FINANCE ACT, 2022
[30th March, 2022]
An Act to give effect to the financial proposals of the Central Government for the financial year 2022-2023.
BE it enacted by Parliament in the Seventy-third Year of the Republic of India as follows:--
(1) This Act may be called the Finance Act, 2022.
(2) Save as otherwise provided in this Act,--
(a) sections 2 to 85 shall come into force on the 1st day of April, 2022;
(b) sections 100 to 114 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
(1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2022, 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 rupees of the total income but without being liable to tax), only for the purpose of ch
In section 2 of the Income-tax Act,--
(a) in clause (12A), for the words "in the written form or as print-outs of data stored in", the words "in the written form or in electronic form or in digital form or as print-outs of data stored in such electronic form or in digital form or in" shall be substituted;
(b) in clause (42C), for the word "sales" occurring at the end and before Explanation 1, the word "transfer" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2021;
(c) after clause (47), the following clause shall be inserted, namely:--
'(47A) "virtual digital asset" means--
(a) any information or code or number or token (not being Indian currency or foreign currency), generated through cryptographic means or otherwise, by whatever name called, providing a digital representation of value exchanged with
In section 10 of the Income-tax Act,--
(a) with effect from the 1st day of April, 2023,--
(i) in clause (4D), in the Explanation, in clause (c), in sub-clause (i), in item (III), for the words "non-residents; or", the following shall be substituted, namely:--
"non-residents:
Provided that the condition specified in this item shall not apply where any unit holder or holders, being non-resident during the previous year when such unit or units were issued, becomes resident under clause (1) or clause (1A) of section 6 in any previous year subsequent to that year, if the aggregate value and number of the units held by such resident unit holder or holders do not exceed five per cent. of the total units issued and fulfil such other conditions as may be prescribed; or";
(ii) in clause (4E), after the words "non-deliverable forward contracts", the words "or offshore d
In section 11 of the Income-tax Act,--
(a) in sub-section (1), after Explanation 3, the following Explanations shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2021, namely:--
"Explanation 3A.--For the purposes of this sub-section, where the property held under a trust or institution includes any temple, mosque, gurdwara, church or other place notified under clause (b) of sub-section (2) of section 80G, any sum received by such trust or institution as voluntary contribution for the purpose of renovation or repair of such temple, mosque, gurdwara, church or other place, may, at its option, be treated by such trust or institution as forming part of the corpus of the trust or the institution, subject to the condition that the trust or the institution,--
(a) applies such corpus only for the purpose for which the voluntary contribution was made;
In section 12A of the Income-tax Act, in sub-section (1), for clause (b), the following clause shall be substituted with effect from the 1st day of April, 2023, namely:--
"(b) where the total income of the trust or institution as computed under this Act without giving effect to the provisions of sections 11 and 12 exceeds the maximum amount which is not chargeable to income-tax in any previous year,--
(i) the books of account and other documents have been kept and maintained in such form and manner and at such place, as may be prescribed; and
(ii) the accounts of the trust or institution for that year have been audited by an accountant defined in the Explanation below sub-section (2) of section 288 before the specified date referred to in section 44AB and the person in receipt of the income furnishes by that date the report of such audit in the prescribed form duly signed and verified by such accountan
In section 12AB of the Income-tax Act, for sub-sections (4) and (5), the following sub-sections shall be substituted, namely:--
'(4) Where registration or provisional registration of a trust or an institution has been granted under clause (a) or clause (b) or clause (c) of sub-section (1) or clause (b) of sub-section (1) of section 12AA, as the case may be, and subsequently,--
(a) the Principal Commissioner or Commissioner has noticed occurrence of one or more specified violations during any previous year; or
(b) the Principal Commissioner or Commissioner has received a reference from the Assessing Officer under the second proviso to sub-section (3) of section 143 for any previous year; or
(c) such case has been selected in accordance with the risk management strategy, formulated by the Board from time to time, for any previous year,
the Principal Commissione
In section 13 of the Income-tax Act, with effect from the 1st day of April, 2023,--
(a) in sub-section (1),--
(i) in clause (c), in the long line, for the word, brackets and figure "sub-section (3)", the words, brackets and figures "sub-section (3), such part of income as referred to in sub-clauses (i) and (ii)" shall be substituted;
(ii) in clause (d), in the long line, for the word and figures "November, 1983", the words, figures and brackets "November, 1983, to the extent of such deposits or investments referred to in sub-clauses (i), (ii) and (iii)" shall be substituted;
(b) after sub-section (9) and before Explanation 1, the following sub-sections shall be inserted, namely:--
'(10) Where the provisions of sub-section (8) are applicable to any trust or institution or it violates the conditions specified under clause (b) or clause (ba) of sub-section (1) o
In section 14A of the Income-tax Act,--
(a) in sub-section (1), for the words "For the purposes of", the words "Notwithstanding anything to the contrary contained in this Act, for the purposes of" shall be substituted;
(b) after the proviso, the following Explanation shall be inserted, namely:--
"Explanation.--For the removal of doubts, it is hereby clarified that notwithstanding anything to the contrary contained in this Act, the provisions of this section shall apply and shall be deemed to have always applied in a case where the income, not forming part of the total income under this Act, has not accrued or arisen or has not been received during the previous year relevant to an assessment year and the expenditure has been incurred during the said previous year in relation to such income not forming part of the total income.".
In section 17 of the Income-tax Act, in clause (2), in the first proviso, in clause (ii), after sub-clause (b), the following sub-clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2020, namely:--
"(c) in respect of any illness relating to COVID-19 subject to such conditions as the Central Government may, by notification in the Official Gazette, specify in this behalf:".
In section 35 of the Income-tax Act, in sub-section (1A), for the words, brackets, figures and letter "the research association, university, college or other institution referred to in clause (ii) or clause (iii) or the company referred to in clause (iia) of sub-section (1) shall not be entitled to deduction under the respective clauses of the said sub-section", the words, brackets, figures and letter "the deduction in respect of any sum paid to the research association, university, college or other institution referred to in clause (ii) or clause (iii), or the company referred to in clause (iia) of sub-section (1), shall not be allowed" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2021.
In section 37 of the Income-tax Act, in sub-section (1), after Explanation 2, the following Explanation shall be inserted, namely:--
'Explanation 3.--For the removal of doubts, it is hereby clarified that the expression "expenditure incurred by an assessee for any purpose which is an offence or which is prohibited by law" under Explanation 1, shall include and shall be deemed to have always included the expenditure incurred by an assessee,--
(i) for any purpose which is an offence under, or which is prohibited by, any law for the time being in force, in India or outside India; or
(ii) to provide any benefit or perquisite, in whatever form, to a person, whether or not carrying on a business or exercising a profession, and acceptance of such benefit or perquisite by such person is in violation of any law or rule or regulation or guideline, as the case may be, for the time being in force, governing the co
In section 40 of the Income-tax Act, in clause (a), in sub-clause (ii), after Explanation 2, the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2005, namely:--
'Explanation 3.--For the removal of doubts, it is hereby clarified that for the purposes of this sub-clause, the term "tax" shall include and shall be deemed to have always included any surcharge or cess, by whatever name called, on such tax.'.
In section 43B of the Income-tax Act, with effect from the 1st day of April, 2023,--
(i) in Explanation 3C, after the words "loan or borrowing", the words "or debenture or any other instrument by which the liability to pay is deferred to a future date" shall be inserted;
(ii) in Explanation 3CA, after the words "loan or borrowing", the words "or debenture or any other instrument by which the liability to pay is deferred to a future date" shall be inserted;
(iii) in Explanation 3D, after the words "loan or advance", the words "or debenture or any other instrument by which the liability to pay is deferred to a future date" shall be inserted.
In section 50 of the Income-tax Act, after the proviso, the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2021, namely:--
"Explanation.--For the purposes of this section, reduction of the amount of goodwill of a business or profession, from the block of asset in accordance with sub-item (B) of item (ii) of sub-clause (c) of clause (6) of section 43 shall be deemed to be transfer.".
In section 56 of the Income-tax Act, in sub-section (2),--
(a) in clause (viib), in the Explanation, in clause (aa), after the words and figures "Securities and Exchange Board of India Act, 1992 (15 of 1992)", the words and figures "or regulated under the International Financial Services Centres Authority Act, 2019 (50 of 2019)" shall be inserted with effect from the 1st day of April, 2023;
(b) in clause (x),--
(i) in the proviso occurring after item (B) in sub-clause (c), after clause (XI) and before the Explanation, the following clauses shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2020, namely:--
'(XII) by an individual, from any person, in respect of any expenditure actually incurred by him on his medical treatment or treatment of any member of his family, for any illness related to COVID-19 subject to such conditions, as t
In section 68 of the Income-tax Act, with effect from the 1st day of April, 2023,--
(i) in the first proviso, for the words "Provided that", the following shall be substituted, namely:--
"Provided that where the sum so credited consists of loan or borrowing or any such amount, by whatever name called, any explanation offered by such assessee shall be deemed to be not satisfactory, unless,--
(a) the person in whose name such credit is recorded in the books of such assessee also offers an explanation about the nature and source of such sum so credited; and
(b) such explanation in the opinion of the Assessing Officer aforesaid has been found to be satisfactory:
Provided further that";
(ii) in the second proviso,--
(a) for the words "Provided further", the words "Provided also" shall be substituted;
In section 79 of the Income-tax Act,--
(i) in sub-section (2), after clause (e), the following clause shall be inserted, namely:--
"(f) to an erstwhile public sector company subject to the condition that the ultimate holding company of such company, immediately after the completion of strategic disinvestment, continues to hold, directly or through its subsidiary or subsidiaries, at least fifty-one per cent. of the voting power of such company in aggregate.";
(ii) after sub-section (2), the following sub-section shall be inserted, namely:--
"(3) Notwithstanding anything contained in sub-section (2), if the condition specified in clause (f) of the said sub-section is not complied with in any previous year after the completion of strategic disinvestment, the provisions of sub-section (1) shall apply for such previous year and subsequent previous years.";
(iii) i
After section 79 of the Income tax Act, the following section shall be inserted, namely:--
'79A. No set off of losses consequent to search, requisition and survey.-
Notwithstanding anything contained in this Act, where consequent to a search under section 132 or a requisition under section 132A or a survey under section 133A other than under sub-section (2A) of that section, the total income of any previous year of an assessee includes any undisclosed income, no set off, against such undisclosed income, of any loss, whether brought forward or otherwise, or unabsorbed depreciation under sub-section (2) of section 32, shall be allowed to the assessee under any provision of this Act in computing his total income for such previous year.
Explanation.--For the purposes of this section, the expression "undisclosed income" means,--
(i) any income of the previous year represented, either w
In section 80CCD of the Income-tax Act, in sub-section (2), for the words "Central Government" wherever they occur, the words "Central Government or the State Government" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2020.
In section 80DD of the Income-tax Act, with effect from the 1st day of April, 2023,--
(I) in sub-section (2), for clause (a), the following clause shall be substituted, namely:--
"(a) the scheme referred to in clause (b) of sub-section (1) provides for payment of annuity or lump sum amount for the benefit of a dependant, being a person with disability,--
(i) in the event of the death of the individual or the member of the Hindu undivided family in whose name subscription to the scheme has been made; or
(ii) on attaining the age of sixty years or more by such individual or the member of the Hindu undivided family, and the payment or deposit to such scheme has been discontinued;";
(II) after sub-section (3), the following sub-section shall be inserted, namely:--
"(3A) The provisions of sub-section (3) shall not apply to the amount received
In section 80-IAC of the Income-tax Act, in the Explanation below sub-section (4), in clause (ii), in sub-clause (a), for the figures "2022", the figures "2023" shall be substituted.
In section 80LA of the Income-tax Act, in sub-section (2), in clause (d), with effect from the 1st day of April, 2023,--
(i) after the words "being an aircraft", the words "or a ship" shall be inserted;
(ii) in the Explanation, for the words 'this clause, "aircraft" shall', the words 'this clause, "aircraft" and "ship" shall' shall be substituted.
In section 92CA of the Income-tax Act, in sub-section (9), in the proviso, for the figures "2022", the figures "2024" shall be substituted.
In section 94 of the Income-tax Act, with effect from the 1st day of April, 2023,--
(i) in sub-section (8), for the word "units" wherever it occurs, the words "securities or units" shall be substituted;
(ii) in the Explanation,--
(a) for clause (aa), the following clause shall be substituted, namely:--
'(aa) "record date" means such date as may be fixed by--
(i) a company;
(ii) a Mutual Fund or the Administrator of the specified undertaking or the specified company referred to in the Explanation to clause (35) of section 10; or
(iii) a business trust defined in clause (13A) of section 2; or
(iv) an Alternative Investment Fund defined in clause (b) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, made under the
In section 115BAB of the Income-tax Act, in sub-section (2), in clause (a), for the figures "2023", the figures "2024" shall be substituted.
In section 115BBD of the Income-tax Act, after sub-section (3), the following sub-section shall be inserted with effect from the 1st day of April, 2023, namely:--
"(4) The provisions of this section shall not apply to any assessment year beginning on or after the 1st day of April, 2023.".
After section 115BBG of the Income-tax Act, the following sections shall be inserted with effect from the 1st day of April, 2023, namely:--
115BBH. Tax on income from virtual digital asset.-
'(1) Where the total income of an assessee includes any income from the transfer of any virtual digital asset, notwithstanding anything contained in any other provision of this Act, the income-tax payable shall be the aggregate of,--
(a) the amount of income-tax calculated on the income from transfer of such virtual digital asset at the rate of thirty per cent.; and
(b) the amount of income-tax with which the assessee would have been chargeable, had the total income of the assessee been reduced by the income referred to in clause (a).
(2) Notwithstanding anything contained in any other provision of this Act,--
(a) no deduction in respect of any expen
In section 115JC of the Income-tax Act, for sub-section (4), the following sub-section shall be substituted with effect from the 1st day of April, 2023, namely:--
'(4) Notwithstanding anything contained in sub-section (1), where the person referred to therein, is a--
(i) unit located in an International Financial Services Centre and derives its income solely in convertible foreign exchange, the provisions of sub-section (1) shall have effect as if for the words "eighteen and one-half per cent.", the words "nine per cent." had been substituted;
(ii) co-operative society, the provisions of sub-section (1) shall have effect as if for the words "eighteen and one-half per cent.", the words "fifteen per cent." had been substituted.'.
In section 115JF of the Income-tax Act, in clause (b), for sub-clause (i), the following sub-clauses shall be substituted with effect from the 1st day of April, 2023, namely:--
'(i) in case of an assessee being a unit referred to in clause (i) of sub-section (4) of section 115JC, at the rate of nine per cent.;
(ia) in case of an assessee, being a co-operative society referred to in clause (ii) of sub-section (4) of section 115JC, at the rate of fifteen per cent.;'.
In section 115TD of the Income-tax Act, with effect from the 1st day of April, 2023,--
(a) for sub-sections (1), (2) and (3), the following shall be substituted, namely:--
"(1) Notwithstanding anything contained in this Act, where in any previous year, a specified person has--
(a) converted into any form which is not eligible for grant of registration under section 12AA or section 12AB, or approval under sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10;
(b) merged with any entity other than an entity which is a trust or institution having objects similar to it and registered under section 12AA or section 12AB or approved under sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10; or
(c) failed to transfer upon dissolution all its assets to any other specifi
In section 115TE of the Income-tax Act, with effect from the 1st day of April, 2023,--
(a) in the marginal heading, for the words "trust or institution", the words "specified person" shall be substituted;
(b) for the words "trust or the institution" at both the places where they occur, the words "specified person" shall be substituted;
(c) the following Explanation shall be inserted, namely:--
'Explanation.--For the purposes of this section, "specified person" shall have the same meaning as assigned to in clause (iia) of the Explanation to section 115TD.'.
In section 115TF of the Income-tax Act, with effect from the 1st day of April, 2023,--
(a) in the marginal heading, for the words "trust or institution", the words "specified person" shall be substituted;
(b) in sub-section (1), for the words "trust or the institution" at both the places where they occur, the words "specified person" shall be substituted;
(c) the following Explanation shall be inserted, namely:--
'Explanation.--For the purposes of this section, "specified person" shall have the same meaning as assigned to in clause (iia) of the Explanation to section 115TD.'.
In section 119 of the Income-tax Act, in sub-section (2), in clause (a), after the figures and letter "234E,", the figures and letter "234F," shall be inserted.
In section 132 of the Income-tax Act, in sub-section (8), for the words "order of assessment under", the words, brackets and figures "order of assessment or reassessment or recomputation under sub-section (3) of section 143 or section 144 or section 147 or" shall be substituted.
In section 132B of the Income-tax Act,--
(i) in sub-section (1), in clause (i), for the words, figures and letter "completion of the assessment under section 153A", the words "completion of the assessment or reassessment or recomputation" shall be substituted;
(ii) in sub-section (4), in clause (b), for the words, figures and letters "under section 153A or under Chapter XIV-B", the words "or reassessment or recomputation" shall be substituted.
In section 133A of the Income-tax Act, in the Explanation occurring after sub-section (6), in clause (a), for the long line, the following long line shall be substituted, namely:--
"who is subordinate to the Principal Director General or the Director General or the Principal Chief Commissioner or the Chief Commissioner, as may be specified by the Board;".
In section 139 of the Income-tax Act,--
(i) after sub-section (8), the following sub-section shall be inserted, namely:--
"(8A) Any person, whether or not he has furnished a return under sub-section (1) or sub-section (4) or sub-section (5), for an assessment year (herein referred to as the relevant assessment year), may furnish an updated return of his income or the income of any other person in respect of which he is assessable under this Act, for the previous year relevant to such assessment year, in the prescribed form, verified in such manner and setting forth such particulars as may be prescribed, at any time within twenty-four months from the end of the relevant assessment year:
Provided that the provision of this sub-section shall not apply, if the updated return,--
(a) is a return of a loss; or
(b) has the effect of decreasing the total tax liability
After section 140A of the Income-tax Act, the following section shall be inserted, namely:--
140B. Tax on updated return.-
'(1) Where no return of income under sub-section (1) or sub-section (4) of section 139 has been furnished by an assessee and tax is payable, on the basis of return to be furnished by such assessee under sub-section (8A) of section 139, after taking into account,--
(i) the amount of tax, if any, already paid as advance tax;
(ii) any tax deducted or collected at source;
(iii) any relief of tax claimed under section 89;
(iv) any relief of tax or deduction of tax claimed under section 90 or section 91 on account of tax paid in a country outside India;
(v) any relief of tax claimed under section 90A on account of tax paid in any specified territory outside India referred to in that section; and
In section 143 of the Income-tax Act, in sub-section (3),--
(a) for the first proviso, the following proviso shall be substituted, namely:--
"Provided that in the case of a--
(a) research association referred to in clause (21) of section 10;
(b) news agency referred to in clause (22B) of section 10;
(c) association or institution referred to in clause (23A) of section 10;
(d) institution referred to in clause (23B) of section 10, which is required to furnish the return of income under sub-section (4C) of section 139, no order making an assessment of the total income or loss of such research association, news agency, association or institution, shall be made by the Assessing Officer, without giving effect to the provisions of section 10, unless--
(i) the Assessing Officer has intimated the Central Government or the p
In section 144 of the Income-tax Act, in sub-section (1), in clause (a), after the words, brackets and figure "or sub-section (5)", the words, brackets, figure and letter "or an updated return under sub-section (8A)" shall be inserted.
In section 144B of the Income-tax Act,--
(a) for sub-sections (1) to (8), the following sub-sections shall be substituted, namely:--
"(1) Notwithstanding anything to the contrary contained in any other provision of this Act, the assessment, reassessment or recomputation under sub-section (3) of section 143 or under section 144 or under section 147, as the case may be, with respect to the cases referred to in sub-section (2), shall be made in a faceless manner as per the following procedure, namely:--
(i) the National Faceless Assessment Centre shall assign the case selected for the purposes of faceless assessment under this section to a specific assessment unit through an automated allocation system;
(ii) the National Faceless Assessment Centre shall intimate the assessee that assessment in his case shall be completed in accordance with the procedure laid down under this section;<
In section 144C of the Income-tax Act, in sub-section (14C), in the proviso, for the figures "2022", the figures "2024" shall be substituted.
In section 148 of the Income-tax Act,--
(i) after the proviso, the following proviso shall be inserted, namely:--
"Provided further that no such approval shall be required where the Assessing Officer, with the prior approval of the specified authority, has passed an order under clause (d) of section 148A to the effect that it is a fit case to issue a notice under this section.";
(ii) in Explanation 1,--
(a) in clause (i), the word "flagged" shall be omitted;
(b) for clause (ii), the following clauses shall be substituted, namely:--
"(ii) any audit objection to the effect that the assessment in the case of the assessee for the relevant assessment year has not been made in accordance with the provisions of this Act; or
(iii) any information received under an agreement referred to in section 90or section 90A of the Act
In section 148A of the Income-tax Act,--
(i) in clause (b), the words "with the prior approval of specified authority," shall be omitted;
(ii) in the proviso, in clause (c), for the words "relate to, the assessee." the following shall be substituted, namely:--
"relate to, the assessee; or
(d) the Assessing Officer has received any information under the scheme notified under section 135A pertaining to income chargeable to tax escaping assessment for any assessment year in the case of the assessee.".
After section 148A of the Income-tax Act, the following section shall be inserted, namely:--
148B. Prior approval for assessment, reassessment or recomputation in certain cases.-
"No order of assessment or reassessment or recomputation under this Act shall be passed by an Assessing Officer below the rank of Joint Commissioner, in respect of an assessment year to which clause (i) or clause (ii) or clause (iii) or clause (iv) of Explanation 2 to section 148 apply except with the prior approval of the Additional Commissioner or Additional Director or Joint Commissioner or Joint Director.".
In section 149 of the Income-tax Act, in sub-section (1),--
(i) for clause (b), the following clause shall be substituted, namely:--
"(b) if three years, but not more than ten years, have elapsed from the end of the relevant assessment year unless the Assessing Officer has in his possession books of account or other documents or evidence which reveal that the income chargeable to tax, represented in the form of--
(i) an asset;
(ii) expenditure in respect of a transaction or in relation to an event or occasion; or
(iii) an entry or entries in the books of account,
which has escaped assessment amounts to or is likely to amount to fifty lakh rupees or more:";
(ii) in the first proviso, for the words, brackets, letter and figure "such notice could not have been issued at that time on account of being beyond the time lim
In section 153 of the Income-tax Act,--
(a) in sub-section (1), for the second proviso, the following proviso shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2021, namely:--
"Provided further that in respect of an order of assessment relating to the assessment year commencing on--
(i) 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) the 1st day of April, 2020, the provisions of this sub-section shall have effect, as if for the words "twenty-one months", the words "eighteen months" had been substituted:";
(b) after sub-section (1), the following sub-section shall be inserted, namely:--
"(1A) Notwithstanding anything contained in sub-section (1), where a retu
In section 153B of the Income-tax Act,--
(a) in sub-section (1), after the fifth proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2021, namely:--
"Provided also that in a case where the last of the authorisations for search under section 132 or requisition under section 132A was executed during the financial year commencing on the 1st day of April, 2020 or in case of other person referred to in section 153C, the books of account or document or assets seized or requisitioned were handed over under section 153C to the Assessing Officer having jurisdiction over such other person during the financial year commencing on the 1st day of April, 2020, the assessment in such cases for the assessment year commencing on the 1st day of April, 2021 shall be made on or before the 30th day of September, 2022.";
(b) after sub-section (3),
In section 155 of the Income-tax Act, after sub-section (17) and before the Explanation, the following sub-section shall be inserted, namely:--
"(18) Where any deduction in respect of any surcharge or cess, which is not allowable as deduction under section 40, has been claimed and allowed in the case of an assessee in any previous year, such claim shall be deemed to be under-reported income of the assessee for such previous year for the purposes of sub-section (3) of section 270A, notwithstanding anything contained in sub-section (6) of section 270A, and the Assessing Officer shall recompute the total income of the assessee for such previous year and make necessary amendment; and the provisions of section 154 shall, so far as may be, apply thereto, the period of four years specified in sub-section (7) of section 154 being reckoned from the end of the previous year commencing on the 1st day of April, 2021:
Provided that in a
After section 156 of the Income-tax Act, the following section shall be inserted, namely:--
156A. Modification and revision of notice in certain cases.-
"(1) Where any tax, interest, penalty, fine or any other sum in respect of which a notice of demand has been issued under section 156, is reduced as a result of an order of the Adjudicating Authority as defined in clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Assessing Officer shall modify the demand payable in conformity with such order and shall thereafter serve on the assessee a notice of demand specifying the sum payable, if any, and such notice of demand shall be deemed to be a notice under section 156 and the provisions of this Act shall accordingly, apply in relation to such notice.
(2) Where the order referred to in sub-section (1) is modified by the National Company Law Appellate Tribunal or the Supreme
In section 158AA of the Income-tax Act, in sub-section (1), the following proviso shall be inserted, namely:--
"Provided that no such direction shall be given on or after the 1st day of April, 2022.".
After section 158AA of the Income-tax Act, the following section shall be inserted, namely:--
158AB. Procedure where an identical question of law is pending before High Courts or Supreme Court.-
'(1) Notwithstanding anything contained in this Act, where the collegium is of the opinion that--
(a) any question of law arising in the case of an assessee for any assessment year (such case being herein referred to as the relevant case) is identical with a question of law arising,--
(i) in his case for any other assessment year; or
(ii) in the case of any other assessee for any assessment year; and
(b) such question is pending before the jurisdictional High Court under section 260A or the Supreme Court in an appeal under section 261 or in a special leave petition under article 136 of the Constitution, against the order of the Appellate Tribunal
In section 170 of the Income-tax Act, after sub-section (2), the following sub-section shall be inserted, namely:--
'(2A) Notwithstanding anything contained in sub-sections (1) and (2), where there is succession, the assessment or reassessment or any other proceedings, made or initiated on the predecessor during the course of pendency of such succession, shall be deemed to have been made or initiated on the successor and all the provisions of this Act shall, so far as may be, apply accordingly.
Explanation.--For the purposes of this sub-section, the term "pendency" means the period commencing from the date of filing of application for such succession of business before the High Court or tribunal or the date of admission of an application for corporate insolvency resolution by the Adjudicating Authority as defined in clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), and ending with the date on
After section 170 of the Income-tax Act, the following section shall be inserted, namely:--
170A. Effect of order of tribunal of court in respect of business reorganisation.-
'Notwithstanding anything to the contrary contained in section 139, in a case of business reorganisation, where prior to the date of order of a High Court or tribunal or an Adjudicating Authority as defined in clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), as the case may be, any return of income has been furnished by the successor under the provisions of section 139 for any assessment year relevant to the previous year to which such order applies, such successor shall furnish, within a period of six months from the end of the month in which the said order was issued, a modified return in such form and manner, as may be prescribed, in accordance with and limited to the said order.
Explanation.--I
In section 179 of the Income-tax Act,--
(a) in the marginal heading, the words "in liquidation" shall be omitted;
(b) in the Explanation, after the word "interest", the word ", fees" shall be inserted.
In section 194-IA of the Income-tax Act,--
(i) in sub-section (1), after the words "one per cent. of such sum", the words "or the stamp duty value of such property, whichever is higher," shall be inserted;
(ii) in sub-section (2), for the words "immovable property is", the words "immovable property and the stamp duty value of such property, are both," shall be substituted;
(iii) in the Explanation, after clause (b), the following clause shall be inserted, namely:--
'(c) "stamp duty value" shall have the same meaning as assigned to it in clause (f) of the Explanation to clause (vii) of sub-section (2) of section 56.'.
In section 194-IB of the Income-tax Act, in sub-section (4), the words, figures and letters "or section 206AB" shall be omitted.
After section 194Q of the Income-tax Act, the following section shall be inserted with effect from the 1st day of July, 2022, namely:--
194R. Deduction of tax on benefit or perquisite in respect of business or profession.-
'(1) Any person responsible for providing to a resident, any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession, by such resident, shall, before providing such benefit or perquisite, as the case may be, to such resident, ensure that tax has been deducted in respect of such benefit or perquisite at the rate of ten per cent. of the value or aggregate of value of such benefit or perquisite:
Provided that in a case where the benefit or perquisite, as the case may be, is wholly in kind or partly in cash and partly in kind but such part in cash is not sufficient to meet the liability of deduction of tax in respect of whole of
After section 194R of the Income-tax Act, the following section shall be inserted with effect from the 1st day of July, 2022, namely:--
194S. Payment on transfer of virtual digital asset.-
'(1) Any person responsible for paying to any resident any sum by way of consideration for transfer of a virtual digital asset, shall, at the time of credit of such sum to the account of the resident or at the time of payment of such sum by any mode, whichever is earlier, deduct an amount equal to one per cent. of such sum as income-tax thereon:
Provided that in a case where the consideration for transfer of virtual digital asset is--
(a) wholly in kind or in exchange of another virtual digital asset, where there is no part in cash; or
(b) partly in cash and partly in kind but the part in cash is not sufficient to meet the liability of deduction of tax in respect of whole o
In section 201 of the Income-tax Act, in sub-section (1A), after the proviso, the following proviso shall be inserted, namely:--
"Provided further that where an order is made by the Assessing Officer for the default under sub-section (1), the interest shall be paid by the person in accordance with such order.".
In section 206AB of the Income-tax Act,--
(a) in sub-section (1),--
(i) for the figures, letters and word "194LBC or 194N", the figures, letters and word "194-IA, 194-IB, 194LBC, 194M or 194N" shall be substituted;
(ii) the brackets and words "(hereafter referred to as deductee)" shall be omitted;
(b) in sub-section (3), for the portion beginning with the words "filed the returns of income" and ending with the words "each of these two previous years:", the following shall be substituted, namely:--
"furnished the return of income for the assessment year relevant to the previous year immediately preceding the financial year in which tax is required to be deducted, for which the time limit for furnishing the return of income under sub-section (1) of section 139 has expired and the aggregate of tax deducted at source and tax collected at source in his case is rup
In section 206C of the Income-tax Act, in sub-section (7), after the proviso, the following proviso shall be inserted, namely:--
"Provided further that where an order is made by the Assessing Officer for the default under sub-section (6A), the interest shall be paid by the person in accordance with such order.".
In section 206CCA of the Income-tax Act,--
(a) in sub-section (1), the brackets and words "(hereafter referred to as collectee)" shall be omitted;
(b) in sub-section (3), for the portion beginning with the words "filed the returns of income" and ending with the words "each of these two previous years:", the following shall be substituted, namely:--
"furnished the return of income for the assessment year relevant to the previous year immediately preceding the financial year in which tax is required to be collected, for which the time limit for furnishing the return of income under sub-section (1) of section 139 has expired and the aggregate of tax deducted at source and tax collected at source in his case is rupees fifty thousand or more in the said previous year:".
In section 234A of the Income-tax Act, in sub-section (1),--
(i) after the words, brackets and figure "or sub-section (4)", the words, brackets, figure and letter "or sub-section (8A)" shall be inserted;
(ii) for Explanation 2, the following Explanation shall be substituted, namely:--
'Explanation 2.--In this sub-section,--
(i) "tax on total income as determined under sub-section (1) of section 143" shall not include the additional income-tax, if any, payable under section 140B or section 143; and
(ii) tax on the total income determined under regular assessment shall not include the additional income-tax payable under section 140B.'.
In section 234B of the Income-tax Act, in sub-section (1), for Explanation 3, the following Explanation shall be substituted, namely:--
'Explanation 3.--In Explanation 1 and in sub-section (3),--
(i) "tax on total income as determined under sub-section (1) of section 143" shall not include the additional income-tax, if any, payable under section 140B or section 143; and
(ii) tax on the total income determined under such regular assessment shall not include the additional income-tax payable under section 140B.'.
After section 239 of the Income-tax Act, the following section shall be inserted, namely:--
239A. Refund for denying liability to deduct tax in certain cases.-
"(1) Where under an agreement or other arrangement, in writing, the tax deductible on any income, other than interest, under section 195 is to be borne by the person by whom the income is payable, and such person having paid such tax to the credit of the Central Government claims that no tax was required to be deducted on such income, may, within a period of thirty days from the date of payment of such tax, file an application before the Assessing Officer for refund of such tax in such form and such manner as may be prescribed.
(2) The Assessing Officer shall, by an order in writing, allow or reject the application:
Provided that no application under sub-section (1) shall be rejected unless an opportunity of being heard has
In section 245MA of the Income-tax Act, after sub-section (2), the following sub-section shall be inserted, namely:--
"(2A) Notwithstanding anything contained in section 144C, upon receipt of the order of the Dispute Resolution Committee under this section, the Assessing Officer shall,--
(a) in a case where the specified order is a draft of the proposed order of assessment under sub-section (1) of section 144C, pass an order of assessment, reassessment or recomputation; or
(b) in any other case, modify the order of assessment, reassessment or recomputation,
in conformity with the directions contained in the order of the Dispute Resolution Committee within a period of one month from the end of the month in which such order is received.".
In section 246A of the Income-tax Act, in sub-section (1), after clause (i), the following clause shall be inserted, namely:--
"(ia) an order made under section 239A;".
In section 248 of the Income-tax Act, the following proviso shall be inserted, namely:--
"Provided that no appeal shall be filed where tax is paid to the credit of the Central Government on or after the 1st day of April, 2022.".
In section 253 of the Income-tax Act, in sub-section (9), in the proviso, for the figures "2022", the figures "2024" shall be substituted.
In section 255 of the Income-tax Act, in sub-section (8), in the proviso, for the figures "2023", the figures "2024" shall be substituted.
In section 263 of the Income-tax Act, in sub-section (1),--
(a) after the words "Assessing Officer" wherever they occur, the words "or the Transfer Pricing Officer, as the case may be," shall be inserted;
(b) for the words "including an order enhancing or modifying the assessment, or cancelling the assessment and directing a fresh assessment", the following shall be substituted, namely:--
"including,--
(i) an order enhancing or modifying the assessment or cancelling the assessment and directing a fresh assessment; or
(ii) an order modifying the order under section 92CA; or
(iii) an order cancelling the order under section 92CA and directing a fresh order under the said section.";
(c) in Explanation 1, in clause (a), after sub-clause (ii), the following sub-clause shall be inserted, namely:--
"(
In section 271AAB of the Income-tax Act,--
(a) in sub-section (1), in the opening portion, after the words "The Assessing Officer", the words and brackets "or the Commissioner (Appeals)" shall be inserted;
(b) in sub-section (1A), in the opening portion, after the words "The Assessing Officer", the words and brackets "or the Commissioner (Appeals)" shall be inserted;
(c) in the Explanation, in clause (a), for the words, figures and letter "under section 153A", the words, figures and letter "under section 148 or under section 153A, as the case may be," shall be substituted and shall be deemed to have been substituted with effect from 1st April, 2021.
In section 271AAC of the Income-tax Act, in sub-section (1), after the words "The Assessing Officer", the words and brackets "or the Commissioner (Appeals)" shall be inserted.
In section 271AAD of the Income-tax Act,--
(i) in sub-section (1), in the long line, after the words "the Assessing Officer", the words and brackets "or the Commissioner (Appeals)," shall be inserted;
(ii) in sub-section (2), after the words "the Assessing Officer", the words and brackets "or the Commissioner (Appeals)" shall be inserted.
After section 271AAD of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2023, namely:--
271AAE. Benefits to related persons.-
"Without prejudice to any other provision of this Chapter, if during any proceedings under this Act, it is found that a person, being any fund or institution referred to in sub-clause (iv) or any trust or institution referred to in sub-clause (v) or any university or other educational institution referred to in sub-clause (vi) or any hospital or other medical institution referred to in sub-clause (via) of clause (23C) of section 10, or any trust or institution referred to in section 11 has violated the provisions of the twenty-first proviso to clause (23C) of section 10, or clause (c) of sub-section (1) of section 13, as the case may be, the Assessing Officer may direct that such person shall pay by way of penalty--
(a) a sum eq
In section 271C of the Income-tax Act, in sub-section (1), in clause (b), in sub-clause (ii), the word "second" shall be omitted.
In section 272A of the Income-tax Act, in sub-section (2), in the long line, for the words "one hundred rupees", the words "five hundred rupees" shall be substituted.
In section 276AB of the Income-tax Act, after the proviso, the following proviso shall be inserted, namely:--
"Provided further that no proceeding under this section shall be initiated on or after the 1st day of April, 2022.".
In section 276B of the Income-tax Act, in clause (b), in sub-clause (ii), the word "second" shall be omitted.
In section 276CC of the Income-tax Act, in the proviso, in clause (ii), in sub-clause (a), after the words "expiry of the assessment year", the words, brackets, figures and letter "or a return is furnished by him under sub-section (8A) of section 139 within the time provided in that sub-section" shall be inserted.
In section 278A of the Income-tax Act, after the word, figures and letter "section 276B", the words, figures and letters "or section 276BB" shall be inserted.
In section 278AA of the Income-tax Act, after the words, figures and letter "or section 276B", the words, figures and letters "or section 276BB" shall be inserted.
For section 285B of the Income-tax Act, the following section shall be substituted, namely:--
285B. Submission of statements by producers of cinematograph films or persons engaged in specified activity.-
'Any person carrying on the production of a cinematograph film or engaged in any specified activity, or both, during the whole or any part of any financial year shall, in respect of the period during which such production or specified activity is carried on by him in such financial year, furnish within the prescribed period, a statement in the prescribed form to the prescribed income-tax authority in the prescribed manner, containing particulars of all payments of over fifty thousand rupees in the aggregate made by him or due from him to each such person as is engaged by him in such production or specified activity.
Explanation.--For the purposes of this section, "specified activity" means any event ma
In the Customs Act, 1962 (52 of 1962), (hereinafter referred to as the Customs Act), in section 2, in clause (34), after the words "Principal Commissioner of Customs or Commissioner of Customs", the words and figure "under section 5" shall be inserted.
For section 3 of the Customs Act, the following section shall be substituted, namely:--
3. Classes of officers of customs.-
"There shall be the following classes of officers of customs, namely:--
(a) Principal Chief Commissioner of Customs or Principal Chief Commissioner of Customs (Preventive) or Principal Director General of Revenue Intelligence;
(b) Chief Commissioner of Customs or Chief Commissioner of Customs (Preventive) or Director General of Revenue Intelligence;
(c) Principal Commissioner of Customs or Principal Commissioner of Customs (Preventive) or Principal Additional Director General of Revenue Intelligence or Principal Commissioner of Customs (Audit);
(d) Commissioner of Customs or Commissioner of Customs (Preventive) or Additional Director General of Revenue Intelligence or Commissioner of Customs (Audit);
In section 5 of the Customs Act,--
(a) after sub-section (1), the following sub-sections shall be inserted, namely:--
"(1A) Without prejudice to the provisions contained in sub-section (1), the Board may, by notification, assign such functions as it may deem fit, to an officer of customs, who shall be the proper officer in relation to such functions.
(1B) Within their jurisdiction assigned by the Board, the Principal Commissioner of Customs or Commissioner of Customs, as the case may be, may, by order, assign such functions, as he may deem fit, to an officer of customs, who shall be the proper officer in relation to such functions.";
(b) after sub-section (3), the following sub-sections shall be inserted, namely:--
"(4) In specifying the conditions and limitations referred to in sub-section (1), and in assigning functions under sub-section (1A), the Board may
In section 14 of the Customs Act, in sub-section (1), in the second proviso, after clause (iii), the following clause shall be inserted, namely:--
"(iv) the additional obligations of the importer in respect of any class of imported goods and the checks to be exercised, including the circumstances and manner of exercising thereof, as the Board may specify, where, the Board has reason to believe that the value of such goods may not be declared truthfully or accurately, having regard to the trend of declared value of such goods or any other relevant criteria:".
In section 28E of the Customs Act,--
(a) in clause (c), the Explanation shall be omitted;
(b) clause (h) shall be omitted.
In section 28H of the Customs Act,--
(a) in sub-section (1), after the words "an application in such form and in such manner", the words "and accompanied by such fee" shall be inserted;
(b) sub-section (3) shall be omitted;
(c) in sub-section (4), for the words "within thirty days from the date of the application", the words "at any time before an advance ruling is pronounced" shall be substituted.
In section 28-I of the Customs Act, in sub-section (7), the words "by the Members" shall be omitted.
In section 28J of the Customs Act, for sub-section (2), the following sub-section shall be substituted, namely:--
"(2) The advance ruling referred to in sub-section (1) shall remain valid for three years or till there is a change in law or facts on the basis of which the advance ruling has been pronounced, whichever is earlier:
Provided that in respect of any advance ruling in force on the date on which the Finance Bill, 2022 receives the assent of the President, the said period of three years shall be reckoned from the date on which the said Finance Bill receives the assent of the President.".
After section 110A of the Customs Act, the following section shall be inserted, namely:--
110AA. Action subsequent to inquiry, investigation or audit or any other specified purpose.-
"Where in pursuance of any proceeding, in accordance with Chapter XIIA or this Chapter, if an officer of customs has reasons to believe that--
(a) any duty has been short-levied, not levied, short-paid or not paid in a case where assessment has already been made;
(b) any duty has been erroneously refunded;
(c) any drawback has been erroneously allowed; or
(d) any interest has been short-levied, not levied, short-paid or not paid, or erroneously refunded,
then such officer of customs shall, after causing inquiry, investigation, or as the case may be, audit, transfer the relevant documents, along with a report in writing--
After section 135A of the Customs Act, the following section shall be inserted, namely:--
135AA. Protection of data.-
'(1) If a person publishes any information, that is furnished to customs by an exporter or importer under this Act, relating to the value or classification or quantity of goods entered for export from India, or import into India, along with the identity of the persons involved or in a manner that leads to disclosure of such identity, unless required so to do under any law for the time being in force or by specific authorisation of such exporter or importer, he shall be punishable with imprisonment for a term which may extend to six months, or with fine which may extend to fifty thousand rupees, or with both.
(2) Nothing contained in this section shall apply to--
(a) any publication made by or on behalf of the Central Government;
(b) data sourc
In section 137 of the Customs Act, in sub-section (1), after the words, figures and letter "or section 135A", the words, figures and letters "or section 135AA" shall be inserted.
Notwithstanding anything contained in any judgment, decree or order of any court, tribunal, or other authority, or in the provisions of the Customs Act, 1962 (52 of 1962), (hereinafter referred to as the Customs Act),--
(i) anything done or any duty performed or any action taken or purported to have been taken or done under Chapters V, VAA, VI, IX, X, XI, XII, XIIA, XIII, XIV, XVI and XVII of the Customs Act, as it stood prior to its amendment by this Act, shall be deemed to have been validly done or performed or taken;
(ii) any notification issued under the Customs Act for appointing or assigning functions to any officer shall be deemed to have been validly issued for all purposes, including for the purposes of section 6;
(iii) for the purposes of this section, sections 2, 3 and 5 of the Customs Act, as amended by this Act, shall have and shall always be deemed to have effect for all purposes as if th
In the Customs Tariff Act, 1975 (51 of 1975), (hereinafter referred to as the Customs Tariff Act), the First Schedule shall,--
(a) be amended in the manner specified in the Second Schedule;
(b) with effect from the 1st May, 2022, be also amended in the manner specified in the Third Schedule.
In the Central Excise Act, 1944 (1 of 1944), (hereinafter referred to as the Central Excise Act), the Fourth Schedule shall, with effect from the 1st May, 2022, be amended in the manner specified in the Fourth Schedule.
In the Central Goods and Services Tax Act, 2017 (12 of 2017), (hereinafter referred to as the Central Goods and Services Tax Act), in section 16, --
(a) in sub-section (2),--
(i) after clause (b), the following clause shall be inserted, namely:--
"(ba) the details of input tax credit in respect of the said supply communicated to such registered person under section 38 has not been restricted;";
(ii) in clause (c), the words, figures and letter "or section 43A" shall be omitted;
(b) in sub-section (4), for the words and figures "due date of furnishing of the return under section 39 for the month of September", the words "thirtieth day of November" shall be substituted.
In section 29 of the Central Goods and Services Tax Act, in sub-section (2),--
(a) in clause (b), for the words "returns for three consecutive tax periods", the words "the return for a financial year beyond three months from the due date of furnishing the said return" shall be substituted;
(b) in clause (c), for the words "a continuous period of six months", the words "such continuous tax period as may be prescribed" shall be substituted.
In section 34 of the Central Goods and Services Tax Act, in sub-section (2), for the word "September", the words "the thirtieth day of November" shall be substituted.
In section 37 of the Central Goods and Services Tax Act,--
(a) in sub-section (1), --
(i) after the words "shall furnish, electronically,", the words "subject to such conditions and restrictions and" shall be inserted;
(ii) for the words "shall be communicated to the recipient of the said supplies within such time and in such manner as may be prescribed", the words "shall, subject to such conditions and restrictions, within such time and in such manner as may be prescribed, be communicated to the recipient of the said supplies" shall be substituted;
(iii) the first proviso shall be omitted;
(iv) in the second proviso, for the words "Provided further that", the words "Provided that" shall be substituted;
(v) in the third proviso, for the words "Provided also that", the words "Provided further that" shall be substituted;
For section 38 of the Central Goods and Services Tax Act, the following section shall be substituted, namely:--
38. Communication of details of inward supplies and input tax credit.-
"(1) The details of outward supplies furnished by the registered persons under sub-section (1) of section 37 and of such other supplies as may be prescribed, and an auto-generated statement containing the details of input tax credit shall be made available electronically to the recipients of such supplies in such form and manner, within such time, and subject to such conditions and restrictions as may be prescribed.
(2) The auto-generated statement under sub-section (1) shall consist of--
(a) details of inward supplies in respect of which credit of input tax may be available to the recipient; and
(b) details of supplies in respect of which such credit cannot be availed, whether w
In section 39 of the Central Goods and Services Tax Act,--
(a) in sub-section (5), for the word "twenty", the word "thirteen" shall be substituted;
(b) in sub-section (7), for the first proviso, the following proviso shall be substituted, namely:--
"Provided that every registered person furnishing return under the proviso to sub-section (1) shall pay to the Government, in such form and manner, and within such time, as may be prescribed,--
(a) an amount equal to the tax due taking into account inward and outward supplies of goods or services or both, input tax credit availed, tax payable and such other particulars during a month; or
(b) in lieu of the amount referred to in clause (a), an amount determined in such manner and subject to such conditions and restrictions as may be prescribed. ";
(c) in sub-section (9), --
For section 41 of the Central Goods and Services Tax Act, the following section shall be substituted, namely:--
41. Availment of input tax credit.-
"(1) Every registered person shall, subject to such conditions and restrictions as may be prescribed, be entitled to avail the credit of eligible input tax, as self-assessed, in his return and such amount shall be credited to his electronic credit ledger.
(2) The credit of input tax availed by a registered person under sub-section (1) in respect of such supplies of goods or services or both, the tax payable whereon has not been paid by the supplier, shall be reversed along with applicable interest, by the said person in such manner as may be prescribed:
Provided that where the said supplier makes payment of the tax payable in respect of the aforesaid supplies, the said registered person may re-avail the amount of credit reversed by him
Sections 42, 43 and 43A of the Central Goods and Services Tax Act shall be omitted.
In section 47 of the Central Goods and Services Tax Act, in sub-section (1),--
(a) the words "or inward" shall be omitted;
(b) the words and figures "or section 38" shall be omitted;
(c) after the words and figures "section 39 or section 45", the words and figures "or section 52" shall be inserted.
In section 48 of the Central Goods and Services Tax Act, in sub-section (2), the words and figures ", the details of inward supplies under section 38" shall be omitted.
In section 49 of the Central Goods and Services Tax Act,--
(a) in sub-section (2), the words, figures and letter "or section 43A" shall be omitted;
(b) in sub-section (4), after the words "subject to such conditions", the words "and restrictions" shall be inserted;
(c) for sub-section (10), the following sub-section shall be substituted, 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,--
(a) integrated tax, central tax, State tax, Union territory tax or cess; or
(b) integrated tax or central tax of a distinct person as specified in sub-section (4) or, as the case may be, sub-section (5) of section 25,
in such form and manner and subject to suc
In section 50 of the Central Goods and Services Tax Act, for sub-section (3), the following sub-section shall be substituted and shall be deemed to have been substituted with effect from the 1st day of July, 2017, namely:--
"(3) Where the input tax credit has been wrongly availed and utilised, the registered person shall pay interest on such input tax credit wrongly availed and utilised, at such rate not exceeding twenty-four per cent. as may be notified by the Government, on the recommendations of the Council, and the interest shall be calculated, in such manner as may be prescribed.".
In section 52 of the Central Goods and Services Tax Act, in sub-section (6), in the proviso, for the words "due date for furnishing of statement for the month of September", the words "thirtieth day of November" shall be substituted.
In section 54 of the Central Goods and Services Tax Act, --
(a) in sub-section (1), in the proviso, for the words and figures "the return furnished under section 39 in such", the words "such form and" shall be substituted;
(b) in sub-section (2), for the words "six months", the words "two years" shall be substituted;
(c) in sub-section (10), the words, brackets and figure "under sub-section (3) " shall be omitted;
(d) in the Explanation, in clause (2), after sub-clause (b), the following sub-clause shall be inserted, namely:--
"(ba) in case of zero-rated supply of goods or services or both to a Special Economic Zone developer or a Special Economic Zone unit where a refund of tax paid is available in respect of such supplies themselves, or as the case may be, the inputs or input services used in such supplies, the due date for furnishing of return under sectio
In section 168 of the Central Goods and Services Tax Act, in sub-section (2), the words, brackets and figures "sub-section (2) of section 38," shall be omitted.
(1) The notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 58(E), dated the 23rd January, 2018, issued by the Central Government on the recommendations of the Council, under section 146 of the Central Goods and Services Tax Act, 2017 (12 of 2017), read with section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), shall stand amended and shall be deemed to have been amended retrospectively, in the manner specified in column (2) of the Fifth Schedule, on and from the date specified in column (3) of that Schedule.
(2) For the purposes of sub-section (1), the Central Government shall have and shall be deemed to have the power to amend the notification referred to in the said sub-section with retrospective effect as if the Central Government had the power to amend the said notification under section 146 of the Central Goods and Services Tax Act, 2017 (12 of 2017), read with sect
(1) The notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 661(E), dated the 28th June, 2017, issued by the Central Government on the recommendations of the Council, under sub-sections (1) and (3) of section 50, sub-section (12) of section 54 and section 56 of the Central Goods and Services Tax Act, 2017 (12 of 2017), shall stand amended and shall be deemed to have been amended retrospectively, in the manner specified in column (2) of the Sixth Schedule, on and from the date specified in column (3) of that Schedule.
(2) For the purposes of sub-section (1), the Central Government shall have and shall be deemed to have the power to amend the notification referred to in the said sub-section with retrospective effect as if the Central Government had the power to amend the said notification under sub-sections (1) and (3) of section 50, sub-section (12) of section 54 and section 56 of the Central G
(1) Notwithstanding anything contained in the notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 673(E), dated the 28th June, 2017 issued by the Central Government, on the recommendations of the Council, in exercise of the powers under sub-section (1) of section 9 of the Central Goods and Services Tax Act, 2017 (12 of 2017), no central tax shall be levied or collected in respect of supply of unintended waste generated during the production of fish meal (falling under heading 2301), except for fish oil, during the period commencing from the 1st day of July, 2017 and ending with the 30th day of September, 2019 (both days inclusive).
(2) No refund shall be made of all such tax which has been collected, but which would not have been so collected, had sub-section (1) been in force at all material times.
(1) Subject to the provisions of sub-section (2), the notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 746(E), dated the 30th September, 2019 issued by the Central Government, on the recommendations of the Council, in exercise of the powers under sub- section (2) of section 7 of the Central Goods and Services Tax Act, 2017, shall be deemed to have, and always to have, for all purposes, come into force on and from the 1st day of July, 2017 (12 of 2017).
(2) No refund shall be made of all such central tax which has been collected, but which would not have been so collected, had the notification referred to in sub-section (1) been in force at all material times.
(1) The notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 698(E), dated the 28th June, 2017, issued by the Central Government on the recommendations of the Council, under section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), read with sub-sections (1) and (3) of section 50, sub-section (12) of section 54 and section 56 of the Central Goods and Services Tax Act, 2017 (12 of 2017), shall stand amended and shall be deemed to have been amended retrospectively, in the manner specified in column (2) of the Seventh Schedule, on and from the date specified in column (3) of that Schedule.
(2) For the purposes of sub-section (1), the Central Government shall have and shall be deemed to have the power to amend the notification referred to in the said sub-section with retrospective effect as if the Central Government had the power to amend the said notification under section 20 of
(1) Notwithstanding anything contained in the notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 666(E), dated the 28th June, 2017 issued by the Central Government, on the recommendations of the Council, in exercise of the powers under sub-section (1) of section 5 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), no integrated tax shall be levied or collected in respect of supply of unintended waste generated during the production of fish meal (falling under heading 2301), except for fish oil, during the period commencing from the 1st day of July, 2017 and ending with the 30th day of September, 2019 (both days inclusive).
(2) No refund shall be made of all such tax which has been collected, but which would not have been so collected, had sub-section (1) been in force at all material times.
(1) Subject to the provisions of sub-section (2), the notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 745(E),dated the 30th September, 2019 issued by the Central Government on the recommendations of the Council, in exercise of the powers under clause (i) of section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), read with sub-section (2) of section 7 of the Central Goods and Services Tax Act, 2017 (12 of 2017), shall be deemed to have, and always to have, for all purposes, come into force on and from the 1st day of July, 2017.
(2) No refund shall be made of all such integrated tax which has been collected, but which would not have been so collected, had the notification referred to in sub-section (1) been in force at all material times.
(1) The notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 747(E), dated the 30th June, 2017, issued by the Central Government on the recommendations of the Council, under section 21 of the Union Territory Goods and Services Tax Act, 2017 (14 of 2017), read with sub-sections (1) and (3) of section 50, sub-section (12) of section 54 and section 56 of the Central Goods and Services Tax Act, 2017 (12 of 2017), shall stand amended and shall be deemed to have been amended retrospectively, in the manner specified in column (2) of the Eighth Schedule, on and from the date specified in column (3) of that Schedule.
(2) For the purposes of sub-section (1), the Central Government shall have and shall be deemed to have the power to amend the notification referred to in the said sub-section with retrospective effect as if the Central Government had the power to amend the said notification under section 21
(1) Notwithstanding anything contained in the notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 710(E), dated the 28th June, 2017 issued by the Central Government, on the recommendations of the Council, in exercise of the powers under sub-section (1) of section 7 of the Union Territory Goods and Services Tax Act, 2017 (14 of 2017), no Union territory tax shall be levied or collected in respect of supply of unintended waste generated during the production of fish meal (falling under heading 2301), except for fish oil, during the period commencing from the 1st day of July, 2017 and ending with the 30th day of September, 2019 (both days inclusive).
(2) No refund shall be made of all such tax which has been collected, but which would not have been so collected, had sub-section (1) been in force at all material times.
(1) Subject to the provisions of sub-section (2), the notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 747(E),dated the 30th September, 2019 issued by the Central Government, on the recommendations of the Council, in exercise of the powers under clause (i) of section 21 of the Union Territory Goods and Services Tax Act, 2017 (14 of 2017), read with sub-section (2) of section 7 of the Central Goods and Services Tax Act, 2017 (12 of 2017), shall be deemed to have, and always to have, for all purposes, come into force on and from the 1st day of July, 2017.
(2) No refund shall be made of all such Union territory tax which has been collected, but which would not have been so collected, had the notification referred to in sub-section (1) been in force at all material times.
In the Reserve Bank of India Act, 1934,--
(a) in section 2, after clause (aiii), the following clause shall be inserted, namely:--
'(aiv) "bank note" means a bank note issued by the Bank, whether in physical or digital form, under section 22;';
(b) after section 22, the following section shall be inserted, namely:--
22A. Non-applicability of certain provisions to digital form of bank notes.-
"Nothing contained in sections 24, 25, 27, 28 and 39 shall apply to the bank notes issued in digital form by the Bank. ".
In the Finance Act, 2001 (14 of 2001), the Seventh Schedule shall be amended in the manner specified in the Ninth Schedule.
THE FIRST SCHEDULE
(See section 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
(1) where the total income does not exceed Rs. 2,50,000 Nil;
(2) where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000 5 per cent. of the amount by which the total income exceeds Rs. 2,50,000;
(3) where the total income exceeds Rs. 5,00,000 but does not exceed Rs.
THE SECOND SCHEDULE
[See section 98(a)]
In the First Schedule to the Customs Tariff Act,--
Tariff Item Description of goods Unit Rate of duty
Standard Preferential
(1) (2) (3) (4) (5)
(1) in Chapter 15, for the entry in column (4) occurring against tariff item 1516 30 00, the entry "100%" shall be substituted;
(2) in Chapter 66, for the entry in column (4) occurring against all the tariff items of heading 6601, the entry "20%" shall be substituted;
(3) in Chapter 71, for the entry in column (4) occurring against all the tariff items of heading 7117, the entry "20% or Rs. 400 per kg., whichever is higher" shall be substituted;
(4) in Chapter 85,--
(i) for the entry in column (4) occurring against tariff items 8518 21 00, 8518 22 00, 8518 29 00 and
THE THIRD SCHEDULE
[See section 98(b)]
In the First Schedule to the Customs Tariff Act,--
Tariff Item Description of goods Unit Rate of duty
Standard Preferential
(1) (2) (3) (4) (5)
(1) in Chapter 1, for the entry in column (4) occurring against tariff item 0101 21 00, the entry "Free" shall be substituted;
(2) in Chapter 3,--
(i) in heading 0306, for tariff item 0306 36 00 and the entries relating thereto, the following shall be substituted, namely:--
(1) (2) (3) (4) (5)
"0306 36 -- Other shrimps and prawns:
0306 36 10 -- Scampi (Macrobachium spp.) kg. 30% -
0306 36 20 --- Vannamei shrimp (Litopenaeus vannamei) kg. 10% -
0306 36 30 --- Indian white shrimp (Fenneropenaeus ind
THE FOURTH SCHEDULE
(See section 99)
In the Fourth Schedule to the Central Excise Act, in Chapter 27, in sub-heading 2710 12, for tariff items 2710 12 39 to 2710 12 49 and the entries relating thereto, the following shall be substituted, namely:--
Tariff Item Description of goods Unit Rate of Duty
(1) (2) (3) (4)
"2710 12 39 ---- Solvent 145/205
--- Motor Gasoline conforming to standard IS 2796, IS 17021, IS 17586 or IS 17076: kg. ….
2710 12 41 ---- Motor Gasoline conforming to standard IS 2796 kg. 14% + Rs. 15.00 per litre
2710 12 42 ---- E 20 Fuel conforming to standard IS 17021 kg. 14% + Rs. 15.00 per litre
2710 12 43 ---- E 12 Fuel conforming to standard IS 17586 kg. 14% + Rs. 15.00 per litre
2710 12 44 ---- E 15 Fuel conforming to standard IS 175
THE NINTH SCHEDULE
(See section 126)
In the Seventh Schedule to the Finance Act, 2001, for tariff item 2709 20 00 and the entries relating thereto, the following tariff item and entries shall be substituted, namely:--
Tariff item Description of goods Unit Rate of duty
(1) (2) (3) (4)
"2709 00 10 Petroleum crude kg. Rs. 50 per tonne.".
THE FIFTH SCHEDULE
[See section 115(1)]
Notification number and date Amendment Date of effect of amendment
(1) (2) (3)
G.S.R. 58 (E), dated the 23rd January, 2018 [No. 349/58/2017-GST (Pt), dated 23rd January, 2018] In the said notification, in paragraph 1, for the words "furnishing of returns and computation and settlement of integrated tax", the following shall be substituted, namely:-- 22nd June, 2017.
"furnishing of returns and computation and settlement of integrated tax and save as otherwise provided in the notification number G.S.R. 925(E), dated the 13th December, 2019, all functions provided under the Central Goods and Services Tax Rules, 2017.".
THE SIXTH SCHEDULE
[See section 116(1)]
Notification number and date Amendment Date of effect of amendment
(1) (2) (3)
G.S.R. 661 (E), dated the 28th June, 2017 [No. 349/72/2017-GST, dated 28th June, 2017] In the said notification, in the Table, against serial number 2, in column (3), for the figures "24", the figures "18" shall be substituted. 1st July, 2017.
THE SEVENTH SCHEDULE
[See section 119(1)]
Notification number and date Amendment Date of effect of amendment
(1) (2) (3)
G.S.R. 698(E), dated the 28th June, 2017 [No. 349/72/2017-GST, dated the 28th June, 2017] In the said notification, in the Table, against serial number 2, in column (3) for the figures "24", the figures "18" shall be substituted. 1st July, 2017.
THE EIGHTH SCHEDULE
[See section 122(1)]
Notification number and date Amendment Date of effect of amendment
(1) (2) (3)
G.S.R. 747 (E), dated the 30th June, 2017 [No. S031011/25/20170ST-I-DoR, dated the 30th June, 2017] In the said notification, in the Table, against serial number 2, in column (3), for the figures and words "24 per cent.", the figures and words "18 per cent." shall be substituted. 1st July, 2017.
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
