FINANCE (NO. 2) ACT, 2019
[1st August, 2019.]
An Act to give effect to the financial proposals of the Central Government for the financial year 2019-2020. BE it enacted by Parliament in the Seventieth Year of the Republic of India as follows:—
(1) This Act may be called the Finance (No. 2) Act, 2019.
(2) Save as otherwise provided in this Act,—
(a) sections 2 to 69 shall be deemed to have come into force on the 1st day of April, 2019;
(1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2019, 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 Pa In section 2 of the Income-tax Act, in clause (19AA), in sub-clause (iii), the following proviso shall be inserted with effect from the 1st day of April, 2020, namely:— “Provided that the provisions of this sub-clause shall not apply where the resulting company records the value of the property and the liabilities of the undertaking or undertakings at a value different from the value appearing in the books of acco In section 9 of the Income-tax Act, in sub-section (1), after clause (vii), the following clause shall be inserted with effect from the 1st day of April, 2020, namely:–– “(viii) income arising outside India, being any sum of money referred to in sub-clause (xviia) of clause (24) of section 2, paid on or after the 5th day of July, 2019 by In section 9A of the Income-tax Act, in sub-section (3),–– (i) in clause (j), in the first proviso, for the words “at the end of such previous year”, the words “at the end of a period of six months from the last day of the month of its establishment or incorporation, or at the end of such previous year, whichever is later” shall be substituted; In section 10 of the Income-tax Act,–– (I) after clause (4B), the following clause shall be inserted, namely:–– “(4C) any income by way of interest payable to a non-resident, not being a company, or to a foreign company, by any Indian company or b In section 12AA of the Income-tax Act, with effect from the 1st day of September, 2019,–– (I) in sub-section (1),–– (i) for clause (a), the following clause shall be substituted, namely:–– In section 13A of the Income-tax Act, in the first proviso, in clause (d), for the words “bank account”, the words “bank account or through such other electronic mode as may be prescribed” shall be substituted with effect from the 1st day of April, 2020. S.3 Amendment of section 2
S.4 Amendment of section 9
S.5 Amendment of section 9A
S.6 Amendment of section 10
S.7 Amendment of section 12AA
S.8 Amendment of section 13A
In section 35AD of the Income-tax Act, in sub-section (8), in clause (f), for the words “bank account”, the words “bank account or through such other electronic mode as may be prescribed” shall be substituted with effect from the 1st day of April, 2020.
In section 40 of the Income-tax Act, in clause (a), with effect from the 1st day of April, 2020,––
(a) in sub-clause (i), after the proviso, the following proviso shall be inserted, namely:––
In section 40A of the Income-tax Act, with effect from the 1st day of April, 2020,––
(i) for the words “bank account” wherever they occur, the words “bank account or through such other electronic mode as may be prescribed” shall be substituted;
In section 43 of the Income-tax Act, in clause (1), in the second proviso, for the words “bank account”, the words “bank account or through such other electronic mode as may be prescribed” shall be substituted with effect from the 1st day of April, 2020.
In section 43B of the Income-tax Act, with effect from the 1st day of April, 2020,––
(i) after clause (d), the following clause shall be inserted, namely:––
“(da) any sum payable by the assessee as interest on any loan or borrowing from a deposit taking non-banking financial company or systemically important non-deposit taking non-banking financial
In section 43CA of the Income-tax Act, in sub-section (4), for the words “bank account”, the words “bank account or through such other electronic mode as may be prescribed” shall be substituted with effect from the 1st day of April, 2020.
In section 43D of the Income-tax Act, with effect from the 1st day of April, 2020,––
(i) in clause (a), after the words “State industrial investment corporation”, the words “or a deposit taking non-banking financial company or a systemically important non-deposit taking non-banking financial company” shall be inserted;
(ii) in the long line, after the wor
In section 44AD of the Income-tax Act, in sub-section (1), in the proviso, for the words “bank account”, the words “bank account or through such other electronic mode as may be prescribed” shall be substituted with effect from the 1st day of April, 2020.
In section 47 of the Income-tax Act, in clause (viiab), with effect from the 1st day of April, 2020,––
(A) for sub-clause (c), the following sub-clauses shall be substituted, namely:— “(c) derivative; or
(d) such other securities as may be notified by the Central Government in this behalf,”;
In section 50C of the Income-tax Act, in sub-section (1), in the second proviso, for the words “bank account”, the words “bank account or through such other electronic mode as may be prescribed” shall be substituted with effect from the 1st day of April, 2020.
In section 50CA of the Income-tax Act, before the Explanation, the following proviso shall be inserted with effect from the 1st day of April, 2020, namely:—
“Provided that the provisions of this section shall not apply to any consideration received or accruing as a result of transfer by such class of persons and subject to such conditions as may be prescribed.”.
In section 54GB of the Income-tax Act, with effect from the 1st day of April, 2020,—
(i) in sub-section (4), the following proviso shall be inserted, namely:—
‘Provided that in case of a new asset, being computer or computer software, acquired by an eligible start-up referred to in the proviso to clause (d) of sub-section (6), the provisions of this sub-
In section 56 of the Income-tax Act, in sub-section (2),––
(i) in clause (viib), with effect from the 1st day of April, 2020,—
(a) in the proviso, in clause (i), for the words “venture capital fund”, the words “venture capital fund or a specified fund” shall be substituted;
For section 79 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 2020, namely:––
Carry forward and set off of losses in case of certain companies.
‘79. (1) Notwithstanding anything contained in this Chapter, where a change in shareholding has taken place during the previous year in the case of a compa
In section 80C of the Income-tax Act, in sub-section (2), after clause (xxiv), the following clause shall be inserted with effect from the 1st day of April, 2020, namely:—
‘(xxv) being an employee of the Central Government, as a contribution to a specified account of the pension scheme referred to in section 80CCD––
(a) for a fixed period of not less tha
In section 80CCD of the Income-tax Act, in sub-section (2), for the words “does not exceed ten per cent. of his salary in the previous year”, the words, brackets and letters “does not exceed––
(a) fourteen per cent., where such contribution is made by the Central Government;
(b) ten per cent.,
After section 80EE of the Income-tax Act, the following sections shall be inserted with effect from the 1st day of April, 2020, namely:––
Deduction in respect of interest on loan taken for certain house property.
‘80EEA. (1) In computing the total income of an assessee, being an individual n
In section 80-IBA of the Income-tax Act, with effect from the 1st day of April, 2020,—
(A) in sub-section (2), after clause (i), the following proviso shall be inserted, namely:—
‘Provided that for the projects approved on or after the 1st day of September, 2019, the provisions of this sub-section shall have effect as if for clauses (d) to (i), the follo
In section 80JJAA of the Income-tax Act, in the Explanation, in clause (i), in the first proviso, in clause (b), for the words “bank account”, the words “bank account or through such other electronic mode as may be prescribed” shall be substituted with effect from the 1st day of April, 2020.
In section 80LA of the Income-tax Act, with effect from the 1st day of April, 2020,—
(i) for sub-section (1), the following sub-sections shall be substituted, namely:—
“(1) Where the gross total income of an assessee, being a scheduled bank, or, any bank incorporate
In section 92CD of the Income-tax Act, with effect from the 1st day of September, 2019,––
(a) in sub-section (3), for the words “proceed to assess or reassess or recompute the total income of the relevant assessment year”, the words “pass an order modifying the total income of the relevant assessment year determined in such assessment or reassessment, as the case may be,” shall be substituted;
In section 92CE of the Income-tax Act,––
(a) in sub-section (1),––
(I) in clause (iii), for the word, figures and letters “section 92CC”, the words, figures and letters “section 92CC, on or after the 1st day of April, 2017,” shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2018;
In the Income-tax Act, for section 92D, the following section shall be substituted with effect from the 1st day of April, 2020, namely:––
Maintenance, keeping and furnishing of information and document by certain persons.
In section 111A of the Income-tax Act, in the Explanation, in clause (a), for the words, brackets and figures “the Explanation to clause (38) of section 10”, the words, brackets, letters and figures “clause (a) of the Explanation to section 112A” shall be substituted with effect from the 1st day of April, 2020.
In section 115A of the Income-tax Act, in sub-section (4), after clause (b), the following proviso shall be inserted with effect from the 1st day of April, 2020, namely:––
“Provided that nothing contained in this sub-section shall apply to a deduction allowed to a Unit of an International Financial Services Centre under section 80LA.”.
In section 115JB of the Income-tax Act, in sub-section (2), in Explanation 1, in the long line, for clause (iih), the following clause shall be substituted with effect from the 1st day of April, 2020, namely:—
‘(iih) the aggregate amount of unabsorbed depreciation and loss brought forward in case of a—
(A) company, and its subsidiary and the subsidiary o
In section 115-O [Amendment of section 115-O.] of the Income-tax Act, in sub-section (8), for the words “out of its current income”, the words “out of its current income or income accumulated as a unit of International Financial Services Centre after the 1st day of April, 2017” shall be substituted with effect from the 1st day of September, 2019
In section 115QA of the Income-tax Act, in sub-section (1), the brackets and words “(not being shares listed on a recognised stock exchange)” shall be omitted with effect from the 5th day of July, 2019.
In section 115R of the Income-tax Act, in sub-section (2), with effect from the 1st day of September, 2019,—
(A) after the second proviso, before the Explanation, the following proviso shall be inserted, namely:—
“Provided also that no additional income-tax shall be chargeable in respect of any amount of income distributed on or after the 1st day of Sept
In section 115UB of the Income-tax Act, in sub-section (2), with effect from the 1st day of April, 2020,––
(a) for clauses (i) and (ii), the following clauses shall be substituted, namely:––
‘(i) out of such loss, the loss arising to the investment fund as a result of the computation under the head “Profit and gains of business or profession”, if any, sh
In section 139 of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2020,––
(a) in the sixth proviso, after the word, figures and letters “section 10BA”, the words, figures and letters “or section 54 or section 54B or section 54D or section 54EC or section 54F or section 54G or section 54GA or section 54GB” shall be inserted;
In section 139A of the Income-tax Act, with effect from the 1st day of September, 2019,––
(i) in sub-section (1), in clause (vi), for the words, brackets and figure “on behalf
of the person referred to in clause (v)”, the following shall be substituted, namely:––
“on
In section 139AA of the Income-tax Act, in sub-section (2), in the proviso, for the words “deemed to be invalid and the other provisions of this Act shall apply, as if the person had not applied for allotment of permanent account number”, the words “made inoperative after the date so notified in such manner as may be prescribed” shall be substituted with effect from the 1st day of September, 2019.
In section 140A of the Income-tax Act,––
(i) in sub-section (1), after clause (ii), the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2007, namely:––
“(iia) any relief of tax claimed under section 89;”;
In section 143 of the Income-tax Act, in sub-section (1), in clause (c), after the words “any advance tax paid,”, the words and figures “any relief allowable under section 89,” shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2007.
In section 194DA of the Income-tax Act, for the words “one per cent.”, the words “five per cent. on the amount of income comprised therein” shall be substituted with effect from the 1st day of September, 2019.
In section 194-IA of the Income-tax Act, in the Explanation, after clause (a), the following clause shall be inserted with effect from the 1st day of September, 2019,––
‘(aa) “consideration for transfer of any immovable property” shall include all charges of the nature of club membership fee, car parking fee, electricity or water facility fee, maintenance fee, advance fee or
After section 194LD of the Income-tax Act, the following sections shall be inserted with effect from the 1st day of September, 2019, namely:––
Payment of certain sums by certain individuals or Hindu undivided family.
In section 195 of the Income-tax Act, with effect from the 1st day of November, 2019,––
(a) in sub-section (2), for the words “to the Assessing Officer to determine, by general or special order”, the words “in such form and manner to the Assessing Officer, to determine in such manner, as may be prescribed” shall be substituted;
In section 197 of the Income-tax Act, in sub-section (1), for the figures and letters “194LBC”, the figures and letters “194LBC, 194M” shall be substituted with effect from the 1st day of September, 2019.
In section 198 of the Income-tax Act, after the first proviso, the following proviso shall be inserted with effect from the 1st day of September, 2019, namely:—
‘‘Provided further that the sum deducted in accordance with the provisions of section 194N for the purpose of computing the income of an assessee, shall be deemed to be income received.’’.
In section 201 of the Income-tax Act, with effect from the 1st day of September, 2019,––
(a) in sub-section (1), in the first proviso, for the word “resident” wherever it occurs, the word “payee” shall be substituted;
(b) in sub-section (1A), in the proviso, for the word “resident” wherever it occurs, the word “payee” shall be substituted;
For section 206A of the Income-tax Act, the following section shall be substituted with effect from the 1st day of September, 2019, namely:––
Furnishing of statement in respect of payment of any income to residents without deduction of tax.
“206A. (1) Any banking company or co-operative socie
In section 228A of the Income-tax Act, with effect from the 1st day of September, 2019,––
(a) in sub-section (1),––
(i) for the words “corresponding law from”, the words “corresponding law from a resident, or” shall be substituted;
(ii) for the words “any Tax Recovery Off
In section 234A of the Income-tax Act, in sub-section (1), in the long line, after clause (ii), the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2007, namely:–– “(iia) any relief of tax allowed under section 89;”.
In section 234B of the Income-tax Act, in sub-section (1), in Explanation 1, 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, 2007, namely:––
“(ia) any relief of tax allowed under section 89;”.
In section 234C of the Income-tax Act, in sub-section (1), in the Explanation, 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, 2007, namely:–– “(ia) any relief of tax allowed under section 89;”.
In section 239 of the Income-tax Act, with effect from the 1st day of September, 2019,––
(a) in sub-section (1), for the words “in the prescribed form and verified in the prescribed manner”, the words and figures “by furnishing return in accordance with the provisions of section 139” shall be substituted;
In section 246A of the Income-tax Act, in sub-section (1), in clause (bb), for the words “of assessment or reassessment”, the word “made” shall be substituted with effect from the 1st day of September, 2019.
In section 269SS of the Income-tax Act, in the opening portion, for the words “bank account”, the words “bank account or through such other electronic mode as may be prescribed” shall be substituted with effect from the 1st day of September, 2019.
In section 269ST of the Income-tax Act, in the long line, for the words “bank account”, the words “bank account or through such other electronic mode as may be prescribed” shall be substituted with effect from the 1st day of September, 2019.
Section 59 of the Finance (No. 2) Act, 2019, pertains to amendments in the law relating to duties, national debt, and public revenue, specifically focusing on modifications to existing provisions and introduction of new measures impacting taxation and compliance.
Section 59 amends certain provisions of the principal Act, including provisions related to penalties, assessments, and procedural aspects of tax law enforcement. It aims to streamline procedures, clarify legal provisions, and introduce specific penalties or modifications to existing penalties under the Act.
Note: The references are based on the available sources highlighting the provisions and amendments introduced under Section 59 of the Finance (No. 2) Act, 2019.
After section 269ST of the Income-tax Act, the following section shall be inserted with effect from the 1st day of November, 2019, namely:—
Acceptance of payment through prescribed electronic modes.
“269SU. Every person, carrying on business, shall provide facility for accepting payment through
In section 269T of the Income-tax Act, in the opening portion, for the words “bank account”, the words “bank account or through such other electronic mode as may be prescribed” shall be substituted with effect from the 1st day of September, 2019.
In section 270A of the Income-tax Act,––
(A) for the words “no return of income has been furnished” at both the places where they occur, the words and figures “no return of income has been furnished or where return has been furnished for the first time under section 148” shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017;
After section 271DA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of November, 2019, namely:—
Penalty for failure to comply with provisions of section 269SU.
“271DB. (1) If a person who is required to provide facility for accepting payment through the prescribed electronic modes of payment referred to in secti
The Finance (No. 2) Act, 2019 was enacted to implement the financial proposals of the Central Government for the financial year 2019-2020. Section 63 of this Act introduces significant amendments related to penalties for non-compliance with certain provisions of the Income Tax Act.
Section 63 of the Finance (No. 2) Act, 2019 introduces a new section, 271DB, which prescribes penalties for failure to comply with the requirements of quoting and authenticating Permanent Account Number (PAN) or Aadhaar.
In section 271FAA of the Income-tax Act, in the opening portion, the words, brackets and letter “clause (k) of” shall be omitted with effect from the 1st day of September, 2019.
In section 272B of the Income-tax Act, with effect from the 1st day of September, 2019,––
(a) in sub-section (2),––
(i) for the words “permanent account number”, the words “permanent account number or Aadhaar number, as the case may be,” shall be substituted;
In section 276CC of the Income-tax Act, in the proviso, in clause (ii), for sub-clause (b), the following sub-clause shall be substituted with effect from the 1st day of April, 2020, namely:––
“(b) the tax payable by such person, not being a company, on the total income
determined on regular assessment,
In section 285BA of the Income-tax Act, with effect from the 1st day of September, 2019,––
(i) in sub-section (1), for clause (k), the following clauses shall be substituted, namely:––
“(k) a prescribed reporting financial institution; or
In section 286 of the Income-tax Act, in sub-section (9), in clause (a), in sub-clause (i), the words “or alternate reporting entity” shall be omitted and shall be deemed to have been omitted with effect from the 1st day of April, 2017.
In the Second Schedule to the Income-tax Act, in Part III, in rule 68B, in sub-rule (1), with effect from the 1st day of September, 2019,––
(a) for the words “three years’’, the words “seven years” shall be substituted;
(b) in the proviso, for the word “Provided”, the words “Provided further” shallbe substituted;
(c) before the proviso as so amended, the following proviso shall be inserted, namely:—
“Provided that the Board may, for reasons to be recorded in writing, extend the aforesaid period for a further period not exceeding three years:”.
In section 41 of the Customs Act, 1962 [52 of 1962](hereinafter referred to as the Customs Act), in sub-section (1), for the portion beginning with the words “The person-in-charge of a conveyance”, and ending with the words “not exceeding fifty thousand rupees”, the following shall be substituted, namely:—
“The person-in-charge of a conveyance carrying export goods or importe
After Chapter XIIA of the Customs Act, the following Chapter shall be inserted, namely:––
CHAPTER XIIB
VERIFICATION OF IDENTITY AND COMPLIANCE
Verification of identity and compliance thereof
99B. (1) The proper officer, authorised in this behalf by the Principal Commissioner of Customs or the Commissioner of Customs, as the case may be, may, for the purposes of ascertaining compliance of the provision
In section 103 of the Customs Act,—
(i) for sub-section (1), the following sub-section shall be substituted, namely:–
“(1) Where the proper officer has reason to believe that any person referred to in sub-section (2) of section 100 has any goods liable to confiscation secreted inside his body, he may detain such person and shall,––
In section 104 of the Customs Act, ––
(i) in sub-section (1), the words “in India or within the Indian customs waters” shall be omitted;
(ii) in sub-section (4),––
(A) in clause (b), for the word “rupees,”, the words “rupees; or” shall be substituted;
In section 110 of the Customs Act,–– (i) in sub-section (1), for the proviso, the following provisos shall be substituted, namely:—
“Provided that where it is not practicable to remove, transport, store or take physical possession of the seized goods for any reason, the proper officer may give custody of the seized goods to the owner of the goods or the beneficial owner or any person holding himself out to be the importer, or any other p
In section 110A of the Customs Act,—
(i) in the marginal heading, after the words ‘‘things seized’’, the words ‘‘or bank account provisionally attached’’ shall be inserted;
(ii) after the words “documents or things seized”, the words “or bank account provisionally attached” shall be inserted;
After section 114AA of the Customs Act, the following section shall be inserted, namely:––
Penalty for obtaining instrument by fraud, etc.
‘114AB. Where any person has obtained any instrument by fraud, collusion, wilful misstatement or suppression of facts and such instrument has been utilised by such per
In section 117 of the Customs Act, for the words “one lakh rupees”, the words “four lakh rupees” shall be substituted.
In section 125 of the Customs Act, in sub-section (1), in the first proviso, for the words “the provisions of this section shall not apply”, the words “no such fine shall be imposed” shall be substituted.
In section 135 of the Customs Act,––
(i) in sub-section (1),—
(a) in clause (d), for the words ‘‘export of goods,’’, the words ‘‘export of goods; or’’ shall be substituted;
(b) after clause (d), the following clause shall be inserted, namely:— “(e) obtains an instrument f
In section 149 of the Customs Act, after the words “custom house to be amended”, the words “in such form and manner, within such time, subject to such restrictions and conditions, as may be prescribed” shall be inserted.
In section 157 of the Customs Act, in sub-section (2),––
(i) after clause (k), the following clause shall be inserted, namely:–– “(ka) the manner of authentication and the time limit for such authentication, the document or information to be furnished and the manner of submitting such document or information and the time limit for such submission, the form and the manner of furnishing alternative means of identification and the time lim
In section 158 of the Customs Act, in sub-section (2), in clause (ii), for the words “fifty thousand rupees”, the words “two lakh rupees” shall be substituted.
(1) The notifications of the Government of India in the Ministry of Finance (Department of Revenue) numbers G.S.R. 423(E), dated the 1st June, 2011, G.S.R. 499(E), dated the 1st July, 2011 and G.S.R. 185(E), dated the 17th March, 2012 issued by the Central Government under sub-section (1) of section 25 of the Customs Act, 1962 [52 of 1962], shall stand amended and shall be deemed to have been amended in the manner as specified in the Second Schedule, on and from the date mentioned in column (4) of that Schedule, agains
(1) The notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 785(E), dated the 30th June, 2017 issued by the Central Government under sub-section (1) of section 25 of the Customs Act, 1962 and subsection (12) of section 3 of the Customs Tariff Act, 1975, shall stand amended and shall be deemed to have been amended in the manner as specified in the Third Schedule, on and from the date mentioned in column (4) of that Schedule and accordingly, notwithstanding anything co
The notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 1270 (E), dated the 31st December, 2018 amending the notification number G.S.R. 665 (E), dated the 2nd August, 1976, which was issued in exercise of powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 [52 of 1962] and sub-section (12) of section 3 of the Customs Tariff Act, 1975 [51 of 1975], shall be deemed to have, and always to have, for all purposes, come into force on and from the 1st day of July, 2017.
In section 9 of the Customs Tariff Act, 1975 [51 of 1975] (hereinafter referred to as the Customs Tariff Act), after sub-section (1), the following sub-section shall be inserted, namely:––
“(1A) Where the Central Government, on such inquiry as it considers necessary, is of the opinion that circumvention of countervailing duty imposed under sub-section (1) has taken place, either by altering the description or name or composition of the
In section 9C of the Customs Tariff Act, for sub-section (1), the following sub-section shall be substituted, namely:––
“(1) An appeal against the order of determination or review thereof shall lie to the Customs, Excise and Service Tax Appellate Tribunal constituted under section 129 of the Customs Act, 1962 [52 of 1962](hereinafter referred to as the Appellate Tribunal), in respect of the existence, degree and effect of—
In the Customs Tariff Act, the First Schedule shall––
(a) be amended in the manner specified in the Fourth Schedule;
(b) be also amended in the manner specified in the Fifth Schedule, with effect from such date as the Central Government may, by notification in the Official Gazette, appoint.
(1) The notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 186 (E), dated the 22nd February, 2016 amending the notification number G.S.R. 804 (E), dated the 21st October, 2015, issued in exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the Customs Tariff Act, 1975 [51 of 1975] read with rules 18 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury)
(1) The notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 665 (E), dated the 5th July, 2016 amending the notification number G.S.R. 285 (E), dated the 8th March, 2016, issued in exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the Customs Tariff Act, 1975 [51 of 1975], read with rules 18, 20 and 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Ru
In the Fourth Schedule to the Central Excise Act, 1944 [1 of 1944], in Chapter 27, for the entry in column (4) occurring against tariff item 2709 20 00, the entry “Re.1 per tonne” shall be substituted.
In section 2 of the Central Goods and Services Tax Act, 2017 [12 of 2017] (hereinafter referred as the Central Goods and Services Tax Act), in clause (4), after the words “the Appellate Authority for Advance Ruling,”, the words “the National Appellate Authority for Advance Ruling,” shall be inserted.
In section 10 of the Central Goods and Services Tax Act,––
(a) in sub-section (1), after the second proviso, the following Explanation shall be inserted, namely:—
“Explanation.––For the purposes of second proviso, the value of exempt supply of services provided by way of extending deposits, loans or advances in so far as the consideration is represented
In section 22 of the Central Goods and Services Tax Act, in sub-section (1), after the second proviso, the following shall be inserted, namely:––
“Provided also that the Government may, at the request of a State and on the recommendations of the Council, enhance the aggregate turnover from twenty lakh rupees to such amount not exceeding forty lakh rupees in case of supplier who is engaged exclusively in the supply of goods, subject to s
In section 25 of the Central Goods and Services Tax Act, after sub-section (6), the following sub-sections shall be inserted, namely:—
“(6A) Every registered person shall undergo authentication, or furnish proof of possession of Aadhaar number, in such form and manner and within such time as may be prescribed:
Provided that if an Aadhaar number is not as
After section 31 of the Central Goods and Services Tax Act, the following section shall be inserted, namely:––
Facility of digital payment to recipient
“31A. The Government may, on the recommendations of the Council, prescribe a class of registered persons who shall provide prescribed modes of
In section 39 of the Central Goods and Services Tax Act,––
(a) for sub-sections (1) and (2), the following sub-sections shall be substituted, namely:––
‘‘(1) Every registered person, other than an Input Service Distributor or a non-resident taxable person or a person paying tax under the provisions of section 10 or section 51 or section 52 shall, for ever
In section 44 of the Central Goods and Services Tax Act, in sub-section (1), the following provisos shall be inserted, namely:—
“Provided that the Commissioner may, on the recommendations of the Council and for reasons to be recorded in writing, by notification, extend the time limit for furnishing the annual return for such class of registered persons as may be specified therein:
In section 49 of the Central Goods and Services Tax Act, after sub-section (9), the following sub-sections shall be inserted, namely:—
“(10) A registered person may, on the common portal, transfer any amount of tax, interest, penalty, fee or any other amount available in the electronic cash ledger under this Act, to the electronic cash ledger for integrated tax, central tax, State tax, Union territory tax or cess, in such form and manne
In section 50 of the Central Goods and Services Tax Act, in sub-section (1), the. following proviso shall be inserted, namely:––
“Provided that the interest on tax payable in respect of supplies made during a tax period and declared in the return for the said period furnished after the due date in accordance with the provisions of section 39, except where such return is furni
In section 52 of the Central Goods and Services Tax Act,––
(a) in sub-section (4), the following provisos shall be inserted, namely:––
“Provided that the Commissioner may, for reasons to be recorded in writing, by notification, extend the time limit for furnishing the statement for such class of registered persons as may be specified therein:
After section 53 of the Central Goods and Services Tax Act, the following section shall be inserted, namely:––
Transfer of certain amounts
“53A. Where any amount has been transferred from the electronic cash ledger under this Act to the electronic cash ledger under the State Goods and Services
In section 54 of the Central Goods and Services Tax Act, after sub-section (8), the. following sub-section shall be inserted, namely:––
“(8A) The Government may disburse the refund of the State tax in such manner as may be prescribed.”.
In section 95 of the Central Goods and Services Tax Act,––
(i) in clause (a),––
(a) after the words “Appellate Authority”, the words “or the National Appellate Authority” shall be inserted;
(b) after the words and figures “of section 100”, the words, figures and letter “
After section 101 of the Central Goods and Services Tax Act, the following sections shall be inserted, namely:––
Constitution of National Appellate Authority for Advance Ruling.
“101A. (1) The Government shall, on the recommendations of the Council, by notification, constitute, with effect from such dat
In section 102 of the Central Goods and Services Tax Act, in the opening portion,— (a) after the words “Appellate Authority”, at both the places where they occur, the words “or the National Appellate Authority” shall be inserted;
(b) after the words and figures “or section 101”, the words, figures and letter “or section 101C, respectively,” shall be inserted;
In section 103 of the Central Goods and Services Tax Act,––
(i) after sub-section (1), the following sub-section shall be inserted, namely:––
“(1A) The Advance Ruling pronounced by the National Appellate Authority under this Chapter shall be binding on—
(a) the applicant
In section 104 of the Central Goods and Services Tax Act, in sub-section (1),––
(a) after the words “Authority or the Appellate Authority”, the words “or the National Appellate Authority” shall be inserted;
(b) after the words and figures “of section 101”, the words, figures and letter “or und
In section 105 of the Central Goods and Services Tax Act,––
(a) for the marginal heading, the following marginal heading shall be substituted, namely:––
“Powers of Authority, Appellate Authority and National Appellate Authority.”;
(b) in sub-section (1), after the words “A
In section 106 of the Central Goods and Services Tax Act,––
(a) for the marginal heading, the following marginal heading shall be substituted, namely:––
“Procedure of Authority, Appellate Authority and National Appellate Authority.”;
In section 168 of the Central Goods and Services Tax Act, in sub-section (2), after the word and figures “section 39,”, the words, brackets and figures “sub-section (1) of section 44, sub-sections (4) and (5) of section 52,” shall be inserted.
In section 171 of the Central Goods and Services Tax Act, after sub-section (3), the following shall be inserted, namely:––
‘(3A) Where the Authority referred to in sub-section (2), after holding examination as required under the said sub-section comes to the conclusion that any registered person has profiteered under sub-section (1), such person shall be liable to pay penalty equival
(1) In the notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 674(E), dated the 28th June, 2017 [12 of 2017.], issued by the Central Government on the recommendations of the Council, under sub-section (1) of section 11 of the Central Goods and Services Tax Act, 2017, in the Schedule, after S. No. 103 and the entries relating thereto, the following S. No. and the entri
After section 17 of the Integrated Goods and Services Tax Act, 2017 [13 of 2017], the following section shall be inserted, namely:––
Transfer of certain amounts
“17A. Where any amount has been transferred from the electronic cash ledger under this Act to the electronic cash ledger
(1) In the notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 667(E), dated the 28th June, 2017[13 of 2017], issued by the Central Government on the recommendations of the Council, under sub-section (1) of section 6 of the Integrated Goods and Services Tax Act, 2017, in the Schedule, after S. No. 103 and the entries relating thereto, the following S. No. and the entri
(1) In the notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 711(E), dated the 28th June, 2017[14 of 2017.], issued by the Central Government on the recommendations of the Council, under sub-section (1) of section 8 of the Union Territory Goods and Services Tax Act, 2017, in the Schedule, after S. No. 103 and the entries relating thereto, the following S. No. and the
(1) Notwithstanding anything contained in section 66B of Chapter V of the Finance Act, 1994 [32 of 1994] as it stood prior to its omission vide section 173 of the Central Goods and Services Tax Act, 2017 [12 of 2017]with effect from the 1st day of July, 2017 (hereinafter referred to as the said Chapter), no service tax shall be levied or collected in respect of taxable service provided or agreed to be provided by the State Government by way of grant of liquor licence, against consideration in the form of licence fee o
(1) Notwithstanding anything contained in section 66, as it stood prior to the 1st day of July, 2012, or in section 66B, as it stood prior to the 1st day of July, 2017, of Chapter V of the Finance Act, 1994, [32 of 1994] as it stood prior to its omission vide section 173 of the Central Goods and Services Tax Act, 2017 [12 of 2017] (hereinafter referred to as the said Chapter), no service tax shall be levied or collected during the period commencing from the 1st day of July, 2003 and ending with the 31st day of March,
(1) Notwithstanding anything contained in section 66B of Chapter V of the Finance Act, 1994 [32 of 1994], as it stood prior to its omission vide section 173 of the Central Goods and Services Tax Act, 2017 [12 of 2017](hereinafter referred to as the said Chapter), no service tax shall be levied or collected on upfront amount, called as premium, salami, cost, price, development charges or by any other name, payable in respect of service by way of granting long term lease of thirty years or more of plots for development
(1) This Scheme shall be called the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (hereafter in this Chapter referred to as the “Scheme”).
(2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
In this Scheme, unless the context otherwise requires,—
(a) “amount declared” means the amount declared by the declarant under section 125;
(b) “amount estimated” means the amount estimated by the designated committee under section 127;
(c) “amount in arrears” means the
This Scheme shall be applicable to the following enactments, namely:—
(a) the Central Excise Act, 1944 [1 of 1944]or the Central Excise Tariff Act, 1985 [5 of 1986]or Chapter V of the Finance Act, 1994 [32 of 1994]and the rules made thereunder;
(b) the following Acts, namely:—
For the purposes of the Scheme, “tax dues” means—
(a) where—
(i) a single appeal arising out of an order is pending as on the 30th day of June, 2019 before the appellate forum, the total amount of duty which is being disputed in the said appeal;
(1) Subject to the conditions specified in sub-section (2), the relief available to a declarant under this Scheme shall be calculated as follows:—
(a) where the tax dues are relatable to a show cause notice or one or more appeals arising out of such notice which is pending as on the 30th day of June, 2019, and if the amount of duty is,—
(1) All persons shall be eligible to make a declaration under this Scheme except the following, namely:—
(a) who have filed an appeal before the appellate forum and such appeal has been heard finally on or before the 30th day of June, 2019;
(b) who have been convicted for any offence punishable under any provision of the indirect tax enactment for the ma
(1) The designated committee shall verify the correctness of the declaration made by the declarant under section 125 in such manner as may be prescribed:
Provided that no such verification shall be made in case here a voluntary disclosure of an amount of duty has been made by the declarant.
(2
(1) Where the amount estimated to be payable by the declarant, as estimated by the designated committee, equals the amount declared by the declarant, then, the designated committee shall issue in electronic form, a statement, indicating the amount payable by the declarant, within a period of sixty days from the date of receipt of the said declaration.
(2) Where the amount estimated to be payable by the declarant, as estimated by the de
Within thirty days of the date of issue of a statement indicating the amount payable by the declarant, the designated committee may modify its order only to correct an arithmetical error or clerical error, which is apparent on the face of record, on such error being pointed out by the declarant or suo motu, by the designated committee.
(1) Every discharge certificate issued under section 126 with respect to the amount payable under this Scheme shall be conclusive as to the matter and time period stated therein, and—
(a) the declarant shall not be liable to pay any further duty, interest, or penalty with respect to the matter and time period covered in the declaration;
(b) the declarant
(1) Any amount paid under this Scheme,—
(a) shall not be paid through the input tax credit account under the indirect tax enactment or any other Act;
(b) shall not be refundable under any circumstances;
(c) shall not, under the indirect tax enactment or under any other Ac
For the removal of doubts, it is hereby declared that, save as otherwise expressly provided in sub-section (1) of section 124, nothing contained in this Scheme shall be construed as conferring any benefit, concession or immunity on the declarant in any proceedings other than those in relation to the matter and time period to which the declaration has been made.
(1) The Central Government may, by notification in the Official Gazette, make rules for carrying out the provisions of this Scheme.
(2) Without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:—
(a) the form in which a declaration may be made and the manner in which such declaratio
(1) The Central Board of Indirect Taxes and Customs may, from time to time, issue such orders, instructions and directions to the authorities, as it may deem fit, for the proper administration of this Scheme, and such authorities, and all other persons employed in the execution of this Scheme shall observe and follow such orders, instructions and directions:
Provided that no such orders, instructions or directions shall be issued so as
(1) If any difficulty arises in giving effect to the provisions of this Scheme, the Central Government may, by order, not inconsistent with the provisions of this Scheme, remove the difficulty:
Provided that no such order shall be made after the expiry of a period of two years from the date on which the provisions of this Scheme come into force.
(2) Every order made u
(1) No suit, prosecution or other legal proceeding shall lie against the Central Government or any officer of the Central Government for anything which is done, or intended to be done in good faith, in pursuance of this Scheme or any rule made thereunder.
(2) No proceeding, other than a suit shall be commenced against the Central Government or any officer of the Central Government for
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 the Reserve Bank of India Act, 1934 [2 of 1934](hereafter in this Part referred to as the principal Act), in section 45-IA, in sub-section (1), for clause (b), the following shall be substituted, namely:—
“(b) having the net owned fund of twenty-five lakh rupees or such other amount, not exceeding hundred crore rupees, as the Bank may, by notification in the Official Gazette, specify:
After section 45-IC of the principal Act, the following sections shall be inserted, namely:—
Power of Bank to remove directors from office.
“45-ID. (1) Where the Bank is satisfied that in the public interest or to prevent the affairs of a non-banking financial company being conducted in a man
After section 45MA of the principal Act, the following section shall be inserted, namely:—
Power to take action against auditors.
‘‘45MAA. Where any auditor fails to comply with any direction given or order made by the Bank under section 45MA, the Bank, may, if satisfied, remove or debar the auditor fro
After section 45MB of the principal Act, the following section shall be inserted, namely :-
Resolution of non-banking financial company.
‘45MBA. (1) Without prejudice to any other provision of this Act or any other law for the time being in force, the Bank may, if it is satisfied, upon an inspection of the Books of a non-banking financial company that it
After section 45NA of the principal Act, the following section shall be inserted, namely:—
Power in respect of group companies.
“45NAA. (1) The Bank may, at any time, direct a non-banking financial company to annex to its financial statements or furnish separately, within such time and at such intervals as may be specified by the Bank, such statements and information relating to the business or affairs of any group company of the non-banking financial company as the Bank may consider necessary or expedient to obtain for the purposes of this Act.
(2) Notwithstanding anything to the contrary contained in the Companies Act, 2013 [18 of 2013.], the Bank may, at any time, cause an inspection or audit to be made of any group company of a non-banking financial comp
In section 58B of the principal Act,––
(i) in sub-section (2), for the words “two thousand rupees” and “one hundred rupees”, the words “one lakh rupees” and “five thousand rupees” shall respectively be substituted;
(ii) in sub-section (4A), for the words “five lakh rupees”, the words “twenty-five lakh rupees” shall be substituted;
In section 58G of the principal Act, in sub-section (1),—
(A) in clause (a), for the words ‘‘five thousand’’, the words ‘‘twenty-five thousand’’ shall be substituted;
(B) in clause (b), for the words ‘‘five lakh’’ and ‘‘twenty-five thousand’’, the words ‘‘ten lakh’’ and ‘‘one lakh’’ respectiv
In the Insurance Act, 1938, in section 6, after sub-section (2), the following sub-section shall be inserted, namely:––
“(3) No insurer, being a foreign company engaged in re-insurance business through a branch established in an International Financial Services Centre referred to in sub-section (1) of section 18 of the Special Economic Zones Act, 2005 [28 of 2005.], shall be
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 the Securities Contracts (Regulation) Act, 1956, in section 23A, in clause (a), for the words “report to a recognised stock exchange, fails to furnish the same within the time specified therefor in the listing agreement or conditions or bye-laws of the recognised stock exchange or who furnishes”, the words “report to a recognised stock exchange or to the Board, fails to furnish the same within the time specified therefore in the listing agreement or conditions or bye-laws of the recognised stock exchange or the Act
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 the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, in section 9, in sub-section (3), for clause (a), the following clause shall be substituted, namely:—
‘(a) not more than five whole-time directors to be appointed by the Central Government after consultation with the Reserve Bank:
Provided that the Central Government, m
In the General Insurance Business (Nationalisation) Act, 1972, in section 16, in sub-section (2), for the words “only four companies”, the words “up to four companies” shall be substituted.
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 the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, in section 9, in sub-section (3), for clause (a), the following clause shall be substituted, namely:—
‘(a) not more than five whole-time directors to be appointed by the Central Government after consultation with the Reserve Bank:
Provided that the Central Government, may, af
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 the National Housing Bank Act, 1987 [53 of 1987.] (hereafter in this Part referred to as the principal Act), in Chapter V, for the heading, the following heading shall be substituted, namely:—
In section 29A of the principal Act,—
(a) for sub-sections (1) and (2), the following sub-sections shall be substituted, namely:—
“(1) Notwithstanding anything contained in this Chapter or in any other law for the time being in force, no housing finance institution which is a company shall commence housing finance as its principal business or carry
In section 29B of the principal Act,—
(i) for the words “housing finance institution” wherever they occur, the words “housing finance institution which is a company” shall be substituted;
(ii) in sub-section (1), for the words “National Housing Bank”, the words “Reserve Bank” shall be substituted;
In section 29C of the principal Act, in sub-section (2),––
(a) for the words “specified by the National Housing Bank”, the words “specified by the Reserve Bank” shall be substituted;
(b) for the words “reported to the National Housing Bank”, the words “reported to the National Housing Bank and the Reserve Bank” shall be substituted;
For section 30 of the principal Act, the following section shall be substituted, namely:—
Reserve Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of money.
“30. The Reserve Bank may, if it considers necessary in the public interest so to do, by general or special or
For section 30A of the principal Act, the following section shall be substituted, namely:—
Power of Reserve Bank to determine policy and issue directions.
“30A. (1) If the Reserve Bank is satisfied that, in the public interest or to regulate the housing finance system of the country to its advantage or to prevent the affairs of any housing finance instit
For section 31 of the principal Act, the following section shall be substituted, namely:—
Power of National Housing Bank to collect information from housing finance institutions as to deposits.
“31. (1) The National Housing Bank may at any time direct that every housing finance institution which is a company accepting deposits shall furnish to the Nation
For section 32 of the principal Act, the following section shall be substituted, namely:—
Duty of housing finance institution to furnish statements, etc. under this Chapter.
“32. Every housing finance institution which is a company shall furnish the statements, information or particulars calle
In section 33 of the principal Act,—
(a) in sub-section (1),—
(i) for the words “housing finance institution” wherever they occur, the words “housing finance institution which is a company” shall be substituted;
(ii) for the words “the National Housing Bank” at both the
For section 33A of the principal Act, the following section shall be substituted, namely:—
Power of Reserve Bank to prohibit acceptance of deposit and alienation of assets.
“33A. (1) If any housing finance institution which is a company violates the provisions of any section or fails to comply with any direction or order given by the National Housing Ban
In section 33B of the principal Act,—
(i) in sub-section (1), in clause (c), for the words “the National Housing Bank”, the words “the National Housing Bank or the Reserve Bank” shall be substituted;
(ii) in sub-section (3), for the words “the Registrar of Companies”, the words “the Registrar
In section 34 in the principal Act,—
(i) for the words “at any time”, the words “at any time or on being directed so to do by the Reserve Bank, shall” shall be substituted;
(ii) for the words “housing finance institution accepting deposits” at both the places where they occur, the words “housing finance institution which is a company” shall be substitut
In section 35 of the principal Act,—
(i) in the opening portion, for the words “housing finance institution”, the words “housing finance institution which is a company” shall be substituted;
(ii) in clause (b), for the words “National Housing Bank”, the words “Reserve In section 35A of the principal Act,— (a) for the words “housing finance institution” wherever they occur, the words “housing finance institution which is a company” shall be substituted; (b) for the words “the National Housing Bank” wherever they occur, the words “the National Housing Bank or the Rese For section 35B of the principal Act, the following section shall be substituted, namely:— Power of Reserve Bank to exempt housing finance institution. “35B. (1) The Reserve Bank, on being satisfied that it is necessary so to do, may declare by notification that all or any of the provisions of this Chapter shall not apply to a housing finance institution In section 44 of the principal Act, in sub-section (1), for the words “National Housing Bank” at both the places where they occur, the words “National Housing Bank or. the Reserve Bank, as the case may be,” shall be substituted. S.167 Substitution of section 35B
S.168 Amendment of section 44
In section 46 of the principal Act, for the words “the National Housing Bank” wherever they occur, the words “the National Housing Bank or the Reserve Bank” shall be substituted.
In section 49 of the principal Act,—
(a) in sub-section (2B), for the words “the National Housing Bank”, the words “the National Housing Bank or the Reserve Bank” shall be substituted;
(b) in sub-section (2C), for the words “any order made by the authorised officer”, the words “any order made by the Nat
In section 51 of the principal Act, for the words “the National Housing Bank,” Amendment wherever they occur, the words “the National Housing Bank or the Reserve Bank” shall be of section 51. substituted.
For section 52A of the principal Act, the following section shall be substituted, namely:—
Power of National Housing Bank and Reserve Bank to impose fine.
“52A. (1) Notwithstanding anything contained in section 49, if the contravention or default of the nature referred to in the said section is committed by a housing finance institution which is a
In the Prohibition of Benami Property Transactions Act, 1988 [45 of 1988.](hereafter in this Part referred to as the principal Act), in section 23, the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of November, 2016, namely:––
“Explanation.––For the removal of doubts, it is hereby clarified that nothing contain
In section 24 of the principal Act, with effect from the 1st day of September, 2019,—
(a) in sub-section (3), for the words, brackets and figure “from the date of issue of notice under sub-section (1)”, the words, brackets and figure “from the last day of the month in which the notice under sub-section (1) is issued” shall be substituted;
(b) in sub-sec
In section 26 of the principal Act, in sub-section (7), with effect from the 1st day of September, 2019, the following Explanation shall be inserted, namely:-—
“Explanation.—For the purposes of this sub-section, in computing the period of limitation, the period during which the proceeding is stayed by an order or injunction of any court shall be excluded:
Provided tha
In section 30 of the principal Act, for the words "the Adjudicating Authority", the words "any authority" shall be substituted with effect from the 1st day of September, 2019.
In section 46 of the principal Act, with effect from the 1st day of September, 2019,—
(a) after sub-section (1), the following sub-section shall be inserted, namely:—
"(1A) Any person aggrieved by an order passed by the authority under section 54A may prefer an appeal in such form along with such fees, as may be prescribed, to the Appellate Tribunal agai
In section 47 of the principal Act, for sub-section (1), the following sub-section shall be substituted with effect from the 1st day of September, 2019, namely:—
"(1) The Appellate Tribunal or any authority may, in order to rectify any mistake apparent on the face of the record, amend any order passed by it under the provisions of this Act, within a period of one year from the end of the month in which such order was passed.".
In the principal Act, after section 54, the following sections shall be inserted with effect from the 1st day of September, 2019, namely:—
Penalty for failure to comply with notices or furnish information.
In section 55 of the principal Act, with effect from the 1st day of September, 2019,—
(i) for the word “Board”, the words “competent authority” shall be substituted;
(ii) the following Explanation shall be inserted, namely:––
‘Explanation.––For the purposes of this section, “competent a
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 the Securities and Exchange Board of India Act, 1992 [15 of 1992] (hereafter in this Part referred to as the principal Act), in section 14,—
(i) in sub-section (2), after clause (c), the following clause shall be inserted, namely:—
"(d) the capital expenditure, as per annual capital expenditure plan approved by the Board and the Central Government.";
In section 15C of the principal Act, after the words "after having been called upon by the Board in writing", the words "including by any means of electronic communication" shall be inserted.
In section 15F of the principal Act, in sub-clause (a), after the words "one lakh rupees but which may extend to", the words "one crore rupees" shall be inserted.
After section 15HA of the principal Act, the following section shall be inserted, namely:—
Penalty for alteration, destruction, etc., of records and failure to protect the electronic database of Board.
‘15HAA. Any person, who—
(a) knowingly alters, destroys, mutilates, co
In the Central Road and Infrastructure Fund Act, 2000 [54 of 2000](hereafter in this Part referred to as the principal Act), in section 10, in sub-section (1),––
(a) for clause (iv), the following clause shall be substituted, namely:––
“(iv) formulation of criteria for allocation of funds for development and maintenance of State road projects
In section 11 of the principal Act, for sub-section (1), the following sub-section shall be substituted, namely:––
“(1) The share of the Fund to be spent on development and maintenance of State roads, based on the criteria formulated under clause (iv) of sub-section (1) of section 10, shall be allocated in such manner as may be finalised by the Committee referred to in secti
In section 12 of the principal Act, in sub-section (2), clause (c) shall be omitted.
In the Finance Act, 2002, in the Eighth Schedule,––
(a) against Item No. 1, for the entry in column (3), the entry “Rs.10 per litre” shall be substituted;
(b) against Item No. 2, for the entry in column (3), the entry “Rs.4 per litre” shall be substituted.
In the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002, in section 13, in sub-section (1), for the words, figures and letters “the 31st day of March, 2019”, the words, figures and letters “the 31st day of March, 2021” shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2019.
Clause (iii) of section 187, sections 187A, 190A, 190B, 190C and 190D shall come into force from the 1st day of August, 2019.
In the Prevention of Money-laundering Act, 2002 [15 of 2003.] (hereafter in this Part referred to as the principal Act), in section 2, in sub-section (1),––
(i) in clause (n), in sub-clause (i), the word “sub-broker,” shall be omitted;
(ii) in clause (sa), for sub-clause (ii), the following sub-clause shall be substituted, namely:––
In section 3 of the principal Act, the following Explanation shall be inserted, namely:—
‘‘Explanation.—For the removal of doubts, it is hereby clarified that,—
(i) a person shall be guilty of offence of money-laundering if such personis found to have directly or indirectly attempted to indulge or knowingly assisted or knowingly is a party or is actuall
In section 12A of the principal Act, in sub-section (1), for the words, brackets and figures “sub-section (1) of section 12”, the words, figures, letters and brackets “section 11A, sub-section (1) of section 12, sub-section (1) of section 12AA” shall be substituted.
After section 12A of the principal Act, the following section shall be inserted, namely:––
Enhanced due diligence
‘12AA. (1) Every reporting entity shall, prior to the commencement of each specified transaction,—
(a) verify the identity of the clients undertaking such spe
In section 15 of the principal Act, for the words, brackets and figures “sub-section (1) of section 12”, the words, figures, letters and brackets “section 11A, sub-section (1) of section 12 and sub-section (1) of section 12AA” shall be substituted.
In section 17 of the principal Act, in sub-section (1), the proviso shall be omitted.
In section 18 of the principal Act, in sub-section (1), the proviso shall be omitted.
In section 44 of the principal Act, in sub-section (1),—
(i) after clause (b), the following proviso shall be inserted, namely:—
"Provided that after conclusion of investigation, if no offence of money-laundering is made out requiring filing of such complaint, the said authority shall submi
In section 45 of the principal Act, after sub-section (2), the following Explanation shall be inserted, namely:—
‘Explanation.—For the removal of doubts, it is clarified that the expression "Offences to be cognizable and non-bailable" shall mean and shall be deemed to have always meant that all offences under this Act shall be cognizable offences
After section 72 of the principal Act, the following section shall be inserted, namely:—
Inter- ministerial Co-ordination Committee.
“72A. The Central Government may, by notification, constitute an Inter-ministerial Co-ordination Committee for inter-departmental and inter-agency co-ordination for the fo
In section 73 of the principal Act, in sub-section (2), after clause (jj), the following clauses shall be inserted, namely:––
“(jja) the manner and the conditions in which authentication of the identity of clients shall be verified by the reporting entities under clause (a) of sub-section (1) of section 12AA;
(jjb) the manner of identifying the ownershi
In section 99 of the Finance (No. 2) Act, 2004, with effect from the 1st day of September, 2019,––
(I) in clause (a), in sub-clause (ii), for the words “settlement price”, the words “intrinsic value” shall be substituted;
(II) after the proviso, the following Explanation shall be inserted, namely:––
In the Payment and Settlement Systems Act, 2007, after section 10, the following section shall be inserted with effect from the 1st day of November, 2019, namely:–– Bank, etc., not to impose charge for using electronic modes of payment. “10A. Notwithstanding anything contained in this Act, no bank or system provider shall impose, whether directly or indirectly, any cha In the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 [22 of 2015](hereafter in this Part referred to as the principal Act), in section 2, for clause (2), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of July, 2015, namely:–– ‘(2) “assessee” means a person,–– In section 10 of the principal Act,–– (i) in sub-section (3), after the word “assess”, the words “or reassess” shall be inserted and shall be deemed to have been inserted with effect from the 1st day of July, 2015; (ii) in sub-section (4), after the word “assessment”, the words “or reassessme In the principal Act, in section 17, in sub-section (1), in clause (b), for the words “such order”, the words “or vary such order either to enhance or reduce the penalty” shall be substituted with effect from the 1st day of September, 2019. S.205 Amendment of section 2
S.207 Amendment of section 17
In the principal Act, in section 84, for the figures “138”, the figures and letter “138, 144A” shall be substituted with effect from the 1st day of September, 2019.
In the Finance Act, 2016[28 of 2016.] (hereafter in this Part referred to as the principal Act), in section 187, in sub-section (1), the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of June, 2016, namely:––
“Provided that where the amount of tax, surcharge and penalty, has not been paid within the due date notified under this sub-section, the Central Government may, by notification in the
In section 191 of the principal Act, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of June, 2016, namely:––
“Provided that the Central Government may, by notification in the Official Gazette, specify the class of persons to whom the amount of tax, surcharge and penalty, paid in excess of the amount payable under this Scheme shall be refundable.”.
In the Finance Act, 2018, in the Sixth Schedule, against Item Nos. 1 and 2, for the entry in column (3), the entry “Rs.10 per litre” shall be substituted.
Section 2 of the Finance Act, 2019 [7 of 2019.] is hereby repealed and shall be deemed never to have been enacted.
THE FIRST SCHEDULE
(See section 2)
PART I INCOME-TAX
THE SECOND SCHEDULE
[See section 83(1)]
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