FINANCE ACT, 2023
[31st March, 2023]
PREAMBLE
An Act to give effect to the financial proposals of the Central Government for the financial year 2023-2024.
Be it enacted by Parliament in the Seventy-fourth Year of the Republic of India as follows:--
(1) This Act may be called the Finance Act, 2023.
(2) Save as otherwise provided in this Act,--
(a) sections 2 to 127 shall come into force on the 1st day of April, 2023;
(b) sections 128 to 163 shall come into force on such date1 as the Central Government may, by notification in the Official Gazette, appoint.
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1. W.e.f. 01.04.2023, vide Notification No. 01/2023-Compensation Cess dated 31.03.2023.
(1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2023, 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 (19B), the words and brackets "or an Additional Commissioner of Income-tax (Appeals)" shall be omitted;
(b) in clause (24), after sub-clause (xviib), the following sub-clauses shall be inserted with effect from the 1st day of April, 2024, namely:--
"(xviic) any sum referred to in clause (xii) of sub-section (2) of section 56;
(xviid) any sum referred to in clause (xiii) of sub-section (2) of section 56;";
(c) after clause (28C), the following clause shall be inserted, namely:--
'(28CA) "Joint Commissioner (Appeals)" means a person appointed to be a Joint Commissioner of Income-tax (Appeals) or an Additional Commissioner of Income-tax (Appeals) under sub-section (1) of section 117;';
(d) in clause (37A), in sub-clause (ii), after the figures and letter "194B,", the
In section 9 of the Income-tax Act, in sub-section (1), for clause (viii), the following clause shall be substituted with effect from the 1st day of April, 2024, namely:--
"(viii) income arising outside India, being any sum of money referred to in sub-clause (xviia) of clause (24) of section 2, paid by a person resident in India--
(a) on or after the 5th day of July, 2019 to a non-resident, not being a company, or to a foreign company; or
(b) on or after the 1st day of April, 2023 to a person not ordinarily resident in India within the meaning of clause (6) of section 6.".
In section 10 of the Income-tax Act,--
(a) in clause (4D), in the Explanation, in clause (c), in sub-clause (i), in item (I), after the words and figures "Securities and Exchange Board of India Act, 1992,(15 of 1992) or", the words, brackets and figures "regulated under the International Financial Services Centres Authority (Fund Management) Regulations, 2022, made under the" shall be inserted;
(b) for clause (4E), the following shall be substituted with effect from the 1st day of April, 2024,--
"(4E) any income accrued or arisen to, or received by a non-resident as a result of--
(i) transfer of non-deliverable forward contracts or offshore derivative instruments or over-the-counter derivatives; or
(ii) distribution of income on offshore derivative instruments, entered into with an offshore banking unit of an International Financial Services Centre referred t
In section 10AA of the Income-tax Act, with effect from the 1st day of April, 2024,--
(a) in sub-section (1), after clause (ii) and before the Explanation, the following proviso shall be inserted, namely:--
"Provided that no such deduction shall be allowed to an assessee who does not furnish a return of income on or before the due date specified under sub-section (1) of section 139.";
(b) after sub-section (4), the following shall be inserted, namely:--
"(4A) This section applies to a Unit, if the proceeds from sale of goods or provision of services is received in, or brought into, India by the assessee in convertible foreign exchange, within a period of six months from the end of the previous year or, within such further period as the competent authority may allow in this behalf.
Explanation 1.--For the purposes of this sub-section, the expression "competent
In section 11 of the Income-tax Act,--
(A) in sub-section (1),--
(a) in Explanation 1, in clause (2), in sub-clause (ii), in the long line, for the words "before the expiry of the time allowed", the words "at least two months prior to the due date specified" shall be substituted;
(b) in Explanation 4,--
(I) in clause (i),--
(a) in the proviso, for the words "deposit; and", the word "deposit:" shall be substituted;
(b) after the proviso, the following provisos shall be inserted, namely:--
"Provided further that provisions of the first proviso shall apply only if there was no violation of the conditions specified--
(a) in clause (c) of this sub-section;
(b) in Explanations 2, 3 and 5 of this sub-section;
(c) in the Explanation to this section; and
In section 12A of the Income-tax Act,--
(a) in sub-section (1),--
(I) in clause (ac), for sub-clause (vi), the following sub-clause shall be substituted with effect from the 1st day of October, 2023, namely:--
"(vi) in any other case, where activities of the trust or institution have--
(A) not commenced, at least one month prior to the commencement of the previous year relevant to the assessment year from which the said registration is sought;
(B) commenced and no income or part thereof of the said trust or institution has been excluded from the total income on account of applicability of sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10, or section 11 or section 12, for any previous year ending on or before the date of such application, at any time after the commencement of such activities,";
In section 12AB of the Income-tax Act,--
(a) in sub-section (1), with effect from the 1st day of October, 2023,--
(A) in clause (b),--
(a) in the opening portion, after the word, brackets and figure "sub-clause (v)", the words, brackets, letter and figures "or item (B) of sub-clause (vi)" shall be inserted;
(b) in sub-clause (ii), for item (B), the following item shall be substituted, namely:--
"(B) if he is not so satisfied, pass an order in writing,--
(I) in a case referred to in sub-clause (ii) or sub-clause (iii) or sub-clause (v) of clause (ac) of sub-section (1) of section 12A rejecting such application and also cancelling its registration;
(II) in a case referred to in sub-clause (iv) or in item (B) of sub-clause (vi) of sub-section (1) of section 12A, rejecting such application, after affording a reasonable
In section 17 of the Income-tax Act,--
(i) in clause (1), after sub-clause (viii), the following sub-clause shall be inserted, namely:--
"(ix) the contribution made by the Central Government in the previous year, to the Agniveer Corpus Fund account of an individual enrolled in the Agnipath Scheme referred to in section 80CCH;";
(ii) in clause (2), with effect from the 1st day of April, 2024,--
(a) in sub-clause (i), after the word "employer", the words "computed in such manner as may be prescribed" shall be inserted;
(b) for sub-clause (ii) and Explanations 1 to 4 thereto, the following shall be substituted, namely:--
"(ii) the value of any accommodation provided to the assessee by his employer at a concessional rate.
Explanation.--For the purposes of this sub-clause, it is clarified that accommodation shall be deem
In section 28 of the Income-tax Act, for clause (iv), the following clause shall be substituted with effect from the 1st day of April, 2024, namely:--
"(iv) the value of any benefit or perquisite arising from business or the exercise of a profession, whether--
(a) convertible into money or not; or
(b) in cash or in kind or partly in cash and partly in kind;".
In section 35D of the Income-tax Act, in sub-section (2), in clause (a), for the proviso, the following proviso shall be substituted with effect from the 1st day of April, 2024, namely:--
"Provided that the assessee shall furnish a statement containing the particulars of expenditure specified in this clause within such period, to such income-tax authority, in such form and manner, as may be prescribed.".
In section 43B of the Income-tax Act, with effect from the 1st day of April, 2024,--
(i) in clause (da), for the words "a deposit taking non-banking financial company or systemically important non-deposit taking non-banking financial company", the words "such class of non-banking financial companies as may be notified by the Central Government in the Official Gazette in this behalf" shall be substituted;
(ii) in clause (g), after the word "assets,", the word "or" shall be inserted;
(iii) after clause (g), the following clause shall be inserted, namely:--
"(h) any sum payable by the assessee to a micro or small enterprise beyond the time-limit specified in section 15 of the Micro, Small and Medium Enterprises Development Act, 2006,(27 of 2006.)";
(iv) in the proviso, after the words "nothing contained in this section", the brackets, words and letter "[except
In section 43D of the Income-tax Act, with effect from the 1st day of April, 2024,--
(i) in clause (a), for the words "a deposit taking non-banking financial company or a systemically important non-deposit taking non-banking financial company", the words "such class of non-banking financial companies as may be notified by the Central Government in the Official Gazette in this behalf" shall be substituted;
(ii) in the long line, for the words "a deposit taking non-banking financial company or a systemically important non-deposit taking non-banking financial company", the words "such class of non-banking financial companies as may be notified by the Central Government in the Official Gazette in this behalf," shall be substituted;
(iii) in the Explanation, for clause (h), the following clause shall be substituted, namely:--
'(h) the expression "non-banking financial company" shall ha
In section 44AB of the Income-tax Act, for the first proviso, the following proviso shall be substituted with effect from the 1st day of April, 2024, namely:--
"Provided that this section shall not apply to a person, who declares profits and gains for the previous year in accordance with the provisions of sub-section (1) of section 44AD or sub-section (1) of section 44ADA:".
In section 44AD of the Income-tax Act, in the Explanation, in clause (b), after sub-clause (ii), the following provisos shall be inserted with effect from the 1st day of April, 2024, namely:--
'Provided that where the amount or aggregate of the amounts received during the previous year, in cash, does not exceed five per cent. of the total turnover or gross receipts of such previous year, this sub-clause shall have effect as if for the words "two crore rupees", the words "three crore rupees" had been substituted:
Provided further that for the purposes of the first proviso, the receipt of amount or aggregate of amounts by a cheque drawn on a bank or by a bank draft, which is not account payee, shall be deemed to be the receipt in cash.'.
In section 44ADA of the Income-tax Act, after sub-section (1), the following provisos shall be inserted with effect from the 1st day of April, 2024, namely:--
'Provided that in case of an assessee where the amount or aggregate of the amounts received during the previous year, in cash, does not exceed five per cent. of the total gross receipts of such previous year, this sub-section shall have effect as if for the words "fifty lakh rupees", the words "seventy-five lakh rupees" had been substituted:
Provided further that for the purposes of the first proviso, the receipt of amount or aggregate of amounts by a cheque drawn on a bank or by a bank draft, which is not account payee, shall be deemed to be the receipt in cash.'.
In section 44BB of the Income-tax Act, after sub-section (3) and before the Explanation, the following sub-section shall be inserted with effect from the 1st day of April, 2024, namely:--
"(4) Notwithstanding anything contained in sub-section (2) of section 32 and sub-section (1) of section 72, where an assessee declares profits and gains of business for any previous year in accordance with the provisions of sub-section (1), no set off of unabsorbed depreciation and brought forward loss shall be allowed to the assessee for such previous year.".
In section 44BBB of the Income-tax Act, after sub-section (2), the following sub-section shall be inserted with effect from the 1st day of April, 2024, namely:--
"(3) Notwithstanding anything contained in sub-section (2) of section 32 and sub-section (1) of section 72, where an assessee declares profits and gains of business for any previous year in accordance with the provisions of sub-section (1), no set off of unabsorbed depreciation and brought forward loss shall be allowed to the assessee for such previous year.".
In section 45 of the Income-tax Act, in sub-section (5A), for the words "the consideration received in cash, if any,", the words "any consideration received in cash or by a cheque or draft or by any other mode" shall be substituted with effect from the 1st day of April, 2024.
In section 47 of the Income-tax Act,--
(a) in clause (viiad), in the Explanation,--
(i) for clause (a), the following clause shall be substituted, namely:--
'(a) "original fund" means--
(A) a fund established or incorporated or registered outside India, which collects funds from its members for investing it for their benefit and fulfils the following conditions, namely:--
(i) the fund is not a person resident in India;
(ii) the fund is a resident of a country or a specified territory with which an agreement referred to in sub-section (1) of section 90 or sub-section (1) of section 90A has been entered into; or is established or incorporated or registered in a country or a specified territory as may be notified by the Central Government in this behalf;
(iii) the fund and its activities are subject to applicable inves
In section 48 of the Income-tax Act, in clause (ii), the following shall be inserted with effect from the 1st day of April, 2024, namely:--
"Provided that the cost of acquisition of the asset or the cost of improvement thereto shall not include the deductions claimed on the amount of interest under clause (b) of section 24 or under the provisions of Chapter VIA.
Explanation 1.--For the removal of doubt, it is hereby clarified that the cost of acquisition of a unit of a business trust shall be reduced and shall be deemed to have always been reduced by any sum received by a unit holder from the business trust with respect to such unit, which is not in the nature of income as referred to in clause (23FC) or clause (23FCA) of section 10 and which is not chargeable to tax under clause (xii) of sub-section (2) of section 56 and under sub-section (2) of section 115UA.
Explanation 2.--For the purposes of Expla
In section 49 of the Income-tax Act,--
(a) after sub-section (2AH), the following sub-section shall be inserted, namely:--
"(2AI) Where the capital asset, being shares as referred to in clause (xx) of section 47, became the property of the assessee, the cost of acquisition of such asset shall be deemed to be the cost of acquisition to it of the interest in the joint venture referred to in the said clause.";
(b) after sub-section (9), the following sub-section shall be inserted with effect from the 1st day of April, 2024, namely:--
"(10) Where the capital asset, being--
(i) an Electronic Gold Receipt issued by a Vault Manager, became the property of the person as consideration of a transfer, referred to in clause (viid) of section 47, the cost of acquisition of the asset for the purposes of the said transfer, shall be deemed to be the cost of gold in the hands
After section 50A of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2024, namely:--
'50AA. Special provision for computation of capital gains in case of Market Linked Debenture.
Notwithstanding anything contained in clause (42A) of section 2 or section 48, where the capital asset is a unit of a Specified Mutual Fund acquired on or after the 1st day of April, 2023 or a Market Linked Debenture, the full value of consideration received or accruing as a result of the transfer or redemption or maturity of such debenture or unit as reduced by--
(i) the cost of acquisition of the debenture or unit; and
(ii) the expenditure incurred wholly and exclusively in connection with such transfer or redemption or maturity, shall be deemed to be the capital gains arising from the transfer of a short-term capital asset:
Provid
In section 54 of the Income-tax Act, with effect from the 1st day of April, 2024,--
(a) in sub-section (1), after the second proviso, the following proviso shall be inserted, namely:--
"Provided also that where the cost of new asset exceeds ten crore rupees, the amount exceeding ten crore rupees shall not be taken into account for the purposes of this sub-section.";
(b) in sub-section (2),--
(i) after the words "amount so deposited shall", the words, brackets and figure, "subject to the third proviso to sub-section (1)" shall be inserted;
(ii) after the proviso, the following proviso shall be inserted, namely:--
"Provided further that the capital gains in excess of ten crore rupees shall not be taken into account for the purposes of this sub-section.".
In section 54EA of the Income-tax Act, sub-section (3) shall be omitted.
In section 54EB of the Income-tax Act, sub-section (3) shall be omitted.
In section 54EC of the Income-tax Act, in sub-section (3), clause (a) shall be omitted.
In section 54ED of the Income-tax Act, in sub-section (3), clause (a) shall be omitted.
In section 54F of the Income-tax Act, with effect from the 1st day of April, 2024,--
(a) in sub-section (1), after the proviso and before the Explanation, the following proviso shall be inserted, namely:--
"Provided further that where the cost of new asset exceeds ten crore rupees, the amount exceeding ten crore rupees shall not be taken into account for the purposes of this sub-section.";
(b) in sub-section (4),--
(i) after the words "amount so deposited shall", the words, brackets and figure, "subject to the second proviso to sub-section (1)" shall be inserted;
(ii) after the proviso, the following proviso shall be inserted, namely:--
"Provided further that the net consideration in excess of ten crore rupees shall not be taken into account for the purposes of this sub-section.".
In section 55 of the Income-tax Act, with effect from the 1st day of April, 2024,--
(a) in sub-section (1), in clause (b), in sub-clause (1),--
(i) after the word "goodwill", the words "or any other intangible asset" shall be inserted;
(ii) after the word "profession", the words "or any other right" shall be inserted;
(b) in sub-section (2), in clause (a),--
(i) for the words "profession, or a right", the words "profession, or any other intangible asset or a right" shall be substituted;
(ii) for the word "hours,", the words "hours, or any other right" shall be substituted.
In section 56 of the Income-tax Act, in sub-section (2),--
(a) in clause (viib),--
(i) with effect from the 1st day of April, 2024, the words "being a resident" shall be omitted;
(ii) in the Explanation, in clause (aa), after the words and figures "Securities and Exchange Board of India Act, 1992(15 of 1992.) or regulated under the", the words, brackets and figures "International Financial Services Centre Authority (Fund Management) Regulations, 2022 made under the" shall be inserted;
(b) after clause (xi), with effect from the 1st day of April, 2024, the following clauses shall be inserted, namely:--
'(xii) any specified sum received by a unit holder from a business trust during the previous year, with respect to a unit held by him at any time during the previous year.
Explanation.--For the purposes of this clause, "specified sum" shall
In section 72A of the Income-tax Act, in sub-section (1), in clause (d), in the Explanation, for clause (iii), the following clause shall be substituted, namely:--
'(iii) "strategic disinvestment" means sale of shareholding by the Central Government or any State Government or a public sector company, in a public sector company or in a company, which results in--
(a) reduction of its shareholding to below fifty-one per cent.; and
(b) transfer of control to the buyer:
Provided that the condition laid down in sub-clause (a) shall apply only in a case where shareholding of the Central Government or the State Government or the public sector company was above fifty-one per cent. before such sale of shareholding:
Provided further that requirement of transfer of control referred to in sub-clause (b) may be carried out by the Central Government or the State Government
In section 72AA of the Income-tax Act,--
(a) for clause (i), the following clause shall be substituted, namely:--
"(i) one or more banking company with--
(a) any other banking institution under a scheme sanctioned and brought into force by the Central Government under sub-section (7) of section 45 of the Banking Regulation Act, 1949(10 of 1949); or
(b) any other banking institution or a company subsequent to a strategic disinvestment, wherein the amalgamation is carried out within a period of five years from the end of the previous year during which such strategic disinvestment is carried out; or";
(b) in the long line, after the words "such banking institution or", the words "company or" shall be inserted;
(c) in the Explanation, after clause (vi), the following clause shall be inserted, namely:--
'(via) "strategic
In section 79 of the Income-tax Act, in sub-section (1), in the proviso, for the word "seven", the word "ten" shall be substituted.
In section 80C of the Income-tax Act, sub-section (7) shall be omitted.
In section 80CCC of the Income-tax Act, in sub-section (3), clause (a) shall be omitted.
In section 80CCD of the Income-tax Act, in sub-section (4), clause (a) shall be omitted.
After section 80CCG of the Income-tax Act, the following section shall be inserted, namely:--
'80CCH. Deduction in respect of contribution to Agnipath Scheme.
(1) Where an assessee, being an individual enrolled in the Agnipath Scheme and subscribing to the Agniveer Corpus Fund on or after the 1st day of November, 2022, has in the previous year paid or deposited any amount in his account in the said Fund, he shall be allowed a deduction in the computation of his total income, of the whole of the amount so paid or deposited.
(2) Where the Central Government makes any contribution to the account of an assessee in the Agniveer Corpus Fund referred to in sub-section (1), the assessee shall be allowed a deduction in the computation of his total income of the whole of the amount so contributed.
Explanation.--For the purposes of this section,--
(a) "Agnipath Scheme"
In section 80G of the Income-tax Act,--
(I) in sub-section (2), in clause (a), sub-clauses (ii), (iiic) and (iiid) shall be omitted with effect from the 1st day of April, 2024;
(II) in sub-section (5),--
(A) with effect from the 1st day of October, 2023,--
(i) in the first proviso, for clause (iv), the following clause shall be substituted, namely:--
"(iv) in any other case, where activities of the institution or fund have--
(A) not commenced, at least one month prior to the commencement of the previous year relevant to the assessment year from which the said approval is sought;
(B) commenced and where no income or part thereof of the said institution or fund has been excluded from the total income on account of applicability of sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C)
In section 80-IAC of the Income-tax Act, in the Explanation, in clause (ii), in sub-clause (a), for the figures "2023", the figures "2024" shall be substituted.
In section 80LA of the Income-tax Act, in sub-section (1), after clause (b), the following proviso shall be inserted, namely:--
"Provided that for the assessment year commencing on or after the 1st day of April, 2023, the deduction under this clause shall be one hundred per cent. of such income.".
In section 87 of the Income-tax Act,--
(a) in sub-section (1), the figures and letters, "88, 88A, 88B, 88C, 88D" shall be omitted;
(b) in sub-section (2), the words, figures and letters "or section 88 or section 88A or section 88B or section 88C or section 88D" shall be omitted.
In section 87A of the Income-tax Act, the following proviso shall be inserted with effect from the 1st day of April, 2024, namely:--
"Provided that where the total income of the assessee is chargeable to tax under sub-section (1A) of section 115BAC, and the total income--
(a) does not exceed seven hundred thousand rupees, the assessee shall be entitled to a deduction from the amount of income-tax (as computed before allowing for the deductions under this Chapter) on his total income with which he is chargeable for any assessment year, of an amount equal to one hundred per cent. of such income-tax or an amount of twenty-five thousand rupees, whichever is less;
(b) exceeds seven hundred thousand rupees and the income-tax payable on such total income exceeds the amount by which the total income is in excess of seven hundred thousand rupees, the assessee shall be entitled to a deduction from the amount of
Section 88 of the Income-tax Act shall be omitted.
In section 92BA of the Income-tax Act, after clause (va), the following clause shall be inserted with effect from the 1st day of April, 2024, namely:--
"(vb) any business transacted between the assessee and other person as referred to in sub-section (4) of section 115BAE;".
In section 92D of the Income-tax Act, in sub-section (3), for the words "period of thirty days" at both the places where they occur, the words "period of ten days" shall be substituted.
In section 94B of the Income-tax Act, with effect from the 1st day of April, 2024,--
(i) in sub-section (3), after the words "banking or insurance", the words "or such class of non-banking financial companies as may be notified by the Central Government in the Official Gazette in this behalf" shall be inserted;
(ii) in sub-section (5), after clause (ii), the following clause shall be inserted, namely:--
'(iia) "non-banking financial company" shall have the meaning assigned to it in clause (vii) of the Explanation to clause (viia) of sub-section (1) of section 36;'.
In section 111A of the Income-tax Act, sub-section (3) shall be omitted.
In section 112 of the Income-tax Act, sub-section (3) shall be omitted.
In section 115A of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2024,--
(i) in clause (a), in sub-clause (A), the following proviso shall be inserted, namely:--
"Provided that the amount of income-tax calculated on the amount of income by way of dividend received from a Unit in an International Financial Services Centre, as referred to in sub-section (1A) of section 80LA, shall be ten per cent.;";
(ii) in clause (b), in sub-clauses (A) and (B), for the word "ten", the word "twenty" shall be substituted.
In section 115BAC of the Income-tax Act,--
(A) with effect from the 1st day of April, 2024,--
(a) in the marginal heading, for the words "and Hindu undivided family", the words, "Hindu undivided family and others" shall be substituted;
(b) in sub-section (1), for the figures, letters and words "1st day of April, 2021", the figures, letters and words "1st day of April, 2021 but before the 1st day of April, 2024" shall be substituted;
(c) after sub-section (1), the following sub-section shall be inserted, namely:--
"(1A) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, the income-tax payable in respect of the total income of a person, being an individual or Hindu undivided family or association of persons (other than a co-operative society), or body of individuals, whether incorporated or not, or an artificial juridi
In section 115BAD of the Income-tax Act, in sub-section (1), after the words "provisions of this Chapter,", the words, figures and letters "other than those mentioned under section 115BAE," shall be inserted with effect from the 1st day of April, 2024.
After section 115BAD of the Income-tax Act, with effect from the 1st day of April, 2024, the following section shall be inserted, namely:--
"115BAE. Tax on income of certain new manufacturing co-operative societies.
(1) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, other than those mentioned under section 115BAD, the income-tax payable in respect of the total income of an assessee, being a co-operative society resident in India, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2024, shall, at the option of such assessee, be computed at the rate of fifteen per cent. if the conditions contained in sub-section (2) are satisfied:
Provided that where the total income of the assessee includes any income, which has neither been derived from nor is incidental to, manufacturing or production of an article or thing a
In section 115BB of the Income-tax Act, for the Explanation, the following shall be substituted with effect from the 1st day of April, 2024, namely:--
'Provided that nothing contained in this section shall apply to income by way of winnings from any online game for the assessment year beginning on or after the 1st day of April, 2024.
Explanation.--For the purposes of this section,--
(i) "horse race" shall have the meaning assigned to it in section 74A;
(ii) "online game" shall have the meaning assigned to it in section 115BBJ.'.
After section 115BBI of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2024, namely:--
'115BBJ. Tax on winnings from online games.
Notwithstanding anything contained in any other provisions of this Act, where the total income of an assessee includes any income by way of winnings from any online game, the income-tax payable shall be the aggregate of--
(i) the amount of income-tax calculated on net winnings from such online games during the previous year, computed in the manner as may be prescribed, at the rate of thirty per cent.; and
(ii) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the net winnings referred to in clause (i).
Explanation.--For the purposes of this section,--
(i) "computer resource" shall have the same m
In section 115JC of the Income-tax Act, for sub-section (5), the following sub-section shall be substituted with effect from the 1st day of April, 2024, namely:--
"(5) The provisions of this section shall not apply to a person, where--
(i) such person has exercised the option referred to in sub-section (5) of section 115BAC or sub-section (5) of section 115BAD or sub-section (5) of section 115BAE; or
(ii) income-tax payable in respect of the total income of such person is computed under sub-section (1A) of section 115BAC.".
In section 115JD of the Income-tax Act, for sub-section (7), the following sub-section shall be substituted with effect from the 1st day of April, 2024, namely:--
"(7) The provisions of this section shall not apply to a person, where--
(i) such person has exercised the option referred to in sub-section (5) of section 115BAC or sub-section (5) of section 115BAD or sub-section (5) of section 115BAE; or
(ii) income-tax payable in respect of the total income of such person is computed under sub-section (1A) of section 115BAC.".
In section 115TD of the Income-tax Act,--
(i) in sub-section (3),--
(a) in clause (ii), in sub-clause (b), for the word "rejected.", the words "rejected; or" shall be substituted;
(b) after clause (ii), the following clause shall be inserted, namely:--
"(iii) it fails to make an application in accordance with the provisions of clause (i) or clause (ii) or clause (iii) of the first proviso to clause (23C) of section 10 or sub-clause (i) or sub-clause (ii) or sub-clause (iii) of clause (ac) of sub-section (1) of section 12A, within the period specified in the said clauses or sub-clauses, as the case may be, which expires in the said previous year.";
(ii) in sub-section (5), in clause (ii), after the word, brackets and figures "clause (ii)", the words, brackets and figures "clause (ii), or clause (iii)," shall be inserted;
(iii) in the Expl
In section 115UA of the Income-tax Act, after sub-section (3), the following sub-section shall be inserted with effect from the 1st day of April, 2024, namely:--
"(3A) The provisions of sub-section (1) shall not apply in respect of any sum referred to in clause (xii) of sub-section (2) of section 56, received by a unit holder from a business trust.".
In section 115UB of the Income-tax Act, in Explanation 1, in clause (a), after the words and figures "Securities and Exchange Board of India Act, 1992 (15 of 1992) or", the words, brackets and figures "regulated under the International Financial Services Centres Authority (Fund Management) Regulations, 2022 made" shall be inserted.
In section 115VP of the Income-tax Act,--
(i) In sub-section (2), after the proviso, the following proviso shall be inserted, namely:--
"Provided further that a Unit of an International Financial Services Centre which has availed of deduction under section 80LA may make an application within three months from the date on which such deduction ceases.";
(ii) after sub-section (5), the following Explanation shall be inserted, namely:--
'Explanation.--For the purposes of this section "International Financial Services Centre" shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005(28 of 2005.).'.
In section 116 of the Income-tax Act, in clause (cca), after the words "Joint Commissioners of Income-tax", the words and brackets "or Joint Commissioners of Income-tax (Appeals)" shall be inserted.
In section 119 of the Income-tax Act, for the words and brackets "the Commissioner (Appeals)" and "a Commissioner (Appeals)", the words and brackets "the Joint Commissioner (Appeals) or the Commissioner (Appeals)" and "a Joint Commissioner (Appeals) or a Commissioner (Appeals)" shall respectively be substituted.
In section 131 of the Income-tax Act, for the words and brackets, "Commissioner (Appeals)", the words and brackets, "Joint Commissioner (Appeals), Commissioner (Appeals)" shall be substituted.
In section 132 of the Income-tax Act,--
(a) for sub-section (2), the following sub-section shall be substituted, namely:--
"(2) The authorised officer may requisition the services of,--
(i) any police officer or of any officer of the Central Government, or of both; or
(ii) any person or entity as may be approved by the Principal Chief Commissioner or the Chief Commissioner or the Principal Director General or the Director General, in accordance with the procedure, as may be prescribed, in this regard, to assist him for all or any of the purposes specified in sub-section (1) or sub-section (1A) and it shall be the duty of every such officer or person or entity to comply with such requisition.";
(b) for sub-section (9D), the following sub-section shall be substituted, namely:--
"(9D) The authorised officer may, during the course of the sea
In section 133 of the Income-tax Act, for the words and brackets "the Commissioner (Appeals)" wherever they occur, the words and brackets "the Joint Commissioner (Appeals) or the Commissioner (Appeals)" shall be substituted.
In section 134 of the Income-tax Act, for the words and brackets "the Commissioner (Appeals)" at both the places where they occur, the words and brackets "the Joint Commissioner (Appeals) or the Commissioner (Appeals)" shall be substituted.
In section 135A of the Income-tax Act, in sub-section (2), after the proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2022, namely:--
"Provided further that the Central Government may amend any direction, issued under this sub-section on or before the 31st day of March, 2022, by notification in the Official Gazette.".
In section 140B of the Income-tax Act, in sub-section (4), with effect from the 1st day of April, 2022,--
(i) in the opening portion, the words "or, as the case may be, on the amount by which the advance tax paid falls short of the assessed tax," shall be omitted and shall be deemed to have been omitted;
(ii) in clause (a), in sub-clause (i), after the words "earlier return", the words, "if any" shall be inserted and shall be deemed to have been inserted.
In section 142 of the Income-tax Act,--
(a) for sub-section (2A), the following sub-section shall be substituted, namely:--
"(2A) If, at any stage of the proceedings before him, the Assessing Officer, having regard to the nature and complexity of the accounts, volume of the accounts, doubts about the correctness of the accounts, multiplicity of transactions in the accounts or specialised nature of business activity of the assessee, and the interests of the revenue, is of the opinion that it is necessary so to do, he may, with the previous approval of the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner, direct the assessee to get either or both of the following, namely:--
(i) to get the accounts audited by an accountant, as defined in the Explanation below sub-section (2) of section 288, nominated by the Principal Chief Commissioner or Chief Commissioner or P
In section 148 of the Income-tax Act,--
(a) for the words "such period, as may be specified in such notice", the words "a period of three months from the end of the month in which such notice is issued, or such further period as may be allowed by the Assessing Officer on the basis of an application made in this regard by the assessee" shall be substituted;
(b) after the second proviso and before Explanation 1, the following proviso shall be inserted, namely:--
"Provided also that any return of income, required to be furnished by an assessee under this section and furnished beyond the period allowed shall not be deemed to be a return under section 139.".
In section 149 of the Income-tax Act, in sub-section (1),--
(I) after the second proviso, the following provisos shall be inserted, namely:--
"Provided also that for cases referred to in clauses (i), (iii) and (iv) of Explanation 2 to section 148, where,--
(a) a search is initiated under section 132; or
(b) a search under section 132 for which the last of authorisations is executed; or
(c) requisition is made under section 132A,
after the 15th day of March of any financial year and the period for issue of notice under section 148 expires on the 31st day of March of such financial year, a period of fifteen days shall be excluded for the purpose of computing the period of limitation as per this section and the notice issued under section 148 in such case shall be deemed to have been issued on the 31st day of March of such financial year:
In section 151 of the Income-tax Act,--
(a) in clause (ii), the words "where there is no Principal Chief Commissioner or Principal Director General," shall be omitted;
(b) after clause (ii), the following proviso shall be inserted, namely:--
"Provided that the period of three years for the purposes of clause (i) shall be computed after taking into account the period of limitation as excluded by the third or fourth or fifth provisos or extended by the sixth proviso to sub-section (1) of section 149.".
In section 153 of the Income-tax Act,--
(I) in sub-section (1),--
(a) in the third proviso, the words "or after" shall be omitted;
(b) after the third proviso, the following proviso shall be inserted, namely:--
"Provided also that in respect of an order of assessment relating to the assessment year commencing on or after the 1st day of April, 2022, the provisions of this sub-section shall have effect, as if for the words "twenty-one months", the words "twelve months" had been substituted.";
(II) in sub-section (1A), for the words "nine months", the words "twelve months" shall be substituted;
(III) in sub-section (3),--
(a) for the words, brackets and figures "sub-sections (1) and (2)", the words, brackets, figures and letter "sub-sections (1), (1A) and (2)" shall be substituted;
(b) for the wor
In section 154 of the Income-tax Act, in sub-section (2), in clause (b), for the words and brackets "the Commissioner (Appeals)", the words and brackets "the Joint Commissioner (Appeals) or the Commissioner (Appeals)" shall be substituted.
In section 155 of the Income-tax Act,--
(a) in sub-section (11A), after the words, figures and letter "section 10A or" at both the places where they occur, the words, figures and letters "section 10AA or" shall be inserted with effect from the 1st day of April, 2024;
(b) after sub-section (18), the following sub-section shall be inserted, namely:--
"(19) Where any deduction in respect of any expenditure incurred for the purchase of sugarcane has been claimed by an assessee, being a co-operative society engaged in the business of manufacture of sugar, and such deduction has been disallowed wholly or partly in any previous year commencing on or before the 1st day of April, 2014, the Assessing Officer shall, on the basis of an application made by such assessee in this regard, recompute the total income of the assessee for such previous year after allowing deduction to the extent such expenditure is incurr
In section 158A of the Income-tax Act, in the Explanation, for the words and brackets "the Commissioner (Appeals)", the words and brackets "the Joint Commissioner (Appeals) or the Commissioner (Appeals)" shall be substituted.
In section 158AB of the Income-tax Act, for the words and brackets "the Commissioner (Appeals)" wherever they occur, the words and brackets "the Joint Commissioner (Appeals) or the Commissioner (Appeals)" shall be substituted.
For section 170A of the Income-tax Act, the following section shall be substituted, namely:--
'170A. Effect of order of tribunal or court in respect of business reorganisation.
(1) 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) (hereinafter referred to as order in respect of business reorganisation), as the case may be, any return of income has been furnished by an entity to which such order applies under the provisions of section 139 for any assessment year relevant to the previous year to which such order applies, the successor shall furnish, within a period of six months from the end of the month in which the order was issued, a modified return in such form and manner, as may be pres
In section 177 of the Income-tax Act, in sub-section (2), for the words and brackets "the Commissioner (Appeals)", the words and brackets "the Joint Commissioner (Appeals) or the Commissioner (Appeals)" shall be substituted.
In section 189 of the Income-tax Act, in sub-section (2), for the words and brackets "the Commissioner (Appeals)", the words and brackets "the Joint Commissioner (Appeals) or the Commissioner (Appeals)" shall be substituted.
In section 192A of the Income-tax Act, the second proviso shall be omitted.
In section 193 of the Income-tax Act, in the proviso, for clause (ix), the following clause shall be substituted, namely:--
'(ix) any interest payable to a "business trust", as defined in clause (13A) of section 2, in respect of any securities, by a special purpose vehicle referred to in the Explanation to clause (23FC) of section 10.'.
In section 194B of the Income-tax Act,--
(i) for the marginal heading, the following marginal heading shall be substituted, namely:--
"Winnings from lottery or crossword puzzle, etc.";
(ii) for the words "in an amount exceeding ten thousand rupees", the words "or from gambling or betting of any form or nature whatsoever, being the amount or the aggregate of amounts exceeding ten thousand rupees during the financial year" shall be substituted;
(iii) after the proviso, the following shall be inserted, namely:--
'Provided further that nothing contained in this section shall apply to deduction of income-tax on winnings from any online game on or after the 1st day of April, 2023.
Explanation.--For the purposes of this section, "online game" shall have the meaning assigned to it in clause (iii) of the Explanation to section 115BBJ.'.
Aftersection 194B of the Income-tax Act, the following section shall be inserted, namely:--
'194BA. Winnings from online games.
(1) Notwithstanding anything contained in any other provisions of this Act, any person responsible for paying to any person any income by way of winnings from any online game during the financial year shall deduct income-tax on the net winnings in his user account, computed in the manner as may be prescribed, at the end of the financial year at the rates in force:
Provided that in a case where there is a withdrawal from user account during the financial year, the income-tax shall be deducted at the time of such withdrawal on the net winnings comprised in such withdrawal, as well as on the remaining amount of net winnings in the user account, computed in the manner as may be prescribed, at the end of the financial year.
(2) In a case where the net winnings
In section 194BB of the Income-tax Act, for the words "in an amount exceeding ten thousand rupees", the words, "being the amount or aggregate of amounts exceeding ten thousand rupees during the financial year," shall be substituted.
In section 194LC of the Income-tax Act, with effect from the 1st day of July, 2023,--
(i) in sub-section (1), after the proviso, the following proviso shall be inserted, namely:--
"Provided further that in case of income by way of interest referred to in clause (ic) of sub-section (2), the income-tax shall be deducted at the rate of nine per cent.";
(ii) in sub-section (2),--
(I) in clause (ib), for the word "and", the word "or" shall be substituted;
(II) after clause (ib), the following clause shall be inserted, namely:--
"(ic) in respect of money borrowed by it from a source outside India by way of issuance of any long-term bond or rupee denominated bond on or after the 1st day of July, 2023, which is listed only on a recognised stock exchange located in an International Financial Services Centre; and".
In section 194N of the Income-tax Act, after the second proviso, the following proviso shall be inserted, namely:--
'Provided also that where the recipient is a co-operative society, the provisions of this section shall have effect, as if for the words "one crore rupees", the words "three crore rupees" had been substituted.'.
In section 194R of the Income-tax Act, the Explanation shall be numbered as Explanation 1 thereof, and after Explanation 1 as so renumbered, the following Explanation shall be inserted, namely:--
"Explanation 2.--For the removal of doubts, it is clarified that the provisions of sub-section (1) shall apply to any benefit or perquisite, whether in cash or in kind or partly in cash and partly in kind.".
In section 196A of the Income-tax Act, in sub-section (1), the following proviso shall be inserted, namely:--
"Provided that where an agreement referred to in sub-section (1) of section 90 or sub-section (1) of section 90A applies to the payee and if the payee has furnished a certificate referred to in sub-section (4) of section 90 or sub-section (4) of section 90A, as the case may be, then, income-tax thereon shall be deducted at the rate of twenty per cent. or at the rate or rates of income-tax provided in such agreement for such income, whichever is lower.".
In section 197 of the Income-tax Act, in sub-section (1), after the figures and letters "194LA,", the figures and letters "194LBA," shall be inserted.
In section 206AB of the Income-tax Act,--
(i) in sub-section (1), after the figures and letter "194B,", the figures and letters "194BA," shall be inserted;
(ii) in sub-section (3), for the proviso, the following proviso shall be substituted, namely:--
"Provided that the specified person shall not include--
(i) a non-resident who does not have a permanent establishment in India; or
(ii) a person who is not required to furnish the return of income for the assessment year relevant to the said previous year and is notified by the Central Government in the Official Gazette in this behalf.".
In section 206C of the Income-tax Act, in sub-section (1G), with effect from the 1st day of July, 2023,--
(i) in clause (a), the words "out of India" at both the places where they occur shall be omitted;
(ii) in the long line, for the word "five", the word "twenty" shall be substituted;
(iii) in the first proviso, for the words "and is for a purpose other than purchase of overseas tour program package", the words "and is for the purposes of education or medical treatment" shall be substituted;
(iv) in the second proviso, for the words "is for a purpose other than purchase of overseas tour program package", the words "is for the purposes of education or medical treatment" shall be substituted.
In section 206CC of the Income-tax Act, in sub-section (1), the following proviso shall be inserted with effect from the 1st day of July, 2023, namely:--
"Provided that the rate of tax collection at source under this section shall not exceed twenty per cent.".
In section 206CCA of the Income-tax Act,--
(i) in sub-section (1), the following proviso shall be inserted with effect from the 1st day of July, 2023, namely:--
"Provided that the rate of tax collection at source under this section shall not exceed twenty per cent.";
(ii) in sub-section (3), for the proviso, the following proviso shall be substituted, namely:--
"Provided that the specified person shall not include--
(i) a non-resident who does not have a permanent establishment in India; or
(ii) a person who is not required to furnish the return of income for the assessment year relevant to the said previous year and is notified by the Central Government in the Official Gazette in this behalf.".
In section 241A of the Income-tax Act, the following proviso shall be inserted, namely:--
"Provided that the provisions of this section shall not apply from the 1st day of April, 2023.".
In section 244A of the Income-tax Act,--
(a) in sub-section (1), in clause (a), after sub-clause (ii), the following proviso shall be inserted with effect from the 1st day of October, 2023, namely:--
"Provided that where refund arises as a result of an order passed by the Assessing Officer in consequence of an application made by the assessee under sub-section (20) of section 155, such interest shall be calculated at the rate of one-half per cent. for every month or part of a month comprised in the period from the date of such application to the date on which the refund is granted;";
(b) in sub-section (1A), the following proviso shall be inserted, namely:--
"Provided that where proceedings for assessment or reassessment are pending in respect of an assessee, in computing the period for determining the additional interest payable to such assessee under this sub-section, the period
For section 245 of the Income-tax Act, the following section shall be substituted, namely:--
"245. Set off and withholding of refunds in certain cases.
(1) Where under any of the provisions of this Act, a refund becomes due or is found to be due to any person, the Assessing Officer or Commissioner or Principal Commissioner or Chief Commissioner or Principal Chief Commissioner, as the case may be, may, in lieu of payment of the refund, set off the amount to be refunded or any part of that amount, against the sum, if any, remaining payable under this Act by the person to whom the refund is due, after giving an intimation in writing to such person of the action proposed to be taken under this sub-section.
(2) Where a part of the refund is set off under the provisions of sub-section (1), or where no such amount is set off, and refund becomes due to a person, and the Assessing Officer, having regard to the
In section 245D of the Income-tax Act, in sub-section (9), for clause (iv), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of February, 2021, namely:--
"(iv) where the time-limit for amending any order or filing of rectification application under sub-section (6B) expires on or after the 1st day of February, 2021, but before the 1st day of February, 2022, such time-limit shall be extended to the 30th day of September, 2023.".
In section 245MA of the Income-tax Act, in sub-section (4), after the proviso, the following proviso shall be inserted, namely:--
"Provided further that the Central Government may amend any direction, issued under this sub-section on or before the 31st day of March, 2023, by notification in the Official Gazette.".
In section 245R of the Income-tax Act, in sub-section (10), after the proviso, the following proviso shall be inserted, namely:--
"Provided further that the Central Government may amend any direction, issued under this sub-section on or before the 31st day of March, 2023, by notification in the Official Gazette.".
In Chapter XX of the Income-tax Act,--
(a) for the sub-heading "A.--Appeals to the Deputy Commissioner (Appeals) and Commissioner (Appeals)", the sub-heading "A.--Appeals to the Joint Commissioner (Appeals) and Commissioner (Appeals)" shall be substituted;
(b) for section 246, the following section shall be substituted, namely:--
'246. Appealable orders before Joint Commissioner (Appeals).
(1) Any assessee aggrieved by any of the following orders of an Assessing Officer (below the rank of Joint Commissioner) may appeal to the Joint Commissioner (Appeals) against--
(a) an order being an intimation under sub-section (1) of section 143, where the assessee objects to the making of adjustments, or any order of assessment under sub-section (3) of section 143 or section 144, where the assessee objects to the amount of income assessed, or to the amount of tax determi
In section 249 of the Income-tax Act,--
(a) in sub-section (1), in the opening portion, after the figures, letters and words "1st day of October, 1998", the words, brackets, figures and letters "or to the Joint Commissioner (Appeals) on or after the 1st day of April, 2023," shall be inserted;
(b) in sub-section (3), for the words and brackets "Commissioner (Appeals)", the words and brackets "Joint Commissioner (Appeals) or the Commissioner (Appeals)" shall be substituted;
(c) in sub-section (4), in the proviso, for the words and brackets "Commissioner (Appeals)", the words and brackets "Joint Commissioner (Appeals) or the Commissioner (Appeals)" shall be substituted.
In section 250 of the Income-tax Act,--
(a) in sub-sections (1), (3), (4), (5), (6) and (7), for the words and brackets "Commissioner (Appeals)" wherever they occur, the words and brackets "Joint Commissioner (Appeals) or the Commissioner (Appeals)" shall be substituted;
(b) for sub-section (6A), the following sub-section shall be substituted, namely:--
"(6A) In every appeal, the Joint Commissioner (Appeals) or the Commissioner (Appeals), as the case may be, where it is possible, may hear and decide such appeal within a period of one year from the end of the financial year in which such appeal is filed before him under sub-section (1) or transferred to him under sub-section (2) or sub-section (3) of section 246 or filed before him under sub-section (1) of section 246A, as the case may be.";
(c) in sub-section (6C), after the proviso, the following proviso shall be inserted and sha
In section 251 of the Income-tax Act,--
(i) for the marginal heading, the following marginal heading "Powers of the Joint Commissioner (Appeals) or the Commissioner (Appeals)." shall be substituted;
(ii) after sub-section (1), the following sub-section shall be inserted, namely:--
"(1A) In disposing of an appeal, the Joint Commissioner (Appeals) shall have the following powers--
(a) in an appeal against an order of assessment, he may confirm, reduce, enhance or annul the assessment;
(b) in an appeal against an order imposing a penalty, he may confirm or cancel such order or vary it so as either to enhance or to reduce the penalty;
(c) in any other case, he may pass such orders in the appeal as he thinks fit.";
(iii) in sub-section (2), for the words and brackets "Commissioner (Appeals)", the words and brackets "Join
In section 253 of the Income-tax Act,--
(a) in sub-section (1),--
(A) in clause (a), after the word, figures and letter "section 271A,", the words, figures and letters "section 271AAB, section 271AAC, section 271AAD," shall be inserted;
(B) after clause (a), the following clause shall be inserted, namely:--
"(aa) an order passed by a Joint Commissioner (Appeals) under section 154, section 250, section 270A, section 271, section 271A, section 271AAC, section 271AAD or section 271J; or";
(C) for clause (c), the following clause shall be substituted, namely:--
"(c) an order passed by,--
(i) a Principal Commissioner or Commissioner under section 12AA or section 12AB or under clause (vi) of sub-section (5) of section 80G or under section 263 or under section 270A or under section 271 or under section 272A or an order pas
In section 264 of the Income-tax Act, in sub-section (4), for the words and brackets "the Commissioner (Appeals)" wherever they occur, the words and brackets "the Joint Commissioner (Appeals) or the Commissioner (Appeals)" shall be substituted.
In section 267 of the Income-tax Act, for the words and brackets "the Commissioner (Appeals)", the words and brackets "the Joint Commissioner (Appeals) or the Commissioner (Appeals)" shall be substituted.
In section 269SS of the Income-tax Act,--
(a) after the second proviso and before the Explanation, the following proviso shall be inserted, namely:--
'Provided also that the provisions of this section shall have effect, as if for the words "twenty thousand rupees", the words "two lakh rupees" had been substituted in the case of any deposit or loan where,--
(a) such deposit is accepted by a primary agricultural credit society or a primary co-operative agricultural and rural development bank from its member; or
(b) such loan is taken from a primary agricultural credit society or a primary co-operative agricultural and rural development bank by its member.';
(b) in the Explanation, for clause (ii), the following clause shall be substituted, namely:--
'(ii) "co-operative bank", "primary agricultural credit society" and "primary co-operative
In section 269T of the Income-tax Act,--
(a) after the second proviso and before the Explanation, the following proviso shall be inserted, namely:--
'Provided also that the provisions of this section shall have effect, as if for the words "twenty thousand rupees", the words "two lakh rupees" had been substituted in the case of any deposit or loan where,--
(a) such deposit is paid by a primary agricultural credit society or a primary co-operative agricultural and rural development bank to its member; or
(b) such loan is repaid to a primary agricultural credit society or a primary co-operative agricultural and rural development bank by its member.';
(b) in the Explanation, for clause (ii), the following clause shall be substituted, namely:--
'(ii) "co-operative bank", "primary agricultural credit society" and "primary co-operative agricult
In section 270A of the Income-tax Act, for the words and brackets "the Commissioner (Appeals)" wherever they occur, the words and brackets "the Joint Commissioner (Appeals) or the Commissioner (Appeals)" shall be substituted.
In section 270AA of the Income-tax Act, in sub-section (6), after the words "No appeal under", the words and figures "section 246 or" shall be inserted.
In section 271 of the Income-tax Act, for the words and brackets "the Commissioner (Appeals)" wherever they occur, the words and brackets "the Joint Commissioner (Appeals) or the Commissioner (Appeals)" shall be substituted.
In section 271A of the Income-tax Act, for the words and brackets "the Commissioner (Appeals)", the words and brackets "the Joint Commissioner (Appeals) or the Commissioner (Appeals)" shall be substituted.
In section 271AAC of the Income-tax Act, for the words and brackets "the Commissioner (Appeals)", the words and brackets "the Joint Commissioner (Appeals) or the Commissioner (Appeals)" shall be substituted.
In section 271AAD of the Income-tax Act, for the words and brackets "the Commissioner (Appeals)" at both the places where they occur, the words and brackets "the Joint Commissioner (Appeals) or the Commissioner (Appeals)" shall be substituted.
In section 271C of the Income-tax Act, in sub-section (1),--
(A) in clause (b),--
(I) for the words "pay the whole", the words "pay or ensure payment of, the whole" shall be substituted;
(II) in sub-clause (i), the word "or" shall be omitted;
(III) after sub-clause (ii), the following sub-clauses shall be inserted, namely:--
"(iii) the first proviso to sub-section (1) of section 194R; or
(iv) the proviso to sub-section (1) of section 194S; or";
(IV) after sub-clause (iv) as inserted by the Finance Act, 2023, the following sub-clause shall be inserted with effect from the 1st day of July, 2023, namely:--
"(v) sub-section (2) of section 194BA,";
(B) in the long line, after the words "deduct or pay", the words "or ensure payment of," shall be inserted.
<
Section 271FAA of the Income-tax Act shall be numbered as sub-section (1) thereof and in sub-section (1) as so renumbered, for the long line, the following shall be substituted, namely:--
"then, the prescribed income-tax authority under sub-section (1) of section 285BA may direct that such person shall pay, by way of penalty, a sum of fifty thousand rupees.
(2) Where in the case of a person, referred to in clause (k) of sub-section (1) of section 285BA, who is required to furnish a statement under that section (herein referred to as the reporting financial institution) provides inaccurate information in the statement and the inaccuracy in such statement is due to false or inaccurate information furnished by the holder or holders of the relevant reportable account or accounts, the prescribed income-tax authority under sub-section (1) of section 285BA, shall direct that the reporting financial institution shall, in addition t
In section 271J of the Income-tax Act, for the words and brackets "the Commissioner (Appeals)" at both the places where they occur, the words and brackets "the Joint Commissioner (Appeals) or the Commissioner (Appeals)" shall be substituted.
In section 274 of the Income-tax Act, in sub-section (2B), after the proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2022, namely:--
"Provided further that the Central Government may amend any direction, issued under this sub-section on or before the 31st day of March, 2022, by notification in the Official Gazette.".
In section 275 of the Income-tax Act,--
(a) for the words and brackets "the Commissioner (Appeals)" wherever they occur, the words and brackets "the Joint Commissioner (Appeals) or the Commissioner (Appeals)" shall be substituted;
(b) for the words and brackets "to the Commissioner (Appeals)" wherever they occur, the words and brackets "to the Joint Commissioner (Appeals) or to the Commissioner (Appeals)" shall be substituted.
In section 276A of the Income-tax Act, after the proviso, the following proviso shall be inserted, namely:--
"Provided further that no proceeding shall be initiated under this section on or after the 1st day of April, 2023.".
In section 276B of the Income-tax Act,--
(A) in the opening portion, the words "pay to the credit of the Central Government" shall be omitted;
(B) in clause (a), for the words "the tax deducted", the words "pay to the credit of the Central Government, the tax deducted" shall be substituted;
(C) for clause (b), the following clause shall be substituted, namely:--
'(b) pay tax or ensure payment of tax to the credit of the Central Government, as required by or under--
(i) sub-section (2) of section 115-O;
(ii) the proviso to section 194B;
(iii) the first proviso to sub-section (1) of section 194R;
(iv) the proviso to sub-section (1) of section 194S; or';
(D) after sub-clause (iv) of clause (b) as substituted by the Finance Act, 2023, the following sub-clause shall be inserted
In section 279 of the Income-tax Act, in sub-section (1), for the words and brackets "or Commissioner (Appeals)", the words and brackets "or Joint Commissioner (Appeals) or Commissioner (Appeals)" shall be substituted.
In section 287 of the Income-tax Act, in sub-section (2), for the words and brackets "to the Commissioner (Appeals)", the words and brackets "to the Joint Commissioner (Appeals) or to the Commissioner (Appeals)" shall be substituted.
In section 295 of the Income-tax Act, in sub-section (2),--
(i) in clause (eec), after the word "audit", the words "or inventory valuation" shall be inserted;
(ii) in clause (mm), for the words and brackets "the Commissioner (Appeals)", the words and brackets "the Joint Commissioner (Appeals) or the Commissioner (Appeals)" shall be substituted.
In the Customs Act, 1962 (hereinafter referred to as the Customs Act), in section 25, in sub-section (4A), after the proviso, the following proviso shall be inserted, namely:--
"Provided further that nothing contained in this sub-section shall apply to any such exemption granted to, or in relation to,--
(a) any multilateral or bilateral trade agreement;
(b) obligations under international agreements, treaties, conventions or such other obligations including with respect to United Nations agencies, diplomats and international organisations;
(c) privileges of constitutional authorities;
(d) schemes under the Foreign Trade Policy;
(e) the Central Government schemes having validity of more than two years;
(f) re-imports, temporary imports, goods imported as gifts or personal baggage;
(g) any duty o
In the Customs Act, in section 65, in sub-section (1), for the words "subject to", the words, figures and letter "subject to the provisions of section 65A and" shall be substituted.
After section 65 of the Customs Act, the following section shall be inserted, namely:--
'65A. Goods brought for operations in warehouse to have ordinarily paid certain taxes.
(1) Notwithstanding anything to the contrary contained in this Act or the Customs Tariff Act, 1975,(51 of 1975.) the following provisions shall, with effect from such date as may be notified by the Central Government, apply to goods in relation to which any manufacturing process or other operations in terms of section 65 may be carried out, namely:--
(A) the dutiable goods, which are deposited in the warehouse shall be goods on which the integrated tax under sub-section (7) and the goods and services tax compensation cess under sub-section (9), of section 3 of the Customs Tariff Act, 1975 (51 of 1975)have been paid, and only for the purpose of the duty payable, other than the said tax and cess paid, such dutiable goods shall be wa
In the Customs Act, in section 127C, after sub-section (8), the following sub-section shall be inserted, namely:--
"(8A) The order under sub-section (5) shall be passed within a period of nine months from the last day of the month in which the application under section 127B is made, and if, no order is passed within the said period, the settlement proceedings shall abate, and the adjudicating authority before whom the proceeding at the time of making the application was pending shall dispose of the application in accordance with the provisions of this Act as if no application under the said section had been made:
Provided that the period specified under this sub-section may, for reasons to be recorded in writing, be extended by the Settlement Commission for a further period not exceeding three months:
Provided further that in respect of any application pending under sub-section (5) as on the date on wh
In the Customs Act, in section 157, in sub-section (2), after clause (c), the following clause shall be inserted, namely:--
"(ca) the manner and conditions for payment of duty and removal of goods under clause (C) of sub-section (1) of section 65A;".
In the Customs Act, in section 159, after the figures "43,", the figures and letter "65A," shall be inserted.
In the Customs Tariff Act, 1975(51 of 1975), (hereinafter referred to as the Customs Tariff Act), with effect from the 1st day of January, 1995,--
(i) in section 9,--
(a) in sub-section (6), in the first proviso, for the words "in a review", the words "on consideration of a review" shall be substituted;
(b) in sub-section (7), the words "and determined" shall be omitted;
(ii) in section 9A,--
(a) in sub-section (5), in the first proviso, for the words "in a review", the words "on consideration of a review" shall be substituted;
(b) in sub-section (6), the words "and determined" shall be omitted;
(iii) in section 9C,--
(a) in sub-section (1), the words "order of" shall be omitted;
(b) in sub-section (2), for the word "order", the words "determination or review" shall be s
In the Customs Tariff Act, the First Schedule shall--
(a) be amended in the manner specified in the Second Schedule;
(b) be also amended in the manner specified in the Third Schedule;
(c) with effect from the 1st May, 2023, be also amended in the manner specified in the Fourth Schedule;
(d) with effect from the 1st April, 2023, be also amended in the manner specified in the Seventh Schedule;
In the Customs Tariff Act, the Second Schedule shall, with effect from the 1st May, 2023, be amended in the manner specified in the Fifth Schedule.
1[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 10,--
(a) in sub-section (2), in clause (d), the words "goods or" shall be omitted;
(b) in sub-section (2A), in clause (c), the words "goods or" shall be omitted.]
-------------------------------------------
1. W.e.f. 01.10.2023, vide Notification No. 28/2023-Central Tax Dated 31.07.2023.
1[In section 16 of the Central Goods and Services Tax Act, in sub-section (2),--
(i) in the second proviso, for the words "added to his output tax liability, along with interest thereon", the words and figures "paid by him along with interest payable under section 50" shall be substituted;
(ii) in the third proviso, after the words "made by him", the words "to the supplier" shall be inserted.]
----------------------------------------
1. W.e.f. 01.10.2023, vide Notification No. 28/2023-Central Tax Dated 31.07.2023.
1[In section 17 of the Central Goods and Services Tax Act,--
(a) in sub-section (3), in the Explanation, for the words and figure "except those specified in paragraph 5 of the said Schedule", the following shall be substituted, namely:--
"except,--
(i) the value of activities or transactions specified in paragraph 5 of the said Schedule; and
(ii) the value of such activities or transactions as may be prescribed in respect of clause (a) of paragraph 8 of the said Schedule.";
(b) in sub-section (5), after clause (f), the following clause shall be inserted, namely:--
"(fa) goods or services or both received by a taxable person, which are used or intended to be used for activities relating to his obligations under corporate social responsibility referred to in section 135 of the Companies Act, 2013(18 of 2013.);".]
----
1[In section 23 of the Central Goods and Services Tax Act, for sub-section (2), 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:--
"(2) Notwithstanding anything to the contrary contained in sub-section (1) of section 22 or section 24, the Government may, on the recommendations of the Council, by notification, subject to such conditions and restrictions as may be specified therein, specify the category of persons who may be exempted from obtaining registration under this Act.".]
---------------------------------------
1. W.e.f. 01.10.2023, vide Notification No. 28/2023-Central Tax Dated 31.07.2023.
1[In section 30 of the Central Goods and Services Tax Act, in sub-section (1),--
(a) for the words "the prescribed manner within thirty days from the date of service of the cancellation order:", the words "such manner, within such time and subject to such conditions and restrictions, as may be prescribed." shall be substituted;
(b) the proviso shall be omitted.]
--------------------------------------
1. W.e.f. 01.10.2023, vide Notification No. 28/2023-Central Tax Dated 31.07.2023.
1[In section 37 of the Central Goods and Services Tax Act, after sub-section (4), the following sub-section shall be inserted, namely:--
"(5) A registered person shall not be allowed to furnish the details of outward supplies under sub-section (1) for a tax period after the expiry of a period of three years from the due date of furnishing the said details:
Provided that the Government may, on the recommendations of the Council, by notification, subject to such conditions and restrictions as may be specified therein, allow a registered person or a class of registered persons to furnish the details of outward supplies for a tax period under sub-section (1), even after the expiry of the said period of three years from the due date of furnishing the said details."]
-------------------------------------
1. W.e.f. 01.10.2023, vide Notification No. 28/2023-Central Tax Dated 31.07.2023.<
1[In section 39 of the Central Goods and Services Tax Act, after sub-section (10), the following sub-section shall be inserted, namely:--
"(11) A registered person shall not be allowed to furnish a return for a tax period after the expiry of a period of three years from the due date of furnishing the said return:
Provided that the Government may, on the recommendations of the Council, by notification, subject to such conditions and restrictions as may be specified therein, allow a registered person or a class of registered persons to furnish the return for a tax period, even after the expiry of the said period of three years from the due date of furnishing the said return.".]
-----------------------------
1. W.e.f. 01.10.2023, vide Notification No. 28/2023-Central Tax Dated 31.07.2023.
1[Section 44 of the Central Goods and Services Tax Act shall be renumbered as sub-section (1) thereof, and after sub-section (1) as so renumbered, the following sub-section shall be inserted, namely:--
"(2) A registered person shall not be allowed to furnish an annual return under sub-section (1) for a financial year after the expiry of a period of three years from the due date of furnishing the said annual return:
Provided that the Government may, on the recommendations of the Council, by notification, and subject to such conditions and restrictions as may be specified therein, allow a registered person or a class of registered persons to furnish an annual return for a financial year under sub-section (1), even after the expiry of the said period of three years from the due date of furnishing the said annual return.".]
------------------------------------------------
1. W.e.f. 01
1[In section 52 of the Central Goods and Services Tax Act, after sub-section (14), the following sub-section shall be inserted, namely:--
"(15) The operator shall not be allowed to furnish a statement under sub-section (4) after the expiry of a period of three years from the due date of furnishing the said statement:
Provided that the Government may, on the recommendations of the Council, by notification, subject to such conditions and restrictions as may be specified therein, allow an operator or a class of operators to furnish a statement under sub-section (4), even after the expiry of the said period of three years from the due date of furnishing the said statement.".]
------------------------------
1. W.e.f. 01.10.2023, vide Notification No. 28/2023-Central Tax Dated 31.07.2023.
1[In section 54 of the Central Goods and Services Tax Act, in sub-section (6), the words "excluding the amount of input tax credit provisionally accepted," shall be omitted.]
--------------------------------------
1. W.e.f. 01.10.2023, vide Notification No. 28/2023-Central Tax Dated 31.07.2023.
1[In section 56 of the Central Goods and Services Tax Act, for the words "from the date immediately after the expiry of sixty days from the date of receipt of application under the said sub-section till the date of refund of such tax", the words "for the period of delay beyond sixty days from the date of receipt of such application till the date of refund of such tax, to be computed in such manner and subject to such conditions and restrictions as may be prescribed" shall be substituted.]
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1. W.e.f. 01.10.2023, vide Notification No. 28/2023-Central Tax Dated 31.07.2023.
1[In section 62 of the Central Goods and Services Tax Act, in sub-section (2),--
(a) for the words "thirty days", the words "sixty days" shall be substituted;
(b) the following proviso shall be inserted, namely:--
"Provided that where the registered person fails to furnish a valid return within sixty days of the service of the assessment order under sub-section (1), he may furnish the same within a further period of sixty days on payment of an additional late fee of one hundred rupees for each day of delay beyond sixty days of the service of the said assessment order and in case he furnishes valid return within such extended period, the said assessment order shall be deemed to have been withdrawn, but the liability to pay interest under sub-section (1) of section 50 or to pay late fee under section 47 shall continue.".]
---------------------------------
1. W
1[For section 109 of the Central Goods and Services Tax Act, the following section shall be substituted, namely:--
"109. Constitution of Appellate Tribunal and Benches thereof.
(1) The Government shall, on the recommendations of the Council, by notification, establish with effect from such date as may be specified therein, an Appellate Tribunal known as the Goods and Services Tax Appellate Tribunal for hearing appeals against the orders passed by the Appellate Authority or the Revisional Authority.
(2) The jurisdiction, powers and authority conferred on the Appellate Tribunal shall be exercised by the Principal Bench and the State Benches constituted under sub-section (3) and sub-section (4).
(3) The Government shall, by notification, constitute a Principal Bench of the Appellate Tribunal at New Delhi which shall consist of the President, a Judicial Member, a Technical Member (Ce
1[For section 110 of the Central Goods and Services Tax Act, the following section shall be substituted, namely:--
"110. President and Members of Appellate Tribunal, their qualification, appointment, conditions of service, etc.
(1) A person shall not be qualified for appointment as--
(a) the President, unless he has been a Judge of the Supreme Court or is or has been the Chief Justice of a High Court;
(b) a Judicial Member, unless he--
(i) has been a Judge of the High Court; or
(ii) has, for a combined period of ten years, been a District Judge or an Additional District Judge;
(c) a Technical Member (Centre), unless he is or has been a member of the Indian Revenue (Customs and Indirect Taxes) Service, Group A, or of the All India Service with at least three years of experience in the administration of an existing la
1[For section 114 of the Central Goods and Services Tax Act, the following section shall be substituted, namely:--
"114. Financial and Administrative powers of President.
The President shall exercise such financial and administrative powers over the Appellate Tribunal as may be prescribed.".
-------------------------------------
1. W.e.f. 01.08.2023, vide Notification No. 28/2023-Central Tax Dated 31.07.2023.
1[In section 117 of the Central Goods and Services Tax Act,--
(a) in sub-section (1), for the words "State Bench or Area Benches", the words "State Benches" shall be substituted;
(b) in sub-section (5), in clauses (a) and (b), for the words "State Bench or Area Benches", the words "State Benches" shall be substituted.
-----------------------------------
1. W.e.f. 01.08.2023, vide Notification No. 28/2023-Central Tax Dated 31.07.2023.
1[In section 118 of the Central Goods and Services Tax Act, in sub-section (1), in clause (a), for the words "National Bench or Regional Bench", the words "Principal Bench" shall be substituted.
---------------------------------------
1. W.e.f. 01.08.2023, vide Notification No. 28/2023-Central Tax Dated 31.07.2023.
1[In section 119 of the Central Goods and Services Tax Act,--
(a) for the words "National or Regional Benches", the words "Principal Bench" shall be substituted;
(b) for the words "State Bench or Area Benches", the words "State Benches" shall be substituted.
----------------------------------
1. W.e.f. 01.08.2023, vide Notification No. 28/2023-Central Tax Dated 31.07.2023.
1[In section 122 of the Central Goods and Services Tax Act, after sub-section (1A), the following sub-section shall be inserted, namely:--
"(1B) Any electronic commerce operator who--
(i) allows a supply of goods or services or both through it by an unregistered person other than a person exempted from registration by a notification issued under this Act to make such supply;
(ii) allows an inter-State supply of goods or services or both through it by a person who is not eligible to make such inter-State supply; or
(iii) fails to furnish the correct details in the statement to be furnished under sub-section (4) of section 52 of any outward supply of goods effected through it by a person exempted from obtaining registration under this Act,
shall be liable to pay a penalty of ten thousand rupees, or an amount equivalent to the amount of tax involved had such su
1[In section 132 of the Central Goods and Services Tax Act, in sub-section (1),--
(a) clauses (g), (j) and (k) shall be omitted;
(b) in clause (l), for the words, brackets and letters "clauses (a) to (k)", the words, brackets and letters "clauses (a) to (f) and clauses (h) and (i)" shall be substituted;
(c) in clause (iii), for the words "any other offence", the words, brackets and letter "an offence specified in clause (b)," shall be substituted;
(d) in clause (iv), the words, brackets and letters "or clause (g) or clause (j)" shall be omitted.
------------------------------------------------
1. W.e.f. 01.10.2023, vide Notification No. 28/2023-Central Tax Dated 31.07.2023.
1[In section 138 of the Central Goods and Services Tax Act,--
(a) in sub-section (1), in the first proviso,--
(i) for clause (a), the following clause shall be substituted, namely:--
"(a) a person who has been allowed to compound once in respect of any of the offences specified in clauses (a) to (f), (h), (i) and (l) of sub-section (1) of section 132;";
(ii) clause (b) shall be omitted;
(iii) for clause (c), the following clause shall be substituted, namely:--
"(c) a person who has been accused of committing an offence under clause (b) of sub-section (1) of section 132;";
(iv) clause (e) shall be omitted;
(b) in sub-section (2), for the words "ten thousand rupees or fifty per cent. of the tax involved, whichever is higher, and the maximum amount not being less than thirty thousand rupees or one
1[After section 158 of the Central Goods and Services Tax Act, the following section shall be inserted, namely:--
"158A. Consent based sharing of information furnished by taxable person.
(1) Notwithstanding anything contained in sections 133, 152 and 158, the following details furnished by a registered person may, subject to the provisions of sub-section (2), and on the recommendations of the Council, be shared by the common portal with such other systems as may be notified by the Government, in such manner and subject to such conditions as may be prescribed, namely:--
(a) particulars furnished in the application for registration under section 25 or in the return filed under section 39 or under section 44;
(b) the particulars uploaded on the common portal for preparation of invoice, the details of outward supplies furnished under section 37 and the particulars uploaded on the comm
1[(1) In Schedule III to the Central Goods and Services Tax Act, paragraphs 7 and 8 and the Explanation 2 thereof (as inserted vide section 32 of Act 31 of 2018) shall be deemed to have been inserted therein with effect from the 1st day of July, 2017.
(2) No refund shall be made of all the 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. W.e.f. 01.10.2023, vide Notification No. 28/2023-Central Tax Dated 31.07.2023.
1[In the Integrated Goods and Services Tax Act, 2017 (13 of 2017)(hereinafter referred to as the Integrated Goods and Services Tax Act), in section 2,--
(a) for clause (16), the following clause shall be substituted, namely:--
'(16) "non-taxable online recipient" means any unregistered person receiving online information and database access or retrieval services located in taxable territory.
Explanation.--For the purposes of this clause, the expression "unregistered person" includes a person registered solely in terms of clause (vi) of section 24 of the Central Goods and Services Tax Act, 2017(12 of 2017);';
(b) in clause (17), the words "essentially automated and involving minimal human intervention and" shall be omitted.
-------------------------------------
1. W.e.f. 01.10.2023, vide Notification No. 28/2023-Central Tax Dated 31.07.20
1[In section 12 of the Integrated Goods and Services Tax Act, in sub-section (8), the proviso shall be omitted.]
--------------------------------
1. W.e.f. 01.10.2023, vide Notification No. 28/2023-Central Tax Dated 31.07.2023.
1[In section 13 of the Integrated Goods and Services Tax Act, sub-section (9) shall be omitted.]
--------------------------------
1. W.e.f. 01.10.2023, vide Notification No. 28/2023-Central Tax Dated 31.07.2023.
In the Schedule to the Goods and Services Tax (Compensation to States) Act, 2017(15 of 2017),--
(a) in serial number 1, for the entry in column (4) occurring against tariff item 2106 90 20, the entry "fifty-one per cent. of retail sale price per unit" shall be substituted;
(b) in serial number 2, for the entry in column (4) occurring against Chapter 24, the entry "Four thousand one hundred and seventy rupees per thousand sticks or two hundred and ninety per cent. ad valorem or a combination thereof, but not exceeding four thousand one hundred and seventy rupees per thousand sticks plus two hundred and ninety per cent. ad valorem or hundred per cent. of retail sale price per unit" shall be substituted;
(c) the following Explanation shall be inserted at the end, namely:--
'Explanation.--For the purposes of this Schedule,--
(i) "retail sale price" means the maxi
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 Government Savings Promotion Act, 1873,--
(a) in section 4A, for sub-section (4), the following sub-section shall be substituted, namely:--
"(4) If a depositor dies and no nomination is in force at the time of his death, and the probate of his will or letters of administration of estate or a succession certificate granted under the Indian Succession Act, 1925(39 of 1925), or legal heir certificate issued by the revenue authority not below the rank of Tahsildar having jurisdiction, is not produced within six months from the date of death of the depositor to the Authorised Officer, then, where the eligible balance does not exceed such limit as may be prescribed, the Authorised Officer may, for reasons to be recorded in writing, pay the eligible balance to the person legally entitled to receive it or to administer the estate of the deceased in accordance with such procedure and manner as may be prescribed.";
In the Indian Stamp Act, 1899, in Schedule I, in article 47, in division D, under the heading "Exemption", for the portion beginning with "Policies of life-insurance" and ending with "authority of the Central Government.", the following shall be substituted, namely:--
"Policies of life insurance--
(a) granted by the Director-General of Post Offices in accordance with the rules for Postal Life-Insurance issued under the authority of the Central Government; and
(b) under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).".
In the Securities Contracts (Regulation) Act, 1956, in section 18A, after clause (b), the following clause shall be inserted, namely:--
'(ba) regulated by the International Financial Services Centres Authority established under section 4 of the International Financial Services Centres Authority Act, 2019(50 of 2019), in an International Financial Services Centre and issued by a Foreign Portfolio Investor.
Explanation.--For the purposes of this clause, the expression "Foreign Portfolio Investor" shall have the meaning assigned to it in clause (u) of rule 2 of the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 made under section 46 of the Foreign Exchange Management Act, 1999(42 of 1999);'.
In the Central Sales Tax Act, 1956(74 of 1956) (hereinafter referred to as the Central Sales Tax Act), for section 19, the following section shall be substituted, namely:--
"19. Customs, Excise and Service Tax Appellate Tribunal to function as Authority under this Act.
Notwithstanding anything to the contrary contained in this Act or in any other law for the time being in force, the Customs, Excise and Service Tax Appellate Tribunal constituted under section 129 of the Customs Act, 1962 (52 of 1962) shall be the Authority under this Act to settle inter-State disputes falling under sections 6A and 9."
Section 24 of the Central Sales Tax Act shall be omitted.
In the Central Sales Tax Act, in section 25, after sub-section (2), the following sub-section shall be inserted, namely:--
"(3) All appeals filed under section 20 and pending before the erstwhile Authority for Advance Rulings as on the date on which the Finance Bill, 2023 receives the assent of the President shall stand transferred to the Authority referred to in section 19.".
In the Prohibition of Benami Property Transactions Act, 1988, with effect from the 1st day of April, 2023,--
(a) in section 2, in clause (18),--
(I) in sub-clause (i), the word "and" occurring at the end shall be omitted;
(II) in sub-clause (ii), the word "and" shall be inserted at the end;
(III) after sub-clause (ii), the following sub-clause shall be inserted, namely:--
"(iii) the High Court within the jurisdiction of which the office of the Initiating Officer is located,--
(a) where the aggrieved party does not ordinarily reside or carry on business or personally work for gain in the jurisdiction of any High Court;
(b) where the Government is the aggrieved party and any of the respondents do not ordinarily reside or carry on business or personally work for gain in the jurisdiction of any High Court;";
In the Finance Act, 2001, the Seventh Schedule shall be amended in the manner specified in the Sixth Schedule.
In the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002, with effect from the 1st day of April, 2023,--
(a) in section 8, in sub-section (1), for the words "investors, shall", the words "investors or from such date as may be notified by the Central Government in the Official Gazette, whichever is earlier," shall be substituted;
(b) in section 13, in sub-section (1), for the figures, letters and words "31st day of March, 2023", the figures, letters and words "31st day of March, 2025" shall be substituted.
In the Finance (No. 2) Act, 2004, in section 98, in the Table, in serial number 4, in column (2)--
(i) against entry (a), in column (3), for the figures and word "0.05 per cent.", the figures and word "0.0625 per cent." shall be substituted; and
(ii) against entry (c), in column (3), for the figures and word "0.01 per cent.", the figures and word "0.0125 per cent." shall be substituted.
(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
| [See section 135(a)] In the First Schedule to the Customs Tariff Act,--
In the First Schedule to the Customs Tariff Act,-- (1) in Chapter 40, for the entry in column (4) occurring against tariff item 4011 30 00, the entry "2.5%" shall be substituted; (2) in Chapter 71,-- (i) for the entry in column (4) occurring against all the tariff items of heading 7106, the entry "10%" shall be substituted; (ii) for the entry in column (4) occurring against tariff item 7107 00 00, the entry "10%" shall be substituted; (iii) for the entry in column (4) occurring against all the tariff items of heading 7108, the entry "10%" shall be substituted; (iv) for the entry in column (4) occurring against tariff item 7109 00 00, the entry "10%" shall be substituted; (v) for the entry in column (4) occurring against tariff items 7110 11 10, 7110 11 20, 7110 19 00, 7110 Sch.4 THE FOURTH SCHEDULE[See section 135(c)] In the First Schedule to the Customs Tariff Act,-- (1) in the General Explanatory Notes, in paragraph 1, after the portion beginning with the words 'Where the description of an article or group of articles' and ending with the words 'the article or group of articles which has "-" or "--".', the following shall be inserted, namely:-- 'Where the description of an article or group of articles is preceded by "----", 'in addition to being a sub-classification of "-" or "--", the said article or group of articles may also be taken to be a sub-classification of the immediately preceding description of the article or group of articles which has "---".'; (2) for the List of Abbreviations Used, the following shall be substituted, namely:-- Sch.5 THE FIFTH SCHEDULE(See section 136) In the Second Schedule to the Customs Tariff Act, for serial numbers 8 and 9 and the entries relating thereto, the following serial numbers and entries shall be substituted, namely:-- Sl. No. Chapter/heading/sub-heading/Tariff Item Description of goods Rate of duty (1) (2) (3) (4) "8. 1202 41 Groundnut in shell Rs. 1,125 per tonne 9. 1202 42 Groundnut kernel Rs. 1,500 per tonne". Sch.6 THE SIXTH SCHEDULE(See section 172) In the Seventh Schedule to the Finance Act, 2001,-- (i) for the entry in column (4) occurring against tariff item 2402 20 10, the entry "Rs. 230 per thousand" shall be substituted; (ii) for the entry in column (4) occurring against tariff item 2402 20 20, the entry "Rs. 290 per thousand" shall be substituted; (iii) for the entry in column (4) occurring against tariff items 2402 20 30 and 2402 20 40, the entry "Rs. 510 per thousand" shall be substituted; (iv) for the entry in column (4) occurring against tariff item 2402 20 50, the entry "Rs. 630 per thousand" shall be substituted; (v) for the entry in column (4) occurring against tariff item 2402 20 90, the entry "Rs. 850 per thousand" shall be substituted; (vi) for the entry in column (4) occurring against tariff item 2402 90 10, the entry "Rs. 69 Sch.7 THE SEVENTH SCHEDULE[See section 135(d)] In the First Schedule to the Customs Tariff Act, in Chapter 90,-- (i) for the entry in column (4) occurring against tariff item 9022 14 10, the entry "15%" shall be substituted; (ii) for the entry in column (4) occurring against tariff item 9022 14 20, the entry "15%" shall be substituted; (iii) for the entry in column (4) occurring against tariff item 9022 14 90, the entry "15%" shall be substituted. |
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