Panaji, 26th April, 2018 (Vaisakha 6, 1940)
SERIES I No. 4
Reg. No. G-2/RNP/GOA/32/2018-20
RNI No. GOAENG/2002/6410
PUBLISHED BY AUTHORITY
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.
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
INDEX
183
Suggestions are welcomed on e-mail: dir–[email protected]
OFFICIAL GAZETTE — GOVT. OF GOA
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184
Department 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, 2018
185
Department 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.
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Sections
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.
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
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.
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Sections
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
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Sections
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.
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THE 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
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190
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 every 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 every 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
43 of 1961.
OFFICIAL GAZETTE — GOVT. OF GOA
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191
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 Part 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 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,
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 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,
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
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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 further 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 every 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 every 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
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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
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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.
(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
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
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:—
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“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), after 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) after 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;
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(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
certificates
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:—
“(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) after the second proviso, the
following proviso shall be inserted,
namely:—
“Provided
also
that
nothing
contained in sub-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, 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
54 of 2002.
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be computed with reference to the
annual average of the monthly
averages of the opening and closing
figures;
(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 property 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;
28 of 2005.
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(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) after 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.
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16. 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 services 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,—
(i) “relevant previous years” means,—
(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,—
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(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 port, airport, inland
waterway,
inland
port
or
navigational channel in the sea;’;
(II) in clause (c), after sub-clause (xiii), the
following sub-clause shall be inserted
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.
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22. 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).
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(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
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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;
(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
Reserve 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.—
15 of 1992.
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(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
part 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;
(B) in sub-clause (iv), after
the words and figures “Micro,
Small and Medium Enterprises
Act, 2006”, the words “or is an
eligible start-up” shall be
inserted;
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(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 fifty lakh
rupees;
(iv) the assessee does not own any
residential house property on the date of
sanction of loan.
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(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,—
(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 machinery or plant
previously used for any purpose.
Explanation 1.— For the purposes of
this clause, any machinery or plant
which was used outside India by any
person other than the assessee shall not
be regarded as machinery or plant
previously used for any purpose, if all the
following conditions are fulfilled,
namely:—
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(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 machinery 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
machinery or plant or part 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
(iii)
“limited
liability
partnership”
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
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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
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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
particulars in the report as may be
prescribed.
Explanation.— For the purposes of this
section,—
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(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
draft 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
(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
participate 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
voluntary
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
19 of 1952.
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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;
(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.
28 of 2005.
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(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.
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54. 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,—
(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 article” 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
39 of 1970.
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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) imparting of any information
concerning the working of, or the use of,
a patent; or
(iii) use of any patent; or
(iv) rendering of any services 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
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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;
(c) “convertible foreign
exchange” means a foreign
exchange which is for the
time being treated by the
Reserve 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
28 of 2005.
42 of 1999.
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(whether interim or otherwise) 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 otherwise) 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,—
(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;
(c) “convertible foreign
exchange” means foreign
exchange which is for the
time being treated by the
Reserve Bank of India
as
convertible
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,—
(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.”.
28 of 2005.
42 of 1999.
1 of 1956.
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60. 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:—
“(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:—
‘(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.”.
54 of 2002.
54 of 2002.
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62. 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:—
‘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
accordance with the method of valuation as
may be prescribed:
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
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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
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(c) the date of dissolution in a case
falling under clause (c) of sub-
section (1);
(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 every 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 115UAofthe 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), after 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
expiry of one month from the date on
which he was served 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
after 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.”.
33 of 1996.
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67. 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
inserted,
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
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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 served 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
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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
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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 report 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
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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
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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 report 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
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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 “thirty 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 “fifteen
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.
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78. 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 “fifteen
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
often 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 draft or by any other mode,
whichever is earlier, deduct income-tax
thereon, at the rates in force.
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Explanation.— For the purposes of this
section,—
(a) “investor” shall have the meaning
assigned to it in clause (a) of the
Explanation occurring after 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) after 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
service,
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) after 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,
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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:—
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;
“(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:
(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—
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(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 portion
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 part 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
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(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 every month or part 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 further 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
served 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
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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,—
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(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-reported 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
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(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-reported
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-reported
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-reported
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
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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
inserted, 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:—
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“(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) after 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 served 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 service of
such order.
(4) Where a reporting entity referred to
in section 286 provides inaccurate
information in the report furnished in
accordance with sub-section (2) of the said
section and where—
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(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),
after 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 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.”.
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:
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Provided 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-reports his income,” shall be
substituted;
(b) in clause (i), after the words “amount
sought to be evaded”, the words “or tax
on under-reported 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
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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
Reserve Bank of India Act,
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 report, 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 country
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
2 of 1934.
2 of 1934.
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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 report 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 report 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
territory 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
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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 reporting
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 reporting, regulatory, tax
reporting 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;
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(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) “reporting 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) after 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
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 short-paid” shall be
substituted;
(b) in sub-section (1),—
52 of 1962.
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(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
short-levied or short-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
importer” and ending with the words
“payment of the said duty”, the following
shall be substituted, namely:—
“Where the importer fails to pay the
import 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
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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:
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Provided 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 undertaking 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. export oriented
undertaking 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
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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;
(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
1 of 1944.
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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)
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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
140. Omission of section 8C.— In
the Customs Tariff Act, 1975
(hereinafter 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
142. Amendment of section 5A.—
In the Central Excise Act, 1944
(hereinafter 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.
51 of 1975.
1 of 1944.
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Excise Tariff
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
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:—
“(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 inserted,
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”.
32 of 1994.
17 of 1998.
5 of 1986.
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154. 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;
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(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.”.
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.
(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.
32 of 1994.
32 of 1994.
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CHAPTER 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.
(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.
(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 services 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.
(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.
(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,—
32 of 1994.
32 of 1994.
1 of 1944.
1 of 1944.
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(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;
(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;
(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
service for the purpose of online
advertisement 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 service has a permanent
establishment in India and the specified
service is effectively connected with such
permanent establishment;
(b) the aggregate amount of considera-
tion for specified service 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
54 of 1963.
43 of 1961.
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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 particular 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.
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170. 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
every 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
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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) 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:—
(a) the time within which and the form
and the manner in which the statement
shall be delivered or caused to be delivered
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,—
2 of 1974.
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(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;
(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 necessary 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
43 of 1961.
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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 partner 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.
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.
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
27 of 1957.
45 of 1988
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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.
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—
(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,
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.
196. Scheme not to apply to certain
persons.— The provisions of this Scheme shall
not apply—
(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:
27 of 1957.
27 of 1957.
27 of 1957.
27 of 1957.
52 of 1974.
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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 Advisory 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;
(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;
(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
(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;
27 of 1992.
22 of 2015.
49 of 1988.
37 of 1967.
45 of 1860.
61 of 1985.
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(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
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much of the net wealth as is relatable to the
disputed tax;
(f) “Income-tax Act” means the
Income-tax Act, 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
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);
43 of 1961.
27 of 1957.
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(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
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(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;
(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 Advisory 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;
52 of 1974.
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(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;
(d) to any person notified under
section 3 of the Special Court
(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) Every 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.
45 of 1860.
37 of 1967.
61 of 1985.
49 of 1988.
27 of 1992.
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CHAPTER 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,—
(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
52 of 1962.
1 of 1994.
32 of 1994.
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(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
(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
Reserve Bank of India Act, 1934 (herein
referred to as the principal Act), in the
Preamble, for paragraphs 2 and 3, the
45 of 1860.
61 of 1985.
49 of 1988.
52 of 1974.
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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 primary 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
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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;
(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
45 of 1860.
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(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 Monetary 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 Secretary shall perform 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.
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(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
every 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 Report 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
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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 Monetary 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 Monetary 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 transported 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;
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(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;
(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;
(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) after 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:—
“68N. The Appellate Tribunal
constituted under sub-section
(1) of section 12 of the
Smugglers
and
Foreign
Exchange
Manipulators
(Forfeiture of Property) 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
61 of 1985.
15 of 2003.
13 of 1976.
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from the date on which the notice for
payment of such penalty is served on him.
(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:—
“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;
43 of 1961.
13 of 1976.
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(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,—
(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 Services Centre where the
consideration for such transaction is paid
or payable in foreign currency.
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 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:—
“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
42 of 1999.
43 of 1961.
28 of 2005.
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located in an International Financial
Services Centre, where the consideration
for such transaction is paid or payable in
foreign currency.
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.
(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 Fifteenth 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 Reserve
Bank of India for being credited to the
Consolidated Fund of India.
28 of 2005.
10 of 1897.
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THE 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:
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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
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:
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Provided 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.
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PART 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
30 per cent.;
(iv) on income by way of insurance commission
5 per cent.;
(v)
on income by way of interest payable on–
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
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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;
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10 per cent;
30 per cent;
30 per cent;
10 per cent;
30 per cent;
30 per cent;
20 per cent;
10 per cent;
50 per cent;
10 per cent;
50 per cent;
10 per cent;
15 per cent;
10 per cent;
20 per cent;
40 per cent;
2. 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”.
(ii) on income by way of winnings from lotteries, crossword puzzles, card games and
other games of any sort.
(iii) on income by way of winnings from horse races.
(iv) on any other income.
(b) where the company is not a domestic company–
(i) on income by way of winnings from lotteries, crossword puzzles, card games and
other games of any sort.
(ii) on income by way of winnings from horse races.
(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).
(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
1st day of April, 1976.
(B) where the agreement is made after the 31st day of March, 1976.
(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
1st day of April, 1976.
(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.
(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.
(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.
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.
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Surcharge 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.
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(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.
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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 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
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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,
50 per cent;
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.
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Rule 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.
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(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
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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.
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)
Sl.
No.
Notification number and date
Amendment
Date of effect of
amendment
(1)
(2)
(3)
(4)
1.
G.S.R. 367 (E) , dated the
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.
27th April, 2000.
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.
19th April, 2002.
3.
G.S.R. 281 (E), dated the 1st
April, 2003 [57/2003-
Customs, dated the 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.
1st April, 2003.
4.
G.S.R. 604 (E), dated the
10th September, 2004
[91/2004-Customs, dated the
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.
10th September, 2004.
5.
G.S.R. 606(E), dated the
10th
September,
2004
[93/2004-Customs, dated the
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.
10th September, 2004.
6.
G.S.R. 260 (E), dated the 1st
May,
2006
[40/2006-
Customs, dated the 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.
1st May, 2006.
139)
May, 2006 [40/2006-Customs,
dated the 1st May, 2006]
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Tariff Item
Description of goods
Unit
Rate of Duty
Standard
Preferential
(1)
(2)
(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
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Tariff 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%
- ”;
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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%
- ”;
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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%
-
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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.
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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%
-
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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):
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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:—
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Tariff Item
Description of goods
Unit
Rate of Duty
Standard
Preferenti
(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 wor
“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 compressio
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:
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Tariff 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
m2
12.5%
5704 20 90
- - -
Other
m2
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/m2 and
not more than 55g/m2 , having a mesh size of not less than 20 holes/cm2 and not more than 100 holes/cm2, 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%
m2
12.5%
6907 22 00
- -
Of a water absorption coefficient by weight exceeding 0.5% but not exceeding 10 %
m2
12.5%
6907 23 00
- -
Of a water absorption coefficient by weight exceeding 10%
m2
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
m2
12.5%
6907 40
-
Finishing ceramics:
6907 40 10
- - -
Finishing ceramics
m2
12.5% ”;
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Tariff 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% ”;
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Tariff 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% ”;
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Tariff 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%
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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%”.
THE ELEVENTH SCHEDULE
(See section 162)
Item No.
Description of goods
Rate
(1)
(2)
(3)
1.
All goods falling under heading 8703 of the First Schedule to the Central
Excise Tariff Act, 1985 (5 of 1986).
4%
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.
THE TENTH SCHEDULE
(See section 160)
Notification No.
Amendment
Period of effect of amendment
(1)
(2)
(3)
G.S.R. 519(E), dated the 29th June,
2012 [No.41/2012-Service Tax,
dated the 29th June, 2012]
In the said notification, in the Explanation,–
(a) in clause (A), for sub-clause (i), the following sub-clause shall
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.
1st day of July, 2012 to 2nd February,
2016 (both days inclusive).
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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
u
1%
8703 80 40
- - -
Three-wheeled vehicles
u
1%
8703 80 90
- - -
Other
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
Unit
Rate of Duty
(1)
(2)
(3)
(4)
“8703 90 00
-
Other
u
1%”.
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THE 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.
THE FIFTEENTH SCHEDULE
(See section 239)
REPEALS
Year
No.
Short title
Extent of repeal
(1)
(2)
(3)
(4)
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
1972
62
The Limestone and Dolomite Mines Labour Welfare
Fund Act, 1972
1975
26
The Tobacco Cess Act, 1975
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
Section 2.
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.
Sections 3, 4 and clauses (a) to (f) of sub-
section (2) of section 16.
The whole.
Sections 3, 4, 5 and section 6.
Clause (a) of section 3.
AMENDMENTS
Year
No.
Short title
Amendments
(1)
(2)
(3)
(4)
1972
62
The Limestone and Dolomite Mines Labour
Welfare Fund Act, 1972
1976
56
The Beedi Workers Welfare Cess Act, 1976
For sub-section (1) of section 5, the
following sub-section shall be
substituted, namely:––
“(1) The Central Government shall
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.
Constitution
of Fund.
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Department 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
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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
(9)
Every certified computerized copy of full size
Rs. 180/- for a Survey Number/Sub-Division Number
copy of P. T. Sheet
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
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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.
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.