times" shall be substituted;
(B) af ter the proviso and before Explanation 1, the following proviso shall be inserted, namely:—
"Provided further that where any sum is paid to such National Laboratory or university or Indian Institute of Technology or specified person in a previous year relevant to the assessment year beginning on or after the 1st day of April, 2021, the deduction under this sub-section shall be equal to the sum so paid.";
(iii) in sub-section (2AB),—
(a) in clause (1), for the words "two times", the words "one and one-half times" shall be substituted;
(b) after clause (1) and before the Explanation, the following proviso shall be inserted, namely:—
"Provided that where such expenditure on scientific research (not being expenditure in the nature of cost of any land or building) on in- house research and development facility is incurred in a previous year relevant to the assessment year beginning on or after the 1st day of April, 2021, the deduction under this clause shall be equal to the expenditure so incurred.";
(c) clause (5) shall be omitted.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 201816. Insertion of new section 35ABA.— After section 35AB of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017, namely:—
'35ABA. Expenditure for obtaining right to use spectrum for telecommunication services.— (1) In respect of any expendi- ture, being in the nature of capital expenditure, incurred for acquiring any right to use spectrum for telecommu- nication ser vices either before the commencement of the business or thereafter at any time during any previous year and for which payment has actually been made to obtain a right to use spectrum, there shall, subject to and in accordance with the provisions of this section, be allowed for each of the relevant previous years, a deduction equal to the appropriate fraction of the amount of such expenditure.
(2) The provisions contained in sub- -sections (2) to (8) of section 35ABB, shall apply as if for the word "licence", the word "spectrum" had been substituted.
(3) Where, in a previous year, any deduction has been claimed and granted to the assessee under sub-section (1), and, subsequently, there is failure to comply with any of the provisions of this section, then,—
(a) the deduction shall be deemed to
have been wrongly allowed;
(b) the Assessing Officer may, notwithstanding anything contained in this Act, re-compute the total income of the assessee for the said previous year and make the necessary rectification;
(c) the provisions of section 154 shall, so far as may be, apply and the period of four years specified in sub-section (7) of that section being reckoned from the end of the previous year in which the failure to comply with the provisions of this section takes place.
Explanation.— For the purposes of this
section,—
(A) in a case where the spectrum fee is actually paid before the commencement of the business to operate telecommunication services, the previous years beginning with the previous year in which such business commenced;
(B) in any other case, the previous years beginning with the previous year in which the spectrum fee is actually paid, and the subsequent previous year or years during which the spectrum, for which the fee is paid, shall be in force;
(ii) "appropriate fraction" means the fraction, the numerator of which is one and the denominator of which is the total number of the relevant previous years:
(iii) "payment has actually been made" means the actual payment of expenditure irrespective of the previous year in which the liability for the expenditure was incurred according to the method of accounting regularly employed by the assessee or payable in such manner as may be prescribed.'.
17. Amendment of section 35AC.— In section 35AC of the Income-tax Act, after sub- -section (6) and before the Explanation, the following sub-section shall be inserted with effect from the 1st day of April, 2017, namely:—
"(7) No deduction under this section shall be allowed in respect of any assessment year commencing on or after the 1st day of April, 2018.".
18. Amendment of section 35AD.— In section 35AD of the Income-tax Act, with effect from the 1st day of April, 2018,—
(a) sub-section (1A) shall be omitted;
(b) in sub-section (2), after clause (iii), the following clause shall be inserted, namely:—
"(iv) where the business is of the nature referred to in sub-clause (xiv) of clause (c) of sub-section (8), such business,—
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018(A) is owned by a company registered in India or by a consortium of such companies or by an authority or a board or corporation or any other body established or constituted under any Central or State Act;
(8) entity referred to in sub-clause (A) has entered into an agreement with the Central Government or a State Government or a local authority or any other statutory body for developing or operating and maintaining or developing, operating and maintaining, a new infrastructure facility.";
(c) in sub-section (5),—
(I) in clause (aj), the word "and"
occurring at the end shall be omitted;
(II) after clause (aj), the following
clause shall be inserted, namely:—
"(ak) on or after the 1st day of April, 2017, where the specified business is in the nature of developing or operating and maintaining or developing, operating and maintaining, any infrastructure facility; and";
(d) in sub-section (8),—
(I) after clause (b), the following clause
shall be inserted, namely:—
'(ba) "infrastructure facility "
means—
(i) a road including toll road, a
bridge or a rail system;
(ii) a highway project including housing or other activities being an integral part of the highway project;
(iii) a water supply project, water treatment system, irrigation project, sanitation and sewerage system or solid waste management system;
(iv) a por t, airpor t, inland water way, inland port or navigational channel in the sea;';
(II) in clause (c), after sub-clause (xiii), the following sub-clause shall be inser ted namely:—
"(xiv) developing or maintaining and operating or developing maintaining and operating a new infrastructure facility.".
19. Amendment of section 35CCC.— In section 35CCC of the Income-tax Act, in sub-section (1), the following proviso shall be inserted with effect from the 1st day of April, 2017, namely:—
'Provided that for the assessment year beginning on or after the 1st day of April, 2021, the provisions of this sub-section shall have effect as if for the words "a sum equal to one and one-half times of", the words "a sum equal to" had been substituted.'.
20. Amendment of section 35CCD.— In section 35CCD of the Income-tax Act, in sub-section (1), the following proviso shall be inserted with effect from the 1st day of April, 2017, namely:—
'Provided that for the assessment year beginning on or after the 1st day of April, 2021, the provisions of this sub-section shall have effect as if for the words "an amount equal to one and one-halftimes of' the words "a sum equal to" had been substituted.'.
21. Amendment of section 36.— In section 36 of the Income-tax Act, in sub-section (1), in clause (viia), with effect from the 1st day of April, 2017,—
(i) after sub-clause (c) and before the Explanation, the following sub-clause shall be inserted namely:—
"(d) a non-banking financial company, an amount not exceeding five percent of the total income (computed before making any deduction under this clause and Chapter VI-A).";
(ii) in the Explanation, after clause (vi), the following clause shall be inserted, namely:—
'(vii) "non-banking financial company " shall have the meaning assigned to it in clause (f) of section 45-1 of the Reserve Bank of India Act, 1934;'. 2 of 1934.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 201822. Amendment of section 40.— In section 40 of the Income-tax Act, in clause (a), after sub-clause (ia), the following sub-clause shall be inserted with effect from the 1st day of June, 2016, namely:—
"(ib) any consideration paid or payable to a non-resident for a specified service on which equalisation levy is deductible under the provisions of Chapter VIII of the Finance Act, 2016, and such levy has not been deducted or after deduction, has not been paid on or before the due date specified in sub-section (1) of section 139:
Provided that where in respect of any such consideration, the equalisation levy has been deducted in any subsequent year or has been deducted during the previous year but paid after the due date specified in sub-section (1) of section 139, such sum shall be allowed as a deduction in computing the income of the previous year in which such levy has been paid;".
23. Amendment of section 43B.— In section 43B of the Income-tax Act, with effect from the 1st day of April, 2017,—
(i) in clause (f), for the word "employee" occurring at the end, the words "employee, or" shall be substituted;
(ii) after clause (f), the following clause
shall be inserted, namely:—
"(g) any sum payable by the assessee to the Indian Railways for the use of railway assets,".
24. Amendment of section 44AA.— In section 44AA of the Income-tax Act, in sub-section (2), for clause (iv), the following clause shall be substituted with effect from the 1st day of April, 2017, namely:—
"(iv) where the provisions of sub-section (4) of section 44AD are applicable in his case and his income exceeds the maximum amount which is not chargeable to income- tax in any previous year,".
25. Amendment of section 44AB.— In section 44AB of the Income-tax Act, with effect from the 1st day of April, 2017,—
(i) in clause (b), for the words "twenty- -five lakh rupees", the words "fifty lakh rupees" shall be substituted;
(ii) in clause (d),—
(a) for the word "business" wherever it occurs, the word "profession" shall be substituted;
(b) for the words, figures and letters "under section 44AD", the words, figures and letters "under section 44ADA" shall be substituted;
(c) for the words "previous year", the words "previous year; or" shall be substituted;
(iii) after clause (d) and before the long line, the following clause shall be inserted, namely:—
"(e) carrying on the business shall, if the provisions of sub-section (4) of section 44AD are applicable in his case and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year,".
26. Amendment of section 44AD.— In section 44AD of the Income-tax Act, with effect from the 1st day of April, 2017,—
(a) in sub-section (2), the proviso shall
be omitted;
(b) for sub-sections (4) and (5), the following sub-sections shall be substituted, namely:—
"(4) Where an eligible assessee declares profit for any previous year in accordance with the provisions of this section and he declares profit for any of the five assessment years relevant to the previous year succeeding such previous year not in accordance with the provisions of sub-section (1), he shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year relevant to the previous year in which the profit has not been declared in accordance with the provisions of sub-section (1).
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018(5) Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee to whom the provisions of sub-section (4) are applicable and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.";
(c) in the Explanation, in clause (b), in sub-clause (ii), for the words "one crore rupees" occurring at the end, the words "two crore rupees" shall be substituted.
27. Insertion of new section 44ADA.— After section 44AD of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017, namely:—
'44ADA. Special provision for computing profits and gains of profession on presumptive basis.— (1) Notwithstanding anything contained in sections 28 to 43C, in the case of an assessee, being a resident in India, who is engaged in a profession referred to in sub-section (1) of section 44AA and whose total gross receipts do not exceed fifty lakh rupees in a previous year, a sum equal to fifty per cent. of the total gross receipts of the assessee in the previous year on account of such profession or, as the case may be, a sum higher than the aforesaid sum claimed to have been earned by the assessee, shall be deemed to be the profits and gains of such profession chargeable to tax under the head "Profits and gains of business or profession".
(2) Any deduction allowable under the provisions of sections 30 to 38 shall, for the purposes of sub-section (1), be deemed to have been already given full effect to and no further deduction under those sections shall be allowed.
(3) The written down value of any asset used for the purposes of profession shall be deemed to have been calculated as if the assessee had claimed and had been actually allowed the deduction in respect of the depreciation for each of the relevant assessment years.
(4) Notwithstanding anything contained in the foregoing provisions of this section, an assessee who claims that his profits and gains from the profession are lower than the profits and gains specified in sub-section (1) and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (1) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.'.
28. Amendment of section 47.— In section 47 of the Income-tax Act, with effect from the 1st day of April, 2017,—
(A) after clause (viib), the following
clause shall be inserted, namely:—
"(viic) any transfer of Sovereign Gold Bond issued by the Res erve Bank of India under the Sovereign Gold Bond Scheme, 2015, by way of redemption, by an assessee being an individual;";
(B) in clause (xiiib), in the proviso,—
(I) in clause (e), the word "and"
appearing at the end shall be omitted;
(II) after clause (e), the following clause
shall be inserted, namely:—
"(ea) the total value of the assets as appearing in the books of account of the company in any of the three previous years preceding the previous year in which the conversion takes place does not exceed five crore rupees; and;";
(C) after clause (xviii), the following clause shall be inserted with effect from the 1st day of April, 2017, namely:—
'(xix) any transfer by a unit holder of a capital asset, being a unit or units, held by him in the consolidating plan of a OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 mutual fund scheme, made in consideration of the allotment to him of a capital asset, being a unit or units, in the consolidated plan of that scheme of the mutual fund.
Explanation.— For the purposes of this
clause,—
(a) "consolidating plan" means the plan within a scheme of a mutual fund which merges under the process of consolidation of the plans within a scheme of mutual fund in accordance with the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 made under the Securities and Exchange Board of India Act, 1992; 15 of 1992.
(b) "consolidated plan" means the plan with which the consolidating plan merges or which is formed as a result of such merger;
(c) "mutual fund" means a mutual fund specified under clause (23D) of section 10.'.
29. Amendment of section 48.— In section 48 of the Income-tax Act, for the third proviso, the following provisos shall be substituted with effect from the 1st day of April, 2017, namely:—
"Provided also that nothing contained in the second proviso shall apply to the long- term capital gain arising from the transfer of a long-term capital asset, being a bond or debenture other than—
(a) capital indexed bonds issued by
the Government; or
(b) Sovereign Gold Bond issued by the Reser ve Bank of India under the Sovereign Gold Bond Scheme, 2015:
Provided also that in case of an assessee being a non-resident, any gains arising on account of appreciation of rupee against a foreign currency at the time of redemption of rupee denominated bond of an Indian company subscribed by him, shall be ignored for the purposes of computation of full value of consideration under this section.".
30. Amendment of section 49.— In section 49 of the Income-tax Act, after sub-section (4) the following sub-section shall be inserted with effect from the 1st day of April, 2017, namely:—
"(5) Where the capital gain arises from the transfer of an asset declared under the Income Declaration Scheme, 2016, and the tax, surcharge and penalty have been paid in accordance with the provisions of the Scheme on the fair market value of the asset as on the date of commencement of the Scheme, the cost of acquisition of the asset shall be deemed to be the fair market value of the asset which has been taken into account for the purposes of the said Scheme.".
31. Amendment of section 50C.— In section 50C of the Income-tax Act, in sub-section (1), the following provisos shall be inserted with effect from the 1st day of April, 2017, namely:—
"Provided that where the date of the agreement fixing the amount of consideration and the date of registration for the transfer of the capital asset are not the same, the value adopted or assessed or assessable by the stamp valuation authority on the date of agreement may be taken for the purposes of computing full value of consideration for such transfer:
Provided further that the first proviso shall apply only in a case where the amount of consideration, or a part thereof, has been received by way of an account payee cheque or account payee bank draft or by use of electronic clearing system through a bank account, on or before the date of the agreement for transfer.".
32. Insertion of new section 54EE.— After section 54ED of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017, namely:—
'54EE. Capital gain not to be charged on investment in units of a specified fund.—
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018(1) Where the capital gain arises from the transfer of a long-term capital asset (herein in this section referred to as the original asset) and the assessee has, at any time within a period of six months after the date of such transfer, invested the whole or any par t of capital gains in the long-term specified asset, the capital gain shall be dealt with in accordance with the following provisions of this section, namely:—
(a) if the cost of the long-term specified asset is not less than the capital gain arising from the transfer of the original asset, the whole of such capital gain shall not be charged under section 45;
(b) if the cost of the long-term specified asset is less than the capital gain arising from the transfer of the original asset, so much of the capital gain as bears to the whole of the capital gain the same proportion as the cost of acquisition of the long-term specified asset bears to the whole of the capital gain, shall not be charged under section 45:
Provided that the investment made on or after the 1st day of April, 2016, in the long- -term specified asset by an assessee during any financial year does not exceed fifty lakh rupees:
Provided further that the investment made by an assessee in the long-term specified asset, from capital gains arising from the transfer of one or more original assets, during the financial year in which the original asset or assets are transferred and in the subsequent financial year does not exceed fifty lakh rupees.
(2) Where the long-term specified asset is transferred by the assessee at any time within a period of three years from the date of its acquisition, the amount of capital gains arising from the transfer of the original asset not charged under section 45 on the basis of the cost of such long-term specified asset as provided in clause (a) or, as the case may be, clause (b) of sub-section (1) shall be deemed to be the income chargeable under the head "Capital gains" relating to long-term capital asset of the previous year in which the long-term specified asset is transferred.
Explanation 1.— In a case where the original asset is transferred and the assessee invests the whole or any part of the capital gain received or accrued as a result of transfer of the original asset in any long-term specified asset and such assessee takes any loan or advance on the security of such specified asset, he shall be deemed to have transferred such specified asset on the date on which such loan or advance is taken.
Explanation 2.— For the purposes of this
section,—
(a) "cost", in relation to any long-term specified asset, means the amount invested in such specified asset out of capital gains received or accruing as a result of the transfer of the original asset;
(b) "long-term specified asset" means a unit or units, issued before the 1st day of April, 2019 of such fund as may be notified by the Central Government in this behalf.'.
33. Amendment of section 54GB.— In section 54GB of the Income-tax Act, with effect from the 1st day of April, 2017,—
(a) after sub-section (5), the following
proviso shall be inserted, namely:—
"Provided that in case of an investment in eligible start-up, the provisions of this sub-section shall have the effect as if for the figures letters and words "31st day of March, 2017", the figures, letters and words "31st day of March, 2019" had been substituted;";
(b) in sub-section (6),—
(i) in clause (b),—
(A) in sub-clause (ii), after the words "an article or a thing", the words "or in an eligible business" shall be inserted;
27 of 2006.
(B) in sub-clause (iv), after the words and figures "Micro, Small and Medium Enterprises Act, 2006", the words "or is an eligible star t-up" shall be inserted;
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018(ii) after clause (b), the following clause
shall be inserted, namely:—
'(ba) "eligible start-up" and "eligible business" shall have the meanings respectively assigned to them in Explanation below sub-section (4) of section 80-IAC.';
(iii) after clause (d), the following proviso
shall be inserted, namely:—
"Provided that in the case of an eligible start-up, being a technology driven start- -up so certified by the Inter-Ministerial Board of Certification notified by the Central Government in the Official Gazette, the new asset shall include computers or computer software.".
34. Amendment of section 55.— In section 55 of the Income-tax Act, with effect from the 1st day of April, 2017,—
(i) in sub-section (1), in clause (b) in sub- -clause (1), after the words "any business", the words "or profession" shall be inserted;
(ii) in sub-section (2), in clause (a), after the words "any business", the words "or profession" shall be inserted.
35. Amendment of section 56.— In section 56 of the Income-tax Act, in sub-section (2), in clause (vii), in the second proviso occurring after sub-clause (c), with effect from the 1st day of April, 2017,—
(a) in clause (g), for the word, figures and letters "section 12AA", the words, figures and letters "section 12AA; or" shall be substituted;
(b) after clause (g), the following clause
shall be inserted, namely:—
"(h) by way of transaction not regarded as transfer under clause (vicb) or clause (vib) or clause (vii) of section 47.".
36. Amendment of section 80.— In section 80 of the Income-tax Act, after the words, brackets and figures "sub-section (2) of section 73", the words, brackets, figures and letter "or sub-section (2) of section 73A" shall be inserted.
37. Amendment of section 80CCD.— In section 80CCD of the Income-tax Act, in sub-section (3), the following proviso shall be inserted with effect from the 1st day of April, 2017 namely:
"Provided that the amount received by the nominee, on the death of the assessee, under the circumstances referred to in clause (a), shall not be deemed to be the income of the nominee.".
38. Substitution of new section for section 80EE.— For section 80EE of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 2017, namely:—
'80EE. Deduction in respect of interest on loan taken for residential house property.— (1) In computing the total income of an assessee, being an individual, there shall be deducted, in accordance with and subject to the provisions of this section, interest payable on loan taken by him from any financial institution for the purpose of acquisition of a residential property.
(2) The deduction under sub-section (1) shall not exceed fifty thousand rupees and shall be allowed in computing the total income of the individual for the assessment year beginning on the 1st day of April, 2017 and subsequent assessment years.
(3) The deduction under sub-section (1) shall be subject to the following conditions, namely:—
(i) the loan has been sanctioned by the financial institution during the period beginning on the 1st day of April, 2016 and ending on the 31st day of March, 2017;
(ii) the amount of loan sanctioned for acquisition of the residential house property does not exceed thirty-five lakh rupees;
(iii) the value of residential house property does not exceed fif ty lakh rupees;
(iv) the assessee does not own any residential house property on the date of sanction of loan.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018(4) Where a deduction under this section is allowed for any interest referred to in sub-section (1), deduction shall not be allowed in respect of such interest under any other provision of this Act for the same or any other assessment year.
(5) For the purposes of this section,—
10 of 1949.
(a) "financial institution" means a banking company to which the Banking Regulation Act, 1949 applies, or any bank or banking institution referred to in section 51 of that Act or a housing finance company;
(b) "housing finance company" means a public company formed or registered in India with the main object of carrying on the business of providing long-term finance for construction or purchase of houses in India for residential purposes.'.
39. Amendment of section 80GG.— In section 80GG of the Income-tax Act, for the words "two thousand rupees", the words "five thousand rupees" shall be substituted with effect from the 1st day of April, 2017.
40. Amendment of section 80-IA.— In section 80-IA of the Income-tax Act, in sub- -section (4), in clause (i), after the proviso and before the Explanation, the following proviso shall be inserted with effect from the 1st day of April, 2017, namely:—
"Provided further that nothing contained in this section shall apply to any enterprise which starts the development or operation and maintenance of the infrastructure facility on or after the 1st day of April, 2017.".
41. Amendment of section 80-IAB.— In section 80-IAB of the Income-tax Act, in sub-section (1), the following proviso shall be inserted with effect from the 1st day of April, 2017, namely:—
"Provided that the provisions of this section shall not apply to an assessee, being a developer where the development of Special Economic Zone begins on or after the 1st day of April, 2017.".
42. Insertion of new section 80-IAC.— After section 80-IAB of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017, namely:—
'80-IAC. Special provision in respect of specified business.— (1) Where the gross total income of an assessee, being an eligible start-up, includes any profits and gains derived from eligible business, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction of an amount equal to one hundred percent. of the profits and gains derived from such business for three consecutive assessment years.
(2) The deduction specified in sub-section (1) may, at the option of the assessee, be claimed by him for any three consecutive assessment years out of five years beginning from the year in which the eligible start-up is incorporated.
(3) This section applies to a start-up which fulfils the following conditions, namely:—
(i) it is not formed by splitting up, or the reconstruction, of a business already in existence:
Provided that this condition shall not apply in respect of a start-up which is formed as a result of the re-establishment, reconstruction or revival by the assessee of the business of any such undertaking as referred to in section 33B, in the circumstances and within the period specified in that section;
(ii) it is not formed by the transfer to a new business of machiner y or plant previously used for any purpose.
Explanation 1.— For the purposes of this clause, any machiner y or plant which was used outside India by any person other than the assessee shall not be regarded as machiner y or plant previously used for any purpose, if all the following conditions are fulfilled, namely:—
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018(a) such machinery or plant was not, at any time previous to the date of the installation by the assessee, used in India;
(b) such machiner y or plant is
imported into India;
(c) no deduction on account of depreciation in respect of such machinery or plant has been allowed or is allowable under the provisions of this Act in computing the total income of any person for any period prior to the date of the installation of the machinery or plant by the assessee.
Explanation 2.— Where in the case of a start-up, any machinery or plant or any part thereof previously used for any purpose is transferred to a new business and the total value of the machiner y or plant or par t so transferred does not exceed twenty per cent. of the total value of the machinery or plant used in the business, then, for the purposes of clause (ii) of this sub- -section, the condition specified therein shall be deemed to have been complied with.
(4) The provisions of sub-section (5) and sub-sections (7) to (11) of section 80-IA shall apply to the start-ups for the purpose of allowing deductions under sub-section (1).
Explanation.— For the purposes of this
section,—
(i) "eligible business" means a business which involves innovation, development, deployment or commercialisation of new products, processes or services driven by technology or intellectual property;
(ii) "eligible start-up" means a company or a limited liability partnership engaged in eligible business which fulfils the following conditions, namely:—
(a) it is incorporated on or after the 1st day of April, 2016 but before the 1st day of April, 2019;
(b) the total turnover of its business does not exceed twenty-five crore rupees in any of the previous years beginning on or after the 1st day of April, 2016 and ending on the 31st day of March, 2021;
(c) it holds a certificate of eligible business from the Inter-Ministerial Board of Certification as notified in the Official Gazette by the Central Government; and
6 of 2009.
(iii) "limited liability par tnership" means a partnership referred to in clause (n) of sub-section (1) of section 2 of the Limited Liability Partnership Act, 2008.'.
43. Amendment of section 80-IB.— In section 80-IB of the Income-tax Act, in sub- section (9), with effect from the 1st day of April, 2017,—
(a) in clause (ii), after the words, figures and letters "the 1st day of April, 1997", the words, figures and letters "but not later than the 31st day of March, 2017" shall be inserted;
(b) in clause (iv) after the words, figures and letters "the 1st day of April, 2009", the words, figures and letters "but not later than the 31st day of March, 2017" shall be inserted;
(c) in clause (v), after the words, figures and letters "the 1st day of April, 2009", the words, figures and letters "but not later than the 31st day of March, 2017" shall be inserted.
44. Insertion of new section 80-IBA.— After section 80-IB of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017, namely:—
'80-IBA. Deductions in respect of profits and gains from housing projects.— (1) Where the gross total income of an assessee includes any profits and gains derived from the business of developing and building housing projects, there shall, subject to the provisions of this section, be allowed, a OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 deduction of an amount equal to hundred per cent. of the profits and gains derived from such business.
(2) For the purposes of sub-section (1), a housing project shall be a project which fulfils the following conditions, namely:—
(a) the project is approved by the competent authority after the 1st day of June, 2016, but on or before the 31st day of March, 2019;
(b) the project is completed within a period of three years from the date of approval by the competent authority:
Provided that,—
(i) where the approval in respect of a housing project is obtained more than once, the project shall be deemed to have been approved on the date on which the building plan of such housing project was first approved by the competent authority; and
(ii) the project shall be deemed to have been completed when a certificate of completion of project as a whole is obtained in writing from the competent authority;
(c) the built-up area of the shops and other commercial establishments included in the housing project does not exceed three per cent of the aggregate built-up area;
(d) the project is on a plot of land
measuring not less than—
(i) one thousand square metres, where the project is located within the cities of Chennai, Delhi, Kolkata or Mumbai or within the distance, measured aerially, of twenty-five kilometres from the municipal limits of these cities; or
(ii) two thousand square metres, where the project is located in any other place;
(e) the project is the only housing project on the plot of land as specified in clause (d);
(f) the built-up area of the residential unit comprised in the housing project does not exceed—
(i) thirty square metres, where the project is located within the cities of Chennai, Delhi, Kolkata or Mumbai or within the distance, measured aerially, of twenty-five kilometres from the municipal limits of these cities; or
(ii) sixty square metres, where the
project is located in any other place;
(g) where a residential unit in the housing project is allotted to an individual, no other residential unit in the housing project shall be allotted to the individual or the spouse or the minor children of such individual;
(h) the project utilises—
(i) not less than ninety per cent. of the floor area ratio permissible in respect of the plot of land under the rules to be made by the Central Government or the State Government or the local authority, as the case may be, where the project is located within the cities of Chennai, Delhi, Kolkata or Mumbai or within the distance, measured aerially, of twenty-five kilometres from the municipal limits of these cities, or
(ii) not less than eighty per cent. of such floor area ratio where such project is located in any place other than the place referred to in sub-clause (i); and
(i) the assessee maintains separate books of account in respect of the housing project.
(3) Nothing contained in this section shall apply to any assessee who executes the housing project as a works-contract awarded by any person (including the Central Government or the State Government).
(4) Where the housing project is not completed within the period specified OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 under clause (b) of sub-section (2) and in respect of which a deduction has been claimed and allowed under this section, the total amount of deduction so claimed and allowed in one or more previous years, shall be deemed to be the income of the assessee chargeable under the head "Profits and gains of business or profession" of the previous year in which the period for completion so expires.
(5) Where any amount of profits and gains derived from the business of developing and building housing projects is claimed and allowed under this section for any assessment year, deduction to the extent of such profit and gains shall not be allowed under any other provisions of this Act.
(6) For the purposes of this section,—
(a) "built-up area" means the inner measurements of the residential unit at the floor level, including projections and balconies, as increased by the thickness of the walls, but does not include the common areas shared with other residential units, including any open terrace so shared;
(b) "competent authority" means the authority empowered to approve the building plan by or under any law for the time being in force;
(c) "floor area ratio" means the quotient obtained by dividing the total covered area of plinth area on all the floors by the area of the plot of land;
(d) "housing project" means a project consisting predominantly of residential units with such other facilities and amenities as the competent authority may approve subject to the provisions of this section;
(e) "residential unit" means an independent housing unit with separate facilities for living, cooking and sanitary requirements, distinctly separated from other residential units within the building, which is directly accessible from an outer door or through an interior door in a shared hallway and not by walking through the living space of another household.'.
45. Substitution of new section for section 80JJAA.— For section 80JJAA of the Income- tax Act, the following section shall be substituted with effect from the 1st day of April, 2017, namely:—
'80JJAA. Deduction in respect of employment of new employees.— (1) Where the gross total income of an assessee to whom section 44AB applies, includes any profits and gains derived from business, there shall, subject to the conditions specified in sub-section (2), be allowed a deduction of an amount equal to thirty per cent. of additional employee cost incurred in the course of such business in the previous year, for three assessment years including the assessment year relevant to the previous year in which such employment is provided.
(2) No deduction under sub-section (1)
shall be allowed,—
(a) if the business is formed by splitting up, or the reconstruction, of an existing business:
Provided that nothing contained in this clause shall apply in respect of a business which is formed as a result of re-establish- ment, reconstruction or revival by the assessee of the business in the circumstances and within the period specified in section 33B;
(b) if the business is acquired by the assessee by way of transfer from any other person or as a result of any business reorganisation;
(c) unless the assessee furnishes along with the return of income the report of the accountant, as defined in the Explanation to section 288 giving such par ticulars in the repor t as may be prescribed.
Explanation.— For the purposes of this
section,—
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018(i) "additional employee cost" means the total emoluments paid or payable to additional employees employed during the previous year:
Provided that in the case of an existing business, the additional employee cost shall be nil, if—
(a) there is no increase in the number of employees from the total number of employees employed as on the last day of the preceding year;
(b) emoluments are paid otherwise than by an account payee cheque or account payee bank draf t or by use of electronic clearing system through a bank account:
Provided further that in the first year of a new business, emoluments paid or payable to employees employed during that previous year shall be deemed to be the additional employee cost;
(ii) "additional employee" means an employee who has been employed during the previous year and whose employment has the effect of increasing the total number of employees employed by the employer as on the last day of the preceding year, but does not include—
(a) an employee whose total emoluments are more than twenty- -five thousand rupees per month; or
19 of 1952.
(b) an employee for whom the entire contri- bution is paid by the Government under the Employees' Pension Scheme notified in accor- dance with the provisions or the Employees' Provi- dent Funds and Misce- llaneous Provisions Act, 1952; or
(c) an employee employed for a period of less than two hundred and forty days during the previous year; or
(d) an employee who does not par ticipate in the recognised provident fund;
(iii) "emoluments" means any sum paid or payable to an employee in lieu of his employment by whatever name called, but does not include—
(a) any contribution paid or payable by the employer to any pension fund or provident fund or any other fund for the benefit of the employee under any law for the time being in force; and
(b) any lump-sum payment paid or payable to an employee at the time of termination of his service or superannuation or voluntar y retirement, such as gratuity, severance pay, leave encashment, voluntary retrenchment benefits, commutation of pension and the like.
(3) The provisions of this section, as they stood immediately prior to their amendment by the Finance Act, 2016, shall apply to an assessee eligible to claim any deduction for any assessment year commencing on or before the 1st day of April, 2016.'.
46. Amendment of section 87A.— In section 87A of the Income-tax Act, for the words "two thousand rupees", the words "five thousand rupees" shall be substituted with effect from the 1st day of April, 2017.
47. Amendment of section 92CA.— In section 92CA of the Income-tax Act, in sub-section (3A), the following proviso shall be inserted with effect from the 1st day of June, 2016, namely:—
"Provided that in the circumstances referred to in clause (ii) or clause (x) of Explanation (1) to section 153, if the period of limitation available to the Transfer Pricing OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 Officer for making an order is less than sixty days, such remaining period shall be extended to sixty days and the aforesaid period of limitation shall be deemed to have been extended accordingly.".
48. Amendment of section 92D.— In section 92D of the Income-tax Act, with effect from the 1st day of April, 2017,—
(i) in sub-section (1) the following shall
be inserted, namely:—
'Provided that the person, being a constituent entity of an international group, shall also keep and maintain such information and document in respect of an international group as may be prescribed.
Explanation.— For the purposes of this
section,—
(A) "constituent entity" shall have the meaning assigned to it in clause (d) of sub-section (9) of section 286;
(B) "international group" shall have the meaning assigned to it in clause (g) of sub-section (9) of section 286.';
(ii) after sub-section (3), the following sub-section shall be inserted, namely:—
"(4) Without prejudice to the provisions of sub-section (3), the person referred to in the proviso to sub- -section (1) shall furnish the information and document referred to in the said proviso to the authority prescribed under sub-section (1) of section 286, in such manner, on or before the date, as may be prescribed.".
49. Amendment of section 111A.— In section 111A of the Income-tax Act with effect from the 1st day of April, 2017.—
(i) in sub-section (1), after the proviso, the following proviso shall be inserted, namely:—
"Provided further that nothing contained in clause (b) shall apply to a transaction undertaken on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is paid or payable in foreign currency.";
(ii) for the Explanation below sub-section (3), the following shall be substituted, namely:—
'Explanation.— For the purposes of this
section,—
(a) "equity oriented fund" shall have the meaning assigned to it in the Explanation to clause (38) of section 10;
28 of 2005.
(b) "International Financial Services Centre" shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005;
(c) "recognised stock exchange" shall have the meaning assigned to it in clause (ii) of Explanation 1 to sub- -section (5) of section 43.'.
50. Amendment of section 112.— In section 112 of the Income-tax Act, in sub-section (1), in clause (c), in sub-clause (iii), for the words "unlisted securities", the words "unlisted securities or shares of a company not being a company in which the public are substantially interested" shall be substituted with effect from the 1st day of April, 2017.
51. Insertion of new section 115BA.— After section 115B of the Income-tax Act, with effect from the 1st day of April, 2017, the following section shall be inserted, namely:—
"115BA. Tax on income of certain domestic companies.— (1) Notwithstanding anything contained in this Act but subject to the provisions of section 111A and section 112, the income-tax payable in respect of the total income of a person, being a domestic company, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2017, shall, at the option of such person, be computed at the rate of twenty-five per cent., if the conditions contained in sub-section (2) are satisfied.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018(2) For the purposes of sub-section (1), the following conditions shall apply, namely:—
(a) the company has been set-up and registered on or after the 1st day of March, 2016;
(b) the company is not engaged in any business other than the business of manufacture or production of any article or thing and research in relation to, or distribution of, such article or thing manufactured or produced by it; and
(c) the total income of the company has
been computed,—
(i) without any deduction under the provisions of section 10AA or clause (iia) of sub-section (1) of section 32 or section 32AC or section 32AD or section 33AB or section 33ABA or sub-clause (ii) or sub-clause (iia) or sub-clause (iii) of sub-section (1) or sub-section (2AA) or sub-section (2AB) of section 35 or section 35AC or section 35AD or section 35CCC or section 35CCD or under any provisions of Chapter VI-A under the heading "C. — Deductions in respect of certain incomes" other than the provisions of section 80JJAA;
(ii) without set off of any loss carried forward from any earlier assessment year if such loss is attributable to any of the deductions referred to in sub- -clause (i); and
(iii) depreciation under section 32, other than clause (iia) of sub-section (1) of the said section, is determined in the manner as may be prescribed.
(3) The loss referred to in sub-clause (ii) of clause (c) of sub-section (2) shall be deemed to have been already given full effect to and no further deduction for such loss shall be allowed for any subsequent year.
(4) Nothing contained in this section shall apply unless the option is exercised by the person in the prescribed manner on or before the due date specified under sub-section (1) of section 139 for furnishing the first of the returns of income which the person is required to furnish under the provisions of this Act:
Provided that once the option has been exercised for any previous year, it cannot be subsequently withdrawn for the same or any other previous year.
52. Insertion of new section 115 BBDA.— After section 115BBD of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017, namely:—
'115BBDA. Tax on certain dividends received from domestic companies.— (1) Notwithstanding anything contained in this Act, where the total income of an assessee, being an individual, a Hindu undivided family or a firm, resident in India, includes any income in aggregate exceeding ten lakh rupees, by way of dividends declared, distributed or paid by a domestic company or companies, the income-tax payable shall be the aggregate of—
(a) the amount of income-tax calculated on the income by way of such dividends in aggregate exceeding ten lakh rupees, at the rate often per cent.; and
(b) the amount of income-tax with which the assessee would have been chargeable had the total income of the assessee been reduced by the amount of income by way of dividends.
(2) No deduction in respect of any expenditure or allowance or set off of loss shall be allowed to the assessee under any provision of this Act in computing the income by way of dividends referred to in clause (a) of sub-section (1).
(3) In this section, "dividends" shall have the same meaning as is given to "dividend" in clause (22) of section 2 but shall not include sub-clause (e) thereof.'.
53. Amendment of section 115BBE.— In section 115BBE of the Income-tax Act, in sub- -section (2), after the word "allowance", the words "or set off of any loss" shall be inserted with effect from the 1st day of April, 2017.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 201854. Insertion of new section 115BBF.— After section 115BBE of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017, namely:—
'115BBF. Tax on income from patent.— (1) Where the total income of an eligible assessee includes any income by way of royalty in respect of a patent developed and registered in India, the income-tax payable shall be the aggregate of—
(a) the amount of income-tax calculated on the income by way of royalty in respect of the patent at the rate of ten per cent.; and
(b) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the income referred to in clause (a).
(2) Notwithstanding anything contained in this Act, no deduction in respect of any expenditure or allowance shall be allowed to the eligible assessee under any provision of this Act in computing his income referred to in clause (a) of sub-section (1).
(3) The eligible assessee may exercise the option for taxation of income by way of royalty in respect of a patent developed and registered in India in accordance with the provisions of this section, in the prescribed manner, on or before the due date specified under sub-section (1) of section 139 for furnishing the return of income for the relevant previous year.
(4) Where an eligible assessee opts for taxation of income by way of royalty in respect of a patent developed and registered in India for any previous year in accordance with the provisions of this section and the assessee offers the income for taxation for any of the five assessment years relevant to the previous year succeeding the previous year not in accordance with the provisions of sub- -section (1), then, the assessee shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year relevant to the previous year in which such income has not been offered to tax in accordance with the provisions of sub-section (1).
Explanation.— For the purposes of this
section,—
39 of 1970.
(a) "developed" means at least seventy-five per cent. of the expenditure incurred in India by the eligible assessee for any invention in respect of which a patent is granted under the Patents Act, 1970 (herein referred to as the Patents Act);
(b) "eligible assessee" means a person
resident in India and who is a patentee;
(c) "invention" shall have the meaning assigned to it in clause (j) of sub-section (1) of section 2 of the Patents Act;
(d) "lump sum" includes an advance payment on account of such royalties which is not returnable;
(e) "patent" shall have the meaning assigned to it in clause (m) of sub-section (1) of section 2 of the Patents Act;
(f) "patentee" means the person, being the true and first inventor of the invention, whose name is entered on the patent register as the patentee, in accordance with the Patents Act, and includes every such person, being the true and first inventor of the invention, where more than one person is registered as patentee under that Act in respect of that patent;
(g) "patented ar ticle" and "patented process" shall have the meanings respectively assigned to them in clause (o) of sub-section (1) of section 2 of the Patents Act;
(h) "royalty ", in respect of a patent, means consideration (including any lump sum consideration but excluding any consideration which would be the income of the recipient chargeable under the head "Capital gains" or consideration for sale of product manufactured with the use of OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 patented process or the patented article for commercial use) for the—
(i) transfer of all or any rights (including the granting of a licence) in respect of a patent: or
(ii) impar ting of any information concerning the working of, or the use of, a patent; or
(iii) use of any patent; or
(iv) rendering of any ser vices in connection with the activities referred to in sub-clauses (i) to (iii);
(i) "true and first inventor" shall have the meaning assigned to it in clause (y) of sub- -section (1) of section 2 of the Patents Act.'.
55. Amendment of section 115JB.— In
section 115JB of the Income-tax Act,—
(I) after sub-section (2),—
(a) in Explanation I, with effect from the
1st day of April, 2017,—
(i) after clause (fc), the following
clause shall be inserted, namely:—
"(fd) the amount or amounts of expenditure relatable to income by way of royalty in respect of patent chargeable to tax under section 115BBF; or";
(ii) in the long line,—
(A) in clause (iif), for the words "may be;" occurring at the end, the words "may be; or" shall be substituted;
(B) after clause (iif), the following
clause shall be inserted, namely:—
"(iig) the amount of income by way of royalty in respect of patent chargeable to tax under section 115BBF;";
(b) Explanation 4 shall be renumbered as Explanation 5 thereof and before Explanation 5 as so renumbered, the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2001, namely:—
"Explanation 4.— For the removal of doubts, it is hereby clarified that the provisions of this section shall not be applicable and shall be deemed never to have been applicable to an assessee, being a foreign company, if—
(i) the assessee is a resident of a country or a specified territory with which India has an agreement referred to in sub-section (1) of section 90 or the Central Government has adopted any agreement under sub-section (1) of section 90A and the assessee does not have a permanent establishment in India in accordance with the provisions of such agreement; or
(ii) the assessee is a resident of a country with which India does not have an agreement of the nature referred to in clause (i) and the assessee is not required to seek registration under any law for the time being in force relating to companies.";
(II) after sub-section (6), the following sub-section shall be inserted with effect from the 1st day of April, 2017, namely:—
'(7) Notwithstanding anything contained in sub-section (1), where the assessee referred to therein, is a unit located in an International Financial Services Centre and derives its income solely in convertible foreign exchange, the provisions of sub-section (1) shall have the effect as if for the words "eighteen and one-half per cent." wherever occurring in that sub-section, the words "nine per cent." had been substituted.
Explanation.— For the purposes of this
sub-section,—
(a) "International Financial Services Centre" shall have OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 28 of 2005.
the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005;
(b) "unit" means a unit established in an International Financial Services Centre;
42 of 1999.
(c) "convertible foreign exchange" means a foreign exchange which is for the time being treated by the Reser ve Bank of India as convertible foreign exchange for the purposes of the Foreign Exchange Manage- ment Act, 1999 and the rules made thereunder.'.
56. Insertion of new Chapter XII-BC.— After Chapter XII-BB of the Income-tax Act, the following Chapter shall be inserted with effect from the 1st day of April, 2017, namely:—
"CHAPTER XII-BC
Special provision relating to Foreign Company
said to be resident in India
115JH. Foreign Company said to be resident in India.— (1) Where a foreign company is said to be resident in India in any previous year and such foreign company has not been resident in India in any of the previous years preceding the said previous year, then, notwithstanding anything contained in this Act and subject to the conditions as may be notified by the Central Government in this behalf, the provisions of this Act relating to the computation of total income, treatment of unabsorbed depreciation, set off or carry forward and set off of losses, collection and recovery and special provisions relating to avoidance of tax shall apply with such exceptions, modifications and adaptations as may be specified in that notification for the said previous year:
Provided that where the determination regarding foreign company to be resident in India has been made in the assessment proceedings relevant to any previous year, then, the provisions of this sub-section shall also apply in respect of any other previous year, succeeding such previous year, if the foreign company is resident in India in that previous year and the previous year ends on or before the date on which such assessment proceeding is completed.
(2) Where, in a previous year, any benefit, exemption or relief has been claimed and granted to the foreign company in accordance with the provisions of sub- -section (1), and, subsequently, there is failure to comply with any of the conditions specified in the notification issued under sub-section (1), then,—
(i) such benefit, exemption or relief shall be deemed to have been wrongly allowed;
(ii) the Assessing Officer may, notwithstanding anything contained in this Act, re-compute the total income of the assessee for the said previous year and make the necessary amendment as if the exceptions, modifications and adaptations referred to in sub-section (1) did not apply; and
(iii) the provisions of section 154 shall, so far as may be, apply thereto and the period of four years specified in sub- -section (7) of that section being reckoned from the end of the previous year in which the failure to comply with the condition referred to in sub-section (1) takes place.
(3) Every notification issued under this section shall be laid before each House of Parliament.".
57. Amendment of section 115-O.— In
section 115-0 of the Income-tax Act,—
(a) after sub-section (6), the following sub-section shall be inserted, with effect from the 1st day of June, 2016, namely:—
'(7) No tax on distributed profits shall be chargeable under this section in respect of any amount declared, distributed or paid by the specified domestic company by way of dividends OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 (whether interim or other wise) to a business trust out of its current income on or after the specified date:
Provided that nothing contained in this sub-section shall apply in respect of any amount declared, distributed or paid, at any time, by the specified domestic company by way of dividends (whether interim or other wise) out of its accumulated profits and current profits up to the specified date.
Explanation.— For the purposes of this
sub-section,—
(a) "specified domestic company " means a domestic company in which a business trust has become the holder of whole of the nominal value of equity share capital of the company (excluding the equity share capital required to be held mandatorily by any other person in accordance with any law for the time being in force or any directions of Government or any regulatory authority, or equity share capital held by any Government or Government body);
(b) "specified date" means the date of acquisition by the business trust of such holding as is referred to in clause (a).';
(b) after sub-section (7) as so inserted, the following sub-section shall be inserted with effect from the 1st day of April, 2017, namely:—
'(8) Notwithstanding anything contained in this section, no tax on distributed profits shall be chargeable in respect of the total income of a company, being a unit of an International Financial Services Centre, deriving income solely in convertible foreign exchange, for any assessment year on any amount declared, distributed or paid by such company, by way of dividends (whether interim or otherwise) on or after the 1st day of April, 2017, out of its current income, either in the hands of the company or the person receiving such dividend.
Explanation.— For the purposes of this
sub-section,—
28 of 2005.
(a) "International Financial Services Centre" shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005;
(b) "unit" means a unit established in an International Financial Services Centre, on or after the 1st day of April, 2016;
42 of 1999.
(c) "conver tible foreign exchange" means foreign exchange which is for the time being treated by the Reser ve Bank of India as conver tible foreign exchange for the purposes of the Foreign Exchange Management Act, 1999 and the rules made thereunder.'.
58. Amendment of section 115QA.— In section 115QA of the Income-tax Act, in sub- -section (1), in the Explanation, with effect from the 1st day of June, 2016,—
1 of 1956.
(a) in clause (i), for the words, figures and letter "section 77 A of the Companies Act, 1956", the words "any law for the time being in force relating to companies" shall be substituted;
(b) in clause (ii), for the words "the amount which was received by the company for issue of such shares", the words "the amount, which was received by the company for issue of such shares, determined in the manner as may be prescribed" shall be substituted.
59. Amendment of section 115TA.— In section 115TA of the Income-tax Act, after sub-section (4), the following sub-section shall be inserted with effect from the 1st day of June, 2016, namely:—
"(5) Nothing contained in this section shall apply in respect of any income distributed by a securitisation trust to its investors on or after the 1st day of June, 2016.".
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 201860. Amendment of section 115TC.— In section 115TC of the Income-tax Act, in the Explanation, with effect from the 1st day of June, 2016,—
(A) in clause (a), after the words "or securities", the words "or security receipt" shall be inserted;
(B) in clause (d),—
(I) in sub-clause (ii), after the words "Reserve Bank of India,", the word ";or" shall be inserted;
(II) after sub-clause (ii) and before the long line, the following sub-clause shall be inserted, namely:—
54 of 2002.
"(iii) trust set-up by a securitisation company or a reconstruction company formed, for the purposes of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, or in pursuance of any guidelines or directions issued for the said purposes by the Reserve Bank of India,";
(C) after clause (d), the following clause
shall be inserted, namely:—
54 of 2002.
'(e) "security receipt" shall have the same meaning as assigned to it in clause (zg) of sub-section (1) of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.'.
61. Insertion of new section 115TCA.— After section 115TC of the Income-tax Act and before the Explanation occurring after the said section, the following section shall be inserted with effect from the 1st day of April, 2017, namely:—
"115TCA. Tax on income from securitization trusts.— (1) Notwithstanding anything contained in this Act, any income accruing or arising to, or received by, a person, being an investor of a securitisation trust, out of investments made in the securitisation trust, shall be chargeable to income-tax in the same manner as if it were the income accruing or arising to, or received by, such person, had the investments by the securitisation trust been made directly by him.
(2) The income paid or credited by the securitisation trust shall be deemed to be of the same nature and in the same proportion in the hands of the person referred to in sub-section (1), as if it had been received by, or had accrued or arisen to, the securitisation trust during the previous year.
(3) The income accruing or arising to, or received by, the securitisation trust, during a previous year, if not paid or credited to the person referred to in sub-section (1), shall be deemed to have been credited to the account of the said person on the last day of the previous year in the same proportion in which such person would have been entitled to receive the income had it been paid in the previous year.
(4) The person responsible for crediting or making payment of the income on behalf of securitisation trust and the securitisation trust shall furnish, within such period, as may be prescribed, to the person who is liable to tax in respect of such income and to the prescribed income-tax authority, a statement in such form and verified in such manner, giving details of the nature of the income paid or credited during the previous year and such other relevant details, as may be prescribed.
(5) Any income which has been included in the total income of the person referred to in sub-section (1), in a previous year, on account of it having accrued or arisen in the said previous year, shall not be included in the total income of such person in the previous year in which such income is actually paid to him by the securitisation trust.".
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 201862. Insertion of new Chapter XII-EB.— After Chapter XII-EA of the Income-tax Act, the following Chapter shall be inserted with effect from the 1st day of June, 2016, namely:—
accordance with the method of valuation as may be prescribed:
'CHAPTER XII-EB
Special provision relating to Tax on accreted Income of certain Trusts and Institutions
115TD. Tax on accreted income.— (1) Notwithstanding anything contained in this Act, where in any previous year, a trust or institution registered under section 12AA has—
(a) converted into any form which is not eligible for grant of registration under section 12AA;
(b) merged with any entity other than an entity which is a trust or institution having objects similar to it and registered under section 12AA; or
(c) failed to transfer upon dissolution all its assets to any other trust or institution registered under section 12AA or to any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10, within a period of twelve months from the end of the month in which the dissolution takes place,
then, in addition to the income-tax chargeable in respect of the total income of such trust or institution, the accreted income of the trust or the institution as on the specified date shall be charged to tax and such trust or institution, as the case may be, shall be laible to pay addtional income-tax (herein referred to as tax on accreted income) at the maximum marginal rate on the accreted income.
(2) The accreted income for the purposes of sub-section (1) means the amount by which the aggregate fair market value of the total assets of the trust or the institution, as on the specified date, exceeds the total liability of such trust or institution computed in Provided that so much of the accreted income as is attributable to the following asset and liability, if any, related to such asset shall be ignored for the purposes of sub-section(1), namely:—
(i) any asset which is established to have been directly acquired by the trust or institution out of its income of the nature referred to in clause (1) of section 10;
(ii) any asset acquired by the trust or institution during the period beginning from the date of its creation or establishment and ending on the date from which the registration under section 12AA became effective, if the trust or institution had not been allowed any benefit of sections 11 and 12 during the said period:
Provided further that where due to the first proviso to sub-section (2) of section 12A, the benefit of sections 11 and 12 have been allowed to the trust or the institution in respect of any previous year or years beginning prior to the date from which the registration under section 12AA is effective, then, for the purposes of clause (ii) of the first proviso, the registration shall be deemed to have become effective from the first day of the earliest previous year:
Provided also that while computing the accreted income in respect of a case referred to in clause (c) of sub-section (1), assets and liabilities, if any, related to such asset, which have been transferred to any other trust or institution registered under section 12AA or to any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10, within the period specified in the said clause, shall be ignored.
(3) For the purposes of sub-section (1), a trust or an institution shall be deemed to have been converted into any form not OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 eligible for registration under section 12AA in a previous year, if,—
(i) the registration granted to it under
section 12AA has been cancelled; or
(ii) it has adopted or undertaken modification of its objects which do not conform to the conditions of registration and it,—
(a) has not applied for fresh registration under section 12AA in the said previous year; or
(b) has filed application for fresh registration under section 12AA but the said application has been rejected.
(4) Notwithstanding that no income-tax is payable by a trust or the institution on its total income computed in accordance with the provisions of this Act, the tax on the accreted income under sub-section (1) shall be payable by such trust or the institution.
(5) The principal officer or the trustee of the trust or the institution, as the case may be, and the trust or the institution shall also be liable to pay the tax on accreted income to the credit of the Central Government within fourteen days from,—
(i) the date on which,-—
(a) the period for filing appeal under section 253 against the order cancelling the registration expires and no appeal has been filed by the trust or the institution; or
(b) the order in any appeal, confirming the cancellation of the registration, is received by the trust or institution,
in a case referred to in clause (i) of sub-section (3);
(ii) the end of the previous year in a case referred to in sub-clause (a) of clause (ii) of sub-section (3);
(iii) the date on which,—
(a) the period for filing appeal under section 253 against the order rejecting the application expires and no appeal has been filed by the trust or the institution; or
(b) the order in any appeal, confirming the cancellation of the application, is received by the trust or institution,
in a case referred to in sub-clause
(b) of clause (ii) of sub-section (3);
(iv) the date of merger in a case referred
to in clause (b) of sub-section (1);
(v) the date on which the period of twelve months referred to in clause (c) of sub-section (1) expires.
(6) The tax on the accreted income by the trust or the institution shall be treated as the final payment of tax in respect of the said income and no further credit therefor shall be claimed by the trust or the institution or by any other person in respect of the amount of tax so paid.
(7) No deduction under any other provision of this Act shall be allowed to the trust or the institution or any other person in respect of the income which has been charged to tax under sub-section (1) or the tax thereon.
Explanation.— For the purposes of this
section,—
(i) "date of conversion" means,—
(a) the date of the order cancelling the registration under section 12AA, in a case referred to in clause (i) of
sub-section (3);
or
(b) the date of adoption or modification of any object, in a case referred to in clause (ii) of sub-section (3);
(ii) "specified date" means,—
(a) the date of conversion in a case falling under clause (a) of sub- section (1);
(b) the date of merger in a case falling under clause (b) of sub- section (1); and OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 (c) the date of dissolution in a case falling under clause (c) of sub- section (1);
33 of 1996.
(iii) registration under section 12AA shall include any registration obtained under section 12A as it stood before its amendment by the Finance (No. 2) Act, 1996.
115TE. Interest payable for non-payment of tax by trust or institution.— Where the principal officer or the trustee of the trust or the institution and the trust or the institution fails to pay the whole or any part of the tax on the accreted income referred to in sub-section (1) of section 115TD, within the time allowed under sub-section (5) of that section, he or it shall be liable to pay simple interest at the rate of one per cent. for ever y month or part thereof on the amount of such tax for the period beginning on the date immediately after the last date on which such tax was payable and ending with the date on which the tax is actually paid.
115TF. When trust or institution is deemed to be assessee in default.— (1) If any principal officer or the trustee of the trust or the institution and the trust or the institution does not pay tax on accreted income in accordance with the provisions of section 115TD, then, he or it shall be deemed to be an assessee in default in respect of the amount of tax payable by him or it and all the provisions of this Act for the collection and recovery of income-tax shall apply.
(2) Notwithstanding anything contained in sub-section (1), in a case where the tax on accreted income is payable under the circumstances referred to in clause (c) of sub-section (1) of section 115TD, the person to whom any asset forming part of the computation of accreted income under sub-section (2) thereof has been transferred, shall be deemed to be an assessee in default in respect of such tax and interest thereon and all the provisions of this Act for the collection and recovery of income-tax shall apply:
Provided that the liability of the person referred to in this sub-section shall be limited to the extent to which the asset received by him is capable of meeting the liability.'.
63. Amendment of section 115UA.— In section 115UAof the Income-tax Act, in sub-section (3), for the words, brackets, figures and letters "in clause (23FC)", the words, brackets, letters and figures "in sub- clause (a) of clause (23FC)" shall be substituted with effect from the 1st day of April, 2017.
64. Amendment of section 119.— In section 119 of the Income-tax Act, in sub-section (2), in clause (a), af ter the figures and letter "234E", the figures and letter "270A," shall be inserted with effect from the 1st day of April, 2017.
65. Amendment of section 124.— In section 124 of the Income-tax Act, in sub-section (3), after clause (b), the following clause shall be inserted with effect from the 1st day of June, 2016, namely:—
"(c) where an action has been taken under section 132 or section 132A, after the expir y of one month from the date on which he was ser ved with a notice under sub-section (1) of section 153A or sub-section (2) of section 153C or after the completion of the assessment, whichever is earlier.".
66. Amendment of section 133C.— Section 133C of the Income-tax Act shall be renumbered as sub-section (1) thereof and af ter sub-section (1) as so renumbered, the following sub-section shall be inserted with effect from the 1st day of June, 2016, namely:—
"(2) Where any information or document has been received in response to a notice issued under sub-section (1), the prescribed income-tax authority may process such information or document and make available the outcome of such processing to the Assessing Officer.".
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 201867. Amendment of section 139.— In section
139 of the Income-tax Act,—
(i) in sub-section (1), in the sixth proviso, for the words, figures and letter "provisions of section 10A", the words, brackets, figures and letter "provisions of clause (38) of section 10 or section 10A" shall be substituted with effect from the 1st day of April, 2017;
(ii) in sub-section (3), after the words, brackets and figures "sub-section (2) of section 73", the words, brackets, figures and letter "or sub-section (2) of section 73A" shall be inserted;
(iii) with effect from the 1st day of April,
2017,—
(a) for sub-section (4), the following sub-section shall be substituted, namely:—
"(4) Any person who has not furnished a return within the time allowed to him under sub-section (1), may furnish the return for any previous year at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.";
(b) for sub-section (5), the following sub-section shall be substituted, namely:—
"(5) If any person, having furnished a return under sub-section (1) or sub- -section (4), discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.";
(c) in sub-section (9), in the Explanation, clause (aa) shall be omitted.
68. Amendment of section 143.— In section
143 of the Income-tax Act,—
(a) with effect from the 1st day of April,
2017,—
(I) in sub-section (1), in clause (a),—
(A) in sub-clause (i), the word "or" appearing at the end shall be omitted;
(B) after sub-clause (ii), the following sub-clauses shall be inser ted, namely:—
"(iii) disallowance of loss claimed, if return of the previous year for which set off of loss is claimed was furnished beyond the due date specified under sub-section (1) of section 139;
(iv) disallowance of expenditure indicated in the audit report but not taken into account in computing the total income in the return;
(v) disallowance of deduction claimed under sections 10AA, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID or section 80-IE, if the return is furnished beyond the due date specified under sub-section (1) of section 139; or
(vi) addition of income appearing in Form 26AS or Form 16A or Form 16 which has not been included in computing the total income in the return:
Provided that no such adjustments shall be made unless an intimation is given to the assessee of such adjustments either in writing or in electronic mode:
Provided further that the response received from the assessee, if any. shall be considered before making any adjustment, and in a case where no response is received within thirty days of the issue of such intimation, such adjustments shall be made;";
(II) for sub-section (1D), the following sub-section shall be substituted, namely:—
"(1D) Notwithstanding anything contained in sub-section (1), the processing of a return shall not be OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 necessary before the expiry of the period specified in the second proviso to sub-section (1), where a notice has been issued to the assessee under sub-section (2):
Provided that such return shall be processed before the issuance of an order under sub-section (3).".
(b) for sub-section (2), the following sub-section shall be substituted with effect from the 1st day of June, 2016, namely:—
"(2) Where a return has been furnished under section 139, or in response to a notice under sub-section (1) of section 142, the Assessing Officer or the prescribed income-tax authority, as the case may be, if, considers it necessary or expedient to ensure that the assessee has not understated the income or has not computed excessive loss or has not under- paid the tax in any manner, shall serve on the assessee a notice requiring him, on a date to be specified therein, either to attend the office of the Assessing Officer or to produce, or cause to be produced before the Assessing Officer any evidence on which the assessee may rely in support of the return:
Provided that no notice under this sub-section shall be ser ved on the assessee after the expiry of six months from the end of the financial year in which the return is furnished.".
69. Amendment of section 147.— In section 147 of the Income-tax Act, in Explanation 2, after clause (c), the following clause shall be inserted with effect from the 1st day of June, 2016, namely:—
"(ca) where a return of income has not been furnished by the assessee or a return of income has been furnished by him and on the basis of information or document received from the prescribed income-tax authority, under sub-section (2) of section 133C, it is noticed by the Assessing Officer that the income of the assessee exceeds the maximum amount not chargeable to tax, or as the case may be, the assessee has understated the income or has claimed excessive loss, deduction, allowance or relief in the return;".
70. Substitution of new section for section 153.— For section 153 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of June, 2016, namely:—
"153. Time limit for completion of assessement, reassessment and recom- putation.— (1) No order of assessment shall be made under section 143 or section 144 at any time after the expiry of twenty-one months from the end of the assessment year in which the income was first assessable.
(2) No order of assessment, reassessment or recomputation shall be made under section 147 after the expiry of nine months from the end of the financial year in which the notice under section 148 was served.
(3) Notwithstanding anything contained in sub-sections (1) and (2), an order of fresh assessment in pursuance of an order under section 254 or section 263 or section 264, setting aside or cancelling an assessment, may be made at any time before the expiry of nine months from the end of the financial year in which the order under section 254 is received by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner or, as the case may be, the order under section 263 or section 264 is passed by the Principal Commissioner or Commissioner.
(4) Notwithstanding anything contained in sub-sections (1), (2) and (3), where a reference under sub-section (1) of section 92CA is made during the course of the proceeding for the assessment or reassessment, the period available for completion of assessment or reassessment, as the case may be, under the said sub- sections (1), (2) and (3) shall be extended by twelve months.
(5) Where effect to an order under section 250 or section 254 or section 260 or section 262 or section 263 or section 264 is to be OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 given by the Assessing Officer, wholly or partly, otherwise than by making a fresh assessment or reassessment, such effect shall be given within a period of three months from the end of the month in which order under section 250 or section 254 or section 260 or section 262 is received by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner, as the case may be, the order under section 263 or section 264 is passed by the Principal Commissioner or Commissioner:
Provided that where it is not possible for the Assessing Officer to give effect to such order within the aforesaid period, for reasons beyond his control, the Principal Commissioner or Commissioner on receipt of such request in writing from the Assessing Officer, if satisfied, may allow an additional period of six months to give effect to the order.
(6) Nothing contained in sub-sections (1) and (2) shall apply to the following classes of assessments, reassessments and recomputation which may, subject to the provisions of sub-sections (3) and (5), be completed—
(i) where the assessment, reassess- ment or recomputation is made on the assessee or any person in consequence of or to give effect to any finding or direction contained in an order under section 250, section 254, section 260, section 262, section 263, or section 264 or in an order of any court in a proceeding otherwise than by way of appeal or reference under this Act, on or before the expiry of twelve months from the end of the month in which such order is received or passed by the Principal Commissioner or Commissioner, as the case may be;
or
(ii) where, in the case of a firm, an assessment is made on a partner of the firm in consequence of an assessment made on the firm under section 147, on or before the expiry of twelve months from the end of the month in which the assessment order in the case of the firm is passed.
(7) Where effect to any order, finding or direction referred to in sub-section (5) or sub-section (6) is to be given by the Assessing Officer, within the time specified in the said sub-sections, and such order has been received or passed, as the case may be, by the income-tax authority specified therein before the 1st day of June, 2016, the Assessing Officer shall give effect to such order, finding or direction, or assess, reassess or recompute the income of the assessee, on or before the 31st day of March, 2017.
(8) Notwithstanding anything contained in the foregoing provisions of this section, sub-section (2) of section 153A or sub- -section (1) of section 153B, the order of assessment or reassessment, relating to any assessment year, which stands revived under sub-section (2) of section 153A, shall be made within a period of one year from the end of the month of such revival or within the period specified in this section or sub-section (1) of section 153B, whichever is later.
(9) The provisions of this section as they stood immediately before the commence- ment of the Finance Act, 2016, shall apply to and in relation to any order of assessment, reassessment or recomputation made before the 1st day of June, 2016.
Explanation 1.— For the purposes of this section, in computing the period of limitation—
(i) the time taken in reopening the whole or any part of the proceeding or in giving an opportunity to the assessee to be re- heard under the proviso to section 129; or
(ii) the period during which the assessment proceeding is stayed by an order or injunction of any court; or
(iii) the period commencing from the date on which the Assessing Officer intimates the Central Government or the prescribed OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 authority, the contravention of the provisions of clause (21) or clause (22B) or clause (23A) or clause (23B) or sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10, under clause (i) of the proviso to sub- section (3) of section 143 and ending with the date on which the copy of the order withdrawing the approval or rescinding the notification, as the case may be, under those clauses is received by the Assessing Officer; or
(iv) the period commencing from the date on which the Assessing Officer directs the assessee to get his accounts audited under sub-section (2A) of section 142 and—
(a) ending with the last date on which the assessee is required to furnish a repor t of such audit under that sub-section; or
(b) where such direction is challenged before a court ending with the date on which the order setting aside such direction is received by the Principal Commissioner or Commissioner; or
(v) the period commencing from the date on which the Assessing Officer makes a reference to the Valuation Officer under sub-section (1) of section 142A and ending with the date on which the report of the Valuation Officer is received by the Assessing Officer; or
(vi) the period (not exceeding sixty days) commencing from the date on which the Assessing Officer received the declaration under sub-section (1) of section 158A and ending with the date on which the order under sub-section (3) of that section is made by him; or
(vii) in a case where an application made before the Income-tax Settlement Commission is rejected by it or is not allowed to be proceeded with by it the period commencing from the date on which an application is made before the Settlement Commission under section 245C and ending with the date on which the order under sub-section (1) of section 245D is received by the Principal Commissioner or Commissioner under sub-section (2) of that section; or
(viii) the period commencing from the date on which an application is made before the Authority for Advance Rulings under sub-section (1) of section 245Q and ending with the date on which the order rejecting the application is received by the Principal Commissioner or Commissioner under sub-section (3) of section 245R; or
(ix) the period commencing from the date on which an application is made before the Authority for Advance Rulings under sub-section (1) of section 245Q and ending with the date on which the advance ruling pronounced by it is received by the Principal Commissioner or Commissioner under sub-section (7) of section 245R; or
(x) the period commencing from the date on which a reference or first of the references for exchange of information is made by an authority competent under an agreement referred to in section 90 or section 90A and ending with the date on which the information requested is last received by the Principal Commissioner or Commissioner or a period of one year, whichever is less; or
(xi) the period commencing from the date on which a reference for declaration of an arrangement to be an impermissible avoidance arrangement is received by the Principal Commissioner or Commissioner under sub-section (1) of section 144BA and ending on the date on which a direction under sub-section (3) or sub-section (6) or an order under sub-section (5) of the said section is received by the Assessing Officer,
shall be excluded:
Provided that where immediately after the exclusion of the aforesaid period, the period of limitation referred to in sub-sections (1), (2), (3) and sub-section (8) available to the Assessing Officer for making an order of OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 assessment, reassessment or recomputation, as the case may be, is less than sixty days, such remaining period shall be extended to sixty days and the aforesaid period of limitation shall be deemed to be extended accordingly:
Provided further that where the period available to the Transfer Pricing Officer is extended to sixty days in accordance with the proviso to sub-section (3A) of section 92CA and the period of limitation available to the Assessing Officer for making an order of assessment, reassessment or recomputation, as the case may be, is less than sixty days, such remaining period shall be extended to sixty days and the aforesaid period of limitation shall be deemed to be extended accordingly:
Provided also that where a proceeding before the Settlement Commission abates under section 245HA, the period of limitation available under this section to the Assessing Officer for making an order of assessment, reassessment or recomputation, as the case may be, shall, after the exclusion of the period under sub-section (4) of section 245HA, be not less than one year; and where such period of limitation is less than one year, it shall be deemed to have been extended to one year; and for the purposes of determining the period of limitation under sections 149, 153B, 154, 155 and 158BE and for the purposes of payment of interest under section 244A, this proviso shall also apply accordingly.
Explanation 2.— For the purposes of this section, where by an order referred to in clause (i) of sub-section (6),—
(a) any income is excluded from the total income of the assessee for an assessment year, then, an assessment of such income for another assessment year shall, for the purposes of section 150 and this section, be deemed to be one made in consequence of or to give effect to any finding or direction contained in the said order; or
(b) any income is excluded from the total income of one person and held to be the income of another person, then, an assessment of such income on such other person shall, for the purposes of section 150 and this section, be deemed to be one made in consequence of or to give effect to any finding or direction contained in the said order, if such other person was given an opportunity of being heard before the said order was passed.".
71. Substitution of new section for section 153B.— For section 153B of the Income-tax Act, the following section shall be substituted with effect from the 1st day of June, 2016, namely:—
'153B. Time limit for completion of assessment under section 153A.— (1) Notwithstanding anything contained in section 153, the Assessing Officer shall make an order of assessment or reassessment,—
(a) in respect of each assessment year falling within six assessment years referred to in clause (b) of sub-section (1) of section 153A, within a period of twenty- one months from the end of the financial year in which the last of the authorisations for search under section 132 or for requisition under section 132A was executed;
(b) in respect of the assessment year relevant to the previous year in which search is conducted under section 132 or requisition is made under section 132A, within a period of twenty-one months from the end of the financial year in which the last of the authorisations for search under section 132 or for requisition under section 132A was executed:
Provided that in case of other person referred to in section 153C, the period of limitation for making the assessment or reassessment shall be the period as referred to in clause (a) or clause (b) of this sub-section or nine months from the end of the financial year in which books of account or documents or assets seized or requisitioned are handed over under section 153C to the Assessing Officer having jurisdiction over such other person, whichever is later:
Provided further that in case where the last of the authorisations for search under section OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 132 or for requisition under section 132A was executed and during the course of the proceedings for the assessment or reassessment of total income, a reference under sub-section (1) of section 92CA is made, the provisions of clause (a) or clause (b) of this sub-section shall have effect as if for the words "twenty-one months", the words "thirty-three months" had been substituted:
Provided also that in case where during the course of the proceedings for the assessment or reassessment of total income in case of other person referred to in section 153C, a reference under sub-section (1) of section 92CA is made, the period of limitation for making the assessment or reassessment in case of such other person shall be the period of thirty-three months from the end of the financial year in which the last of the authorisations for search under section 132 or for requisition under section 132A was executed or twenty-one months from the end of the financial year in which books of account or documents or assets seized or requisitioned are handed over under section 153C to the Assessing Officer having jurisdiction over such other person, whichever is later.
(2) The authorisation referred to in clause (a) and clause (b) of sub-section (1) shall be deemed to have been executed,—
(a) in the case of search, on the conclusion of search as recorded in the last panchnama drawn in relation to any person in whose case the warrant of authorisation has been issued; or
(b) in the case of requisition under section 132A, on the actual receipt of the books of account or other documents or assets by the Authorised Officer.
(3) The provisions of this section, as they stood immediately before the commencement of the Finance Act, 2016, shall apply to and in relation to any order of assessment or reassessment made before the 1st day of June, 2016.
Explanation.— In computing the period of
limitation under this section—
(i) the period during which the assessment proceeding is stayed by an order or injunction of any court; or
(ii) the period commencing from the date on which the Assessing Officer directs the assessee to get his accounts audited under sub-section (2A) of section 142 and—
(a) ending with the last date on which the assessee is required to furnish a repor t of such audit under that sub-section; or
(b) where such direction is challenged before a court, ending with the date on which the order setting aside such direction is received by the Principal Commissioner or Commissioner; or
(iii) the period commencing from the date on which the Assessing Officer makes a reference to the Valuation Officer under sub-section (1) of section 142A and ending with the date on which the report of the Valuation Officer is received by the Assessing Officer; or
(iv) the time taken in re-opening the whole or any part of the proceeding or in giving an opportunity to the assessee of being re-heard under the proviso to section 129: or
(v) in a case where an application made before the Income-tax Settlement Commission is rejected by it or is not allowed to be proceeded with by it, the period commencing from the date on which an application is made before the Settlement Commission under section 245C and ending with the date on which the order under sub-section (1) of section 2450 is received by the Principal Commissioner or Commissioner under sub-section (2) of that section; or
(vi) the period commencing from the date on which an application is made before the Authority for Advance Rulings under sub- -section (1) of section 245Q and ending with the date on which the order rejecting the OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 application is received by the Principal Commissioner or Commissioner under sub-section (3) of section 245R; or
(vii) the period commencing from the date on which an application is made before the Authority for Advance Rulings under sub- -section (1) of section 245Q and ending with the date on which the advance ruling pronounced by it is received by the Principal Commissioner or Commissioner under sub- section (7) of section 245R; or
(viii) the period commencing from the date of annulment of a proceeding or order of assessment or reassessment referred to in sub-section (2) of section 153A, till the date of the receipt of the order setting aside the order of such annulment, by the Principal Commissioner or Commissioner; or
(ix) the period commencing from the date on which a reference or first of the references for exchange of information is made by an authority competent under an agreement referred to in section 90 or section 90A and ending with the date on which the information requested is last received by the Principal Commissioner or Commissioner or a period of one year, whichever is less; or
(x) the period commencing from the date on which a reference for declaration of an arrangement to be an impermissible avoidance arrangement is received by the Principal Commissioner or Commissioner under sub-section (1) of section 144BA and ending on the date on which a direction under sub-section (3) or sub-section (6) or an order under sub-section (5) of the said section is received by the Assessing Officer,
shall be excluded:
Provided that where immediately after the exclusion of the aforesaid period, the period of limitation referred to in clause (a) or clause (b) of this sub-section available to the Assessing Officer for making an order of assessment or reassessment, as the case may be, is less than sixty days, such remaining period shall be extended to sixty days and the aforesaid period of limitation shall be deemed to be extended accordingly:
Provided further that where the period available to the Transfer Pricing Officer is extended to sixty days in accordance with the proviso to sub-section (3A) of section 92CA and the period of limitation available to the Assessing Officer for making an order of assessment or reassessment, as the case may be, is less than sixty days, such remaining period shall be extended to sixty days and the aforesaid period of limitation shall be deemed to be extended accordingly.'.
72. Amendment of section 192A.— In section 192A of the Income-tax Act, in the first proviso, for the words "thir ty thousand rupees", the words "fifty thousand rupees" shall be substituted with effect from the 1st day of June, 2016.
73. Amendment of section 194BB.— In section 194BB of the Income-tax Act, for the words "five thousand rupees", the words "ten thousand rupees" shall be substituted with effect from the 1st day of June, 2016.
74. Amendment of section 194C.— In section 194C of the Income-tax Act, in sub- -section (5), in the proviso, for the words "seventy-five thousand rupees", the words "one lakh rupees" shall be substituted with effect from the 1st day of June, 2016.
75. Amendment of section 194D.— In section 194D of the Income-tax Act, in the second proviso, for the words "twenty thousand rupees", the words "fif teen thousand rupees" shall be substituted with effect from the 1st day of June, 2016.
76. Amendment of section 194DA.— In section 194DA of the Income-tax Act, for the words "two per cent.", the words "one per cent." shall be substituted with effect from the 1st day of June, 2016.
77. Amendment of section 194EE.— In section 194EE of the Income-tax Act, for the words "twenty per cent.", the words "ten per cent." shall be substituted with effect from the 1st day of June, 2016.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 201878. Amendment of section 194G.— In section 194G of the Income-tax Act, in sub-section (1), with effect from the 1st day of June, 2016,—
(i) for the words "one thousand rupees", the words "fifteen thousand rupees" shall be substituted;
(ii) for the words "ten per cent.", the words "five per cent." shall be substituted.
79. Amendment of section 194H.— In section 194H of the Income-tax Act, with effect from the 1st day of June, 2016,—
(i) for the words "ten per cent.", the words "five per cent." shall be substituted;
(ii) in first proviso, for the words "five thousand rupees", the words "fif teen thousand rupees" shall be substituted.
80. Omission of sections 194K.— Section 194K and section 194L of the Income-tax Act shall be omitted with effect from the 1st day of June, 2016.
81. Amendment of section 194LA.— In section 194LA of the Income-tax Act, in the proviso, for the words "two hundred thousand rupees", the words "two lakh and fifty thousand rupees" shall be substituted with effect from the 1st day of June, 2016.
82. Amendment of section 194LBA.— In section 194LBA of the Income-tax Act, with effect from the 1st day of June, 2016,—
(i) in sub-section (1), for the words, brackets, figures and letters "in clause (23FC)", the words, brackets, figures and letters "in sub-clause (a) of clause (23FC)" shall be substituted;
(ii) in sub-section (2), for the words, brackets, figures and letters "in clause (23FC)", the words, brackets, figures and letters "in sub-clause (a) of clause (23FC)" shall be substituted.
83. Amendment of section 194LBB.— In section 194LBB of the Income-tax Act, for the words "deduct income-tax thereon at the rate of ten per cent.", the following shall be substituted with effect from the 1st day of June, 2016, namely:—
"deduct income-tax thereon,—
(i) at the rate of ten per cent., where the
payee is a resident;
(ii) at the rates in force, where the payee is a non-resident (not being a company) or a foreign company:
Provided that where the payee is a non- -resident (not being a company) or a foreign company, no deduction shall be made in respect of any income that is not chargeable to tax under the provisions of the Act.".
84. Insertion of new section 194LBC.— After section 194LBB of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 2016, namely:—
'194LBC. Income in respect of investment in securitisation trust.— (1) Where any income is payable to an investor, being a resident, in respect of an investment in a securitisation trust specified in clause (d) of the Explanation occurring after section 115TCA, the person responsible for making the payment shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct income- -tax thereon, at the rate of—
(i) twenty-five per cent., if the payee is an individual or a Hindu undivided, family:
(ii) thirty per cent., if the payee is any
other person.
(2) Where any income is payable to an investor, being a non-resident (not being a company) or a foreign company, in respect of an investment in a securitisation trust specified in clause (d) of the Explanation occurring after section 115TCA, the person responsible for making the payment shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draf t or by any other mode, whichever is earlier, deduct income-tax thereon, at the rates in force.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018Explanation.— For the purposes of this
section,—
(a) "investor" shall have the meaning assigned to it in clause (a) of the Explanation occurring af ter section 115TCA;
(b) where any income as aforesaid is credited to any account, whether called "suspense account" or by any other name, in the books of account of the person liable to pay such income, such crediting shall be deemed to be the credit of such income to the account of the payee, and the provisions of this section shall apply accordingly.'.
85. Amendment of section 197.— In section 197 of the Income-tax Act, in sub-section (1), after the figures and letters "194LA", the figures and letters ",194LBB, 194LBC" shall be inserted with effect from the 1st day of June, 2016.
86. Amendment of section 197A.— In section 197A of the Income-tax Act, with effect from the 1st day of June, 2016,—
(a) in sub-section (1A), after the word, figures and letters "section 194DA" at both the places where they occur, the words, figures and letter "or section 194-I" shall be inserted;
(b) in sub-section (1C), after the word, figures and letters "section 194EE" at both the places where they occur, the words, figures and letter "or section 194-I" shall be inserted.
87. Amendment of section 206AA.— In section 206AA of the Income-tax Act, for sub- section (7), the following sub-section shall be substituted with effect from the 1st day of June, 2016, namely:—
"(7) The provisions of this section shall not apply to a non-resident, not being a company, or to a foreign company, in respect of—
(i) payment of interest on long-term
bonds as referred to in section 194LC;
and
(ii) any other payment subject to such
conditions as may be prescribed.".
88. Amendment of section 206C.— In section 206C of the Income-tax Act, with effect from the 1st day of June, 2016,—
(i) in sub-section (1D),—
(A) after the words "or jewellery", the words "or any other goods (other than bullion or jewellery) or providing any service" shall be inserted;
(B) in clause (ii), for the word "rupees.", the words "rupees; or" shall be substituted;
(C) af ter clause (ii), the following
clause shall be inserted, namely:—
"(iii) for any goods, other than those referred to in clauses (i) and (ii), or any ser vice, exceeds two hundred thousand rupees:
Provided that no tax shall be collected at source under this sub- -section on any amount on which tax has been deducted by the payer under Chapter XVII-B.";
(ii) after sub-section (1D), the following
sub-sections shall be inserted, namely:—
"(1E) Nothing contained in sub-section (1D) in relation to sale of any goods (other than bullion or jewellery) or providing any service shall apply to such class of buyers who fulfil such conditions, as may be prescribed.
(1F) Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding ten lakh rupees, shall, at the time of receipt of such amount, collect from the buyer, a sum equal to one per cent of the sale consideration as income- tax.";
(iii) af ter sub-section (11), in the
Explanation,—
(A) in clause (aa), in sub-clause (ii), after the word, brackets, figure and letter "sub-section (1D)", the words, brackets, OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 figure and letter "or sub-section (1F)" shall be inserted;
(B) in cluase (c), after the word "sold", the words, brackets, figure and letter "or services referred to in sub-section (1D) are provided" shall be inserted.".
89. Amendment of section 211.— In section 211 of the Income-tax Act, for sub-section (1), the following sub-section shall be substituted with effect from the 1st day of June, 2016, namely:—
"(1) Advance tax on the current income
calculated in the manner laid down in
section 209 shall be payable by—
(a) all the assessees, other than the assessee referred to in clause (b), who are
liable to pay the same, in four instalments
during each financial year and the due
date of each instalment and the amount
of such instalment shall be as specified
in the Table below:
TABLE
Due date of instalment
Amount payable
On or before the 15th June Not less than fifteen per cent. of such advance tax.
On or before the 15th September Not less than forty-five per cent. of such advance tax, as reduced by the amount, if any, paid in the earlier instalment.
On or before the 15th December Not less than seventy-five per cent. of such advance tax, as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments.
On or before the 15th March The whole amount of such advance tax, as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments;
(b) an eligible assessee in respect of an eligible business referred to in section 44AD, to the extent of the whole amount of such advance tax during each financial year on or before the 15th March:
Provided that any amount paid by way of advance tax on or before the 31st day of March shall also be treated as advance tax paid during the financial year ending on that day for all the purposes of this Act.",
90. Amendment of section of 220.— In section 220 of the Income-tax Act, in sub- section (2A), after clause (iii), the following provisos shall be inserted with effect from the 1st day of June, 2016, namely:—
"Provided that the order accepting or rejecting the application of the assessee, either in full or in part, shall be passed within a period of twelve months from the end of the month in which the application is received:
Provided further that no order rejecting the application, either in full or in part, shall be passed unless the assessee has been given an opportunity of being heard:
Provided also that where any application is pending as on the 1st day of June, 2016, the order shall be passed on or before the 31st day of May, 2017.".
91. Amendment of section of 234C.— In section 234C of the Income-tax Act, in sub- -section (1), with effect from the 1st day of June, 2016,—
(i) for clause (a), the following clause shall
be substituted, namely:—
"(a) an assessee, other than an eligible assessee in respect of the eligible business referred to in section 44AD, who is liable to pay advance tax under section 208 has failed to pay such tax or—
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018(i) the advance tax paid by such assessee on its current income on or before the 15th day of June is less than fifteen per cent. of the tax due on the returned income or the amount of such advance tax paid on or before the 15th day of September is less than forty-five per cent. of the tax due on the returned income or the amount of such advance tax paid on or before the 15th day of December is less than seventy-five per cent. of the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of one per cent per month for a period of three months on the amount of the shortfall from fifteen per cent. or forty- five per cent. or seventy-five per cent., as the case may be, of the tax due on the returned income;
(ii) the advance tax paid by the assessee on the current income on or before the 15th day of March is less than the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of one per cent. on the amount of the shortfall from the tax due on the returned income:
Provided that if the advance tax paid by the assessee on the current income, on or before the 15th day of June or the 15th day of September, is not less than twelve per cent. or, as the case may be, thirty-six per cent. of the tax due on the returned income, then, the assessee shall not be liable to pay any interest on the amount of the shortfall on those dates;";
(ii) in clause (b), for the por tion beginning with the words "the assessee, other than a company" and ending with the words "shortfall from the tax due on the returned income", the following shall be substituted, namely:—
"an eligible assessee in respect of the eligible business referred to in section 44AD, who is liable to pay advance tax under section 208 has failed to pay such tax or the advance tax paid by the assessee on its current income on or before the 15th day of March is less than the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of one per cent. on the amount of the shortfall from the tax due on the returned income;";
(iii) in the first proviso, below clause
(b)—
(I) in clause (b), for the word and figure "section 2", the words and figure "section 2; or" shall be substituted;
(II) after clause (b), the following
clause shall be inserted, namely:—
'(c) income under the head "Profits and gains of business or profession" in cases where the income accrues or arises under the said head for the first time,';
(III) in the long line, for the words, brackets and letter "or clause (b)", the words, brackets and letters "or clause (b) or clause (c)" shall be substituted.
92. Amendment of section 244A.— In section 244A of the Income-tax Act, with effect from the 1st day of June, 2016,—
(A) in sub-section (1), for clause(a), the following clauses shall be substituted, namely:—
"(a) where the refund is out of any tax collected at source under section 206C or paid by way of advance tax or treated as paid under section 199, during the financial year immediately preceding the assessment year, such interest shall be calculated at the rate of one-half per cent. for every month or par t of a month comprised in the period,—
(i) from the 1st day of April of the assessment year to the date on which the refund is granted, if the return of income has been furnished on or before the due date specified under sub- -section (1) of section 139; or OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 (ii) from the date of furnishing of return of income to the date on which the refund is granted, in a case not covered under sub-clause (i);
(aa) where the refund is out of any tax paid under section 140A, such interest shall be calculated at the rate of one-half per cent. for ever y month or par t of a month comprised in the period, from the date of furnishing of return of income or payment of tax, whichever is later, to the date on which the refund is granted:
Provided that no interest under clause (a) or clause (aa) shall be payable, if the amount of refund is less than ten per cent. of the tax as determined under sub-section (1) of section 143 or on regular assessment;";
(B) after sub-section (1), the following
sub-section shall be inserted, namely:—
"(1A) In a case where a refund arises as a result of giving effect to an order under section 250 or section 254 or section 260 or section 262 or section 263 or section 264, wholly or partly, otherwise than by making a fresh assessment or reassessment, the assessee shall be entitled to receive, in addition to the interest payable under sub- -section (1), an additional interest on such amount of refund calculated at the rate of three per cent. per annum, for the period beginning from the date following the date of expiry of the time allowed under sub- -section (5) of section 153 to the date on which the refund is granted.";
(C) in sub-section (2), after the words "interest is payable", the words, brackets, figures and letter "under sub-sections (1) or (1A)" shall be inserted.
93. Amendment of section 249.— In section 249 of the Income-tax Act, in sub-section (2), in clause (b), with effect from the 1st day of April, 2017,—
(i) in the proviso, for the words "excluded, or" occurring at the end, the word "excluded:" shall be substituted;
(ii) after the proviso, the following proviso
shall be inserted, namely:—
"Provided fur ther that where an application has been made under sub- -section (1) of section 270AA, the period beginning from the date on which the application is made, to the date on which the order rejecting the application is ser ved on the assessee, shall be excluded, or".
94. Amendment of section 252.— In section 252 of the Income-tax Act, with effect from the 1st day of June, 2016,—
(a) in sub-section (3), in clause (b), the words "the Senior Vice-President or" shall be omitted;
(b) sub-section (4A) shall be omitted;
(c) in sub-section (5), the words "Senior
Vice-President or a" shall be omitted.
95. Amendment of section 253.— In section
253 of the Income-tax Act,—
(A) in sub-section (1), with effect from the
1st day of April, 2017,—
(i) in clause (a), after the word and figures "section 250,", the word, figures and letter "section 270A," shall be inserted;
(ii) in clause (c), after the words and figures "or under section 263", the words, figures and letter "or under section 270A" shall be inserted;
(B) with effect from the 1st day of June,
2016,—
(a) sub-section (2A) and sub-section
(3A) shall be omitted;
(b) for sub-section (4), the following sub-section shall be substituted namely:—
"(4) The Assessing Officer or the assessee, as the case may be, on receipt of notice that an appeal against the order of the Commissioner (Appeals), has been preferred under sub-section (1) or sub-section (2) by the OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 other party, may, notwithstanding that he may not have appealed against such order or any part thereof, within thirty days of the receipt of the notice, file a memorandum of cross-objections, verified in the prescribed manner, against any part of the order of the Commissioner (Appeals), and such memorandum shall be disposed of by the Appellate Tribunal as if it were an appeal presented within the time specified in sub-section (3).";
(C) in sub-section (6), for the proviso, the following proviso shall be substituted and shall be deemed to have been substituted with effect from the 1st day of July, 2012, namely:—
"Provided that no fee shall be payable in the case of an appeal referred to in sub- section (2), or, sub-section (2A) as it stood before its amendment by the Finance Act, 2016, or, a memorandum of cross- objections referred to in sub-section (4).".
96. Amendment of section 254.— In section 254 of the Income-tax Act, with effect from the 1st day of June, 2016,—
(a) in sub-section (2), for the words "four years from the date of the order", the words "six months from the end of the month in which the order was passed" shall be substituted;
(b) in sub-section (2A), the words, brackets, figure and letter "or sub-section (2A)" shall be omitted.
97. Amendment of section 255.— In section 255 of the Income-tax Act, in sub-section (3), for the words "fifteen lakh rupees", the words "fifty lakh rupees" shall be substituted with effect from the 1st day of June, 2016.
98. Insertion of new section 270A.— After section 270 of the Income-tax Act [as it stood immediately before its omission by section 105 of the Direct Tax Laws (Amendment) Act, 1987], the following section shall be inserted with effect from the 1st day of April, 2017, namely:—
'270A. Penalty for under-reporting and misreporting of income.— (1) The Assessing Officer or the Commissioner (Appeals) or the Principal Commissioner or Commissioner may, during the course of any proceedings under this Act, direct that any person who has under-reported his income shall be liable to pay a penalty in addition to tax, if any, on the under-reported income.
(2) A person shall be considered to have
under-reported his income, if—
(a) the income assessed is greater than the income determined in the return processed under clause (a) of sub-section (1) of section 143;
(b) the income assessed is greater than the maximum amount not chargeable to tax where no return of income has been furnished;
(c) the income reassessed is greater than the income assessed or reassessed immediately before such reassessment;
(d) the amount of deemed total income assessed or reassessed as per the provisions of section 115JB or section 115JC, as the case may be, is greater than the deemed total income determined in the return processed under clause (a) of sub-section (1) of section 143;
(e) the amount of deemed total income assessed as per the provisions of section 115JB or section 115JC is greater than the maximum amount not chargeable to tax where no return of income has been filed;
(f) the amount of deemed total income reassessed as per the provisions of section 115JB or section 115JC, as the case may be, is greater than the deemed total income assessed or reassessed immediately before such reassessment;
(g) the income assessed or reassessed has the effect of reducing the loss or converting such loss into income.
(3) The amount of under-reported income
shall be,—
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018(i) in a case where income has been
assessed for the first time.—
(a) if return has been furnished, the difference between the amount of income assessed and the amount of income determined under clause (a) of sub-section (1) of section 143;
(b) in a case where no return has
been furnished,—
(A) the amount of income assessed, in the case of a company, firm or local authority; and
(B) the difference between the amount of income assessed and the maximum amount not chargeable to tax, in a case not covered in item (A);
(ii) in any other case, the difference between the amount of income reassessed or recomputed and the amount of income assessed, reassessed or recomputed in a preceding order:
Provided that where under-reported income arises out of determination of deemed total income in accordance with the provisions of section 115JB or section 115JC, the amount of total under-reported income shall be determined in accordance with the following formula—
(A—B) + (C—D)
where,
A = the total income assessed as per the provisions other than the provisions contained in section 115JB or section 115JC (herein called general provisions);
B = the total income that would have been chargeable had the total income assessed as per the general provisions been reduced by the amount of under-reported income;
C = the total income assessed as per the provisions contained in section 115JB or section 115JC;
D= the total income that would have been chargeable had the total income assessed as per the provisions contained in section 115JB or section 115JC been reduced by the amount of under-reported income:
Provided further that where the amount of under-reported income on any issue is considered both under the provisions contained in section 115JB or section 115JC and under general provisions, such amount shall not be reduced from total income assessed while determining the amount under item D.
Explanation.— For the purposes of this
section,—
(a) "preceding order" means an order immediately preceding the order during the course of which the penalty under sub-section (1) has been initiated;
(b) in a case where an assessment or reassessment has the effect of reducing the loss declared in the return or converting that loss into income, the amount of under-reported income shall be the difference between the loss claimed and the income or loss, as the case may be, assessed or reassessed.
(4) Subject to the provisions of sub- section (6), where the source of any receipt, deposit or investment in any assessment year is claimed to be an amount added to income or deducted while computing loss, as the case may be, in the assessment of such person in any year prior to the assessment year in which such receipt, deposit or investment appears (hereinafter referred to as "preceding year") and no penalty was levied for such preceding year, then, the under-repor ted income shall include such amount as is sufficient to cover such receipt, deposit or investment.
(5) The amount referred to in sub-section (4) shall be deemed to be amount of income under-reported for the preceding year in the following order—
(a) the preceding year immediately before the year in which the receipt, deposit or investment appears, being the first preceding year; and OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 (b) where the amount added or deducted in the first preceding year is not sufficient to cover the receipt, deposit or investment, the year immediately preceding the first preceding year and so on.
(6) The under-reported income, for the purposes of this section, shall not include the following, namely:—
(a) the amount of income in respect of which the assessee offers an explanation and the Assessing Officer or the Commissioner (Appeals) or the Commissioner or the Principal Commissioner, as the case may be, is satisfied that the explanation is bona fide and the assessee has disclosed all the material facts to substantiate the explanation offered;
(b) the amount of under-repor ted income determined on the basis of an estimate, if the accounts are correct and complete to the satisfaction of the Assessing Officer or the Commissioner (Appeals) or the Commissioner or the Principal Commissioner, as the case may be, but the method employed is such that the income cannot properly be deduced therefrom;
(c) the amount of under-repor ted income determined on the basis of an estimate, if the assessee has, on his own, estimated a lower amount of addition or disallowance on the same issue, has included such amount in the computation of his income and has disclosed all the facts material to the addition or disallowance;
(d) the amount of under-repor ted income represented by any addition made in conformity with the arm's length price determined by the Transfer Pricing Officer, where the assessee had maintained information and documents as prescribed under section 92D, declared the international transaction under Chapter X, and, disclosed all the material facts relating to the transaction; and
(e) the amount of undisclosed income
referred to in section 271AAB.
(7) The penalty referred to in sub-section (1) shall be a sum equal to fifty per cent. of the amount of tax payable on under- reported income.
(8) Notwithstanding anything contained in sub-section (6) or sub-section (7), where under-reported income is in consequence of any misreporting thereof by any person, the penalty referred to in sub-section (1) shall be equal to two hundred per cent. of the amount of tax payable on under- reported income.
(9) The cases of misreporting of income referred to in sub-section (8) shall be the following, namely:—
(a) misrepresentation or suppression of
facts;
(b) failure to record investments in the
books of account;
(c) claim of expenditure not
substantiated by any evidence;
(d) recording of any false entry in the
books of account;
(e) failure to record any receipt in books of account having a bearing on total income; and
(f) failure to report any international transaction or any transaction deemed to be an international transaction or any specified domestic transaction, to which the provisions of Chapter X apply.
(10) The tax payable in respect of the
under-reported income shall be—
(a) where no return of income has been furnished and the income has been assessed for the first time, the amount of tax calculated on the under-reported income as increased by the maximum amount not chargeable to tax as if it were the total income;
(b) where the total income determined under clause (a) of sub-section (I) of section 143 or assessed, reassessed or OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 recomputed in a preceding order is a loss, the amount of tax calculated on the under- reported income as if it were the total income;
(c) in any other case, determined in
accordance with the formula—
(X—Y)
where,
X = the amount of tax calculated on the under-reported income as increased by the total income determined under clause (a) of sub-section (1) of section 143 or total income assessed, reassessed or recomputed in a preceding order as if it were the total income; and
Y = the amount of tax calculated on the total income determined under clause (a) of sub-section (1) of section 143 or total income assessed, reassessed or recomputed in a preceding order.
(11) No addition or disallowance of an amount shall form the basis for imposition of penalty, if such addition or disallowance has formed the basis of imposition of penalty in the case of the person for the same or any other assessment year.
(12) The penalty referred to in sub-section (1) shall be imposed, by an order in writing, by the Assessing Officer, the Commissioner (Appeals), the Commissioner or the Principal Commissioner, as the case may be.'.
99. Insertion of new section 270AA.— After section 270A of the Income-tax Act as so inser ted, the following section shall be inserted with effect from the 1st day of April, 2017, namely:–
"270AA. Immunity from imposition of penalty etc.— (1) An assessee may make an application to the Assessing Officer to grant immunity from imposition of penalty under section 270A and initiation of proceedings under section 276C or section 276CC, if he fulfils the following conditions, namely:—
(a) the tax and interest payable as per the order of assessment or reassessment under sub-section (3) of section 143 or section 147, as the case may be, has been paid within the period specified in such notice of demand; and
(b) no appeal against the order referred
to in clause (a) has been filed.
(2) An application referred to in sub- -section (1) shall be made within one month from the end of the month in which the order referred to in clause (a) of sub-section (1) has been received and shall be made in such form and verified in such manner as may be prescribed.
(3) The Assessing Officer shall, subject to fulfilment of the conditions specified in sub-section (1) and after the expiry of the period of filing the appeal as specified in clause (b) of sub-section (2) of section 249, grant immunity from imposition of penalty under section 270A and initiation of proceedings under section 276C or section 276CC, where the proceedings for penalty under section 270A has not been initiated under the circumstances referred to in sub-section (9) of the said section 270A.
(4) The Assessing Officer shall, within a period of one month from the end of the month in which the application under sub- -section (1) is received, pass an order accepting or rejecting such application:
Provided that no order rejecting the application shall be passed unless the assessee has been given an opportunity of being heard.
(5) The order made under sub-section (4)
shall be final.
(6) No appeal under section 246A or an application for revision under section 264 shall be admissible against the order of assessment or reassessment, referred to in clause (a) of sub-section (1), in a case where an order under sub-section (4) has been made accepting the application.".
100. Amendment of section 271.— In section 271 of the Income-tax Act, after sub-section (6), the following sub-section shall be inserted with effect from the 1st day of April, 2017, namely:—
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018"(7) The provisions of this section shall not apply to and in relation to any assessment for the assessment year commencing on or after the 1st day of April, 2017.".
101. Amendment of section 271A.— In section 271A of the Income-tax Act, after the words "Without prejudice to the provisions of', the words, figures and letter "section 270A or" shall be inserted with effect from the 1st day of April, 2017.
102. Amendment of section 271AA.— In the Income-tax Act, with effect from the 1st day of April, 2017, section 271AA shall be renumbered as sub-section (1) thereof and,—
(a) in sub-section (1) as so renumbered, after the words "Without prejudice to the provisions of', the word, figures and letter "section 270A or" shall be inserted;
(b) af ter sub-section (1) as so renumbered, the following sub-section shall be inserted, namely:—
"(2) If any person fails to furnish the information and the document as required under sub-section (4) of section 92D, the prescribed income-tax authority referred to in the said sub-section may direct that such person shall pay, by way of penalty, a sum of five hundred thousand rupees.".
103. Amendment of section 271AAB.— In section 271AAB of the Income-tax Act, with effect from the 1st day of April, 2017,—
(a) in sub-section (1), in clause (c), for the words "which shall not be less than thirty per cent. but which shall not exceed ninety per cent.", the words "computed at the rate of sixty per cent." shall be substituted;
(b) in sub-section (2), after the words "No penalty under the provisions of', the words, figures and letter "section 270A or" shall be inserted.
104. Insertion of new section 271GB.— After section 271 GA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017,—
"271GB. Penalty for failure to furnish report or for furnishing inaacurate report under section 286.— (1) If any reporting entity referred to in section 286, which is required to furnish the report referred to in sub-section (2) of the said section, in respect of a reporting accounting year, fails to do so, the authority prescribed under that section (herein referred to as prescribed authority) may direct that such entity shall pay, by way of penalty, a sum of,—
(a) five thousand rupees for every day for which the failure continues, if the period of failure does not exceed one month; or
(b) fifteen thousand rupees for every day for which the failure continues beyond the period of one month.
(2) Where any reporting entity referred to in section 286 fails to produce the information and documents within the period allowed under sub-section (6) of the said section, the prescribed authority may direct that such entity shall pay, by way of penalty, a sum of five thousand rupees for every day during which the failure continues, beginning from the day immediately following the day on which the period for furnishing the information and document expires.
(3) If the failure referred to in sub-section (1) or sub-section (2) continues after an order has been ser ved on the entity, directing it to pay the penalty under sub- -section (1) or, as the case may be, under sub-section (2), then, notwithstanding anything contained in sub-section (1) or sub- -section (2), the prescribed authority may direct that such entity shall pay, by way of penalty, a sum of fifty thousand rupees for every day for which such failure continues beginning from the date of ser vice of such order.
(4) Where a reporting entity referred to in section 286 provides inaccurate information in the repor t furnished in accordance with sub-section (2) of the said section and where—
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018(a) the entity has knowledge of the inaccuracy at the time of furnishing the report but fails to inform the prescribed authority; or
(b) the entity discovers the inaccuracy after the report is furnished and fails to inform the prescribed authority and furnish correct report within a period of fifteen days of such discovery; or
(c) the entity furnishes inaccurate information or document in response to the notice issued under sub-section (6) of section 286,
then, the prescribed authority may direct that such person shall pay, by way of penalty, a sum of five lakh rupees.".
105. Amendment of section 272A.— In section 272A of the Income-tax Act, with effect from the 1st day of April, 2017,—
(i) in sub-section (1),—
(a) in clause (c), for the words "place or time,", the words "place or time; or" shall be substituted;
(b) after clause (c) and before the long line, the following clause shall be inserted, namely:—
"(d) fails to comply with a notice under sub-section (1) of section 142 or sub-section (2) of section 143 or fails to comply with a direction issued under sub-section (2A) of section 142,";
(ii) in sub-section (3), after clause (a), the following clause shall be inserted, namely:—
"(aa) in a case falling under clause (d) of sub-section (1), by the income- tax authority who had issued the notice or direction referred to therein;".
106. Amendment of section 273A.— In
section 273A of the Income-tax Act,—
(i) with effect from the 1st day of April,
2017,—
(a) in sub-section (1),—
(I) in clause (ii), after the words "or imposable on a person under", the words, figures and letter "section 270A or" shall be inserted;
(II) in the Explanation, after the words "as not to attract the provisions of ", the words, figures and letter "section 270A or" shall be inserted;
(b) in sub-section (2), in clause (b), af ter the words "if in a case falling under", the words, figures and letter "section 270A or" shall be inserted;
(ii) after sub-section (4), the following sub-section shall be inserted with effect from the 1st day of June, 2016, namely:—
"(4A) The order under sub-section (4), either accepting or rejecting the application in full or in part, shall be passed within a period of twelve months from the end of the month in which the application under the said sub-section is received by the Principal Commissioner or the Commissioner:
Provided that no order rejecting the application, either in full or in part, shall be passed unless the assessee has been given an opportunity of being heard:
Provided fur ther that where any application is pending as on the 1st day of June, 2016, the order shall be passed on or before the 31st day of May, 2017.".
107. Amendment of section 273AA.— In section 273AA of the Income-tax Act, after sub-section (3), the following sub-section shall be inserted with effect from the 1st day of June, 2016, namely:—
"(3A) The order under sub-section (3), either accepting or rejecting the application in full or in part, shall be passed within a period of twelve months from the end of the month in which the application under the said sub-section is received by the Principal Commissioner or the Commissioner:
Provided that no order rejecting the application, either in full or in part, shall be passed unless the assessee has been given an opportunity of being heard:
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018Provided further that where any application is pending as on the 1st day of June, 2016, the order shall be passed on or before the 31st day of May, 2017.".
108. Amendment of section 273B.— In section 273B of the Income-tax Act, after the word, figures and letters "section 271 GA,", the word, figures and letters "section 271 G B," shall be inserted with effect from the 1st day of April, 2017.
109. Amendment of section 276C.— In section 276C of the Income-tax Act, with effect from the 1st day of April, 2017, in sub-section (1),—
(a) in the opening portion, for the words "or imposable", the words "or imposable, or under-repor ts his income," shall be substituted;
(b) in clause (i), after the words "amount sought to be evaded", the words "or tax on under-repor ted income" shall be substituted.
110. Amendment of section 279.— In section 279 of the Income-tax Act, in sub-section (1A), after the words "or imposable on him under", the words, figures and letter "section 270A or" shall be inserted with effect from the 1st day of April, 2017.
111. Amendment of section 281B.— In section 281B of the Income-tax Act, with effect from the 1st day of June, 2016,—
(a) in sub-section (1), the Explanation
shall be omitted;
(b) after sub-section (2), the following
sub-sections shall be inserted, namely:—
'(3) Where the assessee furnishes a guarantee from a scheduled bank for an amount not less than the fair market value of the property provisionally attached under sub-section (1), the Assessing Officer shall, by an order in writing, revoke such attachment:
Provided that where the Assessing Officer is satisfied that a guarantee from a scheduled bank for an amount lower than the fair market value of the property is sufficient to protect the interests of the revenue, he may accept such guarantee and revoke the attachment.
(4) The Assessing Officer may, for the purposes of determining the value of the property provisionally attached under sub-section (1), make a reference to the Valuation Officer referred to in section 142A, who shall estimate the fair market value of the property in the manner provided under that section and submit a report of the estimate to the Assessing Officer within a period of thirty days from the date of receipt of such reference.
(5) An order revoking the provisional attachment under sub-section (3) shall be made—
(i) within forty-five days from the date of receipt of the guarantee, where a reference to the Valuation Officer has been made under sub-section (4); or
(ii) within fifteen days from the date of receipt of guarantee in any other case.
(6) Where a notice of demand specifying a sum payable is served upon the assessee and the assessee fails to pay that sum within the time specified in the notice of demand, the Assessing Officer may invoke the guarantee furnished under sub-section (3), wholly or in part, to recover the amount.
(7) The Assessing Officer shall, in the interests of the revenue, invoke the bank guarantee, if the assessee fails to renew the guarantee referred to in sub-section (3), or fails to furnish a new guarantee from a scheduled bank for an equal amount, fifteen days before the expiry of the guarantee referred to in sub-section (3).
(8) The amount realised by invoking the guarantee referred to in sub-section (3) shall be adjusted against the existing demand which is payable by the assessee and the balance OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 2 of 1934.
amount, if any, shall be deposited in the Personal Deposit Account of the Principal Commissioner or Commissioner in the branch of the Reserve Bank of India or the State Bank of India or of its subsidiaries or any bank as may be appointed by the Reserve Bank of India as its agent under the provisions of sub-section (1) of section 45 of the Reserve Bank of India Act, 1934 at the place where the office of the Principal Commissioner or Commissioner is situate.
(9) Where the Assessing Officer is satisfied that the guarantee referred to in sub-section (3) is not required any more to protect the interests of the revenue, he shall release that guarantee forthwith.
Explanation.— For the purposes of this section, the expression "scheduled bank" shall mean a bank included in the Second Schedule to the Reser ve Bank of India Act, 1934.'.
2 of 1934.
112. Amendment of section 282A.— In section 282A of the Income-tax Act, in sub-section (1), for the words "signed in manuscript by that authority ", the words "signed and issued in paper form or communicated in electronic form by that authority in accordance with such procedure as may be prescribed" shall be substituted with effect from the 1st day of June, 2016.
113. Insertion of new section 286.— After section 285BA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017, namely:—
'286. Furnishing of report in respect of international group.— (1) Every constituent entity resident in India, shall, if it is constituent of an international group, the parent entity of which is not resident in India, notify the prescribed income-tax authority (herein referred to as prescribed authority) in the form and manner, on or before such date, as may be prescribed,—
(a) whether it is the alternate reporting
entity of the international group; or
(b) the details of the parent entity or the alternate reporting entity, if any, of the international group, and the country or territory of which the said entities are resident.
(2) Every parent entity or the alternate reporting entity, resident in India, shall, for every reporting accounting year, in respect of the international group of which it is a constituent, furnish a repor t, to the prescribed authority on or before the due date specified under sub-section (1) of section 139, for furnishing the return of income for the relevant accounting year, in the form and manner as may be prescribed.
(3) For the purposes of sub-section (2), the report in respect of an international group shall include,—
(a) the aggregate information in respect of the amount of revenue, profit or loss before income-tax, amount of income-tax paid, amount of income-tax accrued, stated capital, accumulated earnings, number of employees and tangible assets not being cash or cash equivalents, with regard to each country or territory in which the group operates;
(b) the details of each constituent entity of the group including the countr y or territory in which such constituent entity is incorporated or organised or established and the country or territory where it is resident;
(c) the nature and details of the main business activity or activities of each constituent entity; and
(d) any other information as may be
prescribed.
(4) A constituent entity of an international group, resident in India, other than the entity referred to in sub-section (2), shall furnish the report referred to in the said sub-section, in respect of the international group for a reporting accounting year, if the OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 parent entity is resident of a country or territory,—
(a) with which India does not have an agreement providing for exchange of the report of the nature referred to in sub-section (2); or
(b) there has been a systemic failure of the country or territory and the said failure has been intimated by the prescribed authority to such constituent entity:
Provided that where there are more than one such constituent entities of the group, resident in India, the repor t shall be furnished by anyone constituent entity, if,—
(a) the international group has designated such entity to furnish the report in accordance with the provisions of sub-section (2) on behalf of all the constituent entities resident in India; and
(b) the information has been conveyed in writing on behalf of the group to the prescribed authority.
(5) Nothing contained in sub-section (4) shall apply, if, an alternate reporting entity of the international group has furnished a report of the nature referred to in sub- -section (2), with the tax authority of the country or territory in which such entity is resident, on or before the date specified in the said sub-section and the following conditions are satisfied, namely:—
(a) the repor t is required to be furnished under the law for the time being in force in the said country or territory;
(b) the said country or territory has entered into an agreement with India providing for exchange of the said report;
(c) the prescribed authority has not conveyed any systemic failure in respect of the said country or territory to any constituent entity of the group that is resident in India;
(d) the said country or territory has been informed in writing by the constituent entity that it is the alternate reporting entity on behalf of the international group; and
(e) the prescribed authority has been informed by the entities referred to in sub-section (4) in accordance with sub-section (1).
(6) The prescribed authority may, for the purposes of determining the accuracy of the report furnished by any reporting entity, by issue of a notice in writing, require the entity to produce such information and document as may be specified in the notice within thirty days of the date of receipt of the notice:
Provided that the prescribed authority may, on an application made by such entity, extend the period of thirty days by a further period not exceeding thirty days.
(7) The provisions of this section shall not apply in respect of an international group for an accounting year, if the total consolidated group revenue, as reflected in the consolidated financial statement for the accounting year preceding such accounting year does not exceed the amount, as may be prescribed.
(8) The provisions of this section shall be applied in accordance with such guidelines and subject to such conditions, as may be prescribed.
(9) For the purposes of this section,—
(a) "accounting year" means,—
(i) a previous year, in a case where the parent entity or alternate reporting entity is resident in India; or
(ii) an annual accounting period, with respect to which the parent entity of the international group prepares its financial statements under any law for the time being in force or the applicable accounting standards of the country or territor y of which such entity is resident, in any other case;
(b) "agreement" means an agreement referred to in sub-section (1) of section 90 or sub-section (1) of section 90A or any OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 agreement as may be notified by the Central Government in this behalf;
(c) "alternate reporting entity" means any constituent entity of the international group that has been designated by such group, in the place of the parent entity, to furnish the report of the nature referred to in sub-section (2) in the country or territory in which the said constituent entity is resident on behalf of such group;
(d) "constituent entity" means,—
(i) any separate entity of an international group that is included in the consolidated financial statement of the said group for financial repor ting purposes, or may be so included for the said purpose, if the equity share of any entity of the international group were to be listed on a stock exchange;
(ii) any such entity that is excluded from the consolidated financial statement of the international group solely on the basis of size or materiality; or
(iii) any permanent establishment of any separate business entity of the international group included in clause (i) or clause (ii), if such business unit prepares a separate financial statement for such permanent establishment for financial repor ting, regulator y, tax repor ting or internal management control purposes;
(e) "group" includes a parent entity and all the entities in respect of which, for the reason of ownership or control, a consolidated financial statement for financial reporting purposes,—
(i) is required to be prepared under any law for the time being in force or the accounting standards of the country or territory of which the parent entity is resident; or
(ii) would have been required to be prepared had the equity shares of any of the enterprises were listed on a stock exchange in the country or territory of which the parent entity is resident;
(f) "consolidated financial statement" means the financial statement of an international group in which the assets, liabilities, income, expenses and cash flows of the parent entity and the constituent entities are presented as those of a single economic entity;
(g) "international group" means any
group that includes,—
(i) two or more enterprises which are resident of different countries or territories; or
(ii) an enterprise, being a resident of one country or territory, which carries on any business through a permanent establishment in other countries or territories;
(h) "parent entity" means a constituent" entity, of an international group holding, directly or indirectly, an interest in one or more of the other constituent entities of the international group, such that,—
(i) it is required to prepare a consolidated financial statement under any law for the time being in force or the accounting standards of the country or territory of which the entity is resident; or
(ii) it would have been required to prepare a consolidated financial statement had the equity shares of any of the enterprises were listed on a stock exchange,
and, there is no other constituent entity of such group which, due to ownership of any interest, directly or indirectly, in the first mentioned constituent entity, is required to prepare a consolidated financial statement, under the circumstances referred to in clause (i) or clause (ii), that includes the separate financial statement of the first mentioned constituent entity;
(i) "permanent establishment" shall have the meaning assigned to it in clause (iiia) of section 92F;
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018(j) "reporting accounting year" means the accounting year in respect of which the financial and operational results are required to be reflected in the report referred to in sub-section (2);
(k) "repor ting entity " means the constituent entity including the parent entity or the alternate reporting entity, that is required to furnish a report of the nature referred to in sub-section (2);
(l) "systemic failure" with respect to a country or territory means that the country or territory has an agreement with India providing for exchange of report of the nature referred to in sub-section (2), but—
(i) in violation of the said agreement, it has suspended automatic exchange; or
(ii) has persistently failed to automatically provide to India the report in its possession in respect of any international group having a constituent entity resident in India.'.
114. Amendment of section 288.— In section 288 of the Income-tax Act, in sub-section (4), in clause (b), after the word and figures "section 271", the words, brackets, letters and figures "clause (d) of sub-section (1) of section 272A or" shall be inserted with effect from the 1st day of April, 2017.
115. Amendment of Fourth Schedule.— In the Fourth Schedule to the Income-tax Act, in Part A, with effect from the 1st day of April, 2017, in rule 8,—
(i) in clause (iii), for the words "such other employer" occurring at the end, the words "such other employer; or" shall be substituted;
(ii) af ter clause (iii) and before the Explanation, the following clause shall be inserted, namely:—
"(iv) if the entire balance standing to the credit of the employee is transferred to his account under a pension scheme referred to in section 80CCD and notified by the Central Government.".
CHAPTER IV
Indirect Taxes
Customs
52 of 1962.
116. Amendment of section 2.— In the Customs Act, 1962 (hereinafter referred to as the Customs Act), in section 2,—
(i) for clause (43), the following clause
shall be substituted, namely:—
'(43) "warehouse" means a public warehouse licensed under section 57 or a private warehouse licensed under section 58 or a special warehouse licensed under section 58A;';
(ii) clause (45) shall be omitted.
117. Amendment of chapter heading of Chapter III.— In the Customs Act, in Chapter III, for the chapter heading, the following chapter heading shall be substituted, namely:—
"APPOINTMENT OF CUSTOMS PORTS, AIRPORTS, ETC."
118. Omission of section 9.— In the Customs
Act, section 9 shall be omitted.
119. Amendment of section 25.— In the
Customs Act, in section 25,—
(i) for sub-section (4), the following sub-
-section shall be substituted, namely:—
(4) Every notification issued under sub-section (1) or sub-section (2A) shall, unless otherwise provided, come into force on the date of its issue by the Central Government for publication in the Official Gazette.";
(ii) sub-section (5) shall be omitted.
120. Amendment of section 28.— In the
Customs Act, in section 28,—
(a) in the marginal heading, for the words "duties not levied or short-levied", the words "duties not levied or not paid or short-levied or shor t-paid" shall be substituted;
(b) in sub-section (1),—
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018(i) in the opening paragraph, for the words "duty has not been levied or has been short-levied", the words "duty has not been levied or not paid or has been shor t-levied or shor t-paid" shall be substituted;
(ii) in clause (a)—
(A) for the words "one year", the words "two years" shall be substituted;
(B) after the words "so levied", the
words "or paid" shall be inserted;
(c) in sub-section (3), for the words "one year", the words "two years" shall be substituted;
(d) in sub-section (4),—
(i) in the opening paragraph, for the words "levied or has been short-levied", the words "levied or not paid or has been short- -levied or short-paid" shall be substituted;
(ii) in the long line, for the words "so levied", the words "so levied or not paid" shall be substituted;
(e) in sub-section (5), for the words "duty has not been levied or has been short-levied", the words "duty has not been levied or not paid or has been short-levied or short-paid" shall be substituted;
(f) in sub-section (6), in item (ii), for the words "one year", the words "two years" shall be substituted;
(g) in sub-section (7), for the words "one year", the words "two years" shall be substituted;
(h) in Explanation 1, in clause (a), for the words "not levied", the words "not levied or not paid or short-levied or short-paid" shall be substituted.
121. Amendment of section 47.— In the
Customs Act, in section 47,—
(a) in sub-section (1), the following
proviso shall be inserted, namely:—
"Provided that the Central Government may, by notification in the Official Gazette, permit certain class of importers to make deferred payment of said duty or any charges in such manner as may be provided by rules.";
(b) in sub-section (2), for the portion beginning with the words "Where the impor ter" and ending with the words "payment of the said duty", the following shall be substituted, namely:—
"Where the importer fails to pay the impor t duty, either in full or in part, within two days (excluding holidays)—
(a) from the date on which the bill of entry is returned to him for payment of duty; or
(b) in the case of deferred payment under the proviso to sub-section (1), from such due date as may be specified by rules made in this behalf,
he shall pay interest on the duty not paid or short-paid till the date of its payment, at such rate, not below ten per cent. and not exceeding thirty-six per cent. per annum, as may be fixed by the Central Government, by notification in the Official Gazette.".
122. Amendment of section 51.— In the Customs Act, section 51 shall be renumbered as sub-section (1) thereof, and—
(a) in sub-section (1) as so renumbered, the following proviso shall be inserted, namely:—
"Provided that the Central Government may, by notification in the Official Gazette, permit certain class of exporters to make deferred payment of said duty or any charges in such manner as may be provided by rules.";
(b) after sub-section (1) as so renumbered, the following sub-section shall be inserted, namely:—
"(2) Where the exporter fails to pay the export duty, either in full or in part, under the proviso to sub-section (1) by such due date as may be specified by rules, he shall pay interest on said duty not paid or short-paid till the date of its payment at OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 such rate, not below five per cent. and not exceeding thirty-six per cent. per annum, as may be fixed by the Central Government, by notification in the Official Gazette.".
123. Substitution of new section for section 53.— In the Customs Act, for section 53, the following section shall be substituted, namely:—
"53. Transit of certain goods without payment of duty.— Subject to the provisions of section 11, where any goods imported in a conveyance and mentioned in the import manifest or the import report, as the case may be, as for transit in the same conveyance to any place outside India or to any customs station, the proper officer may allow the goods and the conveyance to transit without payment of duty, subject to such conditions, as may be prescribed.".
124. Substitution of new section for section 57.— In the Customs Act. for section 57, the following section shall be substituted, namely:—
"57. Licensing of public warehouse.— The Principal Commissioner of Customs or Commissioner of Customs may, subject to such conditions as may be prescribed, licence a public warehouse wherein dutiable goods may be deposited.".
125. Substitution of new sections 58, 58A and 58B for section 58.— In the Customs Act, for section 58, the following sections shall be substituted, namely:—
"58. Licensing of private ware-houses.— The Principal Commissioner of Customs or Commissioner of Customs may, subject to such conditions as may be prescribed, licence a private warehouse wherein dutiable goods imported by or on behalf of the licensee may be deposited.
58A. Licensing of special ware-houses.— (1) The Principal Commissioner of Customs or Commissioner of Customs may, subject to such conditions as may be prescribed, licence a special warehouse wherein dutiable goods may be deposited and such warehouse shall be caused to be locked by the proper officer and no person shall enter the warehouse or remove any goods therefrom without the permission of the proper officer.
(2) The Board may, by notification in the Official Gazette, specify the class of goods which shall be deposited in the special warehouse licensed under sub-section (1).
58B. Cancellation of licence.— (1) Where a licensee contravenes any of the provisions of this Act or the rules or regulations made thereunder or breaches any of the conditions of the licence, the Principal Commissioner of Customs or Commissioner of Customs may cancel the licence granted under section 57 or section 58 or section 58A:
Provided that before any licence is cancelled, the licensee shall be given a reasonable opportunity of being heard.
(2) The Principal Commissioner of Customs or Commissioner of Customs may, without prejudice to any pther action that may be taken against the licensee and the goods under this Act or any other law for the time being in force, suspend operation of the warehouse during the pendency of an enquiry under sub-section (1).
(3) Where the operation of a warehouse is suspended under sub-section (2), no goods shall be deposited in such warehouse during the period of suspension:
Provided that the provisions of this Chapter shall continue to apply to the goods already deposited in the warehouse.
(4) Where the licence issued under section 57 or section 58 or section 58A is cancelled, the goods warehoused shall, within seven days from the date on which order of such cancellation is served on the licensee or within such extended period as the proper officer may allow, be removed from such warehouse to another warehouse or be cleared for home consumption or export:
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018Provided that the provisions of this Chapter shall continue to apply to the goods already deposited in the warehouse till they are removed to another warehouse or cleared for home consumption or for export, during such period.".
126. Substitution of new section for section 59.— In the Customs Act, for section 59, the following section shall be substituted, namely:—
"59. Warehousing bond.— (1) The importer of any goods in respect of which a bill of entry for warehousing has been presented under section 46 and assessed to duty under section 17 or section 18 shall execute a bond in a sum equal to thrice the amount of the duty assessed on such goods, binding himself—
(a) to comply with all the provisions of the Act and the rules and regulations made thereunder in respect of such goods;
(b) to pay, on or before the date specified in the notice of demand, all duties and interest payable under sub- section (2) of section 61; and
(c) to pay all penalties and fines incurred for the contravention of the provisions of this Act or the rules or regulations, in respect of such goods.
(2) For the purposes of sub-section (1), the Assistant Commissioner of Customs or Deputy Commissioner of Customs may permit an importer to execute a general bond in such amount as the Assistant Commissioner of Customs or Deputy Commissioner of Customs may approve in respect of the warehousing of goods to be imported by him within a specified period.
(3) The importer shall in addition to the execution of a bond under sub-section (1) or sub-section (2), furnish such security as may be prescribed.
(4) Any bond executed under this section by an importer in respect of any goods shall continue to be in force notwithstanding the transfer of the goods to another warehouse.
(5) Where the whole of the goods or any part thereof are transferred to another person, the transferee shall execute a bond in the manner specified in sub-section (1) or sub-section (2) and furnish security as specified under sub-section (3).".
127. Substitution of new section for section 60.— In the Customs Act, for section 60, the following section shall be substituted, namely:—
"60. Permission for removal of goods for deposit in warehouse.— (1) When the provisions of section 59 have been complied with in respect of any goods, the proper officer may make an order permitting removal of the goods from a customs station for the purpose of deposit in a warehouse.
(2) Where an order is made under sub- -section (1), the goods shall be deposited in a warehouse in such manner as may be prescribed.".
128. Substitution of new section for section 61.— In the Customs Act, for section 61, the following section shall be substituted, namely:—
'61. Period for which goods may remain warehoused.— (1) Any warehoused goods may remain 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 per cent. export oriented under taking or electronic hardware technology park unit or software technology park unit or any warehouse wherein manufacture or other operations have been permitted under section 65, till their clearance from the warehouse;
(b) in the case of goods other than capital goods intended for use in any hundred per cent. expor t oriented under taking or electronic hardware technology park unit or sof tware technology park unit or any warehouse wherein manufacture or other operations have been permitted under section 65, till OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 their consumption or clearance from the warehouse; and
(c) in the case of any other goods, till the expiry of one year from the date on which the proper officer has made an order under sub-section (1) of section 60:
Provided that in the case of any goods referred to in this clause, the Principal Commissioner of Customs or Commissioner of Customs may, on sufficient cause being shown, extend the period for which the goods may remain in the warehouse, by not more than one year at a time:
Provided further that where such goods are likely to deteriorate, the period referred to in the first proviso may be reduced by the Principal Commissioner of Customs or Commissioner of Customs to such shorter period as he may deem fit.
(2) Where any warehoused goods specified in clause (c) of sub-section (1) remain in a warehouse beyond a period of ninety days from the date on which the proper officer has made an order under sub- -section (1) of section 60, interest shall be payable at such rate as may be fixed by the Central Government under section 47, on the amount of duty payable at the time of clearance of the goods, for the period from the expiry of the said ninety days till the date of payment of duty on the warehoused goods:
Provided that if the Board considers it necessary so to do, in the public interest, it may,—
(a) by order, and under the circumstances of an exceptional nature, to be specified in such order, waive the whole or any part of the interest payable under this section in respect of any warehoused goods;
(b) by notification in the Official Gazette, specify the class of goods in respect of which no interest shall be charged under this section;
(c) by notification in the Official Gazette, specify the class of goods in respect of which the interest shall be chargeable from the date on which the proper officer has made an order under sub-section (1) of section 60.
Explanation.— For the purposes of this
section,—
(i) "electronic hardware technology park unit" means a unit established under the Electronic Hardware Technology Park Scheme notified by the Government of India;
1 of 1944.
(ii) "hundred per cent. export oriented undertaking" has the same meaning as in clause (ii) of Explanation 2 to sub- -section (1) of section 3 of the Central Excise Act, 1944; and
(iii) "software technology park unit" means a unit established under the Software Technology Park Scheme notified by the Government of India.'.
129. Omission of sections 62 and 63.— In the Customs Act, sections 62 and 63 shall be omitted.
130. Substitution of new section for section 64.— In the Customs Act, for section 64, the following section shall be substituted, namely:—
"64. Owner's right to deal with warehoused goods.— The owner of any warehoused goods may, after warehousing the same,–
(a) inspect the goods;
(b) deal with their containers in such manner as may be necessary to prevent loss or deterioration or damage to the goods;
(c) sort the goods; or
(d) show the goods for sale.".
131. Amendment of section 65.— In the Customs Act, in section 65, in sub-section (1), for the words "With the sanction of the Assistant Commissioner of Customs or Deputy Commissioner of Customs and subject to such OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 conditions and on payment of such fees", the words "With the permission of the Principal Commissioner of Customs or Commissioner of Customs and subject to such conditions" shall be substituted.
132. In the Customs Act, in section 68,—
(i) in the opening paragraph, for the words "The importer of any warehoused goods may clear them", the words "Any warehoused goods may be cleared from the warehouse" shall be substituted;
(ii) for clause (b), the following clause
shall be substituted, namely:—
"(b) the import duty, interest, fine and penalties payable in respect of such goods have been paid; and";
(iii) in the first proviso, the words "rent, interest, other charges and" shall be omitted.
133. Amendment of section 69.— In the
Customs Act, in section 69.—
(i) in the marginal heading, for the word "exportation", the word "export" shall be substituted;
(ii) in sub-section (1),—
(A) for clause (b), the following clause
shall be substituted, namely:—
"(b) the export duty, fine and penalties payable in respect of such goods have been paid; and";
(B) in clause (c), for the word "exportation", the word "export" shall be substituted.
134. Amendment of section 71.— In the Customs Act, in section 71, for the word "re-exportation", the word "export" shall be substituted.
135. Amendment of section 72.— In the
Customs Act, in section 72,—
(a) in sub-section (1),—
(i) clause (c) shall be omitted;
(ii) in clause (d), for the word "exportation", the words "export or" shall be substituted;
(iii) in the long line, for the words "all penalties, rent, interest and other charges", the words "interest, fine and penalties" shall be substituted;
(b) in sub-section (2), for the word "select", the words "deem fit" shall be substituted.
136. Amendment of section 73.— In the Customs Act, in section 73, after the words "exported or", the words "transferred or" shall be inserted.
137. Insertion of new section 73A.— In the Customs Act, after section 73, the following section shall be inserted, namely:—
"73A. Custody and removal of warehoused goods.— (1) All warehoused goods shall remain in the custody of the person who has been granted a licence under section 57 or section 58 or section 58A until they are cleared for home consumption or are transferred to another warehouse or are exported or removed as otherwise provided under this Act.
(2) The responsibilities of the person referred to in sub-section (1) who has custody of the warehoused goods shall be such as may be prescribed.
(3) Where any warehoused goods are removed in contravention of section 71, the licensee shall be liable to pay duty, interest fine and penalties without prejudice to any other action that may be taken against him under this Act or any other law for the time being in force.".
138. Amendment of section 156.— In the Customs Act, in section 156, in sub-section (2), after clause (b), the following clause shall be inserted, namely:—
"(c) the due date and the manner of making deferred payment of duties, taxes, cesses or any other charges under sections 47 and 51.".
139. Amendment of notifications issued under section 25 of Act 52 of 1962.— (1) The notifications of the Government of India in the Ministry of Finance (Department of Revenue) OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 number G.S.R. 367 (E), dated the 27th April, 2000, G.S.R. 292 (E), dated the 19th April, 2002, G.S.R. 281(E), dated the 1st April, 2003, G.S.R. 604 (E), dated the 10th September, 2004, G.S.R. 606(E), dated the 10th September, 2004 and G.S.R. 260(E), dated the 1st May, 2006 issued under sub-section (1) of section 25 of the Customs Act, 1962 by the Central Government shall stand amended and shall be deemed to have been amended in the manner as specified against each of them in column (3) of the Second Schedule, on and from the corresponding date mentioned in column (4) of that Schedule, retrospectively, and accordingly, notwithstanding anything contained in any judgment, decree or order of any court, tribunal or other authority, any action taken or anything done or purported to have been taken or done under the said notifications, shall be deemed to be, and always to have been, for all purposes as validly and effectively taken or done as if the notifications as amended by this sub-section had been in force at all material times.
(2) For the purposes of sub-section (1), the Central Government shall have and shall be deemed to have the power to amend the notifications referred to in the said sub-section with retrospective effect as if the Central Government had the power to amend the said notifications under sub-section (1) of section 25 of the Customs Act, 1962 retrospectively, at all material times.
(3) The refund shall be made of all such safeguard duty which has been collected, but would not have been so collected, had the amendments made in sub-section (1) been in force at all material times and such refund shall be subject to the provisions of section 27 of the Customs Act, 1962.
(4) Notwithstanding anything contained in section 27 of the Customs Act, 1962, an application for the claim of refund of safeguard duty under sub-section (3) shall be made within a period of one year from the date on which the Finance Bill, 2016 receives the assent of the President.
Customs Tariff
51 of 1975.
140. Omission of section 8C.— In the Customs Tariff Act, 1975 (hereinaf ter referred to as the Customs Tariff Act), section 8C shall be omitted.
141. Amendment of First Schedule.— In the Customs Tariff Act, the First Schedule shall,—
(i) be amended in the manner specified
in the Third Schedule;
(ii) be also amended in the manner specified in the Fourth Schedule with effect from the 1st day of January, 2017.
Excise
1 of 1944.
142. Amendment of section 5A.— In the Central Excise Act, 1944 (hereinaf ter referred to as the Central Excise Act), in section 5A,—
(i) for sub-section (5) the following sub-
-section shall be substituted, namely:—
"(5) Every notification issued under sub-section (1) or sub-section (2A) shall, unless otherwise provided, come into force on the date of its issue by the Central Government for publication in the Official Gazette.";
(ii) sub-section (6) shall be omitted.
143. Amendment of section 11A.— In the Central Excise Act, in section 11A, for the words "one year", wherever they occur, the words "two years" shall be substituted.
144. Amendment of section 37B.— In the Central Excise Act, in section 37B for the words "such goods", the words "such goods or for the implementation of any other provision of this Act" shall be substituted.
145. Amendment of Third Schedule.— In the Central Excise Act, the Third Schedule shall be amended—
(i) in the manner specified in the Fifth
Schedule;
(ii) in the manner specified in the Sixth Schedule, with effect from the 1st day of January, 2017.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018Excise Tariff
5 of 1986.
146. Amendment of First Schedule.— In the Central Excise Tariff Act, 1985 (hereinafter referred to as the Central Excise Tariff Act), the First Schedule shall be amended—
(i) in the manner specified in the Seventh
Schedule;
(ii) in the manner specified in the Eighth Schedule, with effect from the 1st day of January, 2017.
147. Amendment of Second Schedule.— In the Central Excise Tariff Act, the Second Schedule shall be amended in the manner specified in the Ninth Schedule, with effect from the 1st day of January, 2017.
CHAPTER V
Service Tax
32 of 1994.
148. Amendment of section 65B.— In the Finance Act, 1994 (hereinafter referred to as the 1994 Act), in section 658,—
(a) clause (11) shall be omitted;
(b) in clause (44), in Explanation 2, in sub-clause (ii), for item (a), the following item shall be substituted, namely:—
17 of 1998.
"(a) by a lottery distributor or selling agent on behalf of the State Government, in relation to promotion, marketing, organising, selling of lottery or facilitating in organising lottery of any kind, in any other manner, in accordance with the provisions of the Lotteries (Regulation) Act, 1998;".
149. Amendment of section 66D.— In the
1994 Act, in section 66D,—
(a) clause (l) shall be omitted;
(b) with effect from the 1st day of June,
2016—
(i) in clause (o), sub-clause (i) shall be
omitted;
(ii) in clause (p), sub-clause (ii) shall be
omitted.
150. Amendment of section 66E.— In the 1994 Act, in section 66E, after clause (i), the following clause shall be inser ted, namely:—
"(j) assignment by the Government of the right to use the radio-frequency spectrum and subsequent transfers thereof.".
151. Amendment of section 67A.— In the 1994 Act, in section 67A, the existing section shall be renumbered as sub-section (1) thereof and after sub-section (1) as so renumbered, the following sub-section shall be inserted, namely:—
"(2) The time or the point in time with respect to the rate of service tax shall be such as may be prescribed.".
152. Amendment of section 73.— In the 1994
Act, in section 73,—
(i) in sub-sections (1), (1A), (2A) and (3), for the words "eighteen months", wherever they occur, the words "thirty months" shall be substituted;
(ii) in sub-section (4B), in clause (a), for the words "whose limitation is specified as eighteen months in", the words "falling under" shall be substituted.
153. Amendment of section 75.— In the 1994 Act, in section 75, for the words "Provided that", the following shall be substituted, namely:—
"Provided that in the case of a person who collects any amount as service tax but fails to pay the amount so collected to the credit of the Central Government, on or before the date on which such payment is due, the Central Government may, by notification in the Official Gazette, specify such other rate of interest, as it may deem necessary:
Provided further that".
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018154. Amendment of section 78A.— In the 1994 Act, in section 78A, the following Explanation shall be inserted, namely:—
"Explanation.— For the removal of doubts, it is hereby clarified that where any service tax has not been levied or paid or has been short-levied or short-paid or erroneously refunded, and the proceedings with respect to a notice issued under sub- section (1) of section 73 or the proviso to sub-section (1) of section 73 is concluded in accordance with the provisions of clause (i) of the first proviso to section 76 or clause (i) of the second proviso to section 78, as the case may be, the proceedings pending against any person under this section shall also be deemed to have been concluded.".
155. Amendment of section 89.— In the 1994 Act, in section 89, in sub-section (1), for the words "fifty lakh rupees", at both the places where they occur, the words "two hundred lakh rupees" shall be substituted.
156. Amendment of section 90.— In the 1994 Act, in section 90, sub-section (2) shall be omitted.
157. Amendment of section 91.— In the 1994
Act, in section 91,—
(a) in sub-section (1), the words, brackets
and letter "clause (i) or" shall be omitted;
(b) sub-section (3) shall be omitted.
158. Amendment of section 93A.— In the 1994 Act, in section 93A, for the word "prescribed" the words "prescribed or specified by notification in the Official Gazette" shall be substituted.
159. Insertion of new sections 101, 102 and 103.— In the 1994 Act, after section 100, the following sections shall be inserted, namely:—
"101. Special provisions for exemption in certain cases relating to construction of canal, dam, etc.— (1) Notwithstanding anything contained in section 66B, no service tax shall be levied or collected during the period commencing from the 1st day of July, 2012 and ending with the 29th day of January, 2014 (both days inclusive) in respect of taxable services provided to an authority or a board or any other body—
(i) set up by an Act of Parliament or a
State Legislature; or
(ii) established by the Government,
with ninety per cent. or more participation by way of equity or control, to carry out any function entrusted to a municipality under article 243 W of the Constitution, by way of construction, erection, commissioning, installation, completion, fitting out, repair, maintenance, renovation or alteration of canal, dam or other irrigation works.
(2) Refund shall be made of all such service tax which has been collected but which would not have been so collected had sub-section (1) been in force at all material times.
(3) Notwithstanding anything contained in this Chapter, an application for the claim of refund of service tax shall be made within a period of six months from the date on which the Finance Bill, 2016 receives the assent of the President.
102. Special provision for exemption in certain cases relating to construction of Government building.— (1) Notwithstanding anything contained in section 66B, no service tax shall be levied or collected during the period commencing from the 1st day of April, 2015 and ending with the 29th day of February, 2016 (both days inclusive), in respect of taxable services provided to the Government, local authority or a Governmental authority, by way of construction, erection, commissioning, installation, completion, fitting out, repair, maintenance, renovation or alteration of—
(a) a civil structure or any other original works meant predominantly for use other than for commerce, industry or any other business or profession;
(b) a structure meant predominantly for
use as—
(i) an educational establishment;
(ii) a clinical establishment; or
(iii) an art or cultural establishment;
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018(c) a residential complex predominantly meant for self-use or for the use of their employees or other persons specified in Explanation 1 to clause (44) of section 65B of the said Act,
under a contract entered into before the 1st day of March, 2015 and on which appropriate stamp duty, where applicable, had been paid before that date.
(2) Refund shall be made of all such service tax which has been collected but which would not have been so collected had sub-section (1) been in force at all material times.
(3) Notwithstanding anything contained in this Chapter, an application for the claim of refund of service tax shall be made within a period of six months from the date on which the Finance Bill, 2016 receives the assent of the President.
103. Special provision for exemption in certain cases relating to construction of airport or port.— (1) Notwithstanding anything contained in section 66B, no service tax shall be levied or collected during the period commencing from the 1st day of April, 2015 and ending with the 29th day of February, 2016 (both days inclusive), in respect of services provided by way of construction, erection, commissioning or installation of original works pertaining to an airport or port, under a contract which had been entered into before the 1st day of March, 2015 and on which appropriate stamp duty, where applicable, had been paid before that date, subject to the condition that Ministry of Civil Aviation or, as the case may be, the Ministry of Shipping in the Government of India certifies that the contract had been entered into before the 1st day of March, 2015.
(2) Refund shall be made of all such service tax which has been collected but which would not have been so collected had sub-section (1) been in force at all material times.
(3) Notwithstanding anything contained in this Chapter, an application for the claim of refund of service tax shall be made within a period of six months from the date on which the Finance Bill, 2016 receives the assent of the President.".
32 of 1994.
160. Amendment of notification issued under section 93A of Finance Act, 1994.— (1) The notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 519(E), dated the 29th June, 2012 issued under section 93A of the Finance Act, 1994 granting rebate of service tax paid on the taxable services which are received by an exporter of goods and used for export of goods, shall stand amended and shall be deemed to have been amended retrospectively, in the manner specified in column (2) of the Tenth Schedule, on and from and up to the corresponding dates specified in column (3) of the Schedule, and accordingly, any action taken or anything done or purported to have taken or done under the said notification as so amended, shall be deemed to be, and always to have been, for all purposes, as validly and effectively taken or done as if the said notification as amended by this sub-section had been in force at all material times.
(2) Rebate of all such service tax shall be granted which has been denied. but which would not have been so denied had the amendment made by sub-section (1) been in force at all material times.
32 of 1994.
(3) Notwithstanding anything contained in the Finance Act, 1994, an application for the claim of rebate of service tax under sub-section (2) shall be made within the period of one month from the date of commencement of the Finance Act, 2016.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018CHAPTER VI
Krishi Kalyan Cess
161. Krishi Kalyan Cess.— (1) This Chapter shall come into force on the 1st day of June, 2016.
(2) There shall be levied and collected in accordance with the provisions of this Chapter, a cess to be called the Krishi Kalyan Cess, as service tax on all or any of the taxable services at the rate of 0.5 per cent. on the value of such services for the purposes of financing and promoting initiatives to improve agriculture or for any other purpose relating thereto.
32 of 1994.
(3) The Krishi Kalyan Cess leviable under sub-section (2) shall be in addition to any cess or service tax leviable on such taxable services under Chapter V of the Finance Act, 1994, or under any other law for the time being in force.
(4) The proceeds of the Krishi Kalyan Cess levied under sub-section (2) shall first be credited to the Consolidated Fund of India and the Central Government may, after due appropriation made by Parliament by law in this behalf, utilise such sums of money of the Krishi Kalyan Cess for such purposes specified in sub-section (2), as it may consider necessary.
32 of 1994.
(5) The provisions of Chapter V of the Finance Act, 1994 and the rules made thereunder, including those relating to refunds and exemptions from tax, interest and imposition of penalty shall, as far as may be, apply in relation to the levy and collection of the Krishi Kalyan Cess on taxable services, as they apply in relation to the levy and collection of tax on such taxable ser vices under the said Chapter or the rules made thereunder, as the case may be.
CHAPTER VII
Infrastructure Cess
162. Infrastructure Cess.— (1) In the case of goods specified in the Eleventh Schedule, being goods manufactured or produced, there shall be levied and collected for the purposes of the Union, a duty of excise, to be called the Infrastructure Cess, at the rates specified in the said Schedule for the purposes of financing infrastructure projects.
1 of 1944.
(2) The cess leviable under sub- -section (1), chargeable on the goods specified in the Eleventh Schedule shall be in addition to any other duties of excise chargeable on such goods under the Central Excise Act, 1944 or any other law for the time being in force.
1 of 1944.
(3) The provisions of the Central Excise Act, 1944 and the rules made thereunder, including those relating to assessment, non-levy, short-levy, refunds, interest, appeals, offences and penalties, shall, as far as may be, apply in relation to the levy and collection of the cess leviable under sub-section (1) in respect of the goods specified in the Eleventh Schedule as they apply in relation to the levy and collection of the duties of excise on such goods under the said Act or the rules, as the case may be.
(4) The cess leviable under sub-section (1) shall be for the purposes of the Union and the proceeds thereof shall not be distributed among the States.
CHAPTER VIII
Equalisation Levy
163. Extent, commencement and applica- tion.— (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 consideration received or receivable for specified services provided on or after the commencement of this Chapter.
164. Definitions.— In this Chapter, unless
the context otherwise requires,—
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018(a) "Appellate Tribunal" means the Appellate Tribunal constituted under section 252 of the Income-tax Act;
(b) "Assessing Officer" means the Income-tax Officer or Assistant Commissioner of Income-tax or Deputy Commissioner of Income-tax or Joint Commissioner of Income-tax or Additional Commissioner of Income-tax who is authorised by the Board to exercise or perform all or any of the powers and functions conferred on, or assigned to, an Assessing Officer under this Chapter;
54 of 1963.
(c) "Board" means the Central Board of Direct Taxes constituted under the Central Boards of Revenue Act, 1963;
(d) "equalisation levy" means the tax leviable on consideration received or receivable for any specified service under the provisions of this Chapter;
(e) "Income-tax Act" means the
Income-tax Act, 1961;
43 of 1961.
(f) "online" means a facility or service or right or benefit or access that is obtained through the internet or any other form of digital or telecommunication network;
(g) "permanent establishment" includes a fixed place of business through which the business of the enterprise is wholly or partly carried on;
(h) "prescribed" means prescribed by
rules made under this Chapter;
(i) "specified service" means online advertisement, any provision for digital advertising space or any other facility or ser vice for the purpose of online adver tisement and includes any other service as may be notified by the Central Government in this behalf,
(j) words and expressions used but not defined in this Chapter and defined in the Income-tax Act, or the rules made thereunder, shall have the meanings respectively assigned to them in that Act.
165. Charge of equalization levy.— (1) On and from the date of commencement of this Chapter, there shall be charged an equalisation levy at the rate of six per cent. of the amount of consideration for any specified service received or receivable by a person, being a non-resident from—
(i) a person resident in India and
carrying on business or profession; or
(ii) a non-resident having a permanent
establishment in India.
(2) The equalisation levy under sub-section
(1) shall not be charged, where—
(a) the non-resident providing the specified ser vice has a per manent establishment in India and the specified service is effectively connected with such permanent establishment;
(b) the aggregate amount of considera- tion for specified ser vice received or receivable in a previous year by the non- resident from a person resident in India and carrying on business or profession, or from a non-resident having a permanent establishment in India, does not exceed one lakh rupees; or
(c) where the payment for the specified service by the person resident in India, or the permanent establishment in India is not for the purposes of carrying out business or profession.
166. Collection and recovery of equalisation levy.— (1) Every person, being a resident and carrying on business or profession or a non- -resident having a permanent establishment in India (hereafter in this Chapter referred to as assessee) shall deduct the equalisation levy from the amount paid or payable to a non- -resident in respect of the specified service at the rate specified in section 165, if the aggregate amount of consideration for specified service in a previous year exceeds one lakh rupees.
(2) The equalisation levy so deducted during any calendar month in accordance with the provisions of sub-section (1) shall be paid by every assessee to the credit of the Central OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 Government by the seventh day of the month immediately following the said calendar month.
(3) Any assessee who fails to deduct the levy in accordance with the provisions of sub- section (1) shall, notwithstanding such failure, be liable to pay the levy to the credit of the Central Government in accordance with the provisions of sub-section (2).
167. Furnishing of statement.— (1) Every assessee shall, within the prescribed time after the end of each financial year, prepare and deliver or cause to be delivered to the Assessing Officer or to any other authority or agency authorised by the Board in this behalf, a statement in such form, verified in such manner and setting forth such particulars as may be prescribed, in respect of all specified services during such financial year.
(2) An assessee who has not furnished the statement within the time prescribed under sub-section (1) or having furnished a statement under sub-section (1), notices any omission or wrong par ticular therein, may furnish a statement or a revised statement, as the case may be, at any time before the expiry of two years from the end of the financial year in which the specified service was provided.
(3) Where any assessee fails to furnish the statement under sub-section (1) within the prescribed time, the Assessing Officer may serve a notice upon such assessee requiring him to furnish the statement in the prescribed form, verified in the prescribed manner and setting forth such particulars, within such time, as may be prescribed.
168. Processing of statement.— (1) Where a statement has been made under section 167 by the assessee, such statement shall be processed in the following manner, namely:—
(a) the equalisation levy shall be computed after making the adjustment for any arithmetical error in the statement;
(b) the interest if any, shall be computed on the basis of sum deductible as computed in the statement:
(c) the sum payable by or the amount of refund due to, the assessee shall be determined after adjustment of the amount computed under clause (b) against any amount paid under sub-section (2) of section 166 or section 170 and any amount paid otherwise by way of tax or interest;
(d) an intimation shall be prepared or generated and sent to the assessee specifying the sum determined to be payable by, or the amount of refund due to, him under clause (c); and
(e) the amount of refund due to the assessee in pursuance of the determination under clause (c) shall be granted to him:
Provided that no intimation under this sub- section shall be sent after the expiry of one year from the end of the financial year in which the statement is furnished.
(2) For the purposes of processing of statements under sub-section (1), the Board may make a scheme for centralised processing of such statements to expeditiously determine the tax payable by, or the refund due to, the assessee as required under that sub-section.
169. Rectification of mistake.— (1) With a view to rectifying any mistake apparent from the record, the Assessing Officer may amend any intimation issued under section 168, within one year from the end of the financial year in which the intimation sought to be amended was issued.
(2) The Assessing Officer may make an amendment to any intimation under sub- section (1), either suo motu or on any mistake brought to his notice by the assessee.
(3) An amendment to any intimation, which has the effect of increasing the liability of the assessee or reducing a refund, shall not be made under this section unless the Assessing Officer has given notice to the assessee of his intention so to do and has given the assessee a reasonable opportunity of being heard.
(4) Where any such amendment to any intimation has the effect of enhancing the sum payable or reducing the refund already made, the Assessing Officer shall make an order specifying the sum payable by the assessee and the provisions of this Chapter shall apply accordingly.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018170. Interest on delayed payment of equalization levy.— Every assessee, who fails to credit the equalisation levy or any part thereof as required under section 166 to the account of the Central Government within the period specified in that section, shall pay simple interest at the rate of one per cent. of such levy for every month or part of a month by which such crediting of the tax or any part thereof is delayed.
171. Penalty for failure to deduct or pay
equalization levy.— Any assessee who—
(a) fails to deduct the whole or any part of the equalisation levy as required under section 166; or
(b) having deducted the equalisation levy, fails to pay such levy to the credit of the Central Government in accordance with the provisions of sub-section (2) of that section,
shall be liable to pay.—
(i) in the case referred to in clause (a), in addition to paying the levy in accordance with the provisions of sub- -section (3) of that section or interest, if any in accordance with the provisions of section 170, a penalty equal to the amount of equalisation levy that he failed to deduct; and
(ii) in the case referred to in clause (b), in addition to paying the levy in accordance with the provisions of sub- -section (2) of that section and interest in accordance with the provisions of section 170, a penalty of one thousand rupees for ever y day during which the failure continues, so, however, that the penalty under this clause shall not exceed the amount of equalisation levy that he failed to pay.
172. Penalty for failure to furnish statement.— Where an assessee fails to furnish the statement within the time prescribed under sub-section (1) or sub- -section (3) of section 167, he shall be liable to pay a penalty of one Hundred rupees for each day during which the failure continues.
173. Penalty not to be imposed in certain cases.— (1) Notwithstanding anything contained in section 171 or section 172, no penalty shall be imposable for any failure referred to in the said sections, if the assessee proves to the satisfaction of the Assessing Officer that there was reasonable cause for the said failure.
(2) No order imposing a penalty under this Chapter shall be made unless the assessee has been given a reasonable opportunity of being heard.
174. Appeal to Commissioner of Income-tax (Appeal).— (1) An assessee aggrieved by an order imposing penalty under this Chapter, may appeal to the Commissioner of lncome- tax (Appeals) within a period of thirty days from the date of receipt of the order of the Assessing Officer.
(2) An appeal under sub-section (1) shall be in such form and verified in such manner as may be prescribed and shall be accompanied by a fee of one thousand rupees.
(3) Where an appeal has been filed under sub-section (1), the provisions of sections 249 to 251 of the Income-tax Act shall, as far as may be, apply to such appeal.
175. Appeal to appellate tribunal.— (1) An assessee aggrieved by an order made by the Commissioner of lncome-tax (Appeals) under section 174 may appeal to the Appellate Tribunal against such order.
(2) The Commissioner of Income-tax may, if he objects to any order passed by the Commissioner of Income-tax (Appeals) under section 174, direct the Assessing Officer to appeal to the Appellate Tribunal against such order.
(3) An appeal under sub-section (1) or sub-section (2) shall be filed within sixty days from the date on which the order sought to be appealed against is received by the assessee or by the Commissioner of Income-tax, as the case may be.
(4) An appeal under sub-section (1) or sub-section (2) shall be in such form and verified in such manner as may be prescribed OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 and, in the case of an appeal filed under sub- section (1) it shall be accompanied by a fee of one thousand rupees.
(5) Where an appeal has been filed before the Appellate Tribunal under sub-section (1) or sub-section (2), the provisions of sections 253 to 255 of the Income-tax Act shall, as far as may be, apply to such appeal.
176. Punishment for false statement.— (1) If a person makes a false statement in any verification under this Chapter or any rule made thereunder, or delivers an account or statement, which is false, and which he either knows or believes to be false, or does not believe to be true, he shall be punishable with imprisonment for a term which may extend to three years and with fine.
2 of 1974.
(2) Notwithstanding anything contained in the Code of Criminal Procedure, 1973, an offence punishable under sub-section (1) shall be deemed to be non-cognizable within the meaning of that Code.
177. Institution of prosecution.— No prosecution shall be instituted against any person for any offence under section 176 except with the previous sanction of the Chief Commissioner of Income-tax.
178. Application of certain provisions of Income-tax Act.— The provisions of sections 120, 131, 133A, 138, 156, Chapter XV and sections 220 to 227, 229, 232, 260A, 261, 262, 265 to 269, 278B, 280A, 280B, 280C, 280D, 282 and 288 to 293 of the Income-tax Act shall so far as may be, apply in relation to equalisation levy, as they apply in relation to income-tax.
179. Power to make rules.— (1) The Central Government may, by notification in the Official Gazette, make rules for carrying out the provisions of this Chapter.
(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:—
or furnished under section 167;
(b) the form in which an appeal may be filed and the manner in which it may be verified under sections 174 and 175;
(c) any other matter which is to be, or may
be, prescribed.
(3) Every rule made under this Chapter shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.
180. Power to remove difficulties.— (1) If any difficulty arises in giving effect to the provisions of this Chapter, the Central Government may, by order published in the Official Gazette, not inconsistent with the provisions of this Chapter, remove the difficulty:
Provided that no such order shall be made after the expiry of a period of two years from the date on which the provisions of this Chapter come into force.
(2) Every order made under this section shall be laid, as soon as may be after it is made, before each House of Parliament.
CHAPTER IX
The Income Declaration Scheme, 2016
181. Short title and commencement.— (1) This Scheme may be called the Income Declaration Scheme, 2016.
(2) It shall come into force on the 1st day of
June, 2016.
182. Definitions.— In this Scheme, unless
the context otherwise requires,—
(a) the time within which and the form and the manner in which the statement shall be delivered or caused to be delivered OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 (a) "declarant" means a person making the declaration under sub-section (1) of section 183;
(b) "Income-tax Act" means the
Income-tax Act, 1961;
43 of 1961.
(c) all other words and expressions used herein but not defined and defined in the Income-tax Act shall have the meanings respectively assigned to them in that Act.
183. Declaration of undisclosed income.— (1) Subject to the provisions of this Scheme, any person may make, on or after the date of commencement of this Scheme but before a date to be notified by the Central Government in the Official Gazette, a declaration in respect of any income chargeable to tax under the Income-tax Act for any assessment year prior to the assessment year beginning on the 1st day of April, 2017—
(a) for which he has failed to furnish a return under section 139 of the Income-tax Act;
(b) which he has failed to disclose in a return of income furnished by him under the Income-tax Act before the date of commencement of this Scheme;
(c) which has escaped assessment by reason of the omission or failure on the part of such person to furnish a return under the Income-tax Act or to disclose fully and truly all material facts necessar y for the assessment or otherwise.
(2) Where the income chargeable to tax is declared in the form of investment in any asset, the fair market value of such asset as on the date of commencement of this Scheme shall be deemed to be the undisclosed income for the purposes of sub-section (1).
(3) The fair market value of any asset shall be determined in such manner, as may be prescribed.
(4) No deduction in respect of any expenditure or allowance shall be allowed against the income in respect of which declaration under this section is made.
184. Charge of tax and surcharge.— (1) Notwithstanding anything contained in the Income-tax Act or in any Finance Act, the undisclosed income declared under section 183 within the time specified therein shall be chargeable to tax at the rate of thirty per cent. of such undisclosed income.
(2) The amount of tax chargeable under sub-section (1) shall be increased by a surcharge, for the purposes of the Union, to be called the Krishi Kalyan Cess on tax calculated at the rate of twenty-five per cent. of such tax so as to fulfil the commitment of the Government for the welfare of the farmers.
185. Penalty.— Notwithstanding anything contained in the Income-tax Act or in any Finance Act, the person making a declaration of undisclosed income shall, in addition to tax and surcharge under section 184, be liable to penalty at the rate of twenty-five per cent. of such tax.
186. Manner of declaration.— (1) A declaration under section 183 shall be made to the Principal Commissioner or the Commissioner and shall be in such form and be verified in such manner, as may be prescribed.
(2) The declaration shall be signed,—
(a) where the declarant is an individual, by the individual himself; where such individual is absent from India, by the individual concerned or by some person duly authorised by him in this behalf; and where the individual is mentally incapacitated from attending to his affairs, by his guardian or by any other person competent to act on his behalf;
(b) where the declarant is a Hindu undivided family, by the Karta, and where the Karta is absent from India or is mentally incapacitated from attending to his affairs, by any other adult member of such family;
(c) where the declarant is a company, by the managing director thereof, or where for any unavoidable reason such managing director is not able to sign the OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 declaration or where there is no managing director, by any director thereof;
(d) where the declarant is a firm, by the managing partner thereof, or where for any unavoidable reason such managing partner is not able to sign the declaration, or where there is no managing par tner as such, by any partner thereof, not being a minor;
(e) where the declarant is any other association, by any member of the association or the principal officer thereof; and
(f) where the declarant is any other person, by that person or by some other person competent to act on his behalf.
(3) Any person, who has made a declaration under sub-section (1) of section 183 in respect of his income or as a representative assessee in respect of the income of any other person, shall not be entitled to make any other declaration, under that sub-section in respect of his income or the income of such other person, and any such other declaration, if made, shall be void.
187. Time for payment of tax.— (1) The tax and surcharge payable under section 184 and penalty payable under section 185 in respect of the undisclosed income, shall be paid on or before a date to be notified by the Central Government in the Official Gazette.
(2) The declarant shall file the proof of payment of tax, surcharge and penalty on or before the date notified under sub-section (1), with the Principal Commissioner or the Commissioner as the case may be, before whom the declaration under section 183 was made.
(3) If the declarant fails to pay the tax, surcharge and penalty in respect of the declaration made under section 183 on or before the date specified under sub-section (1), the declaration tiled by him shall be deemed never to have been made under this Scheme.
188. Undisclosed income declared not to be included in total income.— The amount of undisclosed income declared in accordance with section 183 shall not be included in the total income of the declarant for any assessment year under the Income-tax Act, if the declarant makes the payment of tax and surcharge referred to in section 184 and the penalty referred to in section 185, by the date specified under sub-section (1) of section 187.
27 of 1957.
189. Undisclosed income declared not to affect finality of completed assessments.— A declarant under this Scheme shall not be entitled, in respect of undisclosed income declared or any amount of tax and surcharge paid thereon, to re-open any assessment or reassessment made under the Income-tax Act or the Wealth-tax Act, 1957, or claim any set off or relief in any appeal, reference or other proceeding in relation to any such assessment or reassessment.
45 of 1988 190. Undisclosed income declared not to be treated as benami transaction in certain cases.— The provisions of the Benami Transa- ctions (Prohibition) Act, 1988 shall not apply in respect of the declaration of undisclosed income made in the form of investment in any asset, if the asset existing in the name of a benamidar is transferred to the declarant, being the person who provides the consideration for such asset, or his legal representative, within the period notified by the Central Government.
191. Tax in respect of voluntarily disclosed income not refundable.— Any amount of tax and surcharge paid under section 184 or penalty paid under section 185 in pursuance of a declaration made under section 183 shall not be refundable.
192. Declaration not admissible in evidence against declarant.— Notwithstanding anything contained in any other law for the time being in force, nothing contained in any OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 declaration made under section 183 shall be admissible in evidence against the declarant for the purpose of any proceeding relating to imposition of penalty, other than the penalty leviable under section 185, or for the purposes of prosecution under the Income-tax Act or the Wealth-tax Act, 1957.
27 of 1957.
193. Declaration by misrepresentation of facts to be void.— Notwithstanding anything contained in this Scheme, where a declaration has been made by misrepresentation or suppression of facts, such declaration shall be void and shall be deemed never to have been made under this Scheme.
194. Exemption from wealth-tax in respect of assets spefified in declaration.— (1) Where the undisclosed income is represented by cash (including bank deposits), bullion, investment in shares or any other assets specified in the declaration made under section 183—
27 of 1957.
(a) in respect of which the declarant has failed to furnish a return under section 14 of the Wealth-tax Act, 1957, for the assessment year commencing on or before the 1st day of April, 2015; or
(b) which have not been shown in the return of net wealth furnished by him for the said assessment year or years; or
(c) which have been understated in value in the return of net wealth furnished by him for the said assessment year or years,
27 of 1957.
then, notwithstanding anything contained in the Wealth-tax Act, 1957, or any rules made thereunder,—
(i) wealth-tax shall not be payable by the declarant in respect of the assets referred to in clause (a) or clause (b) and such assets shall not be included in his net wealth for the said assessment year or years;
(ii) the amount by which the value of the assets referred to in clause (c) has been understated in the return of net wealth for the said assessment year or years, to the extent such amount does not exceed the voluntarily disclosed income utilised for acquiring such assets, shall not be taken into account in computing the net wealth of the declarant for the said assessment year or years.
Explanation.— Where a declaration under section 183 is made by a firm, the assets referred to in sub-clause (i) or, as the case may be, the amount referred to in sub-clause (ii) shall not be taken into account in computing the net wealth of any partner of the firm or, as the case may be, in determining the value of the interest of any partner in the firm.
(2) The provisions of sub-section (1) shall not apply unless the conditions specified in sub-sections (1) and (2) of section 187 are fulfilled by the declarant.
195. Applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act.— The provisions of Chapter XV of the Income-tax Act relating to liability in special cases and of section 119, section 138 and section 189 of that Act or the provisions of Chapter V of the Wealth-tax Act, 1957 relating to liability in respect of assessment in special cases shall, so far as may be, apply in relation to proceedings under this Scheme as they apply in relation to proceedings under the Income-tax Act or, as the case may be, the Wealth-tax Act, 1957.
27 of 1957.
196. Scheme not to apply to certain persons.— The provisions of this Scheme shall not apply—
52 of 1974.
(a) to any person in respect of whom an order of detention has been made under the Conser- vation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974:
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018Provided that—
(i) such order of detention, being an order to which the provisions of section 9 or section 12A of the said Act do not apply, has not been revoked on the report of the Advisory Board under section 8 of the said Act or before the receipt of the report of the Advisory Board; or
(ii) such order of detention, being an order to which the provisions of section 9 of the said Act apply, has not been revoked before the expiry of the time for, or on the basis of, the review under sub-section (3) of section 9, or on the report of the Advisor y Board under section 8, read with sub-section (2) of section 9 of the said Act; or
(iii) such order of detention, being an order to which the provisions of section 12A of the said Act apply, has not been revoked before the expiry of the time for, or on the basis of, the first review under sub-section (3) of that section, or on the basis of the report of the Advisory Board under section 8, read with sub-section (6) of section 12A, of the said Act; or
(iv) such order of detention has not been set aside by a court of competent jurisdiction;
45 of 1860.
61 of 1985.
37 of 1967.
(b) in relation to prosecution for any offence punishable under Chapter IX or Chapter XVII of the Indian Penal Code, the Narcotic Drugs and Psychotropic Substances Act, 1985, the Unlawful Activities (Prevention) Act, 1967 and the Prevention of Corruption Act, 1988;
49 of 1988.
27 of 1992.
(c) to any person notified under section 3 of the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992;
(d) in relation to any undisclosed foreign income and asset which is chargeable to tax under the Black Money
22 of 2015.
(Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015;
(e) in relation to any undisclosed income chargeable to tax under the Income-tax Act for any previous year relevant to an assessment year prior to the assessment year beginning on the 1st day of April, 2017—
(i) where a notice under section 142 or sub-section (2) of section 143 or section 148 or section 153A or section 153C of the Income-tax Act has been issued in respect of such assessment year and the proceeding is pending before the Assessing Officer; or
(ii) where a search has been conducted under section 132 or requisition has been made under section 132A or a survey has been carried out under section 133A of the Income-tax Act in a previous year and a notice under sub-section (2) of section 143 for the assessment year relevant to such previous year or a notice under section 153A or under section 153C of the said Act for an assessment year relevant to any previous year prior to such previous year has not been issued and the time for issuance of such notice has not expired; or
(iii) where any information has been received by the competent authority under an agreement entered into by the Central Government under section 90 or section 90A of the Income-tax Act in respect of such undisclosed asset.
197. Removal of doubts.— For the removal
of doubts, it is hereby declared that—
(a) save as otherwise expressly provided in sub-section (1) of section 183, nothing contained in this Scheme shall be construed as conferring any benefit, concession or immunity on any person other than the person making the declaration under this Scheme;
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018(b) where any declaration has been made under section 183 but no tax, surcharge and penalty referred to in section 184 and section 185 has been paid within the time specified under section 187, the undisclosed income shall be chargeable to tax under the Income-tax Act in the previous year in which such declaration is made;
(c) where any income has accrued, arisen or received or any asset has been acquired out of such income prior to commencement of this Scheme, and no declaration in respect of such income is made under this Scheme,—
(i) such income shall be deemed to have accrued, arisen or received, as the case may be; or
(ii) the value of the asset acquired out of such income shall be deemed to have been acquired or made,
in the year in which a notice under section 142, sub-section (2) of section 143 or section 148 or section 153A or section 153C of the Income-tax Act is issued by the Assessing Officer, and the provisions of the Income-tax Act shall apply accordingly.
198. Power to remove difficulties.— (1) If any difficulty arises in giving effect to the provisions of this Scheme, the Central Government may, by order, not inconsistent with the provisions of this Scheme, remove the difficulty:
Provided that no such order shall be made after the expiry of a period of two years from the date on which the provisions of this Scheme shall come into force.
(2) Every order made under this section shall be laid before each House of Parliament.
199. Power to make rules.— (1) The Board may, subject to the control of the Central Government, by notification in the Official Gazette, make rules for carrying out the provisions of this Scheme.
(2) Without prejudice to the generality of the foregoing power, such rules may provide for the form in which a declaration may be made under section 183 and the manner in which the same may be verified.
(3) Every rule made under this Scheme shall be laid, as soon as may be, after it is made, before each House of Parliament, while it is in session, for a total period of thirty days, which may be comprised in one session or in two or more successive sessions, and if before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.
CHAPTER X
The Direct Tax Dispute Resolution Scheme, 2016
200. Short title and commencement.— (1) This Scheme may be called the Direct Tax Dispute Resolution Scheme, 2016.
(2) It shall come into force on the 1st day of
June, 2016.
201. Definition.— (1) In this Scheme, unless
the context otherwise requires,—
(a) "declarant" means a person making
a declaration under section 202;
(b) "designated authority" means an officer not below the rank of a Commissioner of Income-tax and notified by the Principal Chief Commissioner for the purposes of this Scheme;
(c) "disputed income", in relation to an assessment year, means the whole or so much of the total income as is relatable to the disputed tax;
(d) "disputed tax" means the tax determined under the Income-tax Act, or the Wealth-tax Act, which is disputed by the assessee or the declarant, as the case may be;
(e) "disputed wealth", in relation to an assessment year, means the whole or so OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 much of the net wealth as is relatable to the disputed tax;
(f) "Income-tax Act" means the
Income-tax Act, 1961;
43 of 1961.
(g) "specified tax" means a tax—
(i) the determination of which is in consequence of or validated by any amendment made to the Income-tax Act or the Wealth-tax Act with retrospective effect and relates to a period prior to the date on which the Act amending the Income-tax Act or the Wealth-tax Act, as the case may be, received the assent of the President; and
(ii) a dispute in respect of such tax is pending as on the 29th day of February, 2016;
(h) "tax arrear" means, the amount of tax, interest or penalty determined under the Income-tax Act or the Wealth-tax Act, in respect of which appeal is pending before the Commissioner of Income-tax (Appeals) or the Commissioner of Wealth-tax (Appeals) as on the 29th day of February, 2016;
(i) "Wealth-tax Act" means the
27 of 1957.
Wealth-tax Act, 1957.
(2) All other words and expressions used herein but not defined and defined in the Income-tax Act or the Wealth-tax Act, as the case may be, shall have the meanings respectively assigned to them in those Acts.
202. Declaration of tax payable.— Subject to the provisions of this Scheme, where a declarant files, on or after the 1st day of June, 2016 but on or before a date to be notified by the Central Government in the Official Gazette, a declaration to the designated authority in accordance with the provisions of section 203 in respect of tax arrear, or specified tax, then, notwithstanding anything contained in the Income-tax Act or the Wealth-tax Act or any other provision of any law for the time being in force, the amount payable under this Scheme by the declarant shall be as under, namely:—
(1) in case of pending appeal related to tax
arrear being—
(a) tax and interest,—
(i) in a case where the disputed tax does not exceed ten lakh rupees, the whole of the disputed tax and the interest on disputed tax till the date of assessment or reassessment, as the case may be; or
(ii) in any other case, the whole of disputed tax, twenty-five per cent. of the minimum penalty leviable and the interest on disputed tax till the date of assessment or reassessment, as the case may be;
(b) penalty, twenty-five per cent. of the minimum penalty leviable and the tax and interest payable on the total income finally determined.
(II) in case of specified tax, the amount of
such tax so determined.
203. Particulars to be funished.— (1) A declaration under section 202 shall be made to the designated authority in such form and verified in such manner as may be prescribed.
(2) Where the declaration is in respect of tax arrear, consequent to such declaration, appeal in respect of the disputed income, disputed wealth and tax arrear pending before the Commissioner of Income-tax (Appeals) or the Commissioner of Wealth-tax (Appeals), as the case may be, shall be deemed to have been withdrawn.
(3) Where the declaration is in respect of
specified tax and the declarant has,—
(a) filed any appeal before the Commissioner of Income-tax (Appeals) or the Commissioner of Wealth-tax (Appeals) or the Appellate Tribunal or the High Court or the Supreme Court or any writ petition before the High Court or the Supreme Court against any order in respect of the specified tax, he shall withdraw such appeal or writ petition with the leave of the court wherever required and furnish proof of such withdrawal along with the declaration referred to in sub-section (1);
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018(b) initiated any proceeding for arbitration, conciliation or mediation or has given any notice thereof under any law for the time being in force or under any agreement entered into by India with any other country or territory outside India whether for protection of investment or otherwise, he shall withdraw such notice or the claim, if any, in such proceedings prior to making the declaration and furnish proof thereof along with the declaration referred to in sub-section (1).
(4) Where the declaration is in respect of specified tax, the declarant shall, without prejudice to the provisions of sub-section (3), furnish an undertaking, in such form and verified in such manner as may be prescribed, waiving his right, whether direct or indirect, to seek or pursue any remedy or any claim in relation to the specified tax which may otherwise be available to him under any law for the time being in force in equity, by statute or under an agreement referred to in clause (b) of sub-section (3) or otherwise.
(5) Where,—
(a) any material particular furnished in the declaration is found to be false at any stage; or
(b) the declarant violates any of the
conditions referred to in this Scheme; or
(c) the declarant acts in a manner which is not in accordance with the undertaking given by him under sub-section (4),
it shall be presumed as if the declaration was never made under the Scheme and all the consequences under the Income-tax Act or the Wealth-tax Act, as the case may be, under which the proceedings against the declarant are or were pending, shall be deemed to have been revived.
(6) No appellate authorithy or arbitrator, conciliator or mediator shall proceed to decide any issue relating to the specified tax mentioned in the declaration and in respect of which an order had been made under sub-section (1) of section 204 by the designated authority or the payment of the sum determined under that section.
204. Time and manner of payment.— (1) The designated authority shall, within a period of sixty days from the date of receipt of the declaration, determine the amount payable by the declarant in accordance with the provisions of this Scheme and grant a certificate in such form as may be prescribed, to the declarant setting forth therein the particulars of the tax arrear or the specified tax, as the case may be, and the sum payable after such determination.
(2) The declarant shall pay the sum determined by the designated authority as per the certificate granted under sub-section (1) within thirty days of the date of receipt of the certificate and intimate the fact of such payment to the designated authority along with proof thereof and the designated authority shall thereupon pass an order stating that the declarant has paid the sum.
(3) Every order passed under sub-section (1), determining the sum payable under this Scheme, shall be conclusive as to the matters stated therein and no matter covered by such order shall be re-opened in any other proceeding under the Income-tax Act or the Wealth-tax Act or under any other law for the time being in force, or as the case may be, under any agreement, whether for protection of investment or otherwise, entered into by India with any other country or territory outside India.
205. Immunity from initiation of proceedings in respect of offence and imposition of penalty in certain cases.— The designated authority shall, subject to the conditions provided in section 204, grant—
(a) immunity from instituting any proceedings in respect of an offence under the Income-tax Act or the Wealth-tax Act, as the case may be; or
(b) immunity from imposition or waiver, as the case may be, of penalty under the Income-tax Act or the Wealth-tax Act, as the case may be, in respect of,—
(i) specified tax covered in the declaration
under section 202; or OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 (ii) tax arrear covered in the declaration to the extent the penalty exceeds the amount of penalty referred to in clause (1) of section 202;
(c) waiver of interest under the Income-tax Act or the Wealth-tax Act, as the case may be, in respect of,—
(i) specified tax covered in the declaration
under the section 202;
(ii) tax arrear covered in the declaration to the extent the interest exceeds the amount of interest referred to in sub-clause (a) of clause (1) of section 202.
206. No refund of amount paid under scheme.— Any amount paid in pursuance of a declaration made under section 202 shall not be refundable under any circumstances.
207. No other benefit, concession or immunity to declarent.— Save as otherwise expressly provided in sub-section (3) of section 204 and section 205, nothing contained in this Scheme shall be construed as conferring any benefit, concession or immunity on the declarant in any proceedings other than those in relation to which the declaration has been made.
208. Scheme not to apply in certain cases.— The provisions of this Scheme shall not apply—
(a) in respect of tax arrear or specified tax,—
(i) relating to an assessment year in respect of which an assessment has been made under section 153A or 153C of the Income-tax Act or assessment or reassessment for any of the assessment years, in consequence of a search initiated under section 37A or requisition made under section 37B of the Wealth- -tax Act if it relates to any tax arrear;
(ii) relating to an assessment or reassessment in respect of which a survey conducted under section 133A of the Income-tax Act or section 38A of the Wealth-tax Act, has a bearing if it relates to any tax arrear;
(iii) relating to an assessment year in respect of which prosecution has been instituted on or before the date of filing of declaration under section 202;
(iv) relating to any undisclosed income from a source located outside India or undisclosed asset located outside India;
(v) relating to an assessment or reassessment made on the basis of information received under an agreement referred to in section 90 or section 90A of the Income-tax Act, if it relates to any tax arrear;
52 of 1974.
(b) to any person in respect of whom an order of detention has been made under the provisions of the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974:
Provided that—
(i) such order of detention, being an order to which the provisions of section 9 or section 12A of the said Act do not apply, has not been revoked on the report of the Advisory Board under section 8 of the said Act or before the receipt of the report of the Advisory Board; or
(ii) such order of detention, being an order to which the provisions of section 9 of the said Act apply, has not been revoked before the expiry of the time for, or on the basis of, the review under sub-section (3) of section 9, or on the report of the Advisor y Board under section 8, read with sub-section (2) of section 9, of the said Act; or
(iii) such order of detention, being an order to which the provisions of section 12A of the said Act apply, has not been revoked before the expiry of the time for, or on the basis of, the first review under sub-section (3) of that section, or on the basis of the report of the Advisory Board under section 8, read with sub-section (6) of section 12A, of the said Act; or
(iv) such order of detention has not been set aside by a court of competent jurisdiction;
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 201845 of 1860.
37 of 1967.
61 of 1985.
49 of 1988.
(c) to any person in respect of whom prosecution for any offence punishable under the provisions of the Indian Penal Code, the Unlawful Activities (Prevention) Act, 1967, the Narcotic Drugs and Psychotropic Substances Act, 1985, the Prevention of Corruption Act, 1988 or for the purpose of enforcement of any civil liability has been instituted on or before the filing of the declaration or such person has been convicted of any such offence punishable under any of those Acts;
27 of 1992.
(d) to any person notified under section 3 of the Special Cour t (Trial of Offences Relating to Transactions in Securities) Act, 1992.
209. Power of Central Government to issue directions, etc.— (1) The Central Government may, from time to time, issue such directions or orders to the authorities, as it may deem fit, for the proper administration of this Scheme:
Provided that no direction or order shall be issued so as to require any designated authority to dispose of a particular case in a particular manner.
(2) Without prejudice to the generality of the foregoing power, the Central Government may, if it considers necessary or expedient so to do, for the purpose of proper and efficient administration of the Scheme and collection of revenue, issue, from time to time, general or special orders in respect of any class of cases, setting forth directions or instructions as to the guidelines, principles or procedures to be followed by the authorities in the work relating to administration of the Scheme and collection of revenue and any such order may, if the Central Government is of the opinion that it is necessary in the public interest so to do, be published in the Official Gazette in such manner as may be prescribed.
210. Power to remove difficulties.— (1) If any difficulty arises in giving effect to the provisions of this Scheme, the Central Government may, by order, not inconsistent with the provisions of this Scheme, remove the difficulty:
Provided that no such order shall be made after the expiry of a period of two years from the date on which the provisions of this Scheme come into force.
(2) Every order made under this section shall, as soon as may be after it is made, be laid before each House of Parliament.
211. Power to make rules.— (1) The Central Government may, by notification in the Official Gazette, make rules for carrying out the provisions of this Scheme.
(2) Without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:–
(a) the form in which a declaration may be made and the manner in which such declaration may be verified under sub- -section (1) of section 203;
(b) the form of certificate which may be granted under sub-section (1) of section 204;
(c) the manner in which orders may be published under sub-section (2) of section 209;
(d) any other matter which by this scheme is to be, or may be, prescribed, or in respect of which provision is to be made, by rules.
(3) Ever y rule made by the Central Government under this Scheme shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days, which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018CHAPTER XI
The Indirect Tax Dispute Resolution Scheme, 2016
212. Short title, application and commence- ment.— (1) This Scheme may be called the Indirect Tax Dispute Resolution Scheme, 2016.
(2) It shall be applicable to the declarations
made up to the 31st day of December, 2016.
(3) It shall come into force on the 1st day of
June, 2016.
213. Definitions.— (1) In this Scheme, unless
the context otherwise requires,—
52 of 1962.
1 of 1994.
32 of 1994.
(a) "Act" means the Customs Act, 1962 or the Central Excise Act, 1944 or Chapter V of the Finance Act, 1994, as the case may be;
(b) "Assistant Commissioner" means the Assistant Commissioner of Customs or the Assistant Commissioner of Central Excise or the Assistant Commissioner of Service Tax, as the case may be;
(c) "Commissioner" means the Commissioner of Customs or the Commissioner of Central Excise or the Commissioner of Service Tax, as the case may be;
(d) "declarant" means any person who makes a declaration under sub-section (1) of section 214;
(e) "designated authority " means an officer not below the rank of Assistant Commissioner who is authorised to act as Assistant Commissioner by the Commissioner for the purposes of this Scheme;
(f) "impugned order" means any order which is under challenge before the Commissioner (Appeals);
(g) "indirect tax dispute" means a dispute in respect of any of the provisions of the Act which is pending before the Commissioner (Appeals) as an appeal against the impugned order as on the 1st day of March, 2016;
(h) "prescribed" means prescribed by
rules made under this Scheme;
(i) "tax" includes duty or tax levied under
the Act.
(2) Words and expressions used herein and not defined but defined in the Act or the rules made thereunder shall have the meanings respectively assigned to them in the Act or the rules made thereunder.
214. Procedure for making declaration.— (1) Subject to the provisions of this Scheme, a person may make a declaration to the designated authority on or before the 31st day of December, 2016 in such form and manner as may be prescribed.
(2) The designated authority shall acknowledge the declaration in such form and manner as may be prescribed.
(3) The declarant shall pay tax due alongwith the interest thereon at the rate as provided in the Act and penalty equivalent to twenty-five per cent. of the penalty imposed in the impugned order, within fifteen days of the receipt of acknowledgement under sub-section (2) and intimate the designated authority within seven days of making such payment giving the details of payment made along with the proof thereof.
(4) On receipt of the proof of payment of tax, interest and penalty under sub-section (3), the designated authority shall, within fifteen days of the receipt of such proof, pass an order of discharge of dues referred to in sub-section (3) in such form as may be prescribed.
215. Scheme not to apply in certain cases.— The provisions of this Scheme shall not apply, if—
(a) the impugned order is in respect of
search and seizure proceeding; or
(b) prosecution for any offence punishable under the Act has been instituted before the 1st day of June, 2016; or
(c) the impugned order is in respect of narcotic drugs or other prohibited goods; or OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 45 of 1860.
61 of 1985. 49 of 1988.
(d) impugned order is in respect of any offence punishable under the Indian Penal Code, the Narcotic Drugs and Psychotropic Sub- stances Act, 1985 or the Prevention of Corruption Act, 1988; or
52 of 1974.
(e) any detention order has been passed under the Conservation of Foreign Exchange and Prevention of Smuggling Act, 1974.
216. Immunity from other proceedings under Act.— (1) Notwithstanding anything contained in any provision of the Act, upon the passing of an order under sub-section (4) of section 214, the appeal pending before the Commissioner (Appeals) shall stand disposed of and the declarant shall get immunity from all proceedings under the Act, in respect of the indirect tax dispute for which the declaration has been made under this Scheme.
(2) A declaration made under sub-section (1) of section 214 shall become conclusive upon the issuance of an order under sub-section (4) of section 214 and no matter relating to the impugned order shall be reopened thereafter in any proceedings under the Act before any authority or court.
217. Consequences of order made under scheme.— (1) Any amount paid in pursuance of a declaration made under sub-section (1) of section 214 shall not be refunded.
(2) Any order passed under sub-section (4) of section 214 shall not be deemed to be an order on merits and has no binding effect.
Explanation.— For the removal of doubts, it is hereby declared that nothing contained in this Scheme shall be construed as conferring any benefit, concession or immunity on the declarant other than the benefit, concession or immunity granted under section 216.
218. Power to make rules.— (1) The Central Government may, by notification in the Official Gazette, make rules for carrying out the provisions of this Scheme.
(2) Without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:—
(a) the form and the manner in which a declaration may be made under sub-section (1) of section 214;
(b) the form and the manner of acknowledging the declaration under sub-section (2) of section 214;
(c) the form and the manner of issuing an order of discharge under sub-section (4) of section 214;
(d) any other matter which is to be, or may be, prescribed, or in respect of which provision is to be made, by rules.
(3) Every rule made under this Scheme shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.
CHAPTER XII
Miscellaneous
PART I
Amendments to the Reserve Bank of India Act, 1934
219. Commencement and Amendment of Act 2 of 1934.— The provisions of this Part shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
220. Amendment of preamble.— In the Reser ve Bank of India Act, 1934 (herein referred to as the principal Act), in the Preamble, for paragraphs 2 and 3, the OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 following paragraphs shall be substituted, namely:—
"And whereas it is essential to have a modern monetary policy framework to meet the challenge of an increasingly complex economy;
And whereas the primar y objective of the monetary policy is to maintain price stability while keeping in mind the objective of growth;
And whereas the monetary policy framework in India shall be operated by the Reserve Bank of India;".
221. Amendment of section 2.— In section
2 of the principal Act,—
(i) after clause (b), the following clause
shall be inserted, namely:—
'(bva) "Consumer Price Index" means the Consumer Price Index Combined published by the Government of India from time to time;';
(ii) after clause (c), the following clauses
shall be inserted, namely:—
'(ci) "inflation" means the year wise change in monthly Consumer Price Index expressed in terms of percentage:
(cii) "inflation target" means the inflation target determined in accordance with sub-section (1) of section 45ZA:';
(iii) after clause (cc), the following clauses
shall be inserted, namely:—
'(cci) "Monetary Policy Committee" means the Committee constituted under sub-section (1) of section 45ZB;':
(iv) after clause (cccc), the following
clause shall be inserted, namely:—
'(cccci) "Policy Rate" means the rate for repo-transactions under sub-section (12AB) of section 17;'.
222. Insertion of new Chapter III F.— After Chapter III E of the principal Act, the following Chapter shall be inserted, namely:—
"CHAPTER III F
Monetary Policy
45Z. Provisions of this Chapter to override other provision of Act.— The provisions of this Chapter shall have effect, notwithstanding anything inconsistent therewith contained in any other provisions of this Act.
45ZA. Inflation target.— (1) The Central Government shall, in consultation with the Bank, determine the inflation target in terms of the Consumer Price Index, once in every five years.
(2) The Central Government shall, upon such determination, notify the inflation target in the Official Gazette.
45ZB. Constitution of Monetary Policy Committee.— (1) The Central Government may, by notification in the Official Gazette, constitute a Committee to be called the Monetary Policy Committee of the Bank.
(2) The Monetary Policy Committee shall consist of the following Members, namely:—
(a) the Governor of the Bank-
Chairperson, ex officio;
(b) Deputy Governor of the Bank, in charge of Monetary Policy-Member, ex officio:
(c) one officer of the Bank to be nominated by the Central Board-Member, ex officio; and
(d) three persons to be appointed by
the Central Government-Members.
(3) The Monetary Policy Committee shall determine the Policy Rate required to achieve the inflation target.
(4) The decision of the Monetary Policy
Committee shall be binding on the Bank.
45ZC. Eligibility and selection of Members appointed by Central Government.— (1) The Members of the Monetary Policy Committee referred to in clause (d) of sub-section (2) of section 45ZB shall be appointed by the Central Government from amongst persons of ability, integrity and standing, having knowledge and OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 experience in the field of economics or banking or finance or monetary policy:
Provided that no person shall be appointed
as a Member, in case such person—
(i) has completed the age of seventy years
on the date of appointment as Member;
(ii) is a Member of any Board or Committee
of the Bank;
(iii) is an employee of the Bank;
45 of 1860.
(iv) is a public servant as defined under section 21 of the Indian Penal Code;
(v) is a Member of Parliament or any State
Legislature;
(vi) has been at any time, adjudged as an
insolvent;
(vii) has been convicted of an offence which is punishable with an imprisonment for a term of one hundred and eighty days or more:
(viii) is physically or mentally incapable of discharging the duties of a Member of the Monetary Policy Committee; or
(ix) has a material conflict of interest with the Bank and is unable to resolve such conflict.
(2) The Members of the Monetary Policy Committee referred to in clause (d) of sub- -section (2) of section 45ZB shall be appointed by the Central Government on the recommendations made by Search-cum- -Selection Committee consisting of the following members, namely:—
(a) Cabinet Secretary —Chairperson;
(b) Governor of the Reserve Bank of India or his representative (not below the rank of Deputy Governor —Member;
(c) Secretary, Department of Economic
Affairs —Member;
(d) three experts in the field of economics or banking or finance or Monetary policy to be nominated by the Central Government —Members.
(3) While selecting the Members of the Monetary Policy Committee, the Search-cum- Selection Committee shall follow such procedure as may be prescribed by the Central Government.
45ZD. Terms and condition of appointment of Members of Monetary Policy Committee.— (1) The Members of the Monetary Policy Committee appointed under clause (d) of sub-section (2) of section 45ZB shall hold office for a period of four years and shall not be eligible for re-appointment.
(2) The terms and conditions of appointment of Members of the Monetary Policy Committee shall be such as may be prescribed by the Central Government and the remuneration and other allowances payable to such Members shall be such as may be specified by the regulations made by the Central Board.
(3) A Member may resign from the Monetary Policy Committee, at any time before the expiry of his tenure under sub-section (1), by giving to the Central Government, a written notice of not less than six weeks, and on the acceptance of the resignation by the Central Government, he shall cease to be a Member of the Monetary Policy Committee.
45ZE. Removal of members of monetary policy committee.— (1) The Central Government may remove from office any Member of the Monetary Policy Committee appointed under clause (d) of sub-section (2) of section 45ZB, who—
(a) is, or at any time has been, adjudged
as an insolvent; or
(b) has become physically or mentally
incapable of acting as a Member; or
(c) has been convicted of an offence which, in the opinion of the Central Government, involves moral turpitude; or
(d) has failed to adequately disclose any material conflict of interest at the time of his appointment; or
(e) does not attend three consecutive meetings of the Monetary Policy Committee without obtaining prior leave; or OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 (f) has acquired such financial or other interest as is likely to affect prejudicially his functions as a Member; or
(g) has acquired any post referred to in clauses (ii), (iii), (iv) and clause (v) of the proviso to sub-section (1) of section 45ZC; or
(h) has, in the opinion of the Central Government, so abused his position as to render his continuance in office detrimental to the public interest.
(2) No Member appointed under clause (d) of sub-section (2) of section 45ZB shall be removed under clause (d) or clause (e) or clause (f) or clause (g) or clause (h) of sub- -section(1) unless he has been given a reasonable opportunity of being heard in the matter.
45ZF. Vacancies etc., not to invalidate proceedings of Monetary Policy Committee.— No act or proceeding of the Monetary Policy Committee shall be invalid merely by reason of—
(a) any vacancy in, or any defect in the constitution of the Monetar y Policy Committee; or
(b) any defect in the appointment of a person acting as a Member of the Monetary Policy Committee; or
(c) any irregularity in the procedure of the Monetary Policy Committee not affecting the merits of the case.
45ZG. Secretary to Monetary Policy Committee.— (1) The Bank shall appoint a Secretary to the Monetary Policy Committee to provide secretariat support to the said Committee.
(2) The Secretar y shall perfor m such functions and in such manner as may be specified by the regulations made by the Central Board.
45ZH. Information for Monetary Policy Committee Members.— (1) The Bank shall provide all information to the Members of the Monetary Policy Committee that may be relevant to achieve the inflation target.
(2) In addition to information provided by the Bank under sub-section (1), any Member of the Monetary Policy Committee may, at any time, request the Bank for additional information, including any data, models or analysis.
(3) The Bank shall provide the information, as referred to in sub-section (2), to the Member of the Monetary Policy Committee, within reasonable time, unless—
(a) the information pertains to an entity
or person and is not publicly available; or
(b) the information allows an entity or person to be identified and the information is not publicly available.
(4) Any information provided by the Bank to a Member of the Monetary Policy Committee shall be provided to all the Members of the Monetary Policy Committee.
45ZI. Meetings of Monetary Policy Committee.— (1) The Bank shall organise at least four meetings of the Monetary Policy Committee in a year.
(2) The meeting schedule of the Monetary Policy Committee for a year shall be published by the Bank at least one week before the first meeting in that year.
(3) The meeting schedule may be changed
only—
(a) by way of a decision taken at a prior meeting of the Monetary Policy Committee; or
(b) if, in the opinion of the Governor, an additional meeting is required or a meeting is required to be rescheduled due to administrative exigencies.
(4) Any change in meeting schedule shall be published by the Bank as soon as practicable.
(5) The quorum for a meeting of the Monetary Policy Committee shall be four Members, at least one of whom shall be the Governor and in his absence, the Deputy Governor who is the Member of the Monetary Policy Committee.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018(6) The meetings of the Monetary Policy Committee shall be presided over by the Governor, and in his absence by the Deputy Governor who is a Member of the Monetary Policy Committee.
(7) Each Member of the Monetary Policy
Committee shall have one vote.
(8) All questions which come up before any meeting of the Monetary Policy Committee shall be decided by a majority of votes by the Members present and voting, and in the event of an equality of votes, the Governor shall have a second or casting vote.
(9) The Central Government may, if it considers necessary, convey its views in writing to the Monetary Policy Committee from time to time.
(10) The vote of each Member of the Monetary Policy Committee for a proposed resolution shall be recorded against such Member.
(11) Each Member of the Monetary Policy Committee shall write a statement specifying the reasons for voting in favour of, or against the proposed resolution.
(12) The procedure, conduct, code of confidentiality and any other incidental matter for the functioning of the Monetary Policy Committee shall be such as may be specified by the regulations made by the Central Board.
(13) The proceeding of the Monetary Policy
Committee shall be confidential.
45ZJ. Steps to be taken to implement decision of Monetary Policy Committee.— (1) The Bank shall publish a document explaining the steps to be taken by it to implement the decisions of the Monetary Policy Committee, including any changes thereto.
(2) The particulars to be included in such document and the frequency of publications of such document shall be such as may be specified by the regulations made by the Central Board.
45ZK. Publication of decisions.— The Bank shall publish, after the conclusion of every meeting of the Monetary Policy Committee, the resolution adopted by the said Committee;
45ZL. Publication of proceedings of meeting of Monetary Policy Committee.— The Bank shall publish, on the fourteenth day after ever y meeting of the Monetary Policy Committee, the minutes of the proceedings of the meeting which shall include the following, namely:—
(a) the resolution adopted at the meeting
of the Monetary Policy Committee;
(b) the vote of each member of the Monetary Policy Committee, ascribed to such member, on resolutions adopted in the said meeting; and
(c) the statement of each member of the Monetary Policy Committee under sub- section (1) of section 45ZL on the resolutions adopted in the said meeting.
45ZM. Monetary Policy Report.— (1) The Bank shall, once in every six months, publish a document to be called the Monetary Policy Report, explaining—
(a) the sources of inflation; and
(b) the forecasts of inflation for the period between six to eighteen months from the date of publication of the document.
(2) The form and contents of the Monetary Policy Repor t shall be such as may be specified by the regulations made by the Central Board.
45ZN. Failure to maintain inflation target.— Where the Bank fails to meet the inflation target, it shall set out in a report to the Central Government–
(a) the reasons for failure to achieve the
inflation target;
(b) remedial actions proposed to be taken
by the Bank; and
(c) an estimate of the time-period within which the inflation target shall be achieved pursuant to timely implementation of proposed remedial actions.
Explanation.— For the purposes of this section, the factors that constitute failure shall OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 be such as may be notified by the Central Government in the Official Gazette, within three months from the date of the commencement of Part I of Chapter XII of the Finance Act, 2016.
45ZO. Power to make rules.— (1) The Central Government may, by notification in the Official Gazette, make rules for the purpose of carrying out the provisions of this Chapter.
(2) In particular and without prejudice to the generality of the foregoing power, such rules may provide for—
(a) the procedure of functioning of the Search-cum-Selection Committee under sub-section (3) of section 45ZC;
(b) the terms and conditions of appointment, (other than the remuneration and other allowances), of Members of the Monetary Policy Committee under sub- section (2) of section 45ZD; and
(c) any other matter which is to be, or may be, prescribed by the Central Government by rules.".
223. Amendment of section 58.— In section 58 of the principal Act, in sub-section (2), after clause (q), the following clauses shall be inserted, namely:—
"(qa) the remuneration and other allowances payable to Members of the Monetary Policy Committee under sub- -section (2) of section 45ZD;
(qb) the functions of the Secretary under
sub-section (2) of section 45ZG;
(qc) the procedure, manner of conducting of meetings and related matters of the Monetar y Policy Committee under sub-section (12) of section 45ZI;
(qd) the particulars and the frequency of publication of document under sub-section (2) of section 45ZJ;
(qe) the form and contents of the Monetar y Policy Report to be published under sub-section (2) of section 45ZM;".
PART II
Amendment to the Central Sales Tax Act, 1956
224. Amendment of Act 74 of 1956.— In the Central Sales Tax Act, 1956, in section 3, after Explanation 2, the following Explanation shall be inserted, namely:—
"Explanation 3.— Where the gas sold or purchased and transpor ted through a common carrier pipeline or any other common transport or distribution system becomes co-mingled and fungible with other gas in the pipeline or system and such gas is introduced into the pipeline or system in one State and is taken out from the pipeline in another State, such sale or purchase of gas shall be deemed to be a movement of goods from one State to another.".
PART III
Amendment to the Oil Industrial (Development) Act, 1974
225. Amendment of Schedule of Act 47 of 1974.— In the Oil Industry (Development) Act, 1974, in the Schedule, against Sl. No. 1 relating to crude oil, for the entry in column 3, the entry "twenty per cent. ad valorem" shall be substituted.
PART IV
Amendment to the Smugglers and Foreign Exchange Manipulators (Forefeiture of Property) Act, 1976
226. Amendment of Act 13 of 1976.— In the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 with effect from the 1st day of June, 2016,—
(a) section 2A shall be omitted;
(b) in section 3, in sub-section (1), in clause (a), the words "for Forfeited Property" shall be omitted;
(c) in section 12,—
(i) in sub-section (1),—
(A) the words "to be called the Appellate Tribunal for Forfeited Property" shall be omitted;
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018(B) for the words "hearing appeals against the orders made under section 7, sub-section (1) of section 9 or section 10", the following shall be substituted, namely:—
"hearing appeals against the orders made—
(a) under section 7, sub-section (1)
of section 9 or section 10;
61 of 1985.
(b) under section 68F, section 68-I, sub-section (1) of section 68K or section 68L of the Narcotic Drugs and Psychotropic Sub- stances Act, 1985;
15 of 2003.
(c) by the Adjudicating Authority or any other authority under the Prevention of Money- laundering Act, 2002.";
(ii) in sub-section (2), the words "or is
qualified to be" shall be omitted;
(iii) in sub-section (6A), for the words "Bench of two members", the words "Bench with one or two members" shall be substituted;
(iv) af ter sub-section (6A), the following sub-sections shall be inserted, namely:—
"(6B) In the event of the occurrence of any vacancy in the office of the Chairman by reason of his death, resignation or otherwise, the senior- most member, shall act as the Chairman until the date on which a new Chairman, appointed in accordance with the provisions of this Act to fill such vacancy, enters upon his office.
(6C) When the Chairman is unable to discharge his functions owing to absence, illness or any other cause, the senior-most member shall discharge the functions of the Chairman until the date on which the Chairman resumes his duties.".
PART V
Amendment to the Narcotic Drugs and Psychotropic Substances Act, 1985
227. Amendment of Act 61 of 1985.— In the Narcotic Drugs and Psychotropic Substances Act, 1985 with effect from the 1st day of June, 2016,—
(a) in section 68B, in clause (a), for the words "for Forfeited Property constituted under", the words "referred to in" shall be substituted;
(b) for section 68N, the following section
shall be substituted, namely:—
13 of 1976.
"68N. The Appellate Tribunal constituted under sub-section (1) of section 12 of the Smugglers and Foreign Exchange Manipulators (Forfeiture of Proper ty) Act, 1976 shall be the Appellate Tribunal for hearing appeals against the orders made under section 68F, section 68-1, sub- -section (1) of section 68K or section 68L.";
(c) in section 76, in sub-section (2), clause
(db) shall be omitted.
PART VI
Amendments to the Foreign Exchange Management Act, 1999
228. Commencement of this part.— The provisions of this Part shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
229. Amendment of Act 42 of 1999.— In the Foreign Exchange Management Act, 1999, after section 14, the fol1owing section shall be inserted, namely:—
"14A. Power to recover arrears of penalty.— (1) Save as otherwise provided in this Act, the Adjudicating Authority may, by order in writing, authorise an officer of Enforcement not below the rank of Assistant Director to recover any arrears of penalty from any person who fails to make full payment of penalty imposed on him under section 13 within the period of ninety days OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 from the date on which the notice for payment of such penalty is served on him.
43 of 1961.
(2) The officer referred to in sub- section (1) shall exercise all the like powers which are conferred on the income-tax authority in relation to recovery of tax under the Income-tax Act, 1961 and the procedure laid down under the Second Schedule to the said Act shall mutatis mutandis apply in relation to recovery of arrears of penalty under this Act.".
PART VII
Amendment to the Central Road Fund Act, 2000
230. Amendment of Act 54 of 2000.— In section 10 of the Central Road Fund Act, 2000, with effect from the 1st day of June, 2016,—
(A) in sub-section (1), for clause (viii), the following clause shall be substituted, namely:—
"(viii) allocation of—
(a) thirty-three and one-half per cent of the cess on high speed diesel and petrol for the development of rural roads;
(b) forty-one and one-half per cent. of the cess on high speed diesel and petrol for the development and maintenance of national highways;
(c) fourteen per cent. of the cess on high speed diesel and petrol for railways safety works, including the construction of road either under or over the railways by means of a bridge and erection of safety works at unmanned rail-road crossings, new lines, conversion of existing standard lines into gauge lines and electrification of rail lines:
Provided that no repair, maintenance or renovation work shall be carried out from the allocation of cess under this sub-clause;
(d) ten per cent. of the cess on high speed diesel and petrol on development and maintenance of State roads of inter-State and economic importance to be so approved by the Central Government; and
(f) one per cent. of the cess on high speed diesel and petrol on development and maintenance of road in border areas.";
(B) sub-section (2) shall be omitted.
PART VIII
Amendment to the Finance Act, 2001
231. Amendment of Act 14 of 2001.— In the Finance Act, 2001, the Seventh Schedule shall be amended,—
(i) in the manner specified in the Twelfth
Schedule;
(ii) in the manner specified in the Thirteenth Schedule, with effect from the 1st day of January, 2017.
PART IX
Amendment to the Prevention of Money-Laundering Act, 2002
232. Amendment of Act 15 of 2003.— In the Prevention of Money-laundering Act, 2002 with effect from the 1st day of June, 2016,—
(a) in section 2 in sub-section (1), in clause (b), for the words "established under", the words "referred to in" shall be substituted;
(b) for section 25, the following section
shall be substituted, namely:—
13 of 1976.
"25. Appellate Tribunal.— The Appellate Tribunal constituted under sub-section (1) of section 12 of the Smugglers and Foreign Exchange Manipulators (For- feiture of Property) Act, 1976 shall be the Appellate Tribunal for hearing appeals against the orders of the Adjudicating Authority and the other authorities under this Act.";
(c) sections 27, 28, 30, 31, 32, 33 and 34
shall be omitted;
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018(d) in sections 36, 37, 38 and 40 for the word "Chairperson" wherever it occurs, the word "Chairman" shall be substituted;
(e) in section 73, in sub-section (2),
clauses (s) and (t) shall be omitted.
PART X
Amendment to the Finance (No. 2) Act, 2004
233. Amendment of Act 23 of 2004.— In the Finance (No. 2) Act, 2004 with effect from the 1st day of June, 2016,—
(a) in section 98, in the Table, against serial number 4, in item (a), under column (3), for the entry "0.017 per cent.", the entry "0.05 per cent." shall be substituted;
(b) for section 113A, the following section
shall be substituted, namely:—
'113A. Chapter VII not to apply in certain cases.— Notwithstanding anything contained in this Chapter, the provisions of this Chapter shall not apply to taxable securities transactions entered into by,—
43 of 1961.
(a) any person for or on behalf of, the New Pension System Trust referred to in clause (44) of section 10 of the Income-tax Act, 1961; or
(b) any person on a recognised stock exchange located in an International Financial Ser vices Centre where the consideration for such transaction is paid or payable in foreign currency.
28 of 2005.
Explanation.— For the purposes of this section, "International Financial Ser vices Centre" shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005.'.
PART XI
Amendment to the Finance Act, 2005
234. Amendment of Act 18 of 2005.— In the Finance Act, 2005, the Seventh Schedule shall be amended in the manner specified in the Fourteenth Schedule.
PART XII
Amendment to the Finance Act, 2010
235. Amendment of Act 14 of 2010.— In
the Finance Act, 2010,—
(i) in Chapter VII or in any other law for the time being in force, for the words "Clean Energy Cess", wherever they occur, the words "Clean Environment Cess" shall be substituted;
(ii) in the Tenth Schedule, for the entry in column (4) occurring against all the headings, the entry "Rs. 400 per tonne" shall be substituted.
PART XIII
Amendment to the Foreign Contribution (Regulation) Act, 2010
236. Amendment of section 2 of Act 42 of 2010.— In the Foreign Contribution (Regulation) Act, 2010, in section 2, in sub-section (1), in clause (j), in sub-clause (vi), the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 26th September, 2010, namely:—
42 of 1999.
"Provided that where the nominal value of share capital is within the limits specified for foreign investment under the Foreign Exchange Management Act, 1999, or the rules or regulations made thereunder, then, notwithstanding the nominal value of share capital of a company being more than one-half of such value at the time of making the contribution, such company shall not be a foreign source;".
PART XIV
Amendment to the Finance Act, 2013
237. Amendment of Act 17 of 2013.— In the Finance Act, 2013, after section 132, the following section shall be inserted, with effect from the 1st day of June, 2016, namely:—
'132A. Chapter VII not to apply in certain cases.— Notwithstanding anything contained in this Chapter, the provisions of this Chapter shall not apply to taxable commodities transactions entered into by any person on a recognised association OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 located in an International Financial Services Centre, where the consideration for such transaction is paid or payable in foreign currency.
28 of 2005.
Explanation.— For the purposes of this section, "International Financial Services Centre" shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones, Act, 2005.'.
PART XV
Amendment to the Finance Act, 2015
238. Amendment of Act 20 of 2015.— In the
Finance Act, 2015,—
(a) in section 4, clause (ii) shall be omitted with effect from the 1st day of April, 2016;
(b) with effect from the 1st day of June,
2016,—
(i) in section 122, in sub-section (2), for the words "Any credit balance", the words "Notwithstanding anything contrary contained in any other law for the time being in force, any credit balance" shall be substituted;
(ii) in section 124, sub-section (5) shall
be omitted;
(iii) in section 128, in sub-section (2),
clause (c) shall be omitted.
PART XVI
Repeal and Amendment of certain enactments
239. Repeal and amendment of certain enactments.— The enactments specified in the Fifteenth Schedule are hereby repealed or amended to the extent mentioned in the fourth column thereof.
240. Savings.— (1) The repeal by this Act of the enactments specified in the Fifteenth Schedule or amendments therein shall not—
(a) affect any other enactment in which the repealed enactment has been applied, incorporated or referred to;
(b) affect the validity, invalidity, effect or consequences of anything already done or suffered, or any right, title, obligation or liability already acquired, accrued or incurred or any remedy or proceeding in respect thereof, or any release or discharge of or from any debt, penalty, obligation, liability, claim or demand, or any indemnity already granted, or the proof of any past act or thing;
(c) affect any principle or rule of law, or established jurisdiction, form or course of pleading, practice or procedure, or existing usage, custom, privilege, restriction, exemption, office or appointment, notwithstanding that the same respectively may have been in any manner affirmed or recognised or derived by, in or from any enactment hereby repealed;
(d) revive or restore any jurisdiction, office, custom, liability, right, title, privilege, restriction, exemption, usage, practice, procedure or other matter or thing not now existing or in force.
10 of 1897.
(2) The mention of particular matters in sub-section (1) shall not be held to prejudice or affect the general application of section 6 of the General Clauses Act, 1897, with regard to the effect of repeals.
241. Collection and payment of arrears of duties.— Notwithstanding the repeal or amendment of the enactments specified in the Fif teenth Schedule, the proceeds of duties levied under the said enactments immediately preceding the date on which the Finance Bill, 2016 receives the assent of the President,—
(i) if collected by the collecting agencies but not paid into the Reserve Bank of India; or
(ii) if not collected by the collecting
agencies,
shall be paid or as the case may be, collected and paid into the Reser ve Bank of India for being credited to the Consolidated Fund of India.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018THE FIRST SCHEDULE
(See section 2)
PART I
INCOME-TAX
Paragraph A
(1) In the case of every individual other than the individual referred to in items (II) and (III) of this Paragraph or Hindu undivided family or association of persons or body of individuals, whether incorporated or not or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, not being a case to which any other Paragraph of this Part applies,—
Rates of income-tax
(1) where the total income does not exceed Nil;
Rs. 2,50,000
(2) where the total income exceeds Rs. 2,50,000 10 per cent of the amount by which the total but does not exceed Rs. 5,00,000 income exceeds Rs. 2,50,000;
(3) where the total income exceeds Rs. 5,00,000 Rs. 25,000 plus 20 per cent. of the amount by but does not exceed Rs. 10,00,000 which the total income exceeds Rs. 5,00,000;
(4) where the total income exceeds Rs. 10,00,000 Rs. 1,25,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 10,00,000;
(II) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,—
Rates of income-tax
(1) where the total income does not exceed Nil;
Rs. 3,00,000
(2) where the total income exceeds Rs. 3,00,000 10 per cent. of the amount by which the total
but does not exceed Rs. 5,00,000 income exceeds Rs. 3,00,000;
(3) where the total income exceeds Rs. 5,00,000 Rs. 20,000 plus 20 per cent. of the amount by
by does not exceed Rs. 10,00,000 which the total income exceeds Rs. 5,00,000;
(4) where the total income exceeds Rs. 10,00,000 Rs. 1,20,000 plus 30 per cent. of the amount by which
the total income exceeds Rs. 10,00,000.
(III) In the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year,—
Rates of income-tax
(1) where the total income does not exceed Nil;
Rs. 5,00,000
(2) where the total income exceeds Rs. 5,00,000 20 per cent. of the amount by which the total but does not exceed Rs. 10,00,000 income exceeds Rs. 5,00,000;
(3) where the total income exceeds Rs. 10,00,000 Rs. 1,00,000 plus 30 per cent. of the amount by which
the total income exceeds Rs. 10,00,000.
Surcharge on income-tax
The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of twelve per cent. of such income-tax:
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018Provided that in the case of persons mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
Paragraph B
In the case of every co-operative society,–
Rates of income-tax
(1) where the total income does not exceed 10 per cent. of the total income;
Rs. 10,000
(2) where the total income exceeds Rs. 10,000 but Rs. 1,000 plus 20 per cent. of the amount by which not exceed Rs. 20,000
the total income exceeds Rs. 10,000;
(3) where the total income exceeds Rs. 20,000 Rs. 3,000 plus 30 per cent. of the amount by which
the total income exceeds Rs. 20,000.
Surcharge on income-tax
The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every co-operative society, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of twelve per cent. of such income-tax:
Provided that in the case of co-operative society mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
Paragraph C
In the case of every firm,—
Rate of income-tax
On the whole of the total income 30 per cent.
Surcharge on income-tax
The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111 A or section 112 of the Income-tax Act, shall, in the case of every firm, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of twelve per cent. of such income-tax:
Provided that in the case of firm mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
Paragraph D
In the case of every local authority,—
Rate of income-tax
On the whole of the total income 30 per cent.
Surcharge on income-tax
The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every local authority, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of twelve per cent. of such income-tax:
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018Provided that in the case of local authority mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
Paragraph E
In the case of a company,—
Rates of income-tax
I. In the ease of a domestic company 30 per cent. of the total income.
II. In the case of a company other than a domestic company,—
(i) on so much of the total income as consists of.—
(a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or
(b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976,
and where such agreement has, in either case, been approved by the Central Government. 50 per cent.
(ii) on the balance, if any, of the total income 40 per cent.
Surcharge on income-tax
The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, be increased by a surcharge for the purposes of the Union calculated,—
(i) in the case of every domestic company,—
(a) having a total income exceeding one crore rupees, but not exceeding ten crore rupees, at the rate of seven per cent. of such income-tax; and
(b) having a total income exceeding ten crore rupees, at the rate of twelve per cent. of such income-tax;
(ii) in the case of every company other than a domestic company,—
(a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of two per cent. of such income-tax; and
(b) having a total income exceeding ten crore rupees, at the rate of five per cent. of such income-tax:
Provided that in the case of every company having a total income exceeding one, crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees:
Provided further that in the case of every company having a total income exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income often crore rupees by more than the amount of income that exceeds ten crore rupees.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018PART II
Rates for deduction of Tax at source in certain cases
In every case in which under the provisions of sections 193, 194, 194A, 194B, 194BB, 194D, 194LBA, 194LBB, 194LBC and 195 of the Income-tax Act, tax is to be deducted at the rates in force, deduction shall be made from the income subject to the deduction at the following rates:—
Rate of income-tax
1. In the case of a person other than a company—
(a) where the person is resident in India—
(i) on income by way of interest other than "Interest on securities" 10 per cent.; (ii) on income by way of winnings from lotteries, crossword puzzles, 30 per cent.;
card games and other games of any sort
(iii) on income by way of winnings from horse races (iv) on income by way of insurance commission (v) on income by way of interest payable on–
30 per cent.; 5 per cent.; 10 per cent.;
(A) any debentures or securities for money issued by or on behalf of any local authority or a corporation established by a Central State or Provincial Act:
(B) any debentures issued by a company where such debentures are listed on a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and any rules made thereunder:
Rate of income-tax
(C) any security of the Central or State Government;
(vi) on any other income.
10 per cent;
(b) where the person is not resident in India–
(i) in the case of a non-resident Indian–
20 per cent;
(A) on any investment income.
(B) on income by way of long-term capital gains referred to in section 115E or 10 per cent; sub-clause (iii) of clause (c) of sub-section (1) of section 112.
(C) on income by way of short-term capital gains referred to in section 111A. 15 per cent;
(D) on other income by way of long-term capital gains [not being long-term 20 per cent; capital gains referred to in clauses (33), (36) and (38) of section 10].
(E) on income by way of interest payable by Government or an Indian concern 20 per cent; on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency (not being income by way of interest referred to in section 194LB or section 194LC).
(F) on income by way of royalty payable by Government or an Indian concern 10 per cent; in pursuance of an agreement made by it with the Government or the Indian concern where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject referred to in the first proviso to sub-section (1A) of section 115A of the Income-tax Act to the Indian concern, or in respect of any computer software referred to in the second proviso to sub-section (1A) of section 115A of the Income-tax Act, to a person resident in India.
(G) on income by way of royalty [not being royalty of the nature referred to in 10 per cent; sub-item (b)(i)(F)] payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force of the Government of India, the agreement is in accordance with that policy.
(H) on income by way of fees for technical services payable by Government or an 10 per cent; Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy
(I) on income by way of winnings from lotteries, crossword puzzles, card games 20 per cent; and other games of any sort.
(J) on income by way of winnings from horse races.
30 per cent;
(K) on the whole of the other income.
30 per cent;
(ii) in the case of any other person—
(A) on income by way of interest payable by Government or an Indian concern on 20 per cent; moneys borrowed or debt incurred by Government or the Indian concern in foreign currency (not being income by way of interest referred to in section 194LB or section 194LC).
(B) on income by way of royalty payable by Government or an Indian concern in 10 per cent; pursuance of an agreement made by it with the Government or the Indian concern where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject referred to in the first proviso to sub-section, (1A) of section 115A of the Income-tax Act, to the Indian concern, or in respect of any computer software referred to in the second proviso to sub-section (1A) of section 115A of the Income-tax Act, to a person resident in India.
(C) on income by way or royalty [not being royalty of the nature referred to in 10 per cent; sub-item (b)(II)(B)] payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy for the time being in force, of the Government of India, the agreement is in accordance with that policy.
(D) on income by way of fees for technical services payable by Government or an 10 per cent; Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy.
(E) on income by way of winnings from lotteries, crossword puzzles, card games 30 per cent; and other games of any sort.
(F) on income by way of winnings from horse races.
30 per cent;
(G) on income by way of short-term capital gains referred to in section 111A (II) 15 per cent;
(H) on income by way of long-term capital gains referred to in sub-clause (iii) of 10 per cent; clause (c) of sub-section (1) of section 112.
(j) on income by way of other long-term capital gains [not being long-term capital 20 per cent; gains referred to in clauses (33), (36) and (38) of section 10].
(J) on the whole of the other income.
30 per cent;
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 20182. In the case of a company–
(a) where the company is a domestic company–
(i) on income by way of interest other than "Interest on securities".
10 per cent;
(ii) on income by way of winnings from lotteries, crossword puzzles, card games and
30 per cent;
other games of any sort.
(iii) on income by way of winnings from horse races.
30 per cent;
(iv) on any other income.
10 per cent;
(b) where the company is not a domestic company–
(i) on income by way of winnings from lotteries, crossword puzzles, card games and
30 per cent;
other games of any sort.
(ii) on income by way of winnings from horse races.
30 per cent;
20 per cent;
(iii) on income by way of interest payable by Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency (not being income by way of interest referred to in section 194LB or section 194LC).
10 per cent;
(iv) on income by way of royalty payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1976 where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject referred to in the first proviso to sub-section (1A) of section 115A of the Income- tax Act, to the Indian concern, or in respect of any computer software referred to in the second proviso to sub-section (1A) of section 115A of the Income-tax Act, to a person resident in India.
(v) on income by way of royalty [not being royalty of the nature referred to in sub-item (b)(iv)] payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy—
(A) where the agreement is made after the 31st day of March, 1961 but before the 50 per cent; 1st day of April, 1976.
(B) where the agreement is made after the 31st day of March, 1976.
10 per cent;
(vi) on income by way of fees for technical services payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy—
(A) where the agreement is made after the 29th day of February, 1964 but before the 50 per cent; 1st day of April, 1976.
10 per cent;
(B) where the agreement is made after the 31st day of March, 1976.
(vii) on income by way of short-term capital gains referred to in section 111A.
15 per cent;
10 per cent;
(viii) on income by way of long-term capital gains referred to in sub-clause (iii) of clause
(c) of sub-section (1) of section 112.
20 per cent;
(ix) on income by way of other long-term capital gains [not being long-term capital
gains referred to in clauses (33), (36) and (38) of section 10].
(x) on any other income.
40 per cent;
Explanation— For the purpose of item 1(b )(i) of this Part, "investment income" and "non-resident Indian" shall have the meanings assigned to them in Chapter XII-A of the Income-tax Act.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018Surcharge on income-tax
The amount of income-tax deducted in accordance with the provisions of—
(i) item 1 of this Part, shall be increased by a surcharge, for purposes of the Union,—
(a) in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, being a non-resident, calculated at the rate of fifteen per cent. of such tax; and
(b) in the case of every co-operative society or firm, being a non-resident, calculated at the rate of twelve per cent.,
where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees;
(ii) item 2 of this Part shall be increased by a surcharge, for purposes of the Union, in the case of every company other than a domestic company calculated,—
(a) at the rate of two per cent of such income-tax where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees but does not exceed ten crore rupees; and
(b) at the rate of five per cent. of such income-tax where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds ten crore rupees.
PART III
RATES FOR CHARGING INCOME-TAX IN CERTAIN CASES, DEDUCTING INCOME-TAX FROM
INCOME CHARGEABLE UNDER THE HEAD "SALARIES" AND COMPUTING "ADVANCE TAX"
In cases in which income-tax has to be charged under sub-section (4) of section 172 of the Income-tax Act or sub-section (2) of section 174 or section 174A or section 175 or sub-section (2) of section 176 of the said Act or deducted from or paid on, from income chargeable under the head "Salaries" under section 192 of the said Act 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" [not being "advance tax" in respect of any income chargeable to tax under Chapter XII or Chapter XII-A or income chargeable to tax under section 115JB or section 115JC or Chapter XII-FA or Chapter XII-FB or sub-section (1A) of section 161 or section 164 or section 164A or section 167B of the Income-tax Act at the rates as specified in that Chapter or section or surcharge, wherever applicable, on such "advance tax" in respect of any income chargeable to tax under section 115A or section 115AB or section 115AC or section 115ACA or section 115AD or section 115B or section 115BA or section 115BB or section 115BBA or section 115BBC or section 115BBD or section 115BBDA or section 115BBE or section 115BBF or section 115E or section 115JB or section 115JC] shall be charged, deducted or computed at the following rate or rates:—
Paragraph A
(I) In the case of every individual other than the individual referred to in items (II) and (III) of this Paragraph or Hindu undivided family or association of persons or body of individuals, whether incorporated or not or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, not being a case to which any other Paragraph of this Part applies,—
Rates of income-tax
(1) where the total income does not exceed Nil;
Rs. 2,50,000
(2) where the total income exceeds Rs. 2,50,000 10 per cent. of the amount by which the total but does not exceed Rs. 5,00,000 income exceeds Rs. 2,50,000;
(3) where the total income exceeds Rs. 5,00,000 Rs. 25,000 plus 20 per cent. of the amount by which but does not exceed Rs. 10,00,000 the total income exceeds Rs. 5,00,000;
(4) Where the total income exceeds Rs. 10,00,000 Rs. 1,25,000 plus 30 per cent. of the amount by which
the total income exceeds Rs. 10,00,000.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018(II) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,–
Rates of income-tax
(1) where the total income does not exceed Nil;
Rs. 3,00,000
(2) where the total income exceeds Rs. 3,00,000 10 per cent. of the amount by which the total but does not exceed Rs. 5,00,000 income exceeds Rs. 3,00,000;
(3) where the total income exceeds Rs. 5,00,000 Rs. 20,000 plus 20 per cent. of the amount by but does not exceed Rs. 10,00,000 which the total income exceeds Rs. 5,00,000:
(4) where the total income exceeds Rs. 10,00,000 Rs. 1,20,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 10,00,000.
(III) In the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year,–
(1) where the total income does not exceed Nil;
Rs. 5,00,000
(2) where the total income exceeds Rs. 5,00,000 20 per cent. of the amount by which the total but does not exceed Rs. 10,00,000 income exceeds Rs. 5,00,000;
(3) where the total income exceeds Rs. 5,00,000 Rs. 1,00,000 plus 30 per cent. of the amount by but does not exceed Rs. 10,00,000 which the total income exceeds Rs. 10,00,000:
The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section IIIA or section 112 of the Income-tax Act, shall, in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of fifteen per cent. of such income-tax:
Provided that in the case of persons mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
Paragraph B
Rates of income-tax
In the case of every co-operative society,—
(1) where the total income does not exceed 10 per cent of the total income;
Rs. 10,000
(2) where the total income exceeds Rs. 10,000 Rs. 1,000 plus 20 per cent. of the amount by but does not exceed Rs. 20,000 which the total income exceeds Rs. 10,000:
(3) where the total income exceeds Rs. 20,000 Rs. 3,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 20,000:
Surchage on income-tax
The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every co-operative society, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of twelve per cent. of such income-tax:
Provided that in the case of every co-operative society mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018Paragraph C
In the case of every firm.—
Rate of income-tax
On the whole of the total income
30 per cent.
Surcharge on income-tax
The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every firm, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of twelve per cent. of such income-tax:
Provided that in the case of firm mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
Paragraph D
In the case of every local authority,—
Rate of income-tax
On the whole of the total income
30 per cent.
Surcharge on income-tax
The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every local authority, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of twelve per cent. of such income-tax:
Provided that in the case of every local authority mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
Paragraph E
In the case of a company,—
Rates of income-tax
I. In the case of a domestic company,—
(i) where its total turnover or the gross receipt in 29 per cent. of the total income;
the previous year 2014-15 does not exceed five crore rupees;
(ii) other than that referred to in item (i) 30 per cent. of the total income;
II. In the case of a company other than a domestic company—
(i) on so much of the total income as consists of,–
(a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or
(b) fees for rendering technical services received from Government or an Indian concern in OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976.
50 per cent;
and where such agreement has, in either case, been approved by the Central Government
(ii) on the balance, if any, of the total income
40 per cent.
Surcharge on income-tax
The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, be increased by a surcharge for the purposes of the Union calculated,—
(i) in the case of every domestic company,—
(a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of seven per cent. of such income-tax; and
(b) having a total income exceeding ten crore rupees, at the rate of twelve per cent. of such income-tax;
(ii) in the case of every company other than a domestic company,—
(a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of two per cent. of such income-tax; and
(b) having a total income exceeding ten crore rupees, at the rate of five per cent. of such income-tax:
Provided that in the case of every company having a total income exceeding one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees:
Provided further that in the case of every company having a total income exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.
PART IV
[See section 2(13)(c)]
Rules for Computation of Net Agricultural Income
Rule 1.— Agricultural income of the nature referred to in sub-clause (a) of clause (1A) of section 2 of the Income-tax Act shall be computed as if it were income chargeable to income-tax under that Act under the head "Income from other sources" and the provisions of sections 57 to 59 of that Act shall, so far as may be, apply accordingly:
Provided that sub-section (2) of section 58 shall apply subject to the modification that the reference to section 40A therein shall be construed as not including a reference to sub-sections (3) and (4) of section 40A.
Rule 2.— Agricultural income of the nature referred to in sub-clause (b) or sub-clause (c) of clause (1A) of section 2 of the Income-tax Act [other than income derived from any building required as a dwelling-house by the receiver of the rent or revenue of the cultivator or the receiver of rent-in-kind referred to in the said sub-clause (c shall be computed as if it were income chargeable to income-tax under that Act under the head "Profits and gains of business or profession" and the provisions of sections 30, 31, 32, 36, 37, 38, 40, 40A [other than sub-sections (3) and (4) thereof], 41, 43, 43A, 43B and 43C of the Income-tax Act shall, so far as may be, apply accordingly.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018Rule 3.— Agricultural income of the nature referred to in sub-clause (c) of clause (1A) of section 2 of the Income-tax Act, being income derived from any building required as a dwelling-house by the receiver of the rent or revenue or the cultivator or the receiver of rent-in-kind referred to in the said sub-clause (c) shall be computed as if it were income chargeable to income-tax under that Act under the head "Income from house property" and the provisions of sections 23 to 27 of that Act shall, so far as may be, apply accordingly.
Rule 4.— Notwithstanding anything contained in any other provisions of these rules, in a case—
(a) where the assessee derives income from sale of tea grown and manufactured by him in India, such income shall be computed in accordance with rule 8 of the Income-tax Rules, 1962, and sixty per cent. of such income shall be regarded as the agricultural income of the assessee;
(b) where the assessee derives income from sale of centrifuged latex or cenex or latex based crepes (such as pale latex crepe) or brown crepes (such as estate brown crepe, re-milled crepe, smoked blanket crepe or flat bark crepe) or technically specified block rubbers manufactured or processed by him from rubber plants grown by him in India, such income shall be computed in accordance with rule 7 A of the Income-tax Rules, 1962, and sixty-five per cent. of such income shall be regarded as the agricultural income of the assessee;
(c) where the assessee derives income from sale of coffee grown and manufactured by him in India, such income shall be computed in accordance with rule 7B of the Income-tax Rules, 1962, and sixty per cent. or seventy-five per cent., as the case may be, of such income shall be regarded as the agricultural income of the assessee.
Rule 5.— Where the assessee is a member of an association of persons or a body of individuals (other than a Hindu undivided family, a company or a firm) which in the previous year has either no income chargeable to tax under the Income-tax Act or has total income not exceeding the maximum amount not chargeable to tax in the case of an association of persons or a body of individuals (other than a Hindu undivided family, a company or a firm) but has any agricultural income then, the agricultural income or loss of the association or body shall be computed in accordance with these rules and the share of the assessee in the agricultural income or loss so computed shall be regarded as the agricultural income or loss of the assessee.
Rule 6. — Where the result of the computation for the previous year in respect of any source of agricultural income is a loss, such loss shall be set off against the income of the assessee, if any, for that previous year from any other source of agricultural income:
Provided that where the assessee is a member of an association of persons or a body of individuals and the share of the assessee in the agricultural income of the association or body, as the case may be, is a loss, such loss shall not be set off against any income of the assessee from any other source of agricultural income.
Rule 7.— Any sum payable by the assessee on account of any tax levied by the State Government on the agricultural income shall be deducted in computing the agricultural income.
Rule 8.— (1) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 2016, any agricultural income and the net result of the computation of the agricultural income of the assessee for anyone or more of the previous years relevant to the assessment years commencing on the 1st day of April, 2008 or the 1st day of April, 2009 or the 1st day of April, 2010 or the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015, is a loss, then, for the purposes of sub-section (2) of section 2 of this Act,—
(i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2008, to the extent, if any such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2009 or the 1st day of April, 2010 or the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015.
(ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2009, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2010 or the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018(iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2010, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015.
(iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2011 to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015.
(v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2012, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015.
(vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2013, to the extent if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2014 or the 1st day of April, 2015.
(vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2014, to the extent, if any, such loss has not been set off against the agricultural income to the previous year relevant to the assessment year commencing on the 1st day of April, 2015.
(viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2015.
shall be set off against the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of April, 2016.
(2) Where the assesssee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 2017, 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 agricultural income and the net result of the computation of the agricultural income of the assessee for anyone or more of the previous years relevant to the assessment years commencing on the 1st day of April, 2009 or the 1st day of April, 2010 or the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015 or the 1st day of April, 2016, is a loss then, for the purposes of sub-section (10) of section 2 of this Act,—
(i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2009, to the extent, if any such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2010 or the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015 or the 1st day of April, 2016.
(ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2010, to the extent, if any such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015 or the 1st day of April, 2016.
(iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2011, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015 or the 1st day of April, 2016.
(iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2012, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2013 or 1st day of April, 2014 or the 1st day of April, 2015 or the 1st day of April, 2016.
(v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2013, to the extent, if any such loss has not been set off against the agricultural income for OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 the previous year relevant to the assessment year commencing on the 1st day of April, 2014 or the 1st day of April, 2015 or the 1st day of April, 2016,
(vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2014, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2015 or the 1st day of April, 2016,
(vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2015, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2016,–
(viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2016.
shall be set off against the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of April, 2017.
(3) Where any person deriving any agricultural income from any source has been succeeded in such capacity by another person otherwise than by inheritance nothing in sub-rule (1) or sub-rule (2) shall entitle any person other than the person incurring the loss to have it set off under sub-rule (1) or as the case may be, sub-rule (2).
(4) Notwithstanding anything contained in this rule no loss which has not been determined by the Assessing Officer under the provisions of these rules or the rules contained in the First Schedule to the Finance Act, 2008 (18 of 2008) or of the First Schedule to the Finance (No. 2) Act, 2009 (33 of 2009) or of the First Schedule to the Finance Act, 2010 (14 of 2010) or of the First Schedule to the Finance Act, 2011 (8 of 2011) or of the First Schedule to the Finance Act, 2012 (23 of 2012) or of the First Schedule to the Finance Act, 2013 (17 of 2013) or of the First Schedule to the Finance (No. 2) Act, 2014 (25 of 2014) or of the First Schedule to the Finance Act, 2015 (20 of 2015) shall be set off under sub-rule (1) or as the case may be sub-rule (2).
Rule 9.— Where the net result of the computation made in accordance with these rules is a loss, the loss so computed shall be ignored and the net agricultural income shall be deemed to be nil.
Rule 10.— The provisions of the Income-tax Act relating to procedure for assessment (including the provisions of section 288A relating to rounding of income) shall, with the necessary modifications, apply in relation to the computation of the net agricultural income of the assessee as they apply in relation to the assessment of the total income.
104 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—
Rule 11.— For the purposes of computing the net agricultural income of the assessee, the Assessing Officer shall have the same powers as he has under the Income-tax Act for the purposes of assessment of the total income.
THE SECOND SCHEDULE
(See section 136)
139)
Notification number and date Amendment Date of effect of Sl. No. (1) (2)
(3)
amendment (4) 1. G.S.R. 367 (E) , dated the
27th April, 2000. 27th April, 2000 [51/2000- Customs, dated the 27th April, 2000]
In the said notification, in the opening paragraph, for the words, figures and letter "under sections 3, 8 and 9A", the words, figures and letters "under sections 3, 8B and 9A" shall be substituted.
19th April, 2002.
2. G.S.R. 292(E), dated the 19th April, 2002 [43/2002- Customs, dated the 19th April, 2002]
In the said notification, in the opening paragraph, for the words, figures and letter "under sections 3, 8 and 9A", the words, figures and letters "under sections 3, 8B and 9A" shall be substituted.
3. G.S.R. 281 (E), dated the 1st
1st April, 2003.
In the said notification, in the Table, in column (3), against S. No.4, for the words, figures and letter "under sections 3, 8 and 9A", the words, figures and letters "under sections 3, 8B and 9A" shall be substituted.
April, 2003 [57/2003- Customs, dated the 1st April, 2003]
4.
10th September, 2004.
In the said notification, in paragraph 2, for the words, figures and letter "under sections 3, 8 and 9A", the words, figures and letters "under sections 3, 8B and 9A" shall be substituted.
G.S.R. 604 (E), dated the 10th September, 2004 [91/2004-Customs, dated the 10th September, 2004]
5.
10th September, 2004.
In the said notification, in the opening paragraph, for the words, figures and letter "under sections 3, 8 and 9A", the words, figures and letters "under sections 3, 8B and 9A" shall be substituted.
G.S.R. 606(E), dated the 10th September, 2004 [93/2004-Customs, dated the 10th September, 2004]
6.
1st May, 2006.
In the said notification, in the opening paragraph, for the words, figures and letter "under sections 3, 8 and 9A", the words, figures and letters "under sections 3, 8B and 9A" shall be substituted.
G.S.R. 260 (E), dated the 1st May, 2006 [40/2006- May, 2006 [40/2006-Customs, Customs, dated the 1st May, dated the 1st May, 2006] 2006]
(cid:2) 290OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA 114 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— SERIES I No. 4 26TH APRIL, 2018
Tariff Item Description of goods Unit Rate of Duty
(1)
(2)
Standard Preferential (3) (4) (5)
(Euthynnus (Katsuwonus) pelamis)
0304 88 - - Dogfish, other sharks Rays and skates (Rajidae):
0304 88 10 - - - Dogfish kg. 30% - 0304 88 20 - - - Other sharks kg. 30% - 0304 88 30 - - - Rays and skates (Rajidae) kg. 30% - 0304 89 - - Other: 0304 89 10 - - - Hilsa (Tenualosa ilisha) kg. 30% - 0304 89 30 - - - Seer kg. 30% - 0304 89 40 - - - Tuna kg. 30% - 0304 89 90 - - - Other kg. 30% -
- Other, frozen:
0304 91 00 - - Sword fish (Xiphias gladius) kg. 30% - 0304 92 00 - - Tooth fish (Dissostichus spp.) kg. 30% - 0304 93 00 - - Tilapias (Oreochromis spp.), catfish (Pangasius spp., Silurus kg. 30% -
spp., Clarias spp., Ictalurus spp.), carp (Cyprinus spp., Carassius
spp., Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus
spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus
hasselti, Leptobarbus hoeveni, Megalobrama spp.), eels (Anguilla
spp.), Nile perch (Lates niloticus) and snakeheads (Channa spp.)
0304 94 00 - - Alaska Pollack (Theragra chalcogramma) kg. 30% -
0304 95 00 - - Fish of the families Bregmacerotidae, Euclichthyidae, Gadidae, kg. 30% -
Macrouridae, Melanonidae, Merlucciidae, Moridae and
Muraenolepididae, Alaska Pollack (Theragra chalcogramma)
0304 96 00 - - Dogfish and other sharks kg. 30% -
0304 97 00 - - Rays and skates (Rajidae) kg. 30% -
0304 99 00 - - Other kg. 30% - ";
(vi) in heading 0305,—
(a) for tariff item 0305 20 00 and the entries relating thereto, the following shall be substituted, namely:—
"0305 20 00 - Livers, roes and milt of fish, dried, smoked, salted or in brine kg. 30% - ";
(b) for tariff item 0305 31 00 and the entries relating thereto, the following shall be substituted, namely:—
"0305 31 00 - - Tilapias (Oreochromis spp.), catfish (Pangasius spp., Silurus kg. 30% - ";
spp., Clarias spp., Ictalurus spp.), carp (Cyprinus spp., Carassius
spp., Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus
spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus
hasselti, Leptobarbus hoeveni, Megalobrama spp.), eels (Anguilla
spp.), Nile perch (Lates niloticus) and snakeheads (Channa spp.)
(c) for tariff item 0305 44 00 and the entries relating thereto, the following shall be substituted, namely:—
"0305 44 00 - - Tilapias (Oreochromis spp.), catfish (Pangasius spp., Silurus kg. 30% - ";
spp., Clarias spp., Ictalurus spp.), carp (Cyprinus spp., Carassius
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA 118 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— SERIES I No. 4 26TH APRIL, 2018Tariff Item Description of goods Unit Rate of Duty
Standard Preferential (1)
(2)
(3) (4) (5) (5) in Chapter 12,—
(i) for heading 1211 and the entries relating thereto, the following shall be substituted, namely:—
"1211 PLANTS AND PARTS OF PLANTS (INCLUDING SEEDS AND
FRUITS), OF A KIND USED PRIMARILY IN PERFUMERY, IN
PHARMACY OR FOR INSECTICIDAL, FUNGICIDAL OR
SIMILAR PURPOSE, FRESH, CHILLED, FROZEN OR DRIED,
WHETHER OR NOT CUT, CRUSHED OR POWDERED";
(ii) after tariff item 1211 40 00 and the entries relating thereto, the following shall be inserted, namely:—
"1211 50 00 - Ephedra
kg. 30% - ";
(6) in Chapter 13, in heading 1302, after tariff item 1302 13 00 and the entries relating thereto, the following shall be inserted, namely:—
"1302 14 00 - - Of ephedra
kg. 30% - ";
(7) in Chapter 16,—
(i) in Sub-heading Note 1, for the words "as infant food", the words "as food suitable for infants or young children" shall be substituted;
(ii) in heading 1604, after tariff item 1604 17 00 and the entries relating thereto, the following shall be inserted, namely:—
"1604 18 00 - - Shark fins
kg. 30% - ";
(8) in Chapter 19, for sub-heading 1901 10 and the entries relating thereto, the following shall be substituted, namely:—
"1901 10 - Preparations suitable for infants or young children, put up for retail sale:";
(9) in Chapter 20,—
(i) in Sub-heading Note 1, for the words "as infant food", the words "as food suitable for infants or young children" shall be substituted;
(ii) in Sub-heading Note 2, for the words "as infant food", the words "as food suitable for infants or young children" shall be substituted;
(10) in Chapter 21, in Sub-heading Note 3, for the words "as infant food", the words "as food suitable for infants or young children" shall be substituted ;
(11) in Chapter 22,—
(i) for sub-heading 2202 90, tariff items 2202 90 10 to 2202 90 90 and the entries relating thereto, the following shall be substituted, namely:—
" - Other:
2202 91 00 - - Non alcoholic beer
l 30% - 2202 99 - - Other:
2202 99 10 - - - Soya milk drinks, whether or not sweetened or flavoured l 30% - 2202 99 20 - - - Fruit pulp or fruit juice based drink
l 30% - 2202 99 30 - - - Beverages containing milk
l 30% - 2202 99 90 - - - Other
l 30% - ";
(ii) after tariff item 2204 21 90 and the entries relating thereto, the following shall be inserted, namely:—
"2204 22 - - In containers holding more than 2 l but not more than 10 l:
2204 22 10 - - - Port and other red wines l 150% - 2204 22 20 - - - Sherry and other white wines l 150% - 2204 22 90 - - - Other l 150% - ";OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 SERIES I No. 4 OFFICIAL GAZETTE — GOVT. OF GOA 122 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— 26TH APRIL, 2018
Tariff Item Description of goods Unit Rate of Duty
Standard Preferential (1)
(2)
(3) (4) (5) "2922 12 00 - - Diethanolamine and its salts
kg. 10% -";
(x) for sub-heading 2922 13, tariff items 2922 13 10 to 2922 13 90, tariff item 2922 14 00, sub-heading 2922 19, tariff items 2922 19 40 to 2922 19 90 and the entries relating thereto, the following shall be substituted, namely:—
"2922 14 00 - - Dextropropoxyphene (INN) and its salts
kg. 10% - 2922 15 00 - - Triethanolamine
kg. 10% - 2922 16 00 - - Diethanolammonium perfluorooctane sulphonate kg. 10% - 2922 17 - - Methyldiethanolamine and ethyldiethanolamine:
2922 17 10 - - - Methyldiethanolamine kg. 10% -
2922 17 20 - - - Ethyldiethanolamine kg. 10% -
2922 18 00 - - 2-(N, N-Diisopropylamino) ethanol kg. 10% -
2922 19 - - Other:
2922 19 10 - - - 2-Hydroxy N, N-Diisopropyl ethylamine kg. 10% -
2922 19 90 - - - Other kg. 10% - ";
(xi) after tariff item 2923 20 90 and the entries relating thereto, the following shall be inserted, namely:—
"2923 30 00 - Tetraethylammonium perfluorooctane sulphonate kg. 10% -
2923 40 00 - Didecyldimethylammonium perfluorooctane sulphonate kg. 10% - ";
(xii) after tariff item 2924 24 00 and the entries relating thereto, the following shall be inserted, namely:—
"2924 25 00 - - Alachlor (ISO) kg. 10% - ";
(xiii) after tariff item 2926 30 00 and the entries relating thereto, the following shall be inserted, namely:—
"2926 40 00 - Alpha-phenylacetoacetonitrile kg. 10% - ";
(xiv) for tariff item 2930 50 00 and the entries relating thereto, the following shall be substituted, namely:—
"2930 60 00 - 2-(N, N-Diethylamino)ethanethiol kg. 10% -
2930 70 00 - Bis(2-hydroxyethyl)sulfide (thiodiglycol (INN)) kg. 10% -
2930 80 00 - Aldicarb (ISO), captafol (ISO) and methamidophos (ISO) kg. 10% - ";
(xv) after tariff item 2931 20 00 and the entries relating thereto, the following shall be inserted, namely:—
" - Other organo-phosphorous derivatives:
2931 31 00 - - Dimethyl methylphosphonate kg. 10% -
2931 32 00 - - Dimethyl propylphosphonate kg. 10% -
2931 33 00 - - Diethyl ethylphosphonate kg. 10% -
2931 34 00 - - Sodium 3-(trihydroxysilyl)propyl methylphosphonate kg. 10% -
2931 35 00 - - 2, 4, 6-Tripropyl-1, 3, 5, 2, 4, 6-trioxatriphosphinane 2, 4, 6-trioxide kg. 10% -
2931 36 00 - - (5-Ethyl-2-methyl-2-oxido-1, 3, 2-dioxaphosphinan-5-yl)methyl kg. 10% -
methyl methylphosphonate
2931 37 00 - - Bis[(5-ethyl-2-methyl-2-oxido-1, 3, 2-dioxaphosphinan-5-yl) kg. 10% -
methyl] methylphosphonate
2931 38 00 - - Salt of methylphosphonic acid and (aminoiminomethyl)urea (1: 1) kg. 10% -
2931 39 00 - - Other kg. 10% - ";
(xvi) after tariff item 2932 13 00 and the entries relating thereto, the following shall be inserted, namely:—
"2932 14 00 - - Sucralose kg. 10% - ";
OFFICIAL GAZETTE — GOVT. OF GOA SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 123
SERIES I No. 4
26TH APRIL, 2018
Tariff Item Description of goods Unit Rate of Duty
Standard Preferential (1)
(2)
(3) (4) (5) (xvii) after tariff item 2933 91 00 and the entries relating thereto, the following shall be inserted, namely:—
"2933 92 00 - - Azinphos-methyl (ISO)
kg. 10% - ";
(xviii) for heading 2935, sub-heading 2935 00, tariff items 2935 00 11 to 2935 00 90 and the entries relating thereto, the following shall be substituted, namely:—
"2935 SULPHONAMIDES
2935 10 00 - N-Methylperfluorooctane sulphonamide
kg. 10% - 2935 20 00 - N-Ethylperfluorooctane sulphonamide
kg. 10% - 2935 30 00 - N-Ethyl-N-(2-hydroxyethyl) perfluorooctane sulphonamide kg. 10% - 2935 40 00 - N-(2-Hydroxyethyl)-N-methylperfluorooctane sulphonamide kg. 10% - 2935 50 00 - Other perfluorooctane sulphonamides
kg. 10% - 2935 90 - Other:
- - - Sulphamethoxazole, sulphafurazole, sulphadiazine,
sulphadimidine, sulphacetamide:
2935 90 11 - - - - Sulphamethoxazole kg. 10% - 2935 90 12 - - - - Sulphafurazole kg. 10% - 2935 90 13 - - - - Sulphadiazine kg. 10% - 2935 90 14 - - - - Sulphadimidine kg. 10% - 2935 90 15 - - - - Sulphacetamide kg. 10% -
- - - Sulphamethoxypyridarine, sulphamethiazole, sulphamoxole,
sulphamide:
2935 90 21 - - - - Sulphamethoxypyridarine kg. 10% -
2935 90 22 - - - - Sulphamethiazole kg. 10% -
2935 90 23 - - - - Sulphamoxole kg. 10% -
2935 90 24 - - - - Sulphamide kg. 10% -
2935 90 90 - - - Other kg. 10% - ";
(xix) for the tariff item 2937 31 00 and the entries relating thereto, the following shall be substituted, namely:—
"2937 31 00 - - Epinephrine kg. 10% 10% ";
(xx) in the entry under column (2) occurring after tariff item 2937 90 90 and the entries relating thereto, the word "VEGETABLE" shall be omitted;
(xxi) for heading 2939 and the entries relating thereto, the following shall be substituted, namely:—
"2939 ALKALOIDS, NATURAL OR REPRODUCED BY SYNTHESIS,
AND THEIR SALTS, ETHERS, ESTERS AND OTHER
DERIVATIVES";
(xxii) for tariff items 2939 69 00 to 2939 99 00 and the entries relating thereto, the following shall be substituted, namely:—
"2939 69 00 - - Other
kg. 10% - - Other, of vegetal origin:
2939 71 00 - - Cocaine, ecgonine, levometamfetamine, metamfetamine (INN), kg. 10% -
metamfetamine racemate; salts, esters and other derivatives thereof
2939 79 00 - - Other kg. 10% -
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 4
26TH APRIL, 2018
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 4
26TH APRIL, 2018
SERIES I No. 4
OFFICIAL GAZETTE — GOVT. OF GOA 126 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— 26TH APRIL, 2018
Tariff Item Description of goods Unit Rate of Duty
Standard Preferential
(1)
(2)
(3) (4) (5)
3103 11 00 - - Containing by weight 35 % or more of diphosphorus pentaoxide kg. 10% -
(P2O5)
3103 19 00 - - Other
kg. 10% - ";
(17) in Chapter 37, in heading 3705, for tariff item 3705 10 00, sub-heading 3705 90, tariff items 3705 90 10 and 3705 90 90 and the entries relating thereto, the following shall be substituted, namely:—
"3705 00 00 - PHOTOGRAPHIC PLATES AND FILM, EXPOSED AND kg. 10% - ";
DEVELOPED, OTHER THAN CINEMATOGRAPHIC FILM
(18) in Chapter 38,—
(i) for Sub-heading Notes 1 and 2, the following shall be substituted, namely:—
' Sub-heading Notes:
1. Sub-headings 3808 52 and 3808 59 cover only goods of heading 3808, containing one or more of the following substances: alachlor (ISO); aldicarb (ISO); aldrin (ISO); azinphos-methyl (ISO); binapacryl (ISO); camphechlor (ISO) (toxaphene); captafol (ISO); chlordane (ISO); chlordimeform (ISO); chlorobenzilate (ISO); DDT (ISO) (clofenotane (INN), 1, 1, 1-trichloro-2, 2-bis(p-chlorophenyl)ethane);
dieldrin (ISO, INN); 4, 6- dinitro-o-cresol (DNOC (ISO)) or its salts; dinoseb (ISO), its salts or its esters; endosulfan (ISO); ethylene dibromide (ISO) (1, 2-dibromoethane); ethylene dichloride (ISO) (1, 2-dichloroethane); fluoroacetamide (ISO); heptachlor (ISO);
hexachlorobenzene (ISO); 1, 2, 3, 4, 5, 6- hexachlorocyclohexane (HCH (ISO)), including lindane (ISO, INN); mercury compounds;
methamidophos (ISO); monocrotophos (ISO); oxirane (ethylene oxide); parathion (ISO); parathion-methyl (ISO) (methylparathion);
penta- and octabromodiphenyl ethers; pentachlorophenol (ISO), its salts or its esters; perfluorooctane sulphonic acid and its salts;
perfluorooctane sulphonamides; perfluorooctane sulphonyl fluoride; phosphamidon (ISO); 2, 4, 5-T (ISO) (2, 4, 5-trichlorophenoxyacetic acid), its salts or its esters; tributyltin compounds.
Sub-heading 3808 59 also covers dustable powder formulations containing a mixture of benomyl (ISO), carbofuran (ISO) and thiram (ISO).
2. Sub-headings 3808 61 to 3808 69 cover only goods of heading 3808, containing alpha-cypermethrin (ISO), bendiocarb (ISO), bifenthrin (ISO), chlorfenapyr (ISO), cyfluthrin (ISO), deltamethrin (INN, ISO), etofenprox (INN), fenitrothion (ISO), lambda- cyhalothrin (ISO), malathion (ISO), pirimiphos-methyl (ISO) or propoxur (ISO).
3. Sub-headings 3824 81 to 3824 88 cover only mixtures and preparations containing one or more of the following substances: oxirane (ethylene oxide), polybrominated biphenyls (PBBs), polychlorinated biphenyls (PCBs), polychlorinated terphenyls (PCTs), tris(2, 3-dibromopropyl) phosphate, aldrin (ISO), camphechlor (ISO) (toxaphene), chlordane (ISO), chlordecone (ISO), DDT (ISO) (clofenotane (INN), 1, 1, 1-trichloro-2, 2-bis(pchlorophenyl)ethane), dieldrin (ISO, INN), endosulfan (ISO), endrin (ISO), heptachlor (ISO), mirex (ISO), 1, 2, 3, 4, 5, 6-hexachlorocyclohexane (HCH (ISO)), including lindane (ISO, INN), pentachlorobenzene (ISO), hexachlorobenzene (ISO), perfluorooctane sulphonic acid, its salts, perfluorooctane sulphonamides, perfluorooctane sulphonyl fluoride or tetra-, penta-, hexa-, hepta- or octabromodiphenyl ethers.
4. For the purposes of tariff items 3825 41 00 and 3825 49 00, "waste organic solvents"are wastes containing mainly organic solvents, not fit for further use as presented as primary products, whether or not intended for recovery of solvents.';
(ii) for sub-heading 3808 50 and tariff item 3808 50 00 and the entries relating thereto, the following shall be substituted, namely:—
"- Goods specified in Sub-heading Note 1 to this Chapter:
3808 52 00 - - DDT (ISO) (clofenotane (INN)), in packings of a net weight kg. 10% -
content not exceeding 300 g.
3808 59 00 - - Other kg. 10% -
- Goods specified in Sub-heading Note 2 to this Chapter:
3808 61 00 - - In packings of a net weight content kg. 10% -
not exceeding 300 g
3808 62 00 - - In packings of a net weight content exceeding 300 g but not kg. 10% -
exceeding 7.5 kg.
SERIES I No. 4
OFFICIAL GAZETTE — GOVT. OF GOA SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 127 26TH APRIL, 2018
Tariff Item Description of goods Unit Rate of Duty
Standard Preferential (1)
(2)
(3) (4) (5)
3808 69 00 - - Other
kg. 10% -";
(iii) for sub-heading 3812 30 and tariff items 3812 30 10 to 3812 30 90 and the entries relating thereto, the following shall be substituted, namely:—
" - Anti-oxidising preparations and other compound stabilizers for
rubber or plastics:
3812 31 00 - - Mixtures of oligomers of 2, 2, 4-trimethyl-1, 2-dihydroquinoline (TMQ) kg. 10% -
3812 39 - - Other:
3812 39 10 - - - Anti-oxidants for rubber kg. 10% -
3812 39 20 - - - Softeners for rubber kg. 10% -
3812 39 30 - - - Vulcanizing agents for rubber kg. 10% -
3812 39 90 - - - Other kg. 10% -";
(iv) for tariff items 3824 79 00 to 3824 83 00, sub-heading 3824 90, tariff items 3824 90 11 to 3824 90 90 and the entries relating thereto,
the following shall be substituted, namely:—
"3824 79 00 - - Other kg. 10% -
- Goods specified in Sub-heading Note 3 to this Chapter:
3824 81 00 - - Containing oxirane (ethylene oxide) kg. 10% -
3824 82 00 - - Containing polychlorinated biphenyls (PCBs), polychlorinated kg. 10% -
terphenyls (PCTs) or polybrominated biphenyls (PBBs)
3824 83 00 - - Containing tris(2, 3-dibromopropyl) phosphate kg. 10% -
3824 84 00 - - Containing aldrin (ISO), camphechlor (ISO) (toxaphene), kg. 10% -
chlordane (ISO), chlordecone (ISO), DDT (ISO) (clofenotane (INN),
1, 1, 1- trichloro-2, 2-bis(p-chlorophenyl)ethane), dieldrin (ISO, INN),
endosulfan (ISO), endrin (ISO), heptachlor (ISO) or mirex (ISO)
3824 85 00 - - Containing 1, 2, 3, 4, 5, 6-hexachlorocyclohexane (HCH (ISO)), kg. 10% -
including lindane (ISO, INN)
3824 86 00 - - Containing pentachlorobenzene (ISO) or hexachlorobenzene (ISO) kg. 10% -
3824 87 00 - - Containing perfluorooctane sulphonic acid, its salts, kg. 10% -
perfluorooctane sulphonamides, or perfluorooctane sulphonyl fluoride
3824 88 00 - - Containing tetra-, penta-, hexa- hepta- or octabromodiphenyl ethers kg. 10% -
3824 91 00 - - Mixtures and preparations consisting mainly of (5-ethyl-2-methyl-2-
oxido-1, 3, 2-dioxaphosphinan-5-yl)methyl methyl methylphosphonate
and bis[(5-ethyl-2-methyl-2-oxido-1, 3, 2- dioxaphosphinan-5-yl)
methyl] methylphosphonate:
3824 99 - - Other:
- - - Ammoniacal gas liquors and spent oxide produced in coal gas
purification, case hardening compound, heat transfer salts; mixture of
diphenyl and diphenyl oxide as heat transfer medium, mixed polyethylene
glycols; salts for curing or salting, surface tension reducing agents:
3824 99 11 - - - - Ammoniacal gas liquors and spent oxide produced in coal kg. 10% -
gas purification
3824 99 12 - - - - Case hardening compound kg. 10% -
3824 99 13 - - - - Heat transfer salts kg. 10% -
OFFICIAL GAZETTE — GOVT. OF GOA 128 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—
SERIES I No. 4
26TH APRIL, 2018
Tariff Item Description of goods Unit Rate of Duty
Standard Preferential (1)
(2)
(3) (4) (5) 3824 99 14 - - - - Mixture of diphenyl and diphenyl oxide as heat transfer medium kg. 10% - 3824 99 15 - - - - Mixed polyethylene glycols
kg. 10% - 3824 99 16 - - - - Salts for curing or salting
kg. 10% - 3824 99 17 - - - - Surface tension reducing agents
kg. 10% - - - - Electroplating salts; water treatment chemicals; ion exchanger,
correcting fluid; precipitated silica and silica gel; oil well chemical:
3824 99 21 - - - - Electroplating salts kg. 10% -
3824 99 22 - - - - Water treatment chemicals; ion exchanger (INN) such as kg. 10% -
permiutits, zero-lites
3824 99 23 - - - - Gramaphone records making material kg. 10% -
3824 99 24 - - - - Correcting fluid kg. 10% -
3824 99 25 - - - - Precipitated silica and silica gel kg. 10% -
3824 99 26 - - - - Oil well chemical kg. 10% -
- - - Mixture containing perhalogenated derivatives of acyclic
hydrocarbons containing two or more different halogens other than
chlorine and fluorine; ferrite powder; capacitor fluids - PCB type;
dipping oil for treatment of grapes; Poly brominated biphenyls, poly
chlorinated biphenyls, Poly chlorinated terphenyls, crocidolite; goods
of a kind known as "hazardous waste"; phosphogypsum:
3824 99 31 - - - - Mixture containing perhalogenated derivatives of acyclic kg. 10% - hydrocarbons containing two or more different halogens other than chlorine and fluorine
3824 99 32 - - - - Ferrite powder
kg. 10% - 3824 99 33 - - - - Capacitor fluids - PCB type
kg. 10% - 3824 99 34 - - - - Dipping oil for treatment of grapes
kg. 10% - 3824 99 35 - - - - Poly brominated biphenyls, poly chlorinated biphenyls, kg. 10% - Poly chlorinated terphenyls, crocidolite
3824 99 36 - - - - Goods of a kind known as "hazardous waste" kg. 10% - 3824 99 37 - - - - Phosphogypsum
kg. 10% - 3824 99 38 - - - - Phosphonic Acid, Methyl-compound with (aminoimino methyl) kg. 10% - urea (1: 1)
3824 99 90 - - - Other
kg. 10% -";
(19) in Chapter 39,—
(i) in Note 2, in clause (z), after the words "propelling pencils", the words ", and monopods, bipods, tripods and similar articles" shall be inserted;
(ii) in Sub-heading Note 1, in clause (a), in sub-clause (2), after the figures "3901 30,", the figures "3901 40," shall be inserted;
(iii) in heading 3901, after tariff item 3901 30 00 and the entries relating thereto, the following shall be inserted, namely:—
"3901 40 00 - Ethylene-alpha-olefin copolymers, having a specific gravity of kg. 10% -";
less than 0.94
(iv) in heading 3907, for sub-heading 3907 60 and tariff items 3907 60 10 to 3907 60 90 and the entries relating thereto, the following shall be substituted, namely:—
" - Poly(ethylene terephthalate):
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018OFFICIAL GAZETTE — GOVT. OF GOA SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 137 SERIES I No. 4 26TH APRIL, 2018
Tariff Item Description of goods Unit Rate of Duty
Standard Preferential (1)
(2)
(3) (4) (5) or for similar uses in the metallurgy of non-ferrous metals. However, copper phosphide (phosphor copper) containing more than 15% by weight of phosphorous falls in heading 2853.";
(34) in Chapter 82, for the entry in column (2) occurring against the heading 8205, for the words "MACHINE TOOLS", the words "MACHINE-TOOLS OR WATER-JET CUTTING MACHINES" shall be substituted;
(35) in Chapter 83, for the entry occurring against heading 8308, the following shall be substituted, namely:—
"8308 CLASPS, FRAMES WITH CLASPS, BUCKLES, BUCKLE-
CLASPS, HOOKS, EYES, EYELETS AND THE LIKE, OF BASE
METAL, OF A KIND USED FOR CLOTHING OR CLOTHING
ACCESSORIES, FOOTWEAR, JEWELLERY, WRIST
WATCHES, BOOKS, AWNINGS, LEATHER GOODS, TRAVEL
GOODS OR SADDLERY OR FOR OTHER MADE UP ARTICLES;
TUBULAR OR BIFURCATED RIVETS, OF BASE METAL; BEADS
AND SPANGLES, OF BASE METAL ";
(36) in Section XVI, in Note 1, for clause (q), the following clause shall be substituted, namely:—
"(q) typewriter or similar ribbons, whether or not on spools or in
cartridges (classified according to their constituent material, or in heading
9612 if inked or otherwise prepared for giving impressions), or
monopods, bipods, tripods and similar articles, of heading 9620.";
(37) in Chapter 84,—
(i) in Note 1,—
(A) in clause (f), the word "or"shall be omitted;
(B) after clause (f), the following clause shall be inserted, namely:—
"(g) radiators for the articles of Section XVII; or";
(C ) the existing clause (g) shall be re-lettered as (h);
(ii) in Note 2, in clause (e), for the words "machinery or plant", the words "machinery, plant or laboratory equipment" shall be substituted;
(iii) in Note 9, for clause (A), the following clause shall be substituted, namely:—
'(A) Notes 9 (a) and 9 (b) to Chapter 85 also apply with respect to the expressions "semiconductor devices" and "electronic integrated circuits", respectively, as used in this Note and in heading 8486. However, for the purposes of this Note and of heading 8486, the expression "semiconductor devices" also covers photosensitive semiconductor devices and light-emitting diodes (LED).';
(iv) in Sub-heading Notes,—
(A) the following new Sub-heading Note 1 shall be inserted, namely:—
'1. For the purposes of sub-heading 8465 20, the term "machining centres" applies only to machine-tools for working wood, cork, bone, hard rubber, hard plastics or similar hard materials, which can carry out different types of machining operations by automatic tool change from a magazine or the like in conformity with a machining programme.';
(B) the existing Sub-heading Note 1 shall be re-numbered as Sub-heading Note 2 and after Sub-heading Note 2 as so re-numbered, the following Sub-heading Note shall be inserted, namely:—
'3. For the purposes of sub-heading 8481 20, the expression "valves for oleohydraulic or pneumatic transmissions" means valves which are used specifically in the transmission of "fluid power" in a hydraulic or pneumatic system, where the energy source is supplied in the form of pressurised fluids (liquid or gas). These valves may be of any type (for example, pressure-reducing type, check type).
Sub-heading 8481 20 takes precedence over all other sub-headings of heading 8481.';
(C) the existing Sub-heading Note 2 shall be re-numbered as Sub-heading Note 4 ;
(v) in heading 8415, for sub-heading 8415 10 and the entries relating thereto, the following shall be substituted, namely:—
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA 144 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— SERIES I No. 4 26TH APRIL, 2018Tariff Item Description of goods Unit Rate of Duty
Standard Preferential (1)
(2)
(3) (4) (5)
8702 90 29 - - - - Other, non air-conditioned
u 40% -";
(iii) in heading 8703,—
(a) in the entry in column (2) occurring after tariff item 8703 10 90 and the entries relating thereto, after the word "with", the word "only" shall be inserted;
(b) in the entry in column (2) occurring after tariff item 8703 24 99 and the entries relating thereto, for the words "with compression ignition" the words "with only compression-ignition" shall be substituted;
(c) the tariff items 8703 31 20 and 8703 32 20 and the entries relating thereto shall be omitted;
(d) after tariff item 8703 33 99 and the entries relating thereto, the following shall be inserted, namely:—
"8703 40 - Other vehicles, with both spark-ignition internal combustion
reciprocating piston engine and electric motor as motors for propulsion,
other than those capable of being charged by plugging to external
source of electric power:
8703 40 10 - - - Vehicles principally designed for transport of more than seven u 125% -
persons, including driver
8703 40 20 - - - Specialised transport vehicles such as ambulances, prison u 125% -
vans and the like
8703 40 30 - - - Motor cars u 125% -
8703 40 40 - - - Three-wheeled vehicles u 125% -
8703 40 90 - - - Other u 125% -
8703 50 - Other vehicles, with both compression-ignition internal
combustion piston engine (diesel or semi-diesel) and electric motor as
motors for propulsion, other than those capable of being charged by
plugging to external source of electric power:
8703 50 10 - - - Vehicles principally designed for transport of more than seven u 125% -
persons, including driver
8703 50 20 - - - Specialised transport vehicles such as ambulances, prison u 125% -
vans and the like
8703 50 30 - - - Motor cars u 125% -
8703 50 40 - - - Three-wheeled vehicles u 125% -
8703 50 90 - - - Other u 125% -
8703 60 - Other vehicles, with both spark-ignition internal combustion
reciprocating piston engine and electric motor as motors for propulsion,
capable of being charged by plugging to external source of electric
power:
8703 60 10 - - - Vehicles principally designed for transport of more than seven u 125% -
persons, including driver
8703 60 20 - - - Specialised transport vehicles such as ambulances, prison u 125% -
vans and the like
8703 60 30 - - - Motor cars u 125% -
8703 60 40 - - - Three-wheeled vehicles u 125% -
8703 60 90 - - - Other u 125% -
8703 70 - Other vehicles, with both compression-ignition internal
combustion piston engine (diesel or semi-diesel) and electric motor as
motors for propulsion, capable of being charged by plugging to external
source of electric power:
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 177 SERIES I No. 4 26TH APRIL, 2018Tariff Item Description of goods
Unit Rate of Duty (1)
(2)
(3) (4) 5704 20 10 - - - Cotton
m2 12.5% 5704 20 20 - - - Woollen, other than artware
5704 20 90 - - - Other
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 179 SERIES I No. 4 26TH APRIL, 2018Tariff Item Description of goods
Unit Rate of Duty (1)
(2)
(3) (4) plastics or similar hard materials, which can carry out different types of machining operations by automatic tool change from a magazine or the like in conformity with a machining programme.';
(B) the existing Sub-heading Note 1 shall be re-numbered as Sub-heading Note 2 and after Sub-heading Note 2 as so re-numbered, the following Sub-heading Note shall be inserted, namely:––
'3. For the purposes of sub-heading 8481 20, the expression "valves for
oleohydraulic or pneumatic transmissions" means valves which are used specifically in the transmission of "fluid power" in a hydraulic or pneumatic system, where the energy source is supplied in the form of pressurised fluids (liquid or gas). These valves may be of any type (for example, pressure-reducing type, check type). Sub-heading 8481 20 takes precedence over all other sub- headings of heading 8481.';
(C) the existing Sub-heading Note 2 shall be re-numbered as Sub-heading Note 4;
(v) in heading 8415, for sub-heading 8415 10 and the entries relating thereto, the following shall be substituted, namely:––
'8415 10 - Of a kind designed to be fixed to a window, wall, ceiling or floor,
self-contained or "split-system":';
(vi) in heading 8424,––
(a) after tariff item 8424 30 00 and the entries relating thereto, the following shall be inserted, namely:––
"- Agricultural or horticultural sprayers:
8424 41 00 - - Portable sprayers u Nil
8424 49 00 - - Other u Nil ";
(b) for tariff item 8424 81 00 and the entries relating thereto, the following shall be substituted, namely:––
"8424 82 00 - - Agricultural or horticultural u Nil ";
(vii) in heading 8432,––
(a) for tariff item 8432 30 00 and the entries relating thereto, the following shall be substituted, namely:––
"- Seeders, planters and transplanters:
8432 31 00 - - No-till direct seeders, planters and transplanters
u Nil 8432 39 00 - - Other
u Nil ";
(b) for tariff item 8432 40 00 and the entries relating thereto, the following shall be substituted, namely:––
"- Manure spreaders and fertiliser distributors:
8432 41 00 - - Manure spreaders
u Nil 8432 42 00 - - Fertiliser distributors
u Nil ";
(viii) for heading 8442 and the entries relating thereto, the following shall be substituted, namely:––
"8442 MACHINERY, APPARATUS AND EQUIPMENT (OTHER THAN THE
MACHINES OF HEADINGS 8456 TO 8465) FOR PREPARING OR MAKING
PLATES, PRINTING COMPONENTS; PLATES, CYLINDERS AND
LITHOGRAPHIC STONES, PREPARED FOR PRINTING PURPOSES
(FOR EXAMPLE, PLANED, GRAINED OR POLISHED)";
(ix) in heading 8456,––
(a) for tariff item 8456 10 00 and the entries relating thereto, the following shall be substituted, namely:––
"- Operated by laser or other light or photon beam processes:
8456 11 00 - - Operated by laser
u 12.5% 8456 12 00 - - Operated by other light or photon beam processes
u 12.5% ";
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 SERIES I No. 4 OFFICIAL GAZETTE — GOVT. OF GOA 182 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— 26TH APRIL, 2018Tariff Item Description of goods
Unit Rate of Duty (1)
(2)
(3) (4) integrated circuit, as a component of a kind used for assembly onto a printed circuit board (PCB) or other carrier, through the connecting of pins, leads, balls, lands, bumps, or pads.
For the purpose of this definition:
(1) "Components" may be discrete, manufactured independently then assembled onto the rest of the MCO, or integrated into other components.
(2) "Silicon based" means built on a silicon substrate, or made of silicon materials, or manufactured onto integrated circuit die.
(3) (a) "Silicon based sensors" consist of microelectronic or mechanical structures that are created in the mass or on the surface of a semiconductor and that have the function of detecting physical or chemical quantities and transducing these into electric signals, caused by resulting variations in electric properties or displacement of a mechanical structure. "Physical or chemical quantities" relates to real world phenomena, such as pressure, acoustic waves, acceleration, vibration, movement, orientation, strain, magnetic field strength, electric field strength, light, radioactivity, humidity, flow, chemicals concentration, etc.
(b) "Silicon based actuators" consist of microelectronic and mechanical structures that are created in the mass or on the surface of a semiconductor and that have the function of converting electrical signals into physical movement.
(c) "Silicon based resonators" are components that consist of microelectronic or mechanical structures that are created in the mass or on the surface of a semiconductor and have the function of generating a mechanical or electrical oscillation of a predefined frequency that depends on the physical geometry of these structures in response to an external input.
(d) "Silicon based oscillators" are active components that consist of microelectronic or mechanical structures that are created in the mass or on the surface of a semiconductor and that have the function of generating a mechanical or electrical oscillation of a predefined frequency that depends on the physical geometry of these structures.';
(iv) in heading 8528, for tariff items 8528 41 00 to 8528 69 00 and the entries relating thereto, the following shall be substituted, namely:– –
"8528 42 00 - - Capable of directly connecting to and designed for use with an automatic u 12.5% data processing machine of heading 8471
8528 49 00 - - Other
u 12.5% - Other monitors:
8528 52 00 - - Capable of directly connecting to and designed for use with an automatic u 12.5%
data processing machine of heading 8471
8528 59 00 - - Other u 12.5%
- Projectors:
8528 62 00 - - Capable of directly connecting to and designed for use with an automatic u 12.5% data processing machine of heading 8471
8528 69 00 - - Other
u 12.5% ";
(v) for tariff item 8531 20 00 and the entries relating thereto, the following shall be substituted, namely:––
"8531 20 00 - Indicator panels incorporating liquid crystal devices (LCD) or light-emitting u 12.5% ";
diodes (LED)
(vi) in heading 8539,––
(a) for heading 8539 and the entries relating thereto, the following shall be substituted, namely:––
"8539 ELECTRIC FILAMENT OR DISCHARGE LAMPS INCLUDING SEALED
BEAM LAMP UNITS AND ULTRA-VIOLET OR INFRA-RED LAMPS, ARC
LAMPS; LIGHT-EMITTING DIODE (LED) LAMPS";
(b) after tariff item 8539 49 00 and the entries relating thereto, the following shall be inserted, namely:––
"8539 50 00 - Light-emitting diode (LED) lamps
u 12.5% ";
OFFICIAL GAZETTE — GOVT. OF GOA SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 183 SERIES I No. 4 26TH APRIL, 2018Tariff Item Description of goods
Unit Rate of Duty (1)
(2)
(3) (4) (vii) in heading 8541,––
(a) for heading 8541 and the entries relating thereto, the following shall be substituted, namely:––
"8541 DIODES, TRANSISTORS AND SIMILAR SEMI-CONDUCTOR DEVICES;
PHOTOSENSITIVE SEMI-CONDUCTOR DEVICES; INCLUDING
PHOTO VOLTAIC CELLS, WHETHER OR NOT ASSEMBLED IN
MODULES OR MADE UP INTO PANELS; LIGHT-EMITTING DIODES
(LED); MOUNTED PIEZO-ELECTRIC CRYSTALS";
(b) for tariff item 8541 10 00 and the entries relating thereto, the following shall be substituted, namely:––
"8541 10 00 - Diodes, other than photosensitive or light-emitting diodes(LED) u 12.5% ";
(c) for sub-heading 8541 40 and the entries relating thereto, the following shall be substituted, namely:––
";
"8541 40 - Photosensitive semi-conductor devices, including photo voltaic cells
whether or not assembled in modules or made up into panels; light-emitting
diodes (LED):";
(39) in Section XVII, in Note 2, for clause (e), the following clause shall be substituted, namely:––
"(e) machines and apparatus of headings 8401 to 8479, or parts thereof,
other than the radiators for the articles of this Section, articles of heading 8481 or 8482 or, provided they constitute integral parts of engines and motors, articles of heading 8483;";
(40) in Chapter 87,––
(i) in heading 8701,––
(a) for tariff item 8701 10 00, the following shall be substituted, namely:––
"8701 10 00 - Single axle tractors
u 12.5% ";
(b) for sub-heading 8701 90, tariff items 8701 90 10 and 8701 90 90 and the entries relating thereto, the following shall be substituted, namely:––
"- Other, of an engine power:
8701 91 00 - - Not exceeding 18 kW u 12.5% 8701 92 00 - - Exceeding 18 kW but not exceeding 37 kW u 12.5% 8701 93 00 - - Exceeding 37 kW but not exceeding 75 kW u 12.5% 8701 94 00 - - Exceeding 75 kW but not exceeding 130 kW u 12.5% 8701 95 00 - - Exceeding 130 kW u 12.5% ";
(ii) in heading 8702, for sub-heading 8702 10, tariff items 8702 10 11 to 8702 10 99, sub-heading 8702 90, tariff items 8702 90 11 to 8702 90 99, the following shall be substituted, namely:—
"8702 10 - With only compression-ignition internal combustion piston engine
(diesel or semi-diesel):
- - - Vehicles for transport of not more than 13 persons, including the driver:
8702 10 11 - - - - Integrated monocoque vehicle, air-conditioned u 27%
8702 10 12 - - - - Integrated monocoque vehicle, non air-conditioned u 27%
8702 10 18 - - - - Other, air-conditioned u 27%
8702 10 19 - - - - Other, non air-conditioned u 27%
- - - Other:
8702 10 21 - - - - Integrated monocoque vehicle, air-conditioned u 12.5%
8702 10 22 - - - - Integrated monocoque vehicle, non air-conditioned u 12.5%
8702 10 28 - - - - Other, air-conditioned u 12.5%
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 4
26TH APRIL, 2018
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 4
26TH APRIL, 2018
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 4
26TH APRIL, 2018
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 4
26TH APRIL, 2018
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 4
26TH APRIL, 2018
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 4
26TH APRIL, 2018
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 4
26TH APRIL, 2018
OFFICIAL GAZETTE — GOVT. OF GOA SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 191 SERIES I No. 4 26TH APRIL, 2018
Tariff Item Description of goods
Unit Rate of Duty (1)
(2)
(3) (4)
8703 80 - Other vehicles, with only electric motor for propulsion:
8703 80 10 - - - Vehicles principally designed for transport of more than seven persons, u 8% including driver
8703 80 20 - - - Specialised transport vehicles such as ambulances, prison vans and the like u 8%
8703 80 30 - - - Motor cars
u 8%
8703 80 40 - - - Three-wheeled vehicles
u 8%
8703 80 90 - - - Other
u 8%";
(vi) for sub-heading 8703 90, tariff items 8703 90 10 and 8703 90 90 and the entries relating thereto, the following shall be substituted, namely:––
"8703 90 00 - Other
u 8%".
192 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—
THE TENTH SCHEDULE
(See section 160)
Notification No. Amendment Period of effect of amendment
(1)
(2)
(3)
1st day of July, 2012 to 2nd February, In the said notification, in the Explanation,–
G.S.R. 519(E), dated the 29th June,
2016 (both days inclusive).
2012 [No.41/2012-Service Tax,
(a) in clause (A), for sub-clause (i), the following sub-clause shall
dated the 29th June, 2012]
be substituted and shall be deemed to have been substituted,
namely:––
"(i) in the case of excisable goods, taxable services that have
been used beyond factory or any other place or premises of
production or manufacture of the said goods, for their export;";
(b) clause (B) shall be omitted.
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 193
THE ELEVENTH SCHEDULE
(See section 162)
Item No. Description of goods
Rate
(1)
(2)
(3)
4%
1. All goods falling under heading 8703 of the First Schedule to the Central
Excise Tariff Act, 1985 (5 of 1986).
194 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—
THE TWELFTH SCHEDULE
[See section 231 (i)]
In the Seventh Schedule to the Finance Act, 2001,––
(a) in column (1), for the tariff item "2403 10 10", the tariff item "2403 11 10" shall be substituted;
(b) in column (1), for the tariff item "2403 10 20", the tariff item "2403 19 10" shall be substituted;
(c) in column (1), for the tariff item "2403 10 31", the tariff item "2403 19 21" shall be substituted;
(d) in column (1), for the tariff item "2403 10 39", the tariff item "2403 19 29" shall be substituted;
(e) in column (1), for the tariff item "2403 10 90", the tariff item "2403 19 90" shall be substituted.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 197
Tariff Item Description of goods (1)
(2) Unit Rate of Duty (3) (4) 8703 70 90 - - - Other
u 1% 8703 80 - Other vehicles, with only electric motor for propulsion:
8703 80 10 - - - Vehicles principally designed for transport of more than seven persons, u 1%
including driver
8703 80 20 - - - Specialised transport vehicles such as ambulances, prison vans and the like u 1% 8703 80 30 - - - Motor cars
8703 80 40 - - - Three-wheeled vehicles 8703 80 90 - - - Other
u 1% u 1% u 1%";
(v) for sub-heading 8703 90, tariff items 8703 90 10 and 8703 90 90 and the entries relating thereto, the following shall be substituted, namely:––
Tariff Item Description of goods (1)
(2) "8703 90 00 - Other Unit Rate of Duty (3) (4)
u 1%".
OFFICIAL GAZETTE — GOVT. OF GOA 198 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— SERIES I No. 4 26TH APRIL, 2018THE FOURTEENTH SCHEDULE
(See section 234)
In the Seventh Schedule to the Finance Act, 2005,––
(a) for the entry in column (4) occurring against tariff item 2402 20 10, the entry "Rs.215 per thousand" shall be substituted;
(b) for the entry in column (4) occurring against tariff item 2402 20 20, the entry "Rs.370 per thousand" shall be substituted;
(c) for the entry in column (4) occurring against tariff item 2402 20 30, the entry "Rs.215 per thousand" shall be substituted;
(d) for the entry in column (4) occurring against tariff item 2402 20 40, the entry "Rs.260 per thousand" shall be substituted;
(e) for the entry in column (4) occurring against tariff item 2402 20 50, the entry "Rs.370 per thousand" shall be substituted;
(f) for the entry in column (4) occurring against tariff item 2402 20 90, the entry "Rs.560 per thousand" shall be substituted.
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 199
THE FIFTEENTH SCHEDULE
(See section 239)
REPEALS
Year No.
Short title
(1) (2)
(3)
Extent of repeal
(4)
Section 2.
1946 22 The Mica Mines Labour Welfare Fund Act, 1946
1953 49 The Salt Cess Act, 1953
1958 44 The Merchant Shipping Act, 1958
1963 41 The Textiles Committee Act, 1963 The whole.
Section 261, clause (y) of section 262, section 356M, section 356N, clause (e) of section 356-O.
Sections 5A, 5D, 5E, 5F, clause (aa) of sub-section (1) of section 7 and clause (da) of sub-section (2) of section 22.
1972 62 The Limestone and Dolomite Mines Labour Welfare
Fund Act, 1972
1975 26 The Tobacco Cess Act, 1975 Sections 3, 4 and clauses (a) to (f) of sub- section (2) of section 16.
The whole.
Sections 3, 4, 5 and section 6.
1976 55 The Iron Ore Mines, Manganese Ore Mines and Chrome
Ore Mines Labour Welfare Cess Act, 1976
1981 30 The Cine-workers Welfare Cess Act, 1981 Clause (a) of section 3.
AMENDMENTS
Year No. Short title Amendments
(1) (2)
(3)
1972 62 The Limestone and Dolomite Mines Labour
Welfare Fund Act, 1972
1976 56 The Beedi Workers Welfare Cess Act, 1976
(4)
For sub-section (1) of section 5, the following sub-section shall be substituted, namely:––
Constitution "(1) The Central Government shall
of Fund.
constitute a fund called the Limestone and Dolomite Labour Welfare Fund (hereinafter referred to as the Fund).".
In sub-section (1) of section 3, for the words "not be less than fifty paisa or more than five rupees", the words "not be less than five rupees or more than twenty-four rupees" shall be substituted.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018Department of Revenue
— Order
14/59/2017-RD/761
Government of Goa has approved the proposal of setting up the Citizen Services Centre (CSC) to deliver the various Citizen Centric Services of various Government Departments to the Citizens, CSC's will be the front end delivery channel for all Government services.
Initially the Citizen Services Centre (CSC) will be set up at Ground Floor, Mathany Saldhana Administrative Complex, Margao, in Salcete Taluka.
All the people availing services delivered by office of Collector of North and South and subordinate Offices and Directorate of Settlement and Land Records will be delivered exclusively through the above mentioned Citizen Services Centre (CSC). The applicant/people availing this service from Salcete Taluka should therefore avail this service through Citizen Services Centre (CSC) only.
The details of services provided through CSC with the prescribed rate are as under:—
Sr. No. Services
Fees
1 2
3
(1) Every certified computerized copy of a serial Rs. 45/- for the first page and @ Rs. 15/- for every number or entry in the record of rights, additional page. register of mutations and from the registers, accounts and records, other than maps, maintained by a Talathi under section 8 of the Code
(2) Every certified copy of an entry in the register Rs. 60/-
of property maintained by the City Survey Officer (Form D)
(3) Every certified copy of a map of a survey Rs. 150/- per Survey Number/Sub-Division Number.
number or of a sub-division of a survey number or of any (uncoloured) map of any immoveable property prepared under clause (a) of section 101 of the Code
(4) Every certified copy of a map of a survey Rs. 150/- per Survey Number/Sub-Division Number.
number or of a sub-division of a survey number or of an ordinary (uncoloured) map or plan of any immovable property prepared under section 56 of the Code
(5) Every certified computerized copy of a map Rs. 180/- per Survey Number/Sub-Division Number.
of a survey number or of a sub-division of a survey number or of map or plan of any immovable property prepared under section 56 of the Code
(6) Every certified copy of computerized map of Rs. 180/- per Survey Number/Sub-Division Number.
a survey number or of a sub-division of a OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018 1 2
3
survey number or of map or plan of any immovable property prepared under section 56 of the Code with details of Form I appended to the Goa, Daman and Diu Land Revenue (Records of Rights and Register of Cultivators) Rules, 1969
(7) Every certified copy of a map or plan of a Rs. 150/- per Survey Number/Sub-Division Number.
non-agricultural survey number or a sub- -division of such a survey number or of an extract of city survey prepared under section 65 of the Code
(8) Every certified computerized copy of a map Rs. 180/- for Survey Number/Sub-Division Number.
or plan of a non-agricultural survey number or a sub-division of such a survey number
copy of P. T. Sheet
(9) Every certified computerized copy of full size Rs. 180/- for a Survey Number/Sub-Division Number and Rs. 80/- for remaining each Survey Number/Sub- -Division Number.
(10) Every certified copy of following map or plan
or certified computerized copy of a map or a plan or of any portion of map or plan (coloured copies with all details)
(a) Detail Village map (As per the available Rs. 450/- for a copy upto 10 P.T. Sheets and Rs. 100/- scale)
for each additional PT Sheet with all details.
(b) Taluka map with village Boundary details Rs. 1000/- (As per the available scale)
(c) District map with Taluka Boundary (As Rs. 2000/- per the available scale)
(d) Map of State of Goa (As per the available Rs. 2500/- scale)
(11) Every certified copy of Form XV/Resurvey Rs. 220/- per Survey Number/Sub-Division Number.
map under section 65-A of the Code
(12) Every digitally signed copy of a map of survey Minimum of Rs. 220/- per Survey Number/ number or of a Sub-Divsion of a survey /Sub-Division Number. number or plan of any immovable property prepared under section 56 of the Code with the details of Form I appended to the Goa, Daman and Diu Land Revenue (Record of Rights and Register of Cultivators) Rules, 1969
(13) Every digitally signed copy of a map or plan Rs. 250/- per Survey Number/Sub-Division Number.
of survey number or a sub-division of a survey number prepared in Form J appended to the Goa, Daman and Diu Land Revenue (City Survey) Rules, 1969 (Integrated Land Record)
(14) Every digitally signed copy of a map of a Minimum of Rs. 200/- per Survey Number/ survey number or of a sub-division of a survey /Sub-Division Number. number or of a map or plan of any immovable property prepared under section 56 of the Code OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 4 26TH APRIL, 2018
Certificates
Sr. No. Name of the e-Services Fees 1. Residence Certificate 50/- 2. Domicile Certificate 50/- 3. Mediclaim Certificate 50/- 4. Divergence Certificate 50/- 5. Caste Certificate 50/- 6. Sound Permission 50/-
No fees will be charged for online applications filed by applicant requesting for Certificates.
It is further informed that no services in the form of Certificate or the services which are processed through e-district module will be issued from office of concerned Mamlatdar, Dy. Collector and Collector & DSLR in respect of Salcete Taluka.
Sagun R. Velip, Under Secretary (Revenue-I).
Porvorim, 16th April, 2018.
www.goaprintingpress.gov.in
Printed and Published by the Director, Printing & Stationery, Government Printing Press, Mahatma Gandhi Road, Panaji-Goa 403 001.
PRICE – Rs. 200.00
PRINTED AT THE GOVERNMENT PRINTING PRESS, PANAJI-GOA—29/200—4/2018.
- 12.5% m 12.5% ”; (28) in Chapter 60,–– (i) after Note 3, the following shall be inserted, namely:–– “Sub-heading Note: Sub-heading 6005 35 covers fabrics of polyethylene monofilament or of polyester multifilament, weighing not less than 30g/m and not more than 55g/m , having a mesh size of not less than 20 holes/cm and not more than 100 holes/cm , and impregnated or coated with alpha-cypermethrin (ISO), chlorfenapyr (ISO), deltamethrin (INN, ISO), lambda-cyhalothrin (ISO), permethrin (ISO) or pirimiphos- methyl (ISO).” ; (ii) for tariff items 6005 31 00 to 6005 34 00 and the entries relating thereto, the following shall be substituted, namely:–– “6005 35 00 - - Fabrics specified in Sub-heading Note 1 to this Chapter kg. 12.5% 6005 36 00 - - Other, unbleached or bleached kg. 12.5% 6005 37 00 - - Other, dyed kg. 12.5% 6005 38 00 - - Other, of yarns of different colours kg. 12.5% 6005 39 00 - - Other, printed kg. 12.5% ”; (29) in Chapter 63,–– (i) after Note 3, the following shall be inserted, namely:–– “Sub-heading Note: Sub-heading 6304 20 covers articles made from fabrics, impregnated or coated with alpha-cypermethrin (ISO), chlorfenapyr (ISO), deltamethrin (INN, ISO), lambda-cyhalothrin (ISO), permethrin (ISO) or pirimiphosmethyl (ISO).”; (ii) in heading 6304, after tariff item 6304 19 90 and the entries relating thereto, the following shall be inserted, namely:–– “6304 20 00 - Bed nets, of warp knit fabrics specified in Sub-heading Note 1 to this Chapter u 12.5% ”; (30) in Chapter 68, in Note1, for clause (m), the following clause shall be substituted, namely:–– “(m) articles of heading 9602, if made of materials specified in Note 2 (b) to Chapter 96, or of heading 9606 (for example, buttons), of heading 9609 (for example, slate pencils), heading 9610 (for example, drawing slates) or of heading 9620 (monopods, bipods, tripods and similar articles); or”; (31) in Chapter 69,–– (i) for heading 6907, sub-heading 6907 10, tariff items 6907 10 10 and 6907 10 90, sub-heading 6907 90, tariff items 6907 90 10 and 6907 90 90 and the entries relating thereto, the following shall be substituted, namely:–– “6907 CERAMIC FLAGS AND PAVING, HEARTH OR WALL TILES; CERAMIC MOSAIC CUBES AND THE LIKE, WHETHER OR NOT ON A BACKING; FINISHING CERAMICS - Flags and paving, hearth or wall tiles, other than those of sub-headings 6907 30 and 6907 40: 6907 21 00 - - Of a water absorption coefficient by weight not exceeding 0.5% m 12.5% 6907 22 00 - - Of a water absorption coefficient by weight exceeding 0.5% but not exceeding 10 % m 12.5% 6907 23 00 - - Of a water absorption coefficient by weight exceeding 10% m 12.5% 6907 30 - Mosaic cubes and the like, other than those of sub-heading 6907 40: 6907 30 10 - - - Mosaic cubes and the like, other than those of sub-heading 6907 40 m 12.5% 6907 40 - Finishing ceramics: 6907 40 10 - - - Finishing ceramics m 12.5% ”; ↩