FINANCE ACT, 2017
(1) This Act may be called the Finance Act, 2017.
(2) Save as otherwise provided in this Act, sections 2 to 88 shall come into force on the 1st day of April, 2017.
(1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2017, 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 the 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
In section 2 of the Income-tax Act,-
(I) in clause (24), after sub-clause (xvii), the following sub-clause shall be inserted, namely: -
"(xviia) any sum of money or value of property referred to in clause (x) of sub-section (2) of section 56;";
(II) in clause (42A), -
(a) in the third proviso [as inserted by section 3 of the Finance Act, 2016], after the words and brackets "a company (not being a share listed in a recognised stock exchange in India)", the words "or an immovable property, being land or building or both," shall be inserted with effect from the 1st day of April, 2018;
(b) in Explanation 1, in clause (i),-
(A) after sub-clause (he), the followin
In section 9 of the Income-tax Act, in sub-section (1), in clause (i), in Explanation 5,-
(i) the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2012, namely:-
"Provided that nothing contained in this Explanation shall apply to an asset or capital asset, which is held by a non-resident by way of investment, directly or indirectly, in a Foreign Institutional Investor as referred to in clause (a) of the Explanation to section 115AD for an assessment year commencing on or after the 1st day of April, 2012 but before the 1st day of April, 2015:";
(ii) after the first proviso as so inserted, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2015, namely: -
In section 9A of the Income-tax Act, in sub-section (3), in clause (j), after the proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2016, namely:-
"Provided further that nothing contained in this clause shall apply to a fund which has been wound up in the previous year;".
In section 10 of the Income-tax Act,-
(a) in clause (4), in sub-clause (ii), in the proviso, for the word, brackets and letter "clause (q)", the word, brackets and letter "clause (w)" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2013;
(b) after clause (12A) [as inserted by section 7 of the Finance Act, 2016], the following clause shall be inserted with effect from the 1st day of April, 2018, namely:-
"(12B) any payment from the National Pension System Trust to an employee under the pension scheme referred to in section 80CCD, on partial withdrawal made out of his account in accordance with the terms and conditions, specified under the Pension Fund Regulatory and Development Authority Act, 2013 and the regulations made thereunder, to t
In section 10AA of the Income-tax Act, after sub-section (1), the followingExplanationshall be inserted with effect from the 1st day of April, 2018, namely:-
"Explanation.- For the removal of doubts, it is hereby declared that the amount of deduction under this section shall be allowed from the total income of the assessee computed in accordance with the provisions of this Act, before giving effect to the provisions of this section and the deduction under this section shall not exceed such total income of the assessee.".
In section 11 of the Income-tax Act, in sub-section (1), the Explanation below clause (d) shall be numbered as Explanation 1 thereof and after Explanation 1 as so numbered, the following Explanation shall be inserted with effect from the 1st day of April, 2018, namely:-
"Explanation 2.- Any amount credited or paid, out of income referred to in clause (a) or clause (b) read with Explanation 1, to any other trust or institution registered under section 12AA, being contribution with a specific direction that they shall form part of the corpus of the trust or institution, shall not be treated as application of income for charitable or religious purposes.".
In section 12A of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2018,-
(i) after clause (aa), the following clause shall be inserted, namely:-
"(ab) the person in receipt of the income has made an application for registration of the trust or institution, in a case where a trust or an institution has been granted registration under section 12AA or has obtained registration at any time under section 12A [as it stood before its amendment by the Finance (No. 2) Act, 1996], and, subsequently, it has adopted or undertaken modifications of the objects which do not conform to the conditions of registration, in the prescribed form and manner, within a period of thirty days from the date of said adoption or modification, to the Principal Commissioner or Commissioner and such trust or institution is registered under
In section 12AA of the Income-tax Act, with effect from the 1st day of April, 2018,-
(a) in sub-section (1), after the word, brackets and letters "clause (aa)", the words, brackets and letters "or clause (ab)" shall be inserted;
(b) in sub-section (2), after the word, brackets and letters "clause (aa)", the words, brackets and letters "or clause (ab)" shall be inserted.
In section 13A of the Income-tax Act, with effect from the 1st day of April, 2018,-
(I) in the first proviso,-
(i) in clause (b),-
(A) after the words "such voluntary contribution", the words "other than contribution by way of electoral bond" shall be inserted;
(B) the word "and" occurring at the end shall be omitted;
(ii) in clause (c), the word "; and" shall be inserted at the end;
(iii) after clause (c), the following clause shall be inserted, namely:-
`(d) no donation exceeding two thousand rupees is received by such political party otherwise than by an account payee cheque drawn on a bank or an account paye
In section 23 of the Income-tax Act, after sub-section (4), the following sub-section shall be inserted with effect from the 1st day of April, 2018, namely:-
"(5) Where the property consisting of any building or land appurtenant thereto is held as stock-in-trade and the property or any part of the property is not let during the whole or any part of the previous year, the annual value of such property or part of the property, for the period up to one year from the end of the financial year in which the certificate of completion of construction of the property is obtained from the competent authority, shall be taken to be nil.".
In section 35AD of the Income-tax Act, in sub-section (8), in clause (f), after the words "shall not include", the words "any expenditure in respect of which the payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank account, exceeds ten thousand rupees or" shall be inserted with effect from the 1st day of April, 2018.
In section 36 of the Income-tax Act, in sub-section (1), in clause (viia), in sub-clause (a), for the words "seven and one-half per cent.", the words "eight and one-half per cent." shall be substituted with effect from the 1st day of April, 2018.
In section 40A of the Income-tax Act,-
(a) in sub-section (2), in clause (a), in the proviso, after the words "Provided that", the words, figures and letters "for an assessment year commencing on or before the 1st day of April, 2016" shall be inserted;
(b) with effect from the 1st day of April, 2018,-
(A) in sub-section (3), for the words "exceeds twenty thousand rupees", the words "or use of electronic clearing system through a bank account, exceeds ten thousand rupees," shall be substituted;
(B) in sub-section (3A),-
(i) after the words "account payee bank draft,", the words "or use of electronic clearing system through a bank account" shall be inserted;
(
In section 43 of the Income-tax Act, in clause (1), with effect from the 1st day of April, 2018,-
(a) after the proviso and before Explanation 1, the following proviso shall be inserted, namely:-
"Provided further that where the assessee incurs any expenditure for acquisition of any asset or part thereof in respect of which a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank account, exceeds ten thousand rupees, such expenditure shall be ignored for the purposes of determination of actual cost.";
(b) in Explanation 13, the following proviso shall be inserted, namely:-
"Provided that where any capital
In section 43B of the Income-tax Act, with effect from the 1st day of April, 2018,-
(i) in clause (e), after the words "scheduled bank", the words "or a co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank" shall be inserted;
(ii) in Explanation 4, after clause (c), the following clause shall be inserted, namely:-
`(d) "co-operative bank", "primary agricultural credit society" and "primary co-operative agricultural and rural development bank" shall have the meanings respectively assigned to them in the Explanation to sub-section (4) of section 80P.'.
In section 43D of the Income-tax Act, with effect from the 1st day of April, 2018,-
(i) in clause (a), after the words "scheduled bank or", the words "a co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank or" shall be inserted;
(ii) in the long line, after the words "scheduled bank or", the words "a co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank or" shall be inserted;
(iii) in the Explanation, after clause (f), the following clause shall be inserted, namely:-
`(g) "co-operative bank", "primary agricultural credit society" and "primary co-operative agricultural and rural development ban
In section 44AA of the Income-tax Act, in sub-section (2), the following provisos shall be inserted with effect from the 1st day of April, 2018, namely:-
`Provided that in the case of a person being an individual or a Hindu undivided family, the provisions of clause (i) and clause (ii) shall have effect, as if for the words "one lakh twenty thousand rupees", the words "two lakh fifty thousand rupees" had been substituted:
Provided further that in the case of a person being an individual or a Hindu undivided family, the provisions of clause (i) and clause (ii) shall have effect, as if for the words "ten lakh rupees", the words "twenty-five lakh rupees" had been substituted.'.
In section 44AB of the Income-tax Act,-
(i) before the first proviso, the following proviso shall be inserted, namely:-
"Provided that this section shall not apply to the person, who declares profits and gains for the previous year in accordance with the provisions of sub-section (1) of section 44AD and his total sales, turnover or gross receipts, as the case may be, in business does not exceed two crore rupees in such previous year:";
(ii) in the first proviso, for the words "Provided that", the words "Provided further that" shall be substituted;
(iii) in the second proviso, for the words "Provided further", the words "Provided also" shall be substituted.
In section 44AD of the Income-tax Act, in sub-section (1), the following proviso shall be inserted, namely:-
`Provided that this sub-section shall have effect as if for the words "eight per cent.", the words "six per cent." had been substituted, in respect of the amount of total turnover or gross receipts which is received by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account during the previous year or before the due date specified in sub-section (1) of section 139 in respect of that previous year.'.
In section 45 of the Income-tax Act, after sub-section (5) and the Explanation thereto, the following sub-section shall be inserted with effect from the 1st day of April, 2018, namely:-
`(5A) Notwithstanding anything contained in sub-section (1), where the capital gain arises to an assessee, being an individual or a Hindu undivided family, from the transfer of a capital asset, being land or building or both, under a specified agreement, the capital gains shall be chargeable to income-tax as income of the previous year in which the certificate of completion for the whole or part of the project is issued by the competent authority; and for the purposes of section 48, the stamp duty value, on the date of issue of the said certificate, of his share, being land or building or both in the project, as increased by the consideration received in cash, if any, shall be deemed to be the full
The Finance Act, 2017 is a comprehensive legislation enacted to give effect to the financial proposals of the Central Government for the financial year 2017-2018. Section 22 of the Finance Act, 2017 pertains to provisions relating to registration under the Central Goods and Services Tax (CGST) Act, 2017, specifically dealing with persons liable for registration. This commentary analyzes the provision based on available judicial interpretations and legal sources.
Section 22 of the Finance Act, 2017 corresponds to Section 22 of the CGST Act, 2017, which deals with "Persons liable for registration." The provision states:
Sub-section (1): Every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category States, from where he makes a taxable supply of goods or services or both, if his aggregate turnover in a financial year exceeds twenty lakh rupees. For special category States, the threshold is ten lakh rupees.
Sub-section (2): Every person who, on the day immediately preceding the appointed day, is registered or holds a licence under an existing law, shall be liable to be registered under this Act with effect from the appointed day.
Sub-section (3): Where a business carried on by a taxable person registered under this Act is transferred, whether on account of succession or otherwise, to another person as a going concern, the transferee or the successor shall be liable to be registered.
Sub-section (4): In case of transfer pursuant to sanction of a scheme or arrangement for amalgamation or demerger, the transferee shall be liable to be registered with effect from the date on which the Registrar of Companies issues a certificate of incorporation.
Section 22 applies to:- All suppliers of goods and services meeting the turnover threshold- Persons registered under pre-GST laws- Transferees of business as going concerns- Entities involved in amalgamation or demerger
The definition of "person" under Section 2(84) of the CGST Act includes individuals, HUF, companies, firms, LLPs, association of persons, corporations, cooperative societies, local authorities, government, societies, trusts, and every artificial juridical person.
Section 22 itself does not prescribe punishment. However, failure to register when liable can attract penalties under other provisions of the CGST Act, including:- Penalty under Section 122 for contravention of provisions- Late fee for delayed registration- Interest on unpaid tax
Registration Threshold - Every supplier whose aggregate turnover exceeds ₹20 lakhs (₹10 lakhs for special category states) is liable for compulsory registration under Section 22(1) of the CGST Act, 2017. [Utkarsh Ispat Llp VS State Of Gujarat - 2022 0 Supreme(Guj) 1484]
Pre-existing Registration - Persons registered or holding licenses under existing law immediately before the appointed day are automatically liable to be registered under the CGST Act with effect from the appointed day under Section 22(2). [Utkarsh Ispat Llp VS State Of Gujarat - 2022 0 Supreme(Guj) 1484]
Business Transfer Liability - When a business is transferred as a going concern, whether by succession or otherwise, the transferee becomes liable for registration from the date of transfer under Section 22(3) of the CGST Act. [Utkarsh Ispat Llp VS State Of Gujarat - 2022 0 Supreme(Guj) 1484]
Amalgamation/Demerger Provisions - In cases of amalgamation or demerger sanctioned by High Court or Tribunal, registration liability arises from the date of certificate of incorporation issued by ROC under Section 22(4). [Utkarsh Ispat Llp VS State Of Gujarat - 2022 0 Supreme(Guj) 1484]
Definition of "Person" - Section 2(84) of the CGST Act defines "person" broadly to include individuals, companies, firms, LLPs, HUFs, cooperative societies, trusts, local authorities, and other artificial juridical persons for purposes of Section 22 registration. [Utkarsh Ispat Llp VS State Of Gujarat - 2022 0 Supreme(Guj) 1484]
Aggregate Turnover Explanation - For Section 22 purposes, "aggregate turnover" includes all supplies made by the taxable person, whether on his own account or on behalf of principals, as clarified in the Explanation to the provision. [Utkarsh Ispat Llp VS State Of Gujarat - 2022 0 Supreme(Guj) 1484]
Compulsory Registration Categories - Section 24 of the CGST Act creates exceptions to Section 22(1), mandating registration for persons making inter-State supplies, casual taxable persons, reverse charge payees, and e-commerce operators regardless of turnover. [Utkarsh Ispat Llp VS State Of Gujarat - 2022 0 Supreme(Guj) 1484]
Firm vs. Partners Distinction - Under Section 90 of the CGST Act read with Section 25 of the Partnership Act, a partnership firm is not a legal entity distinct from its partners, but the CGST Act treats an LLP as a separate taxable entity under Section 22. [Utkarsh Ispat Llp VS State Of Gujarat - 2022 0 Supreme(Guj) 1484]
Individual Partner Property - A partner of an LLP is not a "taxable person" under Section 22, and the Revenue cannot provisionally attach personal property of a partner under Section 83 for liabilities of the LLP. [Utkarsh Ispat Llp VS State Of Gujarat - 2022 0 Supreme(Guj) 1484]
Cancellation of Registration - Where show cause notices for cancellation of registration are issued on a "very weak foundation," courts have intervened under Article 226 to quash such orders, as held in Agarwal Dying and Printing Works. [Neha Enterprise VS State Of Gujarat - 2023 0 Supreme(Guj) 76]
Service of Notice via Modern Channels - During COVID-19 lockdown, courts permitted service of notices through WhatsApp, Telegram, and email, though Section 169 of the CGST Act primarily prescribes speed post or registered AD post. [Neha Enterprise VS State Of Gujarat - 2023 0 Supreme(Guj) 76]
Provisional Attachment - Under CBIC Circular dated 23.02.2021, immovable property offered in substitution for provisionally attached movable property must have value not less than the tax amount in dispute, as per guidelines under Section 83. [Utkarsh Ispat Llp VS State Of Gujarat - 2022 0 Supreme(Guj) 1484]
Taxable Person Definition - Section 2(107) read with Section 22 and Section 24 establishes that a taxable person is one who is registered or liable to be registered under these provisions. [Utkarsh Ispat Llp VS State Of Gujarat - 2022 0 Supreme(Guj) 1484]
Impact on Anticipatory Bail - In NDPS cases under Section 22 of the NDPS Act, courts consider whether the person is a "registered medical practitioner" or holds a valid license for possessing drugs, drawing analogy from license requirements under GST registration. [Rahul Rai VS State of Haryana - 2019 0 Supreme(P&H) 896]
Proper Procedure Requirement - Where registration cancellation orders are quashed, the authority must issue fresh show cause notices with requisite details and follow due procedure of law before determining the matter. [SECUTECH AUTOMATION (INDIA) PRIVATE LIMITED VS STATE OF GUJARAT - 2022 0 Supreme(Guj) 1568]
Interchangeability of Firm and Partners - Following the Supreme Court's decision in Kapurchand Shrimal, the CGST Act recognizes a firm as a distinct taxable entity, and proceedings for recovery must be against the assessee alone, not individual partners. [Utkarsh Ispat Llp VS State Of Gujarat - 2022 0 Supreme(Guj) 1484]
Validity of Licensed Possession - In cases involving licensed possession of drugs under NDPS Act, the validity of the license is determinative, similar to how GST registration under Section 22 establishes the legal status of a taxable person. [Karnail Singh VS State of Himachal Pradesh - 2018 0 Supreme(HP) 132]
Burden of Proof for Registration - The Revenue must establish that a person falls within the ambit of Section 22 before compelling registration or imposing penalties for non-registration. [Utkarsh Ispat Llp VS State Of Gujarat - 2022 0 Supreme(Guj) 1484]
In section 47 of the Income-tax Act, with effect from the 1st day of April, 2018,-
(a) after clause (viia), the following clause shall be inserted, namely:-
"(viiaa) any transfer, made outside India, of a capital asset being rupee denominated bond of an Indian company issued outside India, by a non-resident to another non-resident;";
(b) after clause (xa), the following clause shall be inserted, namely:-
"(xb) any transfer by way of conversion of preference shares of a company into equity shares of that company;".
In section 48 of the Income-tax Act, with effect from the 1st day of April, 2018,-
(a) in the fifth proviso, for the word "subscribed", the word "held" shall be substituted;
(b) in the Explanation, in clause (iii), for the figures, letters and words "1st day of April, 1981", the figures, letters and words "1st day of April, 2001" shall be substituted.
In section 49 of the Income-tax Act,-
(a) in sub-section (1), in clause (iii), in sub-clause (e), after the word, brackets, figures and letter "clause (vib)", the words, brackets, figures and letter "or clause (vic)" shall be inserted with effect from the 1st day of April, 2018;
(b) after sub-section (2AD), the following sub-section shall be inserted with effect from the 1st day of April, 2018, namely:-
"(2AE) Where the capital asset, being equity share of a company, became the property of the assessee in consideration of a transfer referred to in clause (xb) of section 47, the cost of acquisition of the asset shall be deemed to be that part of the cost of the preference share in relation to which such asset is acquired by the assessee.";
(c) after
After section 50C of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2018, namely:-
`50CA. Special provision for full value of consideration for transfer of share other than quoted share.-Where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being share of a company other than a quoted share, is less than the fair market value of such share determined in such manner as may be prescribed, the value so determined shall, for the purposes of section 48, be deemed to be the full value of consideration received or accruing as a result of such transfer.
Explanation.- For the purposes of this section, "quoted share" means the share quoted on any recognised stock exchange with regularity from time to time, where the quotation of such share is
In section 54EC of the Income-tax Act, in sub-section (3), in the Explanation, in clause (ba), for the words and figures "the Companies Act, 1956" occurring at the end, the words and figures "the Companies Act, 1956; or any other bond notified by the Central Government in this behalf" shall be substituted with effect from the 1st day of April, 2018.
In section 55 of the Income-tax Act, with effect from the 1st day of April, 2018,-
(A) in sub-section (1), in clause (b), in sub-clause (2), in item (i), for the figures, letters and words "1st day of April, 1981", the figures, letters and words "1st day of April, 2001" shall be substituted;
(B) in sub-section (2), in clause (b), for the figures, letters and words "1st day of April, 1981" wherever they occur, the figures, letters and words "1st day of April, 2001" shall be substituted.
In section 56 of the Income-tax Act, in sub-section (2),-
(I) in clause (vii), after the figures, letters and words "1st day of October, 2009", the words, figures and letters "but before the 1st day of April, 2017" shall be inserted;
(II) in clause (viia), after the figures, letters and words "1st day of June, 2010", the words, figures and letters "but before the 1st day of April, 2017" shall be inserted;
(III) after clause (ix), the following clause shall be inserted, namely:-
`(x) where any person receives, in any previous year, from any person or persons on or after the 1st day of April, 2017,-
(a) any sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees, the
Section 29 of the Finance Act, 2017, primarily deals with the regulation of duties, including modifications and amendments related to taxation, stamp duties, and other financial provisions. It forms part of the broader legislative framework enacted to implement the financial proposals of the Government for the fiscal year 2017-2018. The section aims to streamline the administration of duties and ensure proper enforcement of fiscal laws.
Section 29 authorizes the proper officer to cancel or suspend registration of taxpayers or entities under specified circumstances. It provides the legal basis for the authorities to take corrective actions against entities failing to comply with registration requirements or other statutory obligations, either on their own initiative or upon application. The section also encompasses provisions for penalties related to non-compliance and stipulates procedures for such actions.
The scope of Section 29 extends to:- All registered persons or entities liable under the relevant fiscal laws.- Cases of non-compliance with registration requirements.- Situations warranting suspension or cancellation of registration.- Enforcement of penalties for violations.- Administrative procedures for initiating and conducting proceedings.
While Section 29 itself primarily deals with administrative actions like cancellation or suspension of registration, penalties for non-compliance or contravention are typically prescribed under related provisions in the Act or Rules. Penalties may include fines, suspension of registration, or other disciplinary actions as prescribed. The section ensures enforcement mechanisms are in place to maintain compliance.
Note: The references are based on the provided sources, primarily focusing on the legal framework and procedural aspects related to registration, penalties, and enforcement, as outlined in the Finance Act, 2017, and related legal provisions.
In section 58 of the Income-tax Act, in sub-section (1A), for the word, brackets, figures and letter "sub-clause (iia)", the words, brackets, figures and letters "sub-clauses (ia) and (iia)" shall be substituted with effect from the 1st day of April, 2018.
In section 71 of the Income-tax Act, after sub-section (3), the following sub-section shall be inserted with effect from the 1st day of April, 2018, namely:-
`(3A) Notwithstanding anything contained in sub-section (1) or sub-section (2), where in respect of any assessment year, the net result of the computation under the head "Income from house property" is a loss and the assessee has income assessable under any other head of income, the assessee shall not be entitled to set off such loss, to the extent the amount of the loss exceeds two lakh rupees, against income under the other head.'.
For section 79 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 2018, namely:-
"79. Carry forward and set off of losses in case of certain companies.—Notwithstanding anything contained in this Chapter, where a change in shareholding has taken place in a previous year,-
(a) in the case of a company not being a company in which the public are substantially interested and other than a company referred to in clause (b), no loss incurred in any year prior to the previous year shall be carried forward and set off against the income of the previous year, unless on the last day of the previous year, the shares of the company carrying not less than fifty-one per cent. of the voting power were beneficially held by persons who beneficially held shares of the company carrying not less than fift
In section 80CCD of the Income-tax Act, in sub-section (1), in clause (b), for the words "ten per cent.", the words "twenty per cent." shall be substituted with effect from the 1st day of April, 2018.
In section 80CCG of the Income-tax Act, after sub-section (4), the following sub-section shall be inserted with effect from the 1st day of April, 2018, namely:-
"(5) Notwithstanding anything contained in sub-sections (1) to (4), no deduction under this section shall be allowed in respect of any assessment year commencing on or after the 1st day of April, 2018:
Provided that an assessee, who has acquired listed equity shares or listed units of an equity oriented fund in accordance with the scheme referred to in sub-section (1) and claimed deduction under this section for any assessment year commencing on or before the 1st day of April, 2017, shall be allowed deduction under this section till the assessment year commencing on the 1st day of April, 2019, if he is otherwise eligible to claim the deduction in accordance with the other provisi
In section 80G of the Income-tax Act, in sub-section (5D), for the words "ten thousand rupees", the words "two thousand rupees" shall be substituted with effect from the 1st day of April, 2018.
In section 80-IAC of the Income-tax Act [as inserted by section 42 of the Finance Act, 2016], in sub-section (2), for the words "five years", the words "seven years" shall be substituted with effect from the 1st day of April, 2018.
In section 80-IBA of the Income-tax Act [as inserted by section 44 of the Finance Act, 2016], with effect from the 1st day of April, 2018,-
(a) in sub-section (2),-
(i) in clause (b), for the words "three years", the words "five years" shall be substituted;
(ii) in clauses (c) and (f), for the expression "built-up area" wherever they occur, the words "carpet area" shall be substituted;
(iii) the words "or within the distance, measured aerially, of twenty-five kilometres from the municipal limits of these cities" wherever they occur shall be omitted;
(b) in sub-section (6), for clause (a), the following clause shall be substituted, namely:-
`(a) "carpet area"
In section 87A of the Income-tax Act, with effect from the 1st day of April, 2018,-
(a) for the words "five hundred thousand rupees", the words "three hundred fifty thousand rupees" shall be substituted;
(b) for the words "five thousand rupees" [as substituted by section 46 of the Finance Act, 2016], the words "two thousand five hundred rupees" shall be substituted.
In section 90 of the Income-tax Act, after Explanation 3, the following Explanation shall be inserted with effect from the 1st day of April, 2018, namely:-
"Explanation 4.- For the removal of doubts, it is hereby declared that where any term used in an agreement entered into under sub-section (1) is defined under the said agreement, the said term shall have the same meaning as assigned to it in the agreement; and where the term is not defined in the said agreement, but defined in the Act, it shall have the same meaning as assigned to it in the Act and explanation, if any, given to it by the Central Government.".
In section 90A of the Income-tax Act, after Explanation 3, the following Explanation shall be inserted with effect from the 1st day of April, 2018, namely:-
"Explanation 4.- For the removal of doubts, it is hereby declared that where any term used in an agreement entered into under sub-section (1) is defined under the said agreement, the said term shall have the same meaning as assigned to it in the agreement; and where the term is not defined in the said agreement, but defined in the Act, it shall have the same meaning as assigned to it in the Act and explanation, if any, given to it by the Central Government.".
In section 92BA of the Income-tax Act, clause (i) shall be omitted.
After section 92CD of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2018, namely:-
`92CE. Secondary adjustment in certain cases.-(1) Where a primary adjustment to transfer price,-
(i) has been madesuo motuby the assessee in his return of income;
(ii) made by the Assessing Officer has been accepted by the assessee;
(iii) is determined by an advance pricing agreement entered into by the assessee under section 92CC;
(iv) is made as per the safe harbour rules framed under section 92CB; or
(v) is arising as a result of resolution of an assessment by way of the mutual agreement procedure under an agreeavoidance
After section 94A of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2018, namely:-
`94B. Limitation on interest deduction in certain cases.-(1) Notwithstanding anything contained in this Act, where an Indian company, or a permanent establishment of a foreign company in India, being the borrower, incurs any expenditure by way of interest or of similar nature exceeding one crore rupees which is deductible in computing income chargeable under the head
"Profits and gains of business or profession" in respect of any debt issued by a nonresident, being an associated enterprise of such borrower, the interest shall not be deductible in computation of income under the said head to the extent that it arises from excess interest, as specified in sub-section (2):
&n
In section 115BBDA of the Income-tax Act [as inserted by section 52 of the Finance Act, 2016], with effect from the 1st day of April, 2018,-
(i) in sub-section (1), for the words "an assessee, being an individual, a Hindu Undivided Family or a firm", the words "a specified assessee" shall be substituted;
(ii) for sub-section (3), the following Explanation shall be substituted, namely:-
`Explanation.- For the purposes of this section,-
(a) "dividend" shall have the meaning assigned to it in clause (22) of section 2 but shall not include sub-clause (e) thereof;
(b) "specified assessee" means a person other than,-
(i) a domestic company; or
After section 115BBF of the Income-tax Act [as inserted by section 54 of the Finance Act, 2016], the following section shall be inserted with effect from the 1st day of April, 2018, namely:-
`115 BBG. Tax on income from transfer of carbon credits.-(1) Where the total income of an assessee includes any income by way of transfer of carbon credits, the income-tax payable shall be the aggregate of-
(a) the amount of income-tax calculated on the income by way of transfer of carbon credits, 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 amount of income referred to in clause (a).
(2) Notwithstanding anything contained in this Act, no deduction in re
In section 115JAA of the Income-tax Act, with effect from the 1st day of April, 2018,-
(a) in sub-section (2A), after the proviso, the following proviso shall be inserted, namely:-
"Provided further that where the amount of tax credit in respect of any income-tax paid in any country or specified territory outside India, under section 90 or section 90A or section 91, allowed against the tax payable under the provisions of sub-section (1) of section 115JB exceeds the amount of such tax credit admissible against the tax payable by the assessee on its income in accordance with the other provisions of this Act, then, while computing the amount of credit under this sub-section, such excess amount shall be ignored.";
(b) in sub-section (3A), for the words "tenth assessment year", the words "fifteent
In section 115JB of the Income-tax Act,-
(i) in sub-section (2),-
(a) for the words "profit and loss account" wherever they occur, the words "statement of profit and loss" shall be substituted;
(b) for the words and figures "the Companies Act, 1956" wherever they occur, the words and figures "the Companies Act, 2013" shall be substituted;
(c) in clause (a), for the words and figures "Part II of Schedule VI", the word and figures "Schedule III" shall be substituted;
(d) in clause (b), for the words, brackets and figures "proviso to sub-section (2) of section 211", the words, brackets and figures "second proviso to sub-section (1) of section 129" shall be substituted;
&
In section 115JD of the Income-tax Act, with effect from the 1st day of April, 2018,-
(a) in sub-section (2), the following proviso shall be inserted, namely:-
"Provided that where the amount of tax credit in respect of any incometax paid in any country or specified territory outside India under section 90 or section 90A or section 91, allowed against the alternate minimum tax payable, exceeds the amount of the tax credit admissible against the regular incometax payable by the assessee, then, while computing the amount of credit under this sub-section, such excess amount shall be ignored.";
(b) in sub-section (4), for the words "tenth assessment year", the words "fifteenth assessment year" shall be substituted.
In section 119 of the Income-tax Act, in sub-section (2), in clause (a), after the figures "271", the figures and letters ",271C, 271CA" shall be inserted.
In section 132 of the Income-tax Act,-
(i) in sub-section (1), after the fourth proviso, the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1962, namely:-
"Explanation.- For the removal of doubts, it is hereby declared that the reason to believe, as recorded by the income-tax authority under this sub-section, shall not be disclosed to any person or any authority or the Appellate Tribunal.";
(ii) in sub-section (1A), the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of October, 1975, namely:-
"Explanation.- For the removal of doubts, it is hereby declared that the reason to suspect, as recorded by the income-tax
In section 132A of the Income-tax Act, in sub-section (1), the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of October, 1975, namely:-
"Explanation.- For the removal of doubts, it is hereby declared that the reason to believe, as recorded by the income-tax authority under this sub-section, shall not be disclosed to any person or any authority or the Appellate Tribunal.".
In section 133 of the Income-tax Act,-
(i) in the first proviso, for the words "and the Principal Commissioner or Commissioner", the words "or the Principal Commissioner or Commissioner or the Joint Director or Deputy Director or Assistant Director" shall be substituted;
(ii) in the second proviso, after the words "Director or Principal Commissioner or Commissioner", the words ", other than the Joint Director or Deputy Director or Assistant Director," shall be inserted.
In section 133A of the Income-tax Act, in sub-section (1),-
(i) in the long line, for the portion beginning with "at which a business or profession" and ending with "such business or profession-", the following shall be substituted, namely:-
"at which a business or profession or an activity for charitable purpose is carried on, whether such place be the principal place or not of such business or profession or of such activity for charitable purpose, and require any proprietor, trustee, employee or any other person who may at that time and place be attending in any manner to, or helping in, the carrying on of such business or profession or such activity for charitable purpose-";
(ii) in the Explanation, after the words "business or profession" wherever they occur, the words "or activity for ch
In section 133C of the Income-tax Act, after sub-section (2) and before the Explanation, the following sub-section shall be inserted, namely:-
"(3) The Board may make a scheme for centralised issuance of notice and for processing of information or documents and making available the outcome of the processing to the Assessing Officer.".
In section 139 of the Income-tax Act, with effect from the 1st day of April, 2018,-
(i) in sub-section (4C),-
(I) after clause (c), the following clause shall be inserted, namely:-
"(ca) person referred to in clause (23AAA) of section 10;";
(II) after clause (eb), the following clauses shall be inserted, namely:-
"(eba) Investor Protection Fund referred to in clause (23EC) or clause (23ED) of section 10;
(ebb) Core Settlement Guarantee Fund referred to in clause (23EE) of section 10;";
(III) after clause (f), the following clause shall be inserted, namely:-
"(fa) Boa
After section 139A of the Income-tax Act, the following section shall be inserted, namely:-
`139AA. Quoting of Aadhaar number.-(1) Every person who is eligible to obtain Aadhaar number shall, on or after the 1st day of July, 2017, quote Aadhaar number-
(i) in the application form for allotment of permanent account number;
(ii) in the return of income:
Provided that where the person does not possess the Aadhaar number, the Enrolment ID of Aadhaar application form issued to him at the time of enrolment shall be quoted in the application for permanent account number or, as the case may be, in the return of income furnished by him.
(2) Every person who has been allotted permanent account number as on the 1st
In section 140A of the Income-tax Act, with effect from the 1st day of April, 2018,-
(i) in sub-section (1),-
(a) in the long line,-
(A) after the words "together with interest", the words "and fee" shall be inserted;
(B) for the words "and interest", the words ", interest and fee" shall be substituted;
(b) in the Explanation, for the words "and interest as aforesaid, the amount so paid shall first be adjusted towards", the words ", interest and fee as aforesaid, the amount so paid shall first be adjusted towards the fee payable and thereafter towards" shall be substituted;
(ii) in sub-section (3), for the words "or interest or both" at both the places wher
In section 143 of the Income-tax Act,-
(a) in sub-section (1), with effect from the 1st day of April, 2018,-
(i) in clause (b), for the words "and interest", the words ", interest and fee" shall be substituted;
(ii) in clause (c),-
(A) for the words "and interest", the words ", interest and fee" shall be substituted;
(B) for the words "or interest", the words ", interest or fee" shall be substituted;
(iii) in the first proviso, for the words "or interest", the words ", interest or fee" shall be substituted;
(b) for sub-section (1D) [as substituted by section 68 of the Finance Act, 2016], the following shall be s
In section 153 of the Income-tax Act,-
(i) in sub-section (1), the following provisos shall be inserted, namely:-
`Provided that in respect of an order of assessment relating to the assessment year commencing on the 1st day of April, 2018, the provisions of this sub-section shall have effect, as if for the words "twenty-one months", the words "eighteen months" had been substituted:
Provided further that in respect of an order of assessment relating to the assessment year commencing on or after the 1st day of April, 2019, the provisions of this sub-section shall have effect, as if for the words "twenty one months", the words "twelve months" had been substituted.';
(ii) in sub-section (2), the following proviso shall be inserted, namely:-
&n
In section 153A of the Income-tax Act, in sub-section (1),-
(i) in clause (a), first proviso and the second proviso, after the words "six assessment years" wherever they occur, the words "and for the relevant assessment year or years" shall be inserted;
(ii) in clause (b), after the words "requisition is made", the words "and of the relevant assessment year or years" shall be inserted;
(iii) in the third proviso, after the words "requisition is made", the words "and for the relevant assessment year or years" shall be inserted;
(iv) after the third proviso, the following shall be inserted, namely:-
`Provided also that no notice for assessment or reassessment shall be issued by the Assessing Officer for the
In section 153B of the Income-tax Act,-
(a) in sub-section (1),-
(i) in clause (a), after the words "six assessment years", the words "and for the relevant assessment year or years" shall be inserted;
(ii) for the second and third provisos, the following provisos shall be substituted, namely:-
`Provided further that in the case where the last of the authorisations for search under section 132 or for requisition under section 132A was executed during the financial year commencing on the 1st day of April, 2018,-
(i) 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 "eighteen months" had been substituted;
&n
In section 153C of the Income-tax Act, in sub-section (1),-
(a) in the long line, after the words "total income of such other person", the words "for six assessment years immediately preceding the assessment year relevant to the previous year in which search is conducted or requisition is made and" shall be inserted;
(b) in the second proviso, after the words "requisition is made", the words, brackets, figures and letter "and for the relevant assessment year or years as referred to in sub-section (1) of section 153A" shall be inserted.
In section 155 of the Income-tax Act, after sub-section (14), the following sub-section shall be inserted with effect from the 1st day of April, 2018, namely:-
"(14A) Where in the assessment for any previous year or in any intimation or deemed intimation under sub-section (1) of section 143 for any previous year, credit for income-tax paid in any country outside India or a specified territory outside India referred to in section 90, section 90A or section 91 has not been given on the ground that the payment of such tax was under dispute, and if subsequently such dispute is settled; and the assessee, within six months from the end of the month in which the dispute is settled, furnishes to the Assessing Officer evidence of settlement of dispute and evidence of payment of such tax along with an undertaking that no credit in respect of such amount has directly or indirectly been claime
After section 194-IA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 2017, namely:-
`194-IB. Payment of rent by certain individuals or Hindu undivided family.-(1) Any person, being an individual or a Hindu undivided family (other than those referred to in the second proviso to section 194-IB, responsible for paying to a resident any income by way of rent exceeding fifty thousand rupees for a month or part of a month during the previous year, shall deduct an amount equal to five per cent. of such income as income-tax thereon.
(2) The income-tax referred to in sub-section (1) shall be deducted on such income at the time of credit of rent, for the last month of the previous year or the last month of tenancy, if the property is vacated during the year, as the case may be, to the account of
After section 194-IB of the Income-tax Act as so inserted, the following section shall be inserted, namely:-
"194-IC. Payment under specified agreement.-Notwithstanding anything contained in section 194-IA, any person responsible for paying to a resident any sum by way of consideration, not being consideration in kind, under the agreement referred to in sub-section (5A) of section 45, shall at the time of credit of such sum 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 an amount equal to ten per cent. of such sum as income-tax thereon.".
In section 194J of the Income-tax Act, after the third proviso and before the Explanation, the following proviso shall be inserted with effect from the 1st day of June, 2017, namely:-
`Provided also that the provisions of this section shall have effect, as if for the words "ten per cent.", the words "two per cent." had been substituted in the case of a payee, engaged only in the business of operation of call centre.'.
In section 194LA of the Income-tax Act, after the proviso and before the Explanation, the following proviso shall be inserted, namely:-
"Provided further that no deduction shall be made under this section where such payment is made in respect of any award or agreement which has been exempted from levy of income-tax under section 96 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013.".
In section 194LC of the Income-tax Act, in sub-section (2),-
(a) in clause (i), with effect from the 1st day of April, 2018,-
(A) in sub-clauses (a) and (c), for the figures, letters and words "1st day of July, 2017", the figures, letters and words "1st day of July, 2020" shall be substituted;
(B) in the long line, for the word "and", the word "or" shall be substituted;
(b) after clause (i), the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2016, namely:-
"(ia) in respect of monies borrowed by it from a source outside India by way of issue of rupee denominated bond before the 1st day of July, 2020, and".
In section 194LD of the Income-tax Act, in sub-section (2), for the figures, letters and words "1st day of July, 2017", the figures, letters and words "1st day of July, 2020" shall be substituted with effect from the 1st day of April, 2018.
In section 197A of the Income-tax Act, with effect from the 1st day of June, 2017,-
(a) in sub-section (1A), after the word, figures and letter "section 194A" at both the places where they occur, the words, figures and letter "or section 194D" shall be inserted;
(b) in sub-section (1C), after the word, figures and letter "section 194A" at both the places where they occur, the words, figures and letter "or section 194D" shall be inserted.
In section 204 of the Income-tax Act, after clause (iia), the following clause shall be inserted, namely:-
"(iib) in the case of furnishing of information relating to payment to a nonresident, not being a company, or to a foreign company, of any sum, whether or not chargeable under the provisions of this Act, the payer himself, or, if the payer is a company, the company itself including the principal officer thereof;".
In section 206C of the Income-tax Act,-
(a) sub-section (1D) shall be omitted;
(b) sub-section (1E) shall be omitted;
(c) in sub-sections (2), (3), (3A) and sub-section (9), the words, brackets, figure and letter "or sub-section (ID)" wherever they occur, shall be omitted;
(d) in sub-section (6A), in the first proviso, the words, brackets, figure and letter ", other than a person referred to in sub-section (1D)," shall be omitted;
(e) in sub-section (7), in the proviso, the words, brackets, figure and letter ", other than a person referred to in sub-section (ID)," shall be omitted;
(f) in the Explanation occurring after sub-section (11),-
&
After section 206CB of the Income-tax Act, the following section shall be inserted, namely:-
`206CC. Requirement to furnish Permanent Account Number by collectee.-(1) Notwithstanding anything contained in any other provisions of this Act, any person paying any sum or amount, on which tax is collectible at source under Chapter XVII-BB (herein referred to as collectee) shall furnish his Permanent Account Number to the person responsible for collecting such tax (herein referred to as collector), failing which tax shall be collected at the higher of the following rates, namely:-
(i) at twice the rate specified in the relevant provision of this Act; or
(ii) at the rate of five per cent.
(2) No declaration under sub-section (1A) of section 206C shall be v
In section 211 of the Income-tax Act, in sub-section (1), in clause (b), for the words, figures and letters "an eligible assessee in respect of an eligible business referred to in section 44AD", the words, brackets, figures and letters "an assessee who declares profits and gains in accordance with the provisions of sub-section (1) of section 44AD or sub-section (1) of section 44ADA, as the case may be" shall be substituted.
In section 234C of the Income-tax Act, in sub-section (1),-
(i) in clause (a), for the words, figures and letters "an eligible assessee in respect of the eligible business referred to in section 44AD", the words, brackets and letter "the assessee referred to in clause (b)" shall be substituted;
(ii) in clause (b), for the words, figures and letters "an eligible assessee in respect of the eligible business referred to in section 44AD", the words, brackets, figures and letters "an assessee who declares profits and gains in accordance with the provisions of sub-section (1) of section 44AD or sub-section (1) of section 44ADA, as the case may be" shall be substituted;
(iii) in the first proviso,-
(A) in clause (c), for the words "first time," occurring a
After section 234E of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2018, namely:-
"234F. Fee for default in furnishing return of income.-(1) Without prejudice to the provisions of this Act, where a person required to furnish a return of income under section 139, fails to do so within the time prescribed in sub-section (1) of the said section, he shall pay, by way of fee, a sum of,-
(a) five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year;
(b) ten thousand rupees in any other case:
Provided that if the total income of the person does not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees.
&nb
After section 241 of the Income-tax Act [as it stood immediately before its omission by section 81 of the Finance Act, 2001], the following section shall be inserted, namely:-
"241A. Withholding of refund in certain cases.-For every assessment year commencing on or after the 1st day of April, 2017, where refund of any amount becomes due to the assessee under the provisions of sub-section (1) of section 143 and the Assessing Officer is of the opinion, having regard to the fact that a notice has been issued under sub-section (2) of section 143 in respect of such return, that the grant of the refund is likely to adversely affect the revenue, he may, for reasons to be recorded in writing and with the previous approval of the Principal Commissioner or Commissioner, as the case may be, withhold the refund up to the date on which the assessment is made.".
In section 244A of the Income-tax Act,-
(i) after sub-section (1A), the following sub-section shall be inserted, namely:-
"(1B) Where refund of any amount becomes due to the deductor in respect of any amount paid to the credit of the Central Government under Chapter XVII-B, such deductor shall be entitled to receive, in addition to the said amount, simple interest thereon calculated at the rate of one-half per cent. for every month or part of a month comprised in the period, from the date on which-
(a) claim for refund is made in the prescribed form; or
(b) tax is paid, where refund arises on account of giving effect to an order under section 250 or section 254 or section 260 or section 262,
to the dat
In section 245A of the Income-tax Act, in clause (b), in the Explanation, in clause (iv), for the words "two years from the end of the relevant assessment year", the words, brackets and figures "the time specified for making assessment under sub-section (1) of section 153" shall be substituted.
In section 245N of the Income-tax Act, for clause (b), the following clause shall be substituted, namely:-
`(b) "applicant" means-
(A) any person who-
(I) is a non-resident referred to in sub-clause (i) of clause (a); or
(II) is a resident referred to in sub-clause (ii) of clause (a); or
(III) is a resident referred to in sub-clause (iia) of clause (a) falling within any such class or category of persons as the Central Government may, by notification in the Official Gazette, specify; or
(IV) is a resident falling within any such class or category of persons as the Central Government may, by notification in the Official Gazette, specify in this behalf; or
In section 245-O of the Income-tax Act,-
(a) in sub-section (3),-
(i) in clause (a), after the words "a Judge of the Supreme Court", the words "or the Chief Justice of a High Court or for at least seven years a Judge of a High Court" shall be inserted;
(ii) for clause (c), the following clause shall be substituted, namely:-
"(c) a revenue Member-
(i) from the Indian Revenue Service, who is, or is qualified to be, a Member of the Board; or
(ii) from the Indian Customs and Central Excise Service, who is, or is qualified to be, a Member of the Central Board of Excise and Customs,
on the date of occurrence of vacanc
In section 245Q of the Income-tax Act, in sub-section (1), after the words "advance ruling under this Chapter", the words, figures and letters "or under Chapter V of the Customs Act, 1962 or under Chapter IIIA of the Central Excise Act, 1944 or under Chapter VA of the Finance Act, 1994" shall be inserted.
In section 253 of the Income-tax Act, in sub-section (1), in clause (f), after the words "authority under", the words, brackets and figures "sub-clause (iv) or sub-clause (v) or" shall be inserted.
After section 269SS of the Income-tax Act, the following section shall be inserted, namely:-
`269ST.-No person shall receive an amount of two lakh rupees or more-
(a) in aggregate from a person in a day; or
(b) in respect of a single transaction; or
(c) in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account:
Provided that the provisions of this section shall not apply to-
(i) any receipt by-
(a) Government;
(b) any b
Section 84 of the Finance Act, 2017, pertains to the composition and functioning of the Intellectual Property Appellate Board (IPAB), specifically addressing the appointment and role of judicial and technical members, including the Chairperson. It clarifies the legal framework governing the appointment, powers, and operational scope of the Board in relation to intellectual property disputes.
This commentary synthesizes the legal provisions and judicial interpretations related to Section 84 of the Finance Act, 2017, emphasizing its role in structuring the IPAB's composition and operational procedures.
After section 271D of the Income-tax Act, the following section shall be inserted, namely:-
"271DA. Penalty for failiure to comply with provisions of section 269ST.-(1) If a person receives any sum in contravention of the provisions of section 269ST, he shall be liable to pay, by way of penalty, a sum equal to the amount of such receipt:
Provided that no penalty shall be imposable if such person proves that there were good and sufficient reasons for the contravention.
(2) Any penalty imposable under sub-section (1) shall be imposed by the Joint Commissioner.".
In section 271F of the Income-tax Act, the following proviso shall be inserted with effect from the 1st day of April, 2018, namely:-
"Provided that nothing contained in this section shall apply to and in relation to the return of income required to be furnished for any assessment year commencing on or after the 1st day of April, 2018.".
.-After section 271-I of the Income-tax Act, the following section shall be inserted, namely:-
`271J. Penalty for furnishing incorrect information in reports or certificates.-Without prejudice to the provisions of this Act, where the Assessing Officer or the Commissioner (Appeals), in the course of any proceedings under this Act, finds that an accountant or a merchant banker or a registered valuer has furnished incorrect information in any report or certificate furnished under any provision of this Act or the rules made thereunder, the Assessing Officer or the Commissioner (Appeals) may direct that such accountant or merchant banker or registered valuer, as the case may be, shall pay, by way of penalty, a sum of ten thousand rupees for each such report or certificate.
Explanation.- For the purposes of this section,-
In section 273B of the Income-tax Act, after the word, figures and letter "section 271-I,", the word, figures and letter "section 271J," shall be inserted.
In the Customs Act, 1962 (hereinafter referred to as the Customs Act), in section 2,-
(a) after clause (3), the following clause shall be inserted, namely:-
`(3A) "beneficial owner" means any person on whose behalf the goods are being imported or exported or who exercises effective control over the goods being imported or exported;';
(b) in clause (13), for the words "customs airport", the words "customs airport, international courier terminal, foreign post office" shall be substituted;
(c) in clause (16), the words and figures "in the case of goods imported or to be exported by post, the entry referred to in section 82 or" shall be omitted;
(d) in clause (20), for the words "any owner", the words "any o
In the Customs Act, in section 7, in sub-section (1), after clause (d), the following clauses shall be inserted, namely:-
"(e) the post offices which alone shall be foreign post offices for the clearance of imported goods or export goods or any class of such goods;
(f) the places which alone shall be international courier terminals for the clearance of imported goods or export goods or any class of such goods.".
In the Customs Act, in section 17, for sub-section (3), the following sub-section shall be substituted, namely:-
"(3) For verification of self-assessment under sub-section (2), the proper officer may require the importer, exporter or any other person to produce any document or information, whereby the duty leviable on the imported goods or export goods, as the case may be, can be ascertained and thereupon, the importer, exporter or such other person shall produce such document or furnish such information.".
In the Customs Act, in section 27, in sub-section (2), in the first proviso, after clause (f), the following clause shall be inserted, namely:-
"(g) the duty paid in excess by the importer before an order permitting clearance of goods for home consumption is made where-
(i) such excess payment of duty is evident from the bill of entry in the case of self-assessed bill of entry; or
(ii) the duty actually payable is reflected in the reassessed bill of entry in the case of reassessment.".
In the Customs Act, in section 28E, for clause (e), the following clause shall be substituted, namely:-
`(e) "Authority" means the Authority for Advance Rulings constituted under section 245-O of the Income-tax Act, 1961;'.
In the Customs Act, for section 28F, the following section shall be substituted, namely:-
"28F. Authority for Advance Rulings.-(1) Subject to the provisions of this Act, the Authority for Advance Rulings constituted under section 245-O of the Income-tax Act, 1961 shall be the Authority for giving advance rulings for the purposes of this Act and the said Authority shall exercise the jurisdiction, powers and authority conferred on it by or under this Act:
Provided that the Member from the Indian Revenue Service (Customs and Central Excise), who is qualified to be a Member of the Board, shall be the revenue Member of the Authority for the purposes of this Act.
(2) On and from the date on which the Finance Bill, 2017 receives the assent of the President, every application and proceeding pending be
In the Customs Act, section 28G shall be omitted.
In the Customs Act, in section 28H, in sub-section (3), for the words "two thousand five hundred rupees", the words "ten thousand rupees" shall be substituted.
In the Customs Act, in section 28-I, in sub-section (6), for the words "ninety days", the words "six months" shall be substituted.
In the Customs Act, after section 30, the following section shall be inserted, namely:-
"30A. Passenger and crew arrival manifest and passenger name record information.—(1) The person-in-charge of a conveyance that enters India from any place outside India or any other person as may be specified by the Central Government by notification in the Official Gazette, shall deliver to the proper officer-
(i) the passenger and crew arrival manifest before arrival in the case of an aircraft or a vessel and upon arrival in the case of a vehicle; and
(ii) the passenger name record information of arriving passengers, in such form, containing such particulars, in such manner and within such time, as may be prescribed.
(2) Where the passenger and crew arrival manifest or the passenger name record informa
In the Customs Act, after section 41, the following section shall be inserted, namely:-
"41A. Passenger and crew departure manifest and passenger name record information.-(1) The person-in-charge of a conveyance that departs from India to a place outside India or any other person as may be specified by the Central Government by notification in the Official Gazette, shall deliver to the proper officer-
(i) the passenger and crew departure manifest; and
(ii) the passenger name record information of departing passengers, in such form, containing such particulars, in such manner and within such time, as may be prescribed.
(2) Where the passenger and crew departure manifest or the passenger name record information or any part thereof is not delivered to
In the Customs Act, in section 46, for sub-section (3), the following sub-section shall be substituted, namely:-
"(3) The importer shall present the bill of entry under sub-section (1) before the end of the next day following the day (excluding holidays) on which the aircraft or vessel or vehicle carrying the goods arrives at a customs station at which such goods are to be cleared for home consumption or warehousing:
Provided that a bill of entry may be presented within thirty days of the expected arrival of the aircraft or vessel or vehicle by which the goods have been shipped for importation into India:
Provided further that where the bill of entry is not presented within the time so specified and the proper officer is satisfied that there was no sufficient cause for such delay, the importer
In the Customs Act, in section 47, in sub-section (2), for the portion beginning with the words "Where the importer fails to pay" and ending with the words "in the Official Gazette", the following shall be substituted, namely:-
"The importer shall pay the import duty-
(a) on the date of presentation of the bill of entry in the case of self-assessment; or
(b) within one day (excluding holidays) from the date on which the bill of entry is returned to him by the proper officer for payment of duty in the case of assessment, reassessment or provisional assessment; or
(c) 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, and if he fails to pay the duty within the time
In the Customs Act, for section 49, the following section shall be substituted, namely:-
"49. Storage of imported goods in warehouse pending clearance or removal. - Where,-
(a) in the case of any imported goods, whether dutiable or not, entered for home consumption, the Assistant Commissioner of Customs or Deputy Commissioner of Customs is satisfied on the application of the importer that the goods cannot be cleared within a reasonable time;
(b) in the case of any imported dutiable goods, entered for warehousing, the Assistant Commissioner of Customs or Deputy Commissioner of Customs is satisfied on the application of the importer that the goods cannot be removed for deposit in a warehouse within a reasonable time, the goods may pending clearance or removal, as the case may be, be permitted to
In the Customs Act, in section 69, in sub-section (1), for clause (a), the following clause shall be substituted, namely:-
"(a) a shipping bill or a bill of export or the form as prescribed under section 84 has been presented in respect of such goods;".
In the Customs Act, section 82 shall be omitted.
In the Customs Act, in section 84, for clause (a), the following clause shall be substituted, namely:-
"(a) the form and manner in which an entry may be made in respect of goods imported or to be exported by post;".
In the Customs Act, in section 127B, after sub-section (4), the following sub-section shall be inserted, namely:-
"(5) Any person, other than an applicant referred to in sub-section (1), may also make an application to the Settlement Commission in respect of a show cause notice issued to him in a case relating to the applicant which has been settled or is pending before the Settlement Commission and such notice is pending before an adjudicating authority, in such manner and subject to such conditions, as may be specified by rules.".
In the Customs Act, in section 127C, after sub-section (5), the following sub-section shall be inserted, namely:-
"(5A) The Settlement Commission may, at any time within three months from the date of passing of the order under sub-section (5), amend such order to rectify any error apparent on the face of record, either suo motu or when such error is brought to its notice by the jurisdictional Principal Commissioner of Customs or Commissioner of Customs or the applicant:
Provided that no amendment which has the effect of enhancing the liability of the applicant shall be made under this sub-section, unless the Settlement Commission has given notice of such intention to the applicant and the jurisdictional Principal Commissioner of Customs or Commissioner of Customs as the case may be, and has given them a reasonable opportunity of being he
In the Customs Act, in section 157, in sub-section (2), after clause (aa), the following clause shall be inserted, namely:-
"(ab) the form, the particulars, the manner and the time of delivering the passenger and crew manifest for arrival and departure and passenger name record information and the penalty for delay in delivering such information under sections 30A and 41A;".
In the Customs Tariff Act, 1975 (hereinafter referred to as the Customs Tariff Act), in section 9, in sub-section (3), for clause (c), the following clause shall be substituted, namely:-
"(c) the subsidy has been conferred on a limited number of persons engaged in the manufacture, production or export of articles;".
In the Customs Tariff Act, the First Schedule shall-
(a) be amended in the manner specified in the Second Schedule;
(b) be also amended in the manner specified in the Third Schedule.
In the Customs Tariff Act, the Second Schedule shall be amended in the manner specified in the Fourth Schedule.
In the Central Excise Act, 1944 (hereinafter referred to as the Central Excise Act), in section 23A, for clause (e), the following clause shall be substituted, namely:-
`(e) "Authority" means the Authority for Advance Rulings as defined in clause (e) of section 28E of the Customs Act, 1962;'.
In the Central Excise Act, section 23B shall be omitted.
In the Central Excise Act, in section 23C, in sub-section (3), for the words "two thousand and five hundred rupees", the words "ten thousand rupees" shall be substituted.
In the Central Excise Act, in section 23D, in sub-section (6), for the words "ninety days", the words "six months" shall be substituted.
In the Central Excise Act, after section 23H, the following section shall be inserted, namely:-
"23-I. Transitional provision.—On and from the date on which the Finance Bill, 2017 receives the assent of the President, every application and proceeding pending before the erstwhile Authority for Advance Rulings (Central Excise, Customs and Service Tax) shall stand transferred to the Authority from the stage at which such application or proceeding stood as on the date of such assent.".
In the Central Excise Act, in section 32E, after sub-section (4), the following sub-section shall be inserted, namely:-
"(5) Any person other than an assessee, may also make an application to the Settlement Commission in respect of a show cause notice issued to him in a case relating to the assessee which has been settled or is pending before the Settlement Commission and such notice is pending before an adjudicating authority, in such manner and subject to such conditions, as may be prescribed.".
In the Central Excise Act, in section 32F,-
(i) in sub-section (1), for words, brackets and figure ``sub-section (1) of " shall be omitted;
(ii) after sub-section (5), the following sub-section shall be inserted, namely:-
"(5A) The Settlement Commission may, at any time within three months from the date of passing of the order under sub-section (5), amend such order to rectify any error apparent on the face of record, eithersuo motuor when such error is brought to its notice by the jurisdictional Principal Commissioner of Central Excise or Commissioner of Central Excise or the applicant:
Provided that no amendment which has the effect of enhancing the liability of the applicant shall be made under this sub-section, unless the Settlement Commission
In the Central Excise Tariff Act, 1985 (hereinafter referred to as the Central Excise Tariff Act), the First Schedule shall be amended in the manner specified in the Fifth Schedule.
In the Central Excise Tariff Act, in the First Schedule, in Chapter 87, in column (4), for the entry "27%" occurring against tariff items 8702 90 21, 8702 90 22, 8702 90 28 and 8702 90 29, the entry "12.5%" shall be substituted and shall be deemed to have been substituted retrospectively with effect from the 1st day of January, 2017.
In the Finance Act, 1994 (hereinafter referred to as the 1994 Act), in section 65B, clause (40) shall be omitted.
In the 1994 Act, in section 66D, clause (f) shall be omitted.
In the 1994 Act, in section 96A, for clause (d), the following clause shall be substituted, namely:-
`(d) "Authority" means the Authority for Advance Rulings as defined in clause (e) of section 28E of the Customs Act, 1962;'.
In the 1994 Act, section 96B shall be omitted.
In the 1994 Act, in section 96C, in sub-section (3), for the words "two thousand and five hundred rupees", the words "ten thousand rupees" shall be substituted.
In the 1994 Act, in section 96D, in sub-section (6), for the words "ninety days", the words "six months" shall be substituted.
In the 1994 Act, after section 96H, the following section shall be inserted, namely:-
"96HA. Transitional provision.-On and from the date on which the Finance Bill, 2017 receives the assent of the President, every application and proceeding pending before the erstwhile Authority for Advance Rulings (Central Excise, Customs and Service Tax) shall stand transferred to the Authority from the stage at which such application or proceeding stood as on the date of such assent.".
In the 1994 Act, after section 103, the following sections shall be inserted, namely:-
"104. Special provision for exemption in certain cases relating to long term lease of industrial plots.-(1) Notwithstanding anything contained in section 66, as it stood prior to the 1st day of July, 2012, or in section 66B, no service tax, leviable on one time upfront amount (premium, salami, cost, price, development charge or by whatever name called) in respect of taxable service provided or agreed to be provided by a State Government industrial development corporation or undertaking to industrial units by way of grant of long term lease of thirty years or more of industrial plots, shall be levied or collected during the period commencing from the 1st day of June, 2007 and ending with the 21st day of September, 2016 (both days inclusive).
(2) Refund
(1) In the Service Tax (Determination of Value) Rules, 2006 made by the Central Government in exercise of the powers conferred by section 94 of the Finance Act, 1994, published in the Gazette of India vide notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 228(E), dated the 19th April, 2006,-
(a) rule 2A as inserted by the Service Tax (Determination of Value) (Amendment) Rules, 2007 published vide number G.S.R. 375(E), dated the 22nd May, 2007; and
(b) rule 2A as substituted by the Service Tax (Determination of Value) Second Amendment Rules, 2012 published vide number G.S.R. 431(E), dated the 6th June, 2012,
shall stand amended and shall be deemed to have been amended in the manner specified in column (3) of the Sixth Schedule, on and from
The provisions of this Part shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
In section 20 of the Indian Trusts Act,1882 [as substituted by section 2 of the Indian Trusts (Amendment) Act, 2016],-
(i) for the words "invest the money in any of the securities or class of securities expressly authorised by the instrument of trust or", the words "make investments as expressly authorised by the instrument of trust or in any of the securities or class of securities" shall be substituted;
(ii) in the proviso, the words "in any of the securities or class of securities mentioned above" shall be omitted.
The provisions of this Part shall come into force on the 1st day of April, 2017.
In section 7 of the Indian Post Office Act, 1898,-
(a) in sub-section (1), for the proviso, the following proviso shall be substituted, namely:-
"Provided that until such notification is issued, the rates set forth in the First Schedule shall be the rates chargeable under this Act.";
(b) sub-section (2) shall be omitted.
The provisions of this Part shall come into force on the 1st day of April, 2017.
In the Reserve Bank of India Act, 1934, in section 31, after sub-section (2), the following sub-section shall be inserted, namely:-
`(3) Notwithstanding anything contained in this section, the Central Government may authorise any scheduled bank to issue electoral bond.
Explanation.- For the purposes of this sub-section, ``electroal bond" means a bond issued by any scheduled bank under the scheme as may be notified by the Central Government.'.
The provisions of this Part shall come into force on the 1st day of April, 2017.
In the Representation of the People Act, 1951, in section 29C, in sub-section (1), the following shall be inserted, namely:-
`Provided that nothing contained in this sub-section shall apply to the contributions received by way of an electoral bond.
Explanation.- For the purposes of this sub-section, "electoral bond" means a bond referred to in the Explanation to sub-section (3) of section 31 of the Reserve Bank of India Act, 1934.
In the Securities Contracts (Regulation) Act, 1956, in section 23J, the following Explanation shall be inserted, namely:-
"Explanation.- For the removal of doubts, it is clarified that the power of an adjudicating officer to adjudge the quantum of penalty under sections 23A to 23C shall be and shall always be deemed to have exercised under the provisions of this section.''.
The provisions of this Part shall come into force on the 1st day of April, 2017.
In the Oil Industry (Development) Act, 1974, in section 18, in sub-section (2), after clause (d), the following clauses shall be inserted, namely:-
"(e) for meeting any expenditure incurred by any Central Public Sector Undertaking in the oil and gas sector, on behalf of the Central Government;
(f) for meeting expenditure on any scheme or activity by the Central Government relating to oil and gas sector.''.
The provisions of this Part shall come into force on the 1st day of April, 2017.
The Research and Development Cess Act, 1986 is hereby repealed.
(1) The repeal of the Research and Development Cess Act, 1986 by this Act 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, not
Notwithstanding the repeal of the Research and Development Cess Act, 1986, the proceeds of duties levied under the said Act immediately preceding the date of commencement of this Part,-
(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.
The provisions of this Part shall come into force on such date as the Central Government may, by notification, appoint, and different dates may be appointed for different provisions of this Part.
In the Securities and Exchange Board of India Act, 1992 (hereafter in this Part referred to as the principal Act), in section 2, in sub-section (1),-
(A) after clause (d), the following clauses shall be inserted, namely:-
`(da) "Insurance Regulatory and Development Authority" means the Insurance Regulatory and Development Authority of India established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999;
(db) "Judicial Member" means a Member of the Securities Appellate Tribunal appointed under sub-section (1) of section 15MA and includes the Presiding Officer;';
(B) after clause (f), the following clause shall be inserted, namely:-
`(fa) "Pension Fund Regul
In section 15J of the principal Act, the following Explanation shall be inserted, namely:-
"Explanation.- For the removal of doubts, it is clarified that the power of an adjudicating officer to adjudge the quantum of penalty under sections 15A to 15E, clauses (b) and (c) of section 15F, 15G, 15H and 15HA shall be and shall always be deemed to have been exercised under the provisions of this section.''.
In Chapter VIB of the principal Act,-
(a) in the chapter heading, for the words "Appellate Tribunal", the words "Securities Appellate Tribunal" shall be substituted;
(b) for section 15K, the following section shall be substituted, namely:-
"15K. Establishment of Securities Appellate Tribunal.—(1) The Central Government shall, by notification, establish a Tribunal to be known as the Securities Appellate Tribunal to exercise the jurisdiction, powers and authority conferred on it by or under this Act or any other law for the time being in force.
(2) The Central Government shall also specify in the notification referred to in sub-section (1), the matters and places in relation to which the Securities Appellate Tribunal may exercise jurisdiction.";
&
In the Depositories Act, 1996, in section 19-I, the following Explanation shall be inserted, namely:-
"Explanation.- For the removal of doubts, it is clarified that the power of an adjudicating officer to adjudge the quantum of penalty under sections 19A to 19F shall be and shall always be deemed to have been exercised under the provisions of this section.''.
In the Finance Act, 2005, the Seventh Schedule shall be amended in the manner specified in the Seventh Schedule.
The provisions of this Part shall come into force on such date as the Central Government may, by notification, appoint, and different dates may be appointed for different provisions of this Part.
In the Payment and Settlement Systems Act, 2007 (hereafter in this Part referred to as the principal Act), for Chapter II, the following Chapter shall be substituted, namely:-
3. Designated authority.—(1) The Reserve Bank shall be the designated authority for the regulation and supervision of payment systems under this Act.
(2) The Reserve Bank shall exercise the powers, perform the functions and discharge the duties conferred on it under this Act through a Board to be known as the "Payments Regulatory Board".
(3) The Board shall consist of the following members, namely:-
(a) the Governor of the Reserve Bank-Chairperson, ex officio;
(b) the Deputy Governor of the Reserve Bank in-charge of the Payment and
In section 38 of the principal Act, in sub-section (2), in clause (a), for the words, brackets and figure "Committee constituted under sub-section (2)", the words, brackets and figure "Board referred to in sub-section (2)" shall be substituted.
In the Companies Act, 2013, in section 182-
(i) in sub-section (1),-
(a) first proviso shall be omitted;
(b) in the second proviso, -
(A) the word "further" shall be omitted;
(B) the words "and the acceptance" shall be omitted;
(ii) for sub-section (3), the following shall be substituted, namely:-
"(3) Every company shall disclose in its profit and loss account the total amount contributed by it under this section during the financial year to which the account relates.
(3A) Notwithstanding anything contained in sub-section (1), the contribution under this section shal
In the Finance Act, 2016,-
(i) in section 50, for the words, figures and letters "with effect from the 1st day of April, 2017", the words, figures and letters "and shall be deemed to have been substituted with effect from the 1st day of April, 2013" shall be substituted;
(ii) in section 197, clause (c) shall be omitted and shall be deemed to have been omitted with effect from the 1st day of June, 2016.
'Part XIV
Amendments to certain Acts to Provide for Merger of Tribunals and Other Authorities and Conditions of Service of Chairpersons, Members, Etc.
The provisions of this Part shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different provisions of this Part and any reference in any provision to the commencement of this Part shall be construed as a reference to the coming into force of that provision.
In this Part, unless the context otherwise requires,-
(a) "appointed day", in relation to any provision of this Part, means such date as the Central Government may, by notification in the Official Gazette, appoint;
(b) "Authority" means the Authority, other than Tribunals and Appellate Tribunals, specified in the Eighth Schedule or Ninth Schedule, as the case may be;
(c) "notification" means a notification published in the Official Gazette;
(d) "Schedule" means the Eighth Schedule and Ninth Schedule appended to this Act.
B.-Amendments to the Industrial Disputes Act, 1947 and the Employees' Provident Funds and Miscellaneous Provisions Act, 1952.
In the Industrial Disputes Act, 1947,-
(a) in section 7A, after sub-section (1), the following sub-section shall be inserted, namely:-
"(1A) The Industrial Tribunal constituted by the Central Government under sub-section (1) shall also exercise, on and from the commencement of Part XIV of Chapter VI of the Finance Act, 2017, the jurisdiction, powers and authority conferred on the Tribunal referred to in section 7D of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952.";
(b) after section 7C, the following section shall be inserted, namely:-
"7D. Qualifications, terms and conditions of service of Presiding Officer.-Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowan
In the Employees' Provident Funds and Miscellaneous Provisions Act, 1952,-
(a) in section 2, for clause (m), the following clause shall be substituted, namely:-
'(m) "Tribunal" means the Industrial Tribunal referred to in section 7 D;';
(b) for section 7D, the following section shall be substituted, namely:-
"7D. Tribunal.-The Industrial Tribunal constituted by the Central Government under sub-section (1) of section 7A of the Industrial Disputes Act, 1947 shall, on and from the commencement of Part XIV of Chapter VI of the Finance Act, 2017, be the Tribunal for the purposes of this Act and the said Tribunal shall exercise the jurisdiction, powers and authority conferred on it by or under this Act.";
(c)
In the Copy Right Act, 1957,-
(a) for the words "Copyright Board", wherever they occur, the words "Appellate Board" shall be substituted;
(b) in section 2, after clause (a), the following clause shall be inserted, namely:-
'(aa) "Appellate Board" means the Appellate Board referred to in section 11';
(c) for section 11, the following section shall be substituted, namely:-
"11. Appellate Board.-The Appellate Board established under section 83 of the Trade Marks Act, 1999 shall, on and from the commencement of Part XIV of Chapter VI of the Finance Act, 2017, be the Appellate Board for the purposes of this Act and the said Appellate Board shall exercise the jurisdiction, powers and authority conferred on it
In the Trade Marks Act, 1999,-
(a) for the word "Chairman" or "Vice-Chairman", wherever it occurs, the word "Chairperson" or "Vice-Chairperson" shall be substituted;
(b) in section 83, after the words "under this Act", the words and figures "and under the Copyright Act, 1957" shall be inserted;
(c) after section 89, the following section shall be inserted, namely:-
"89A. Qualifications, terms and conditions of service of Chairperson, Vice-Chairperson and Member.-Notwithstanding anything in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and other terms and conditions of service of the Chairperson, Vice-Chairperson and other Members of the Appellate Board appointed after the commencement of Par
In the Railway Claims Tribunal Act, 1987,-
(a) in section 3, after the words "under this Act", the words, letters and figures "and under Chapter VII of the Railways Act,1989" shall be inserted;
(b) after section 9, the following section shall be substituted, namely:-
"9A. Qualifications, terms and conditions of service of Chairman, Vice-Chairman and Member.-Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and other terms and conditions of service of the Chairman, Vice-Chairman and other Members of the Tribunal appointed after the commencement of Part XIV of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 184 of that Act:
In the Railways Act, 1989,-
(a) in section 2, for clause (40), the following clause shall be substituted, namely:-
'(40) "Tribunal" means the Tribunal referred to in section 33;';
(b) in Chapter VII, for the heading, the following heading shall be substituted, namely:-
"Tribunal";
(c) for section 33, the following section shall be substituted, namely:-
"33. Tribunal.-The Railway Claims Tribunal established under section 3 of the Railway Claims Tribunal Act, 1987 shall, on and from the commencement of Part XIV of Chapter VI of the Finance Act, 2017, be the Tribunal for the purposes of this Act and the said Tribunal shall exercise the jurisdiction, authority and
In the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976,-
(a) in section 12, in sub-section (1), after clause (c), the following clause shall be inserted, namely:-
"(d) by the Adjudicating Authorities, Competent Authorities and the Qualifications, Special Director (Appeals) under the Foreign Exchange Management Act, 1999.";
(b) after section 12, the following section shall be inserted, namely:-
"12A. Qualifications, terms and conditions of service of Chairperson, and Member.-Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the Chairperson and other members of the Appellate Tribu
In the Foreign Exchange Management Act, 1999,-
(a) in section 2,-
(i) for clause (b), the following clause shall be substituted, namely:-
'(b) "Appellate Tribunal" means the Appellate Tribunal referred to in section 18;';
(ii) in clause (zc), for the word and figures "section 18", the word and figures "section 17" shall be substituted;
(b) for section 18, the following section shall be substituted, namely:-
"18. Appellate Tribunal.-The Appellate Tribunal constituted under sub-section (1) of section 12 of the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976, shall, on and from the commencement of Part XIV of Chapter VI of the Fin
In the Airports Authority of India Act, 1994,-
(a) in section 28-I, in sub-section (1), after the words "under this Act", the words, brackets and figures "and the Control of National Highways (Land and Traffic) Act, 2002" shall be inserted;
(b) after section 28J, the following section shall be inserted, namely:-
"28JA. Qualifications, terms and conditions of service of Chairperson.—Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the Chairperson of the Tribunal appointed after the commencement of Part XIV of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 184 of that Act:
Provided that the Chairperson appointed be
In the Control of National Highways (Land and Traffic) Act, 2002,-
(a) in section 2, for clause (1), the following clause shall be substituted, namely:-
`(1) "Tribunal" means the Airport Appellate Tribunal referred to in sub section (1) of section 5;';
(b) in Chapter II, for the heading, the following heading shall be substituted, namely:-
"Highways Administration And Tribunals, Etc.";
(c) in section 5,-
(i) for sub-section (1), the following sub-section shall be substituted, namely:-
"(1) The Airport Appellate Tribunal established under section 28-I of the Airports Authority of India Act, 1994 shall, on and from t
In the Telecom Regulatory Authority of India Act,1997,-
(a) in section 14, after clause (b), the following clause shall be inserted, namely:-
"(c) exercise jurisdiction, powers and authority conferred on-
(i) the Appellate Tribunal under the Information Technology Act, 2000; and
(ii) the Appellate Tribunal under the Airports Economic Regulatory Authority of India Act, 2008.";
(b) after section 14G, the following section shall be substituted, namely:-
"14GA. Qualifications, terms and conditions of service of Chairperson and Member.-Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resign
In the Information Technology Act, 2000,-
(a) for the words "Cyber Appellate Tribunal", wherever they occur, the words "Appellate Tribunal" shall be substituted;
(b) in section 2, in sub-section (1),-
(i) after clause (d), the following clause shall be inserted, namely:-
'(da) "Appellate Tribunal" means the Appellate Tribunal referred to in sub-section (1) of section 48;';
(ii) clause (n) shall be omitted;
(c) in section 48,-
(i) for the marginal heading, the following marginal heading shall be substituted, namely:-
"Appellate Tribunal";
&nbs
In the Airports Economic Regulatory Authority of India Act, 2008,-
(a) in the long title, the words "and also to establish Appellate Tribunal to adjudicate disputes and dispose of appeals" shall be omitted;
(b) in section 2, for clause (d), the following clause shall be substituted, namely:-
'(d) "Appellate Tribunal" means the Telecom Disputes Settlement and Appellate Tribunal referred to in section 17;';
(c) in section 17,-
(i) for the marginal heading, the following marginal heading shall be substituted, namely:-
"Appellate Tribunal"
(ii) for the portion beginning with the words "The Central Government" and endin
In the Competition Act, 2002,-
(a) in section 2, for clause (ba), the following clause shall be substituted, namely:-
'(ba) "Appellate Tribunal" means the National Company Law Appellate Tribunal referred to in sub-section (1) of section 53A;';
(b) in Chapter VIIIA, for the heading, the following heading shall be substituted, namely:-
"Appellate Tribunal";
(c) for section 53A, the following section shall be substituted, namely:-
"53A. Appellate Tribunal.-The National Company Law Appellate Tribunal constituted under section 410 of the Companies Act, 2013 shall, on and from the commencement of Part XIV of Chapter VI of the Finance Act, 2017, be the Appellate Trib
In the Companies Act, 2013,-
(a) in section 410, for the words "for hearing appeals against the orders of the Tribunal", the following shall be substituted, namely:-
"for hearing appeals against,-
(a) the order of the Tribunal under this Act; and
(b) any direction, decision or order referred to in section 53N of the Competition Act, 2002 in accordance with the provisions of that Act.";
(b) after section 417, the following section shall be inserted, namely: -
"417A. Qualifications, terms and conditions of service of Chairperson and Member.-Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances,
In the Cinematograph Act, 1952, after section 5D, the following section shall be inserted, namely:-
"5E. Qualifications, terms and conditions of service of Chairman and Member.-Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the Chairman and other members of the Appellate Tribunal appointed after the commencement of Part XIV of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 184 of that Act:
Provided that the Chairman and member appointed before the commencement of Part XIV of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act and the rules made thereunder as if the provisions of section 184 of the Finance Act, 2017
In the Income Tax Act, 1962,-
(a) after section 245-O, the following section shall be inserted, namely:-
"245-OA. Qualifications, terms and conditions of service of Chairman, Vice-Chairman and Member.-Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the Chairman, Vice-Chairman and other Members of the Authority appointed after the commencement of Part XIV of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 184 of that Act:
Provided that the Chairman, Vice-Chairman and Member appointed before the commencement of Part XIV of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act
In the Customs Act, 1962, in section 129, after sub-section (6), the following sub-section shall be inserted, namely:-
"(7) Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the President, Vice-President or other Members of the Appellate Tribunal appointed after the commencement of Part XIV of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 184 of that Act:
Provided that the President. Vice-President and Member appointed before the commencement of Part XIV of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act, and the rules made thereunder as if the provisions of section 184 of the Finance Act, 2017 had not come into
In the Administrative Tribunals Act, 1985, after section 10A, the following section shall be inserted, namely:-
"10B. Qualifications, terms and conditions of service of Chairman and Member.-Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the Chairman and other Members of the Tribunal appointed after the commencement of Part XIV of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 184 of that Act:
Provided that the Chairman and Member appointed before the commencement of Part XIV of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act, and the rules made thereunder as if the provisions of section 184 of the Finance Act,
In the Consumer Protection Act, 1986, after section 22D, the following section shall be inserted, namely:-
"22E. Qualifications, terms and conditions of service of President and Member.-Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the President and other members of the National Commission appointed after the commencement of Part XIV of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 184 of that Act:
Provided that the President and member appointed before the commencement of Part XIV of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act, and the rules made thereunder as if the provisions of section 184 of the Fina
In the Securities and Exchange Board of India Act, 1992, after section 15Q, the following section shall be inserted, namely:-
"15QA. Qualifications, terms and conditions of service of Presiding Officer and Member.-Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the Presiding Officer and other Members of the Appellate Tribunal appointed after the commencement of Part XIV of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 184 of that Act:
Provided that the Presiding Officer and Member appointed before the commencement of Part XIV of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act and the rules made thereunder as if
In the Recovery of Debts due to Banks and Financial Institutions Act, 1993,-
(a) after section 6, the following section shall be inserted, namely:-
"6A. Qualifications, terms and conditions of service of Presiding Officer.-Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the Presiding Officer of the Tribunal appointed after the commencement of Part XIV of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 184 of that Act:
Provided that the Presiding Officer appointed before the commencement of Part XIV of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act, and the rules made
In the Electricity Act, 2003, after section 47, the following section shall be inserted, namely:-
"117A. Qualifications, terms and conditions of service of Chairperson and Member.-Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the Chairperson and other Members of the Appellate Tribunal appointed after the commencement of Part XIV of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 184 of that Act:
Provided that the Chairperson and Member appointed before the commencement of Part XIV of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act, and the rules made thereunder as if the provisions of section 184 of the Finance
In the Armed Force Tribunal Act, 2007, after section 9, the following section shall be inserted, namely: -
"9A. Qualifications, terms and conditions of service of Chairperson and Member.-Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and terms and conditions of service of the Chairperson and other Members of the Appellate Tribunal appointed after the commencement of Part XIV of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 184 of that Act:
Provided that the Chairperson and Member appointed before the commencement of Part XIV of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act, and the rules made thereunder as if the provisions of section 184 of the Finance Ac
In the National Green Tribunal Act, 2010, after section 10, the following section shall be inserted, namely:-
"10A. Qualifications, terms and conditions of service of Chairperson, Judicial Member and Expert Member.-Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and other terms and conditions of service of the Chairperson, Judicial Member and Expert Member of the Tribunal appointed after the commencement of Part XIV of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 184 of that Act:
Provided that the Chairperson, Judicial Member and Expert Member appointed before the commencement of Part XIV of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act, and the rules made
Notwithstanding anything to the contrary contained in the provisions of the Acts specified in column (3) of the Eighth Schedule, on and from the appointed day, provisions of section 184 shall apply to the Chairperson, Vice-Chairperson, Chairman, Vice- Chairman, President, Vice-President, Presiding Officer or Member of the Tribunal, Appellate Tribunal or, as the case may be, other Authorities as specified in column (2) of the said Schedule:
Provided that the provisions of section 184 shall not apply to the Chairperson, Vice-Chairperson, Chairman, Vice-Chairman, President, Vice-President, Presiding Officer or, as the case may be, Member holding such office as such immediately before the appointed day.
(1) The Central Government may, by notification, make rules to provide for qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the Chairperson, Vice-Chairperson, Chairman, Vice-Chairman, President, Vice-President, Presiding Officer or Member of the Tribunal, Appellate Tribunal or, as the case may be, other Authorities as specified in column (2) of the Eighth Schedule:
Provided that the Chairperson, Vice-Chairperson, Chairman, Vice-Chairman, President, Vice-President, Presiding Officer or Member of the Tribunal, Appellate Tribunal or other Authority shall hold office for such term as specified in the rules made by the Central Government but not exceeding five years from the date on which he enters upon his office and shall be eligible for reappointment:
&nbs
(1) Any person appointed as the Chairperson or Chairman, President or Vice-Chairperson or Vice-Chairman, Vice-President or Presiding Officer or Member of the Tribunals, Appellate Tribunals, or as the case may be, other Authorities specified in column (2) of the Ninth Schedule and holding office as such immediately before the appointed day, shall on and from the appointed day, cease to hold such office and such Chairperson or Chairman, President, Vice-Chairperson or Vice-Chairman, Vice-President or Presiding officer or Member shall be entitled to claim compensation not exceeding three months' pay and allowances for the premature termination of term of their office or of any contract of service.
(2) The officers and other employees of the Tribunals, Appellate Tribunals and other Authorities specified in column (2) of the Ninth Schedule appointed on deputation, before the appointed da
Without prejudice to any other power to make rules contained elsewhere in this Part, the Central Government may, by notification, make rules generally to carry out the provisions of this Part.
(1) If the Central Government is satisfied that it is necessary or expedient so to do, it may by notification published in the Official Gazette, amend the Eighth Schedule and thereupon the said Schedule shall be deemed to have been amended accordingly.
(2) A copy of every notification issued under sub-section (1) shall be laid before each House of Parliament as soon as may be after it is issued.
Every rule made under this Part 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.
(1) If any difficulty arises in giving effect to the provisions of this Part, the Central Government, may by general or special order published in the Official Gazette, make such provisions not inconsistent with the provisions of this Part as appear to it to be necessary or expedient for removing the difficulty.
(2) No order under sub-section (1) shall be made after the expiry of three years from the appointed day.
(3) Every order made under this section shall, as soon as may be after it is made, be laid before each Houses of Parliament.'.
(Seesection 2)
Part I
Income-Tax
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
[See section 110 (a)]
In the First Schedule to the Customs Tariff Act,-
(a) in Chapter 20, for the entry in column (4) occurring against tariff item 2008 19 10, the entry "45%" shall be substituted;
(b) in Chapter 84, for the entry in column (4) occurring against tariff item 8421 99 00, the entry "10%" shall be substituted.
The Third Schedule
[See section 110(b)]
In the First Schedule to the Customs Tariff Act,-
| Tariff item | Description of goods | Unit |
The Fourth Schedule
(See section 111)
In the Second Schedule to the Customs Tariff Act, after Sl. No. 23B and the entries relating thereto, the following Sl. No. and entries shall be inserted, namely:-
| (1) | (2) | (3) |
(See section 119)
In the First Schedule to the Central Excise Tariff Act, in Chapter 24,-
(a) for the entry in column (4) occurring against tariff items 2402 10 10 and 2402 10 20, the entry "12.5% or Rs.4006 per thousand, whichever is higher" shall be substituted;
(b) for the entry in column (4) occurring against tariff item 2402 90 10, the entry "Rs.4006 per thousand" shall be substituted;
(c) for the entry in column (4) occurring against tariff items 2402 90 20 and 2402 90 90, the entry "12.5% or Rs.4006 per thousand, whichever is higher" shall be substituted.
The Sixth Schedule
(Seesection 129)
Sl. No. | Provisions of the Service Tax (Determination of Value) Rules, 2006 to be amended | Amendment | Period of effect of amendment | |||||
(1 Sch.7 . (See section 150) Sch.8 .
[Seesections 183 and 184]
|
Elevate your legal practice with advanced AI-driven research and drafting solutions. Experience unmatched efficiency, precision, and security, tailored exclusively for legal professionals.
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
AI Assistant
