FINANCE ACT, 2010
(1) This Act may be called the Finance Act, 2010.
(2) Save as otherwise provided in this Act, sections 2 to 56 shall be deemed to have come into force on the 1st day of April, 2010.
(1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2010, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax shall be increased by a surcharge, for purposes of the Union, calculated in each case in the manner provided therein.
(2) In the cases to which Paragraph A of Part I of the First Schedule applies, where the assessee has, in the previous year, any net agricultural income exceeding five thousand rupees, in addition to total income, and the total income exceeds one lakh sixty 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 one lakh sixty thousand rup
In section 2 of the Income-tax Act,--
(a) in clause (15), 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, 2009, namely:--
"Provided further that the first proviso shall not apply if the aggregate value of the receipts from the activities referred to therein is ten lakh rupees or less in the previous year;";
(b) in clause (24), in sub-clause (xv), after the words, brackets and figures "value of property referred to in clause (vii)", the words, brackets, figures and letter "or clause (viia)" shall be inserted with effect from the 1st day of June, 2010.
In section 9 of the Income-tax Act, for the Explanation occurring after sub-section (2), the following Explanation shall be substituted and shall be deemed to have been substituted with effect from the 1st day of June, 1976, namely:--
"Explanation,--For the removal of doubts, it is hereby declared that for the purposes of this section, income of a non-resident shall be deemed to accrue or arise in India under clause (v) or clause (vi) or clause (vii) of sub-section (1) and shall be included in the total income of the non-resident, whether or not,--
(i) the non-resident has a residence or place of business or business connection in India; or
(ii) the non-resident has rendered services in India.".
In section 10 of the Income-tax Act, in clause (21), with effect from the 1st day of April, 2011,--
(a) for the words "scientific research association", wherever they occur, the words "research association" shall be substituted;
(b) in the opening portion, after the word, brackets and figures "clause (ii)", the words, brackets and figures "or clause (iii)" shall be inserted;
(c) in the first proviso, in clause (a),--
(A) in sub-clause (i),--
(I) in item (2), for the words "scientific research", the words, "scientific research or research in social science or statistical research" shall be substituted;
(II) in item (3), after the word, brackets and figures "clau
In section 10AA of the Income-tax Act, in sub-section (7), the following proviso shall be inserted, namely:--
"Provided that the provisions of this sub-section [as amended by section 6 of the Finance (No. 2) Act, 2009(33 of 2009)] shall have effect for the assessment year beginning on the 1st day of April, 2006 and subsequent assessment years.".
In section 12AA of the Income-tax Act, in sub-section (3), after the word, brackets and figure "sub-section (1)", the words, figures, letter and brackets "or has obtained registration at any time under section 12A [as it stood before its amendment by the Finance (No. 2) Act, 1996(33 of 1996)]" shall be inserted with effect from the 1st day of June, 2010.
In section 32 of the Income-tax Act, in sub-section (1), in the fifth proviso, for the words, brackets and figures "clause (xiii) and clause (xiv)", the words, brackets, figures and letter "clause (xiii), clause (xiiib) and clause (xiv)" shall be substituted with effect from the 1st day of April, 2011.
In section 35 of the Income-tax Act, with effect from the 1st day of April, 2011,--
(i) in sub-section (1),--
(a) for the words "scientific research association", wherever they occur, the words "research association" shall be substituted;
(b) in clause (ii), for the words "one and one-fourth", the words "one and three-fourth" shall be substituted;
(c) in clause (iii),--
(A) for the words "any sum paid to a university", the words "any sum paid to a research association which has as its object the undertaking of research in social science or statistical research or to a university" shall be substituted;
(B) in the proviso, for the words "such university", at both
In section 35AD of the Income-tax Act,--
(a) in sub-section (2), in clause (iii), in sub-clause (c), for the words "one-third of its total pipeline capacity", the words, brackets and figures "such proportion of its total pipeline capacity as specified by regulations made by the Petroleum and Natural Gas Regulatory Board established under sub-section (1) of section 3 of the Petroleum and Natural Gas Regulatory Board Act, 2006(19 of 2006)" shall be substituted;
(b) for sub-section (3), the following sub-section shall be substituted with effect from the 1st day of April, 2011, namely:--
'(3) Where a deduction under this section is claimed and allowed in respect of the specified business for any assessment year, no deduction shall be allowed under the provisions of Chapter VI-A under the heading "
In section 35DDA of the Income-tax Act, with effect from the 1st day of April, 2011,--
(a) after sub-section (4), the following sub-section shall be inserted, namely:--
"(4A) Where there has been reorganisation of business, whereby a private company or unlisted public company is succeeded by a limited liability partnership fulfilling the conditions laid down in the proviso to clause (xiiib) of section 47, the provisions of this section shall, as far as may be, apply to the successor limited liability partnership, as they would have applied to the said company, if reorganisation of business had not taken place.";
(b) in sub-section (5), for the words, brackets and figures "sub-section (3) and in the case of a firm or proprietary concern referred to in sub-section (4)", the words, brackets, figu
In section 40 of the Income-tax Act, in clause (a), in sub-clause (ia),--
(a) for the portion beginning with the words "has not been paid,--" and ending with the words "the last day of the previous year", the words, brackets and figures "has not been paid on or before the due date specified in sub-section (1) of section 139" shall be substituted;
(b) for the proviso, the following proviso shall be substituted, namely:--
"Provided that where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted during the previous year but paid after the due date specified in sub-section (1) of section 139, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid.".
In section 43 of the Income-tax Act, with effect from the 1st day of April, 2011 ,--
(a) in clause (1), in Explanation 13, in clause (b), in sub-clause (iii), for the brackets, figures and word "(xiii) and (xiv)" the brackets, figures, letter and word "(xiii), (xiiib) and (xiv)" shall be substituted;
(b) in clause (6), after Explanation 2B, the following Explanation shall be inserted, namely:--
"Explanation 2C.--Where in any previous year, any block of assets is transferred by a private company or unlisted public company to a limited liability partnership and the conditions specified in the proviso to clause (xiiib) of section 47 are satisfied, then, notwithstanding anything contained in clause (1), the actual cost of the block of assets in the case of the limited liability partnership shall b
In section 44AB of the Income-tax Act, with effect from the 1st day of April, 2011,--
(a) in clause (a), for the words "forty lakh rupees", the words "sixty lakh rupees" shall be substituted;
(b) in clause (b), for the words "ten lakh rupees", the words "fifteen lakh rupees" shall be substituted.
In section 44AD of the Income-tax Act [as amended by section 20 of the Finance (No. 2) Act, 2009(33 of 2009)], in the Explanation, in clause (b), in sub-clause (ii), for the words "forty lakh rupees", the words "sixty lakh rupees" shall be substituted with effect from the 1st day of April, 2011.
In section 44BB of the Income-tax Act, in the proviso to sub-section (1), after the words, figures and letter "section 44D or", the words, figures and letters "section 44DA or" shall be inserted with effect from the 1st day of April, 2011.
In section 44DA of the Income-tax Act, in sub-section (1), after the proviso, the following proviso shall be inserted with effect from the 1st day of April, 2011, namely:--
"Provided further that the provisions of section 44BB shall not apply in respect of the income referred to in this section.".
In section 47 of the Income-tax Act, after clause (xiiia), the following shall be inserted with effect from the 1st day of April, 2011, namely:--
'(xiiib) any transfer of a capital asset or intangible asset by a private company or unlisted public company (hereafter in this clause referred to as the company) to a limited liability partnership or any transfer of a share or shares held in the company by a shareholder as a result of conversion of the company into a limited liability partnership in accordance with the provisions of section 56 or section 57 of the Limited Liability Partnership Act, 2008(6 of 2009):
Provided that--
(a) all the assets and liabilities of the company immediately before the conversion become the assets and liabilities of the limited liability partnership;
In section 47A of the Income-tax Act, after sub-section (3), the following sub-section shall be inserted with effect from the 1st day of April, 2011, namely:--
"(4) Where any of the conditions laid down in the proviso to clause (xiiib) of section 47 are not complied with, the amount of profits or gains arising from the transfer of such capital asset or intangible assets or share or shares not charged under section 45 by virtue of conditions laid down in the said proviso shall be deemed to be the profits and gains chargeable to tax of the successor limited liability partnership or the shareholder of the predecessor company, as the case may be, for the previous year in which the requirements of the said proviso are not complied with.".
In section 49 of the Income-tax Act,--
(a) in sub-section (1), in clause (iii), in sub-clause (e), for the words, brackets, figures and letters "clause (vicb) of section 47", the words, brackets, figures and letters "clause (vicb) or clause (xiiib) of section 47" shall be substituted with effect from the 1st day of April, 2011;
(b) after sub-section (2AA), the following sub-section shall be inserted with effect from the 1st day of April, 2011, namely:--
"(2AAA) Where the capital asset being rights of a partner referred to in section 42 of the Limited Liability Partnership Act, 2008(6 of 2009) became the property of the assessee on conversion as referred to in clause (xiiib) of section 47, the cost of acquisition of the asset shall be deemed to be the cost of acquisition to him of the share or
In section 56 of the Income-tax Act, in sub-section (2),--
(a) in clause (vii),--
(i) for sub-clause (b), the following sub-clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of October, 2009, namely:--
"(b) any immovable property, without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property;";
(ii) in the Explanation, in clause (d),--
(A) in the opening portion, for the word "means--", the words "means the following capital asset of the assessee, namely:--" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of October, 2009;
In section 72 A of the Income-tax Act, with effect from the 1st day of April, 2011,--
(a) after sub-section (6), the following shall be inserted, namely:--
"(6A) Where there has been reorganisation of business whereby a private company or unlisted public company is succeeded by a limited liability partnership fulfilling the conditions laid down in the proviso to clause (xiiib) of section 47, then, notwithstanding anything contained in any other provision of this Act, the accumulated loss and the unabsorbed depreciation of the predecessor company, shall be deemed to be the loss or allowance for depreciation of the successor limited liability partnership for the purpose of the previous year in which business reorganisation was effected and other provisions of this Act relating to set off and carry forward of loss and allowance for deprecia
In section 80A of the Income-tax Act, after sub-section (6) and the Explanation thereto, the following sub-section shall be inserted with effect from the 1st day of April, 2011, namely:--
'(7) Where a deduction under any provision of this Chapter under the heading "C.--Deductions in respect of certain incomes" is claimed and allowed in respect of profits of any of the specified business referred to in clause (c) of sub-section (8) of section 35AD for any assessment year, no deduction shall be allowed under the provisions of section 35AD in relation to such specified business for the same or any other assessment year.'.
After section 80CCE of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2011, namely:--
"80CCF. Deduction in respect of subscription to long-term infrastructure bonds.--In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted, the whole of the amount, to the extent such amount does not exceed twenty thousand rupees, paid or deposited, during the previous year relevant to the assessment year beginning on the 1st day of April, 2011, as subscription to long-term infrastructure bonds as may, for the purposes of this section, be notified by the Central Government.".
In section 80D of the Income-tax Act, in sub-section (2), in clause (a), after the words "his family", the words "or any contribution made to the Central Government Health Scheme" shall be inserted with effect from the 1st day of April, 2011.
In section 80GGA of the Income-tax Act, in sub-section (2), with effect from the 1st day of April, 2011 --
(a) in clause (a), for the words "scientific research association", the words "research association" shall be substituted;
(b) in clause (aa),--
(A) for the words "to a University", the words "to a research association which has as its object the undertaking of research in social science or statistical research or to a University" shall be substituted;
(B) in the proviso, for the words "such University", the words "such association, University" shall be substituted;
(C) in the Explanation, for the words "scientific research association", the words "research association" shall be substituted.
In section 80-IB of the Income-tax Act, in sub-section (10),--
(i) in clause (a),--
(a) in sub-clause (ii), after the words, figures and letters "the 1st day of April, 2004", the words, figures and letters "but not later than the 31st day of March, 2005" shall be inserted;
(b) after sub-clause (ii), the following sub-clause shall be inserted, namely:--
"(iii) in a case where a housing project has been approved by the local authority on or after the 1st day of April, 2005, within five years from the end of the financial year in which the housing project is approved by the local authority.";
(ii) in clause (d),--
(a) for the words "five per cent.", the words "thr
In section 80-ID of the Income-tax Act, in sub-section (2), with effect from the 1st day of April, 2011,--
(a) in clause (i), for the words, figures and letters "the 31st day of March, 2010", the words, figures and letters "the 31st day of July, 2010" shall be substituted;
(b) in clause (ii), for the words, figures and letters "the 31st day of March, 2010", the words, figures and letters "the 31st day of July, 2010" shall be substituted.
In section 115JAA of the Income-tax Act, after sub-section (6), the following shall be inserted with effect from the 1st day of April, 2011, namely:--
'(7) In case of conversion of a private company or unlisted public company into a limited liability partnership under the Limited Liability Partnership Act, 2008(6 of 2009), the provisions of this section shall not apply to the successor limited liability partnership.
Explanation.--For the purposes of this section, the expressions "private company" and "unlisted public company" shall have the meanings respectively assigned to them in the Limited Liability Partnership Act, 2008(6 of 2009).'.
In section 115JB of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2011,--
(a) for the words, figures and letters "the 1st day of April, 2010", the words, figures and letters "the 1st day of April, 2011" shall be substituted;
(b) for the words "fifteen per cent." at both the places where they occur, the words "eighteen per cent." shall be substituted.
In section 115WE of the Income-tax Act, in sub-section (1B), for the words, figures and letters "after the 31st day of March, 2010", the words, figures and letters "after the 31st day of March, 2011" shall be substituted.
In section 139 of the Income-tax Act, in sub-section (4C), for the words "scientific research association" at both the places where they occur, the words "research association" shall be substituted with effect from the 1st day of April, 2011.
In section 142A of the Income-tax Act, in sub-section (1), for the words, figures and letter "section 69B is required to be made", the words, figures, letter and brackets "section 69B or fair market value of any property referred to in sub-section (2) of section 56 is required to be made" shall be substituted with effect from the 1st day of July, 2010.
In section 143 of the Income-tax Act,--
(a) in sub-section (1B), for the words, figures and letters "after the 31st day of March, 2010", the words, figures and letters "after the 31st day of March, 2011" shall be substituted;
(b) in sub-section (3), in the first proviso, for the words "scientific research association", wherever they occur, the words "research association" shall be substituted with effect from the 1st day of April, 2011.
In section 194B of the Income-tax Act, for the words "five thousand rupees", the words "ten thousand rupees" shall be substituted with effect from the 1st day of July, 2010.
In section 194BB of the Income-tax Act, for the words "two thousand five hundred rupees", the words "five thousand rupees" shall be substituted with effect from the 1st day of July, 2010.
In section 194C of the Income-tax Act, in sub-section (5), with effect from the 1st day of July, 2010 --
(a) for the words "twenty thousand rupees", the words "thirty thousand rupees" shall be substituted;
(b) in the proviso, for the words "fifty thousand rupees", the words "seventy-five thousand rupees" shall be substituted.
In section 194D of the Income-tax Act, in the second proviso, for the words "five thousand rupees", the words "twenty thousand rupees" shall be substituted with effect from the 1st day of July, 2010.
In section 194H of the Income-tax Act, in the first proviso, for the words "two thousand five hundred rupees", the words "five thousand rupees" shall be substituted with effect from the 1st day of July, 2010.
In section 194-I of the Income-tax Act, in the first proviso, for the words "one hundred and twenty thousand rupees", the words "one hundred eighty thousand rupees" shall be substituted with effect from the 1st day of July, 2010.
In section 194J of the Income-tax Act, in the first proviso to sub-section (1), in clause (B), for the words "twenty thousand rupees", wherever they occur, the words "thirty thousand rupees" shall be substituted with effect from the 1st day of July, 2010.
In section 201 of the Income-tax Act, for sub-section (1A), the following sub-section shall be substituted with effect from the 1st day of July, 2010, namely:--
"(1A) Without prejudice to the provisions of sub-section (1), if any such person, principal officer or company as is referred to in that sub-section does not deduct the whole or any part of the tax or after deducting fails to pay the tax as required by or under this Act, he or it shall be liable to pay simple interest,--
(i) at one per cent. for every month or part of a month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted; and
(ii) at one and one-half per cent. for every month or part of a month on the amount of such tax from the date on which such tax was deducted to
In section 203 of the Income-tax Act, sub-section (3) shall be omitted.
In section 206C of the Income-tax Act, in sub-section (5),--
(a) the first proviso shall be omitted;
(b) in the second proviso, for the words "Provided further", the word "Provided" shall be substituted.
In section 245 A of the Income-tax Act, in clause (b), with effect from the 1st day of June, 2010, --
(i) in the proviso, clauses (ii) and (iii) shall be omitted;
(ii) in the Explanation,--
(a) clause (ii) shall be omitted;
(b) after clause (iii), the following clause shall be inserted, namely:--
"(iiia) a proceeding for assessment or reassessment for any of the assessment years, referred to in clause (b) of sub-section (1) of section 153A in case of a person referred to in section 153A or section 153C, shall be deemed to have commenced on the date of issue of notice initiating such proceeding and concluded on the date on which the assessment is made;";
(c) in
In section 245C of the Income-tax Act, in sub-section (1), for the proviso, the following proviso shall be substituted with effect from the 1st day of June, 2010, namely:--
"Provided that no such application shall be made unless,--
(i) in a case where proceedings for assessment or reassessment for any of the assessment years referred to in clause (b) of sub-section (1) of section 153A or clause (b) of sub-section (1) of section 153B in case of a person referred to in section 153A or section 153C have been initiated, the additional amount of income-tax payable on the income disclosed in the application exceeds fifty lakh rupees,
(ii) in any other case, the additional amount of income-tax payable on the income disclosed in the application exceeds ten lakh rupees,
In section 245D of the Income-tax Act, in sub-section (4A),--
(a) in clause (ii), after the words, figures and letters "the 1st day of June, 2007", the words, figures and letters "but before the 1st day of June, 2010" shall be inserted;
(b) after clause (ii), the following clause shall be inserted with effect from the 1st day of June, 2010, namely:--
"(iii) in respect of an application made on or after the 1st day of June, 2010, within eighteen months from the end of the month in which the application was made.".
In section 256 of the Income-tax Act, after sub-section (2), the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of June, 1981. namely:--
"(2A) The High Court may admit an application after the expiry of the period of six months referred to in sub-section (2), if it is satisfied that there was sufficient cause for not filing the same within that period.".
In section 260A of the Income-tax Act, after sub-section (2), the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of October, 1998, namely:--
"(2A) The High Court may admit an appeal after the expiry of the period of one hundred and twenty days referred to in clause (a) of sub-section (2), if it is satisfied that there was sufficient cause for not filing the same within that period.".
In section 271B of the Income-tax Act, for the words "one hundred thousand rupees", the words "one hundred fifty thousand rupees" shall be substituted with effect from the 1st day of April, 2011.
In section 282B of the Income-tax Act [as inserted by section 78 of the Finance (No. 2) Act, 2009(33 of 2009)], with effect from the 1st day of October, 2010,--
(a) in sub-section (1), for the words "income-tax authority shall", the words, figures and letters "income-tax authority shall, on or after the 1st day of July, 2011," shall be substituted;
(b) in sub-section (3), for the words "received by", the words, figures and letters "received, on or after the 1st day of July, 2011, by" shall be substituted.
In the First Schedule to the Income-tax Act, in rule 5, for clause (b) [as inserted by clause (ii) of section 80 of the Finance (No. 2) Act, 2009(33 of 2009)], the following clause shall be substituted with effect from the 1st day of April, 2011, namely:--
"(b) (i) any gain or loss on realisation of investments shall be added or deducted, as the case may be, if such gain or loss is not credited or debited to the profit and loss account;
(ii) any provision for diminution in the value of investment debited to the profit and loss" account, shall be added back;".
In section 22A of the Wealth-tax Act, 1957(27 of 1957) (hereinafter referred to as the Wealth tax Act), in clause (b), with effect from the 1st day of June, 2010,--
(i) in the proviso, clause (iii) shall be omitted;
(ii) in the Explanation,--
(a) for clause (iii), the following clause shall be substituted, namely:--
"(iii) a proceeding for assessment or reassessment for any of the assessment years, in consequence of a search initiated under section 37A or requisition made under section 37B, shall be deemed to have commenced on the date of issue of notice initiating such proceedings and concluded on the date on which the assessment is made;".
(b) in clause (iv), for the words, brackets and figures "or clau
In section 22D of the Wealth-tax Act, in sub-section (4A),--
(a) in clause (ii), after the words, figures and letters "the 1st day of June, 2007", the words, figures and letters "but before the 1st day of June, 2010" shall be inserted;
(b) after clause (ii), the following clause shall be inserted with effect from the 1st day of June, 2010, namely:--
"(iii) in respect of an application made on or after the 1st day of June, 2010, within eighteen months from the end of the month in which the application was made.".
In section 27 of the Wealth-tax Act, after sub-section (3A), the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of June, 1981, namely:--
"(3B) The High Court may admit an application after the expiry of the period of ninety days referred to in sub-section (3), if it is satisfied that there was sufficient cause for not filing the same within that period.".
In section 27A of the Wealth-tax Act, after sub-section (1), the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of October, 1998, namely:--
"(1A) The High Court may admit an appeal after the expiry of the period of one hundred and twenty days referred to in sub-section (1), if it is satisfied that there was sufficient cause for not filing the same within that period.".
In the Customs Act, 1962(52 of 1962) (hereinafter referred to as the Customs Act), in section 127B, in sub-section (1), for the words "but excluding the goods not included in the entry made under this Act", the words "or otherwise" shall be substituted.
In section 127C of the Customs Act, in sub-section (6). the following proviso shall be inserted, namely:--
"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.".
In section 127L of the Customs Act,--
(a) in sub-section (1),--
(i) the words, figures and letters "before the 1st day of June, 2007" shall be omitted;
(ii) in clause (i), after the words, brackets, figures and letter "sub-section (7) of section 127C", the words, figures, brackets and letter "as it stood immediately before the commencement of section 102 of the Finance Act, 2007(22 of 2007) or sub-section (5) of section 127C" shall be inserted;
(iii) in clause (ii), after the word, brackets and figure "sub-section (7)", the words, figures, brackets and letter "as it stood immediately before the commencement of section 102 of the Finance Act, 2007(22 of 2007) or sub-section (5) of section 127C" shall be inserted;
&nbs
(1) The notifications of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 118(E), dated the 1st March, 2002 and number G.S.R. 92(E), dated the 1st March, 2006, issued under sub-section (1) of section 25 of the Customs Act, shall stand amended and shall be deemed to have been amended retrospectively, in the manner specified in column (3) of the Second Schedule, on and from the corresponding date specified in column (4) of that Schedule, against each of the notifications specified in column (2) of that Schedule.
(2) For the purposes of sub-section (1), the Central Government shall have and shall be deemed to have the power to amend the notifications referred to in said sub-section (1) with retrospective effect as if the Central Government had the power to amend the said notifications under sub-section (1) of section 25 of the Customs Act, retro
In the Customs Tariff Act, 1975(51 of 1975) (hereinafter referred to as the Customs Tariff Act), in section 3, in sub-section (2), for the first proviso, the following proviso shall be substituted, namely:--
"Provided that in case of an article imported into India,--
(a) in relation to which it is required, under the provisions of the Standards of Weights and Measures Act, 1976(60 of 1976) or the rules made thereunder or under any other law for the time being in force, to declare on the package thereof the retail sale price of such article; and
(b) where the like article produced or manufactured in India, or in case where such like article is not so produced or manufactured, then, the class or description of articles to which the imported article belongs, is--
The First Schedule to the Customs Tariff Act shall be amended in the manner specified in the Third Schedule.
In the Second Schedule to the Customs Tariff Act, against heading No. 16, in column (3), for the entry "Rs. 2500 per tonne", the entry "Rs. 10000 per tonne" shall be substituted.'.
In the Central Excise Act, 1944(1 of 1944) (hereinafter referred to as the Central Excise Act), in section 11A, in sub-section (2B), after Explanation 2, the following Explanation shall be inserted, namely:--.
"Explanation 3.-- For the removal of doubts, it is hereby declared that no penalty under any of the provisions of this Act or the rules made thereunder shall be imposed in respect of payment of duty under this sub-section and interest thereon".
In section 32E of the Central Excise Act, in sub-section (1), for the words "but excluding the goods in respect of which no proper record has been, maintained by the assessee in his daily stock register", the words "or otherwise" shall be substituted.
In section 32F of the Central Excise Act, in sub-section (6), the following proviso shall be inserted, namely:--
"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.".
In section 32-O of the Central Excise Act,--
(a) in sub-section (1),--
(i) the words, figures and letters "before the 1st day of June, 2007" shall be omitted;
(ii) in clause (i), after the words, brackets, figures and letter "sub-section (7) of section 32F", the words, figures, brackets and letter", as it stood immediately before the commencement of section 122 of the Finance Act, 2007(22 of 2007) or sub-section (5) of section 32F," shall be inserted;
(iii) in clause (ii), after the word, brackets and figure "sub-section (7), the words, figures, brackets and letter ", as it stood immediately before the commencement of section 122 of the Finance Act, 2007(22 of 2007) or sub-section (5) of section 32F," shall be inserted;
&n
In section 37 of the Central Excise Act, in sub-section (2), after clause (xiii), the following clause shall be inserted, namely:--
"(xiiia) provide for withdrawal of facilities or imposition of restrictions (including restrictions on utilisation of CENVAT credit) on manufacturer or exporter or suspension of registration of dealer, for dealing with evasion of duty or misuse of CENVAT credit;".
(1) The Central Excise Rules, 1944, made by the Central Government in exercise of the powers conferred by section 37 of the Central Excise Act, shall stand amended and shall be deemed to have been amended retrospectively, in the manner specified in column (3) of the Fourth Schedule, on and from and up to the corresponding date specified in column (4) of that Schedule, against the rule specified in column (2) of that Schedule.
(2) Where a person opts to pay the amount in accordance with the provisions of the Central Excise Rules, 1944 as amended by sub-section (1), he shall pay the amount along with interest specified thereunder and make an application to the Commissioner of Central Excise along with documentary evidence and a certificate from a Chartered Accountant or a Cost Accountant certifying the amount of input credit attributable to the inputs used in or in relation to the ma
(1) In the Central Excise Rules, 1944, made by the Central Government in exercise of the powers conferred by section 37 of the Central Excise Act, rule 57D, as substituted by rule 2 of the Central Excise (Second Amendment) Rules, 2000, published in the Official Gazette vide notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 203(E), dated the 1st March, 2000, and subsequently substituted as rule 57AD by rule 5 of the Central Excise [Second Amendment (Amendment)] Rules, 2000, published in the Gazette of India vide notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 298 (E), dated the 31st March, 2000, shall stand amended and shall be deemed to have been amended retrospectively, in the manner specified in column (3) of the Fifth Schedule, on and from and up to the corresponding date specified in column (4) of that Schedule
(1) In the CENVAT Credit Rules, 2001, made by the Central Government in exercise of the powers conferred by section 37 of the Central Excise Act and published in the Official Gazette vide notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 445(E), dated the 21st June, 2001, rule 6 shall stand amended and shall be deemed to have been amended retrospectively, in the manner specified in column (3) of the Sixth Schedule, on and from and up to the corresponding date specified in column (4) of that Schedule, against the rules specified in column (2) of that Schedule.
(2) Where a person opts to pay the amount in accordance with the provisions as amended by sub-section (1), he shall pay the amount along with interest specified thereunder and make an application to the Commissioner of Central Excise along with documentary evidence and a c
(1) In the CENVAT Credit Rules, 2002, made by the Central Government in exercise of the powers conferred by section 37 of the Central Excise Act, and published in the Official Gazette vide notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 144(E), dated the 1st March, 2002, rule 6 shall stand amended and shall be deemed to have been amended retrospectively, in the manner specified in column (3) of the Seventh Schedule, on and from and up to the corresponding date specified in column (4) of that Schedule, against the rule specified in column (2) of that Schedule.
(2) Where a person opts to pay the amount in accordance with the provisions as amended by sub-section (1), he shall pay the amount along with interest specified thereunder and make an application to the Commissioner of Central Excise along with documentary, evidence and
(1) In the CENVAT Credit Rules, 2004, made by the Central Government in exercise of the powers conferred by section 37 of the Central Excise Act, as published in the Official Gazette vide notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 600(E), dated the 10th September, 2004, rule 6 shall stand amended and shall be deemed to have been amended retrospectively, in the manner specified in column (3) of the Eighth Schedule, on and from and up to the corresponding date specified in column (4) of that Schedule, against the rule specified in column (2) of that Schedule.
(2) Where a person opts to pay the amount in accordance with the provisions as amended by sub-section (1), he shall pay the amount along with interest specified thereunder and make an application to the Commissioner of Central Excise along with documentary evidence an
In the notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 156(E), dated the 14th day of March, 2006, issued under rule 5 of the CENVAT Credit Rules, 2004, with effect from the 14th day of March, 2006,--
(A) in the opening portion,--
(i) in clause (a), for the words "used in", the words "used in or in relation to" shall be substituted and shall be deemed to have been substituted;
(ii) in clause (b), for the words "used in", the words "used for" shall be substituted and shall be deemed to have been substituted;
(B) in the Appendix, in condition 5, the portion beginning with the letters and words "i.e. Maximum refund" and ending with the letters and figures "i.e. Rs. 50" shall be omitted and shall b
The First Schedule to the Central Excise Tariff Act, 1985 (hereinafter referred to as the Central Excise Tariff Act) shall be amended in the manner specified in the Ninth Schedule.
In the Finance Act, 1994,--
(A) in section 65, save as otherwise provided, with effect from such date as the Central Government may, by notification in the Official Gazette, appoint,--
(1) in clause (19), in sub-clause (ii), the Explanation shall be omitted;
(2) after clause (19a), the following clause shall be inserted, namely:--
'(19b) "business entity" includes an association of persons, body of individuals, company or firm but does not include an individual;';
(3) in clause (25b), for the words "commercial or industrial construction service", the words "commercial or industrial construction" shall be substituted;
(4) for clause (77c), the following clause s
Any action taken or anything done or omitted to be done or purported to have been taken or done or omitted to be done under sub-clause (zzzz) of clause (105) of section 65 of the Finance Act, 1994(32 of 1994), at any time during the period commencing on and from the 1st day of June, 2007 and ending with the day, the Finance Bill, 2010 receives the assent of the President, shall be deemed to be and deemed always to have been, for all purposes, as validly and effectively taken or done or omitted to be done as if the amendment made in sub-clause (zzzz) of clause (105) of section 65, by sub-item (i) of item (h) of sub-clause (5) of clause (A) of section 76 of the Finance Act, 2010 had been in force at all material times and, accordingly, notwithstanding anything contained in any judgment, decree or order of any court, tribunal or other authority,--
(a) any action taken or anything done
In the Central Sales Tax Act, 1956(74 of 1956) (hereinafter referred to as the Central Sales Tax Act), in section 6A,--
(a) in sub-section (2), for the portion beginning with the words "are true, he may" and ending with the words "declaration relates shall", the words "are true and that no inter-State sale has been effected, he may, at the time of, or at any time before, the assessment of the tax payable by the dealer under this Act, make an order to that effect and thereupon the movement of goods to which the declaration relates shall, subject to the provisions of sub-section (3)," shall be substituted;
(b) after sub-section (2), the following sub-section shall be inserted, namely:--
"(3) Nothing contained in sub-section (2) shall preclude reassessment by the assessing authority on the ground
After Chapter V of the Central Sales Tax Act, the following Chapter shall be inserted, namely:--
'CHAPTER VA
Appeals to the highest appellate authority of the State
18A. Appeals to highest appellate authority of State.--
(1) Notwithstanding anything contained in a State Act, any person aggrieved by an order made by the assessing authority under sub-section (2) of section 6A, or an order made under the provisions of sub-section (5) of that section, may, notwithstanding anything contained in the general sales tax law of the appropriate State, prefer an appeal to the highest appellate authority of the State against such order:
Provided that any incidental issues including the rate of tax, computation of asse
In section 20 of the Central Sales Tax Act, for sub-section (1) and the Explanation thereunder, the following sub-section shall be substituted, namely:--
"(1) An appeal shall lie to the Authority against any order passed by the highest appellate authority of a State under this Act determining issues relating to stock transfers or consignments of goods, in so far as they involve a dispute of inter-State nature.".
In section 22 of the Central Sales Tax Act,--
(a) for the word "pre-deposit", wherever it occurs, the word "deposit" shall be substituted;
(b) after sub-section (1A), the following sub-section shall be inserted, namely:--
"(1B) The Authority may issue direction for refund of tax collected by a State which has been held by the Authority to be not due to that State, or alternatively, direct that State to transfer the refundable amount to the State to which central sales tax is due on the same transaction:
Provided that the amount of tax directed to be refunded by a State shall not exceed the amount of central sales tax payable by the appellant on the same transaction.".
In section 25 of the Central Sales Tax Act, the proviso to sub-section (2) shall be omitted.
(1) This Chapter extends to the whole of India.
(2) It shall come into force on such date1 as the Central Government may, by notification in the Official Gazette, appoint.
(3) There shall be levied and collected in accordance with the provisions of this Chapter, a cess to be called the Clean Energy Cess, as duty of excise, on goods specified in the Tenth Schedule, being goods produced in India, at the rates set forth in the said Schedule for the purposes of financing and promoting clean energy initiatives, funding research in the area of clean energy or for any other purpose relating thereto.
(4) The proceeds of the cess levied under sub-section (5) shall first be credited to the Consolidated Fund of India and the Central Government may, after due appropriation made by Parliament by law in thi
(1) The Central Government may, by notification in the Official Gazette, make rules for carrying out the provisions of this Chapter.
(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for --
(a) the manner of assessment, collection and utilisation of the cess under subsection (6) of section 83;
(b) any other matter relating to the cess under sub-section (6) of section 83.
(3) Every rule made and every notification issued under this Chapter shall be laid as soon as may be after it is made or issued, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session, or in two or more successive sessions, and if, before the expiry of th
In the Medicinal and Toilet Preparations (Excise Duties) Act, 1955, in section 3, in sub-section (1), after the words "dutiable goods", the brackets and words "(excluding goods produced or manufactured in a Special Economic Zone)" shall be inserted.
The Seventh Schedule to the Finance Act, 2001 shall be amended in the manner specified in the Eleventh Schedule.
The Seventh Schedule to the Finance Act, 2005 shall be amended in the manner specified in the Twelfth Schedule.
THE FIRST SCHEDULE
(See section 2)
PART I
Income Tax
Paragraph A
(I) In the case of every individual other than the individual referred to in items (II) and (III) of this Paragraph or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, not being a case to which any other Paragraph of this Part applies,--
Rates of income-tax
(1) where the total income does not exceed Rs. 1,60,000 Nil;
(2) where the total in
THE SECOND SCHEDULE
[See section 60(1)]
Sl. No. Notification number and date Amendment Date of effect of amendment
(1) (2) (3) (4)
1. G.S.R. number 118 (E), dated 1st March, 2002 [21/2002 -Customs, dated 1st March, 2002]. In the said notification, in the Table, for S. No. 573 and the entries relating thereto, the following S. Nos. and entries shall be substituted and shall be deemed to have been substituted, namely:-- 26th June, 2009
&nb
THE THIRD SCHEDULE
(See section 62)
In the First Schedule to the Customs Tariff Act,--
(1) in Chapter 24, in heading 2402,--
(i) for the entry in column (2) occurring against the tariff item 2402 20 30, the entry "--Filter cigarettes of length (including the length of the filter, the length of filter being 11 millimetres or its actual length, whichever is more) not exceeding 60 millimetres" shall be substituted;
(ii) for the entry in column (2) occurring against the tariff item 2402 20 40, the entry "--Filter cigarettes of length (including the length of the filter, the length of filter being 11 millimetres or its actual length, whichever is more) exceeding 60 millimetres but not exceeding 70 millimetres"
THE FOURTH SCHEDULE
[See section 69(1)]
Sl. Provisions of Central No. Excise Rules, 1944 to be amended Amendment Period of effect of amendment
(1) (2) (3) (4)
1. Insertion of new rule 57CCC. In the Central Excise Rules, 1944, after rule 57CC, the following rule shall be inserted, namely:--
"57CCC. Reversal of Actual Credit.--Where a dispute relating to adjustment of credit on inputs used in or in relation to exempted final products relating to the period beginning on the 1st day of September, 1996 and ending with the 28th day of February, 1997 (both days inclusive) i
THE FIFTH SCHEDULE
[See section 70(1)]
Sl.
No. Provisions of Central Excise Rules, 1944 to be amended Amendment Period of effect of amendment
(1) (2) (3) (4)
Rule 57AD of Central Excise Rules, 1944 as inserted by notification number G.S.R. 298(E), dated the 31st March, 2000 [27/2000-Central Excise (N.T.), dated the 31st March, 2000]. In the Central Excise Rules, 1944, in rule 57AD, after sub-rule (4), the following sub-rule shall be inserted, namely:--
"(5) Where a dispute relating to adjustment of credit on inputs used
THE SIXTH SCHEDULE
[See section 71(1)]
Sl. No. Provisions of CENVAT Credit Rules, 2001 to be amended Amendment Period of effect of amendment
(1) (2) (3) (4)
Rule 6 of the CENVAT Credit Rules, 2001 as published vide notification number G.S.R. 445 (E), dated the 21st June, 2001 [31/2001-CENTRAL EXCISE (N.T.), dated the 21st June, 2001]. In the CENVAT Credit Rules, 2001, in rule 6, after sub-rule (5), the following sub-rule shall be inserted, namely:--
'(6) Where a dispute relating to adjustment of credit on inputs used in or in relation to exempted final products rel
THE SEVENTH SCHEDULE
[See section, 72(1)]
Sl.
No. Provisions of CENVAT. Credit Rules, 2002 to be amended Amendment Period of effect of amendment
(1) (2) (3) (4)
Rule 6 of the CENVAT Credit Rules, 2002 as published vide notification number G.S.R. 144(E), dated the 1st March, 2002 [5 /2002 - CENTRAL EXCISE (NT), dated the 1st March, 2002]. In the CENVAT Credit Rules, 2002, in rule 6, after sub-rule (5), the following sub-rule shall be inserted, namely:--
'(6) Where a dispute relating to adjustment of credit on inputs used
THE EIGHTH SCHEDULE
[See section 73(1)]
Sl.
No. Provisions of CENVAT Credit Rules, 2004 to be amended Amendment Period of effect of amendment
(1) (2) (3) (4)
Rule 6 of the CENVAT Credit Rules, 2004 as published vide notification number G.S.R. 600(E), dated the 10th September, 2004 [23/2004-CENTRAL EXCISE (N.T.) dated the 10th September, 2004]. In the CENVAT Credit Rules, 2004, in rule 6, after sub-rule (6), the following sub-rule shall be inserted, namely:--
'(7) Where a dispute relating to adjustment of credit on inputs
THE NINTH SCHEDULE
(See section 75)
In the First Schedule to the Central Excise Tariff Act, --
(1) in Chapter 24,--
(i) for the entry in column (4) occurring against all tariff items of heading 2401, the entry "50%" shall be substituted;
(ii) in tariff items 2402 10 10 and 2402 10 20, for the entry in column (4), the entry "10% or Rs. 1227 per thousand, whichever is higher" shall be substituted;
(iii) in tariff item 2402 20 10, for the entry in column (4), the entry "Rs. 509 per thousand" shall be substituted;
(iv) in tariff item 2402 20 20, for the entry in column (4), the entry "Rs. 1218 per thousand" shall be subs
THE TENTH SCHEDULE
[See section 83(3) and (5)]
Notes:
1. In this Schedule, "Chapter", "heading", "sub-heading" and "tariff item" mean respectively a Chapter, heading, sub-heading and tariff item of the First Schedule to the Central Excise Tariff Act.
2. The rules for the interpretation of the First Schedule to the Central Excise Tariff Act, the Section and Chapter Notes and the General Rules for the Interpretation of the First Schedule shall apply to the interpretation of this Schedule.
Sl. No. Chapter, heading,
sub-heading or tariff item Description of goods Rate
&
THE ELEVENTH SCHEDULE
(See section 86)
In the Seventh Schedule to the Finance Act, 2001,--
(i) for the entries in column (2) and column (4) occurring against the tariff item 2402 20 30, the entries "--Filter cigarettes of length (including the length of the filter, the length of filter being 11 millimetres or its actual length, whichever is more) not exceeding 60 millimetres" and "Rs. 90 per thousand" shall respectively be substituted;
(ii) for the entries in column (2) and column (4) occurring against the tariff item 2402 20 40, the entries "--Filter cigarettes of length (including the length of the filter, the length of filter being 11 millimetres or its actual length, whichever is more) exceeding 60 millimetres but not exceeding 70 millimetres" a
THE TWELFTH SCHEDULE
(See section 87)
In the Seventh Schedule to the Finance Act, 2005,--
(i) for the entries in column (2) and column (4) occurring against the tariff item 2402 20 30, the entries "--Filter cigarettes of length (including the length of the filter, the length of filter being 11 millimetres or its actual length, whichever is more) not exceeding 60 millimetres" and "Rs. 70 per thousand" shall respectively be substituted;
(ii) for the entries in column (2) and column (4) occurring against the tariff item 2402 20 40, the entries "--Filter cigarettes of length (including the length of the filter, the length of filter being 11 millimetres or its actual length, whichever is more) exceeding 60 millimetres but not exceeding 70 millimetres" an
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