FINANCE ACT, 2011
(1) This Act may be called the Finance Act, 2011.
(2) Save as otherwise provided in this 1Act, sections 2 to 34 shall be deemed to have come into force on the 1st day of April, 2011.
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1. Effective from 01.08.2011 vide Notification No. 01/2011-M&TP (N.T) dated 28.07.2011.
(1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on Income-tax. the 1st day of April, 2011, 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
In section 2 of the Income-tax Act, in clause (15), in the second proviso, for the words "ten lakh rupees", the words "twenty-five lakh rupees" shall be substituted with effect from the 1st day of April, 2012.
In section 10 of the Income-tax Act,--
(a) in clause (34), the Explanation [as so inserted by the Special Economic Zones Act, 2005(28 of 2005)] shall be omitted with effect from the 1st day of June, 2011;
(b) after clause (44), the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2008, namely:--
"(45) any allowance or perquisite, as may be notified by the Central Government in the Official Gazette in this behalf, paid to the Chairman or a retired Chairman or any other member or retired member of the Union Public Service Commission;";
(c) after clause (45) as so inserted, the following shall be inserted with effect from the 1st day of June, 2011, namely:--
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In section 35 of the Income-tax Act, in sub-section (2AA), in clause (a), for the words "one and three-fourth", the word "two" shall be substituted with effect from the 1st day of April, 2012.
In section 35AD of the Income-tax Act,--
(a) in sub-section (5), with effect from the 1st day of April, 2012,--
(i) in clause (ac), the word "and" occurring at the end shall be omitted;
(ii) after clause (ac), the following clauses shall be inserted, namely:--
"(ad) on or after the 1st day of April, 2011, where the specified business is in the nature of developing and building a housing project under a scheme for affordable housing framed by the Central Government or a State Government, as the case may be, and notified by the Board in this behalf in accordance with the guidelines as may be prescribed;
(ae) on or after the 1st day of April, 2011, in a new plant or in a newly installed capacity in an existi
In section 36 of the Income-tax Act, in sub-section (1), after clause (iv), the following shall be inserted with effect from the 1st day of April, 2012, namely:--
'(iva) any sum paid by the assessee as an employer by way of contribution towards a pension scheme, as referred to in section 80CCD, on account of an employee to the extent it does not exceed ten per cent. of the salary of the employee in the previous year.
Explanation.--For the purposes of this clause, "salary" includes dearness allowance, if the terms of employment so provide, but excludes all other allowances and perquisites;'.
In section 40A of the Income-tax Act, in sub-section (9), after the words, brackets and figures "under clause (iv)", the words, brackets, figures and letter "or clause (iva)" shall be inserted with effect from the 1st day of April, 2012.
In section 80CCE of the Income-tax Act, for the word, figures and letters "section 80CCD", the words, brackets, figures and letters "sub-section (1) of section 80CCD" shall be substituted with effect from the 1st day of April, 2012.
In section 80CCF of the Income-tax Act, after the words, figures and letters "previous year relevant to the assessment year beginning on the 1st day of April, 2011", the words, figures and letters "or to the assessment year beginning on the 1st day of April, 2012" shall be inserted with effect from the 1st day of April, 2012.
In section 80-IA of the Income-tax Act, in sub-section (4), in clause (iv), for the words, figures and letters "the 31st day of March, 2011", wherever they occur, the words, figures and letters "the 31st day of March, 2012" shall be substituted with effect from the 1st day of April, 2012.
In section 80-IB of the Income-tax Act, in sub-section (9), in clause (ii), the following proviso shall be inserted with effect from the 1st day of April, 2012, namely:--
"Provided that the provisions of this clause shall not apply to blocks licensed under a contract awarded after the 31st day of March, 2011 under the New Exploration Licencing Policy announced by the Government of India vide Resolution No. O-19018/22/95-ONG.DO.VL, dated the 10th February, 1999 or in pursuance of any law for the time being in force or by the Central or a State Government in any other manner;".
In section 92C of the Income-tax Act, in sub-section (2), in the second proviso, for the words "five per cent. of the latter", the words "such percentage of the latter, as may be notified by the Central Government in the Official Gazette in this behalf" shall be substituted with effect from the 1st day of April, 2012.
In section 92CA of the Income-tax Act, with effect from the 1st day of June, 2011,--
(i) after sub-section (2), the following sub-section shall be inserted, namely:--
"(2A) Where any other international transaction [other than an international transaction referred under sub-section (1)], comes to the notice of the Transfer Pricing Officer during the course of the proceedings before him, the provisions of this Chapter shall apply as if such other international transaction is an international transaction referred to him under sub-section (1).";
(ii) in sub-section (7), after the word and figures "section 133", the words, figures and letter "or section 133A" shall be inserted.
After section 94 of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 2011, namely:--
'94A. Special measures in respect of transactions with persons located in notified jurisdictional area.--(1) The Central Government may, having regard to the lack of effective exchange of information with any country or territory outside India, specify by notification in the Official Gazette such country or territory as a notified jurisdictional area in relation to transactions entered into by any assessee.
(2) Notwithstanding anything to the contrary contained in this Act, if an assessee enters into a transaction where one of the parties to the transaction is a person located in a notified jurisdictional area, then--
(i) all the parties to the transaction shall
In section 115A of the Income-tax Act, in sub-section (1), in clause (a), with effect from the 1st day of June, 2011,--
(a) in sub-clause (ii), after the words "foreign currency", the words, brackets, figures and letter "not being interest of the nature referred to in clause (iia)" shall be inserted;
(b) after sub-clause (ii), the following sub-clause shall be inserted, namely:--
"(iia) interest received from an infrastructure debt fund referred to in clause (47) of section 10; or";
(c) after item (B), the following item shall be inserted, namely:--
"(BA) the amount of income-tax calculated on the amount of income by way of interest referred to in sub-clause (iia), if any, included in the total income, at
After section 115BBC of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2012, namely:--
'115BBD. Tax on certain dividends received from foreign companies.--(1) Where the total income of an assessee, being an Indian company, for the previous year relevant to the assessment year beginning on the 1st day of April, 2012 includes any income by way of dividends declared, distributed or paid by a specified foreign company, the income-tax payable shall be the aggregate of--
(a) the amount of income-tax calculated on the income by way of such dividends, at the rate of fifteen per cent.; and
(b) the amount of income-tax with which the assessee would have been chargeable had its total income been reduced by the aforesaid income by way of dividends.
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In section 115JB of the Income-tax Act,--
(i) in sub-section (1), with effect from the 1st day of April, 2012,--
(a) for the words, figures and letters "the 1st day of April, 2011", the words, figures and letters "the 1st day of April, 2012" shall be substituted;
(b) for the words "eighteen per cent.", at both the places where they occur, the words "eighteen and one-half per cent." shall be substituted;
(ia) after sub-section (2), in Explanation 1, clause (iv), clause (v) and clause (vi) shall be omitted and shall be deemed to have been omitted with effect from the 1st day of April, 2005;
(ii) in sub-section (6) [as so inserted by the Special Economic Zones Act, 2005(28 of 2005)], the following proviso s
After Chapter XII-B of the Income-tax Act, the following Chapter shall be inserted with effect from the 1st day of April, 2012, namely:--
'CHAPTER XII-BA
Special provisions relating to certain limited liability partnerships
115JC. Special provisions for payment of tax by certain limited liability partnerships.--(1) Notwithstanding anything contained in this Act, where the regular income-tax payable for a previous year by a limited liability partnership is less than the alternate minimum tax payable for such previous year, the adjusted total income shall be deemed to be the total income of the limited liability partnership for such previous year and it shall be liable to pay income-tax on such total income at the rate of eighteen and one-half per cent.
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In section 115-O of the Income-tax Act, in sub-section (6) [as so inserted by the Special Economic Zones Act, 2005(28 of 2005)], the following proviso shall be inserted with effect from the 1st day of June, 2011, namely:--
"Provided that the provisions of this sub-section shall cease to have effect from the 1st day of June, 2011.".
In section 115R of the Income-tax Act, in sub-section (2), with effect from the 1st day of June, 2011,--
(a) in clause (i), for the words "income distributed", the words "income distributed to any person being an individual or a Hindu undivided family" shall be substituted;
(b) after clause (i), the following clause shall be inserted, namely:--
"(ia) thirty per cent. on income distributed to any other person by a money market mutual fund or a liquid fund;";
(c) in clause (iii), for the words "twenty per cent.", the words "thirty per cent." shall be substituted.
In section 131 of the Income-tax Act, with effect from the 1st day of June, 2011,--
(i) after sub-section (1A), the following sub-section shall be inserted, namely:--
"(2) For the purpose of making an inquiry or investigation in respect of any person or class of persons in relation to an agreement referred to in section 90 or section 90A, it shall be competent for any income-tax authority not below the rank of Assistant Commissioner of Income-tax, as may be notified by the Board in this behalf, to exercise the powers conferred under sub-section (1) on the income-tax authorities referred to in that sub-section, notwithstanding that no proceedings with respect to such person or class of persons are pending before it or any other income-tax authority.";
(ii) in sub-section (3), after the words, b
In section 133 of the Income-tax Act, after the second proviso, the following proviso shall be inserted with effect from the 1st day of June, 2011, namely:--
"Provided also that for the purposes of an agreement referred to in section 90 or section 90A, an income-tax authority notified under sub-section (2) of section 131 may exercise all the powers conferred under this section, notwithstanding that no proceedings are pending before it or any other income-tax authority.".
In section 139 of the Income-tax Act,--
(a) in sub-section (1), in Explanation 2,--
(i) in clause (a), in sub-clause (i), after the words "a company", the words, brackets and letters "other than a company referred to in clause (aa)" shall be inserted;
(ii) after clause (a), the following clause shall be inserted, namely:--
"(aa) in the case of an assessee being a company, which is required to furnish a report referred to in section 92E, the 30th day of November of the assessment year;";
(b) after sub-section (1B), the following sub-section shall be inserted with effect from the 1st day of June, 2011, namely:--
"(1C) Notwithstanding anything contained in sub-sec
In section 143 of the Income-tax Act, in sub-section (1B), for the words, figures and letters "the 31st day of March, 2011", the words, figures and letters "the 31st day of March, 2012" shall be substituted.
In section 153 of the Income-tax Act, in Explanation 1, with effect from the 1st day of June, 2011,--
(a) in clause (vii), for the word, figures and letter "section 245R,", the words, figures and letter "section 245R, or" shall be substituted;
(b) after clause (vii) and before the words "shall be excluded", the following clause shall be inserted, namely:--
"(viii) the period commencing from the date on which a reference for exchange of information is made by an authority competent under an agreement referred to in section 90 or section 90A and ending with the date on which the information so requested is received by the Commissioner or a period of six months, whichever is less,".
In section 153B of the Income-tax Act, in sub-section (1), in the Explanation, with effect from the 1st day of June, 2011,--
(a) in clause (vii), for the words "by the Commissioner,", the words "by the Commissioner; or" shall be substituted;
(b) after clause (vii) and before the words "shall be excluded", the following clause shall be inserted, namely:--
"(viii) the period commencing from the date on which a reference for exchange of information is made by an authority competent under an agreement referred to in section 90 or section 90A and ending with the date on which the information so requested is received by the Commissioner or a period of six months, whichever is less,".
After section 194LA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 2011, namely:--
"194LB. Income by way of interest from infrastructure debt fund.--Where any income by way of interest is payable to a non-resident, not being a company, or to a foreign company, by an infrastructure debt fund referred to in clause (47) of section 10, the person responsible for making the payment shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of five per cent.".
In section 245C of the Income-tax Act, in sub-section (1), with effect from the 1st day of June, 2011,--
(a) in the proviso, after clause (i), the following clause shall be inserted, namely:--
'(ia) in a case where--
(A) the applicant is related to the person referred to in clause (i) who has filed an application (hereafter in this sub-section referred to as "specified person"); and
(B) the proceedings for assessment or re-assessment 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 the applicant, being a person referred to in section 153A or section 153C, have been initiated,
the additional amount of i
In section 245D of the Income-tax Act, after sub-section (6A), the following sub-section shall be inserted with effect from the 1st day of June, 2011, namely:--
"(6B) The Settlement Commission may, at any time within a period of six months from the date of the order, with a view to rectifying any mistake apparent from the record, amend any order passed by it under sub-section (4):
Provided that an amendment which has the effect of modifying the liability of the applicant shall not be made under this sub-section unless the Settlement Commission has given notice to the applicant and the Commissioner of its intention to do so and has allowed the applicant and the Commissioner an opportunity of being heard.".
Section 282B of the Income-tax Act shall be omitted.
After section 284 of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 2011, namely:--
"285. Submission of statement by a non-resident having liaison office.--Every person, being a non-resident having a liaison office in India set up in accordance with the guidelines issued by the Reserve Bank of India under the Foreign Exchange Management Act, 1999(42 of 1999), shall, in respect of its activities in a financial year, prepare and deliver or cause to be delivered to the Assessing Officer having jurisdiction, within sixty days from the end of such financial year, a statement in such form and containing such particulars as may be prescribed.".
In section 296 of the Income-tax Act, after the words and figures "of section 10", the words, brackets, figures and letter "and every notification issued under sub-section (1C) of section 139" shall be inserted with effect from the 1st day of June, 2011.
In the Fourth Schedule to the Income-tax Act, in Part A, in rule 3, in sub-rule (1), in the first proviso, for the figures, letters and words "31st day of December, 2010", the figures, letters and words "31st day of March, 2012" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of January, 2011.
In section 22D of the Wealth-tax Act, 1957, after sub-section (6A), the following sub-section shall be inserted with effect from the 1st day of June, 2011, namely:--
"(6B) The Settlement Commission may, at any time within a period of six months from the date of the order, with a view to rectifying any mistake apparent from the record, amend any order passed by it under sub-section (4):
Provided that an amendment which has the effect of modifying the liability of the applicant shall not be made under this sub-section unless the Settlement Commission has given notice to the applicant and the Commissioner of its intention to do so and has allowed the applicant and the Commissioner an opportunity of being heard.".
In section 2 of the Customs Act, 1962(52 of 1962) (hereinafter referred to as the Customs Act), for clause (2), the following clause shall be substituted, namely:--
'(2) "assessment" includes provisional assessment, self-assessment, re-assessment and any assessment in which the duty assessed is nil;'.
In section 3 of the Customs Act, in clause (e), the words "or Deputy Commissioner of Customs" shall be omitted.
For section 17 of the Customs Act, the following section shall be substituted, namely:--
"17. Assessment of duty.--(1) An importer entering any imported goods under section 46, or an exporter entering any export goods under section 50, shall, save as otherwise provided in section 85, self-assess the duty, if any, leviable on such goods.
(2) The proper officer may verify the self-assessment of such goods and for this purpose, examine or test any imported goods or export goods or such part thereof as may be necessary.
(3) For verification of self-assessment under sub-section (2), the proper officer may require the importer, exporter or any other person to produce any contract, broker's note, insurance policy, catalogue or other document, whereby the duty leviable on the imported goods or export
In section 18 of the Customs Act,--
(a) for sub-section (1), the following sub-section shall be substituted, namely:--
"(1) Notwithstanding anything contained in this Act but without prejudice to the provisions of section 46,--
(a) where the importer or exporter is unable to make self-assessment under sub-section (1) of section 17 and makes a request in writing to the proper officer for assessment; or
(b) where the proper officer deems it necessary to subject any imported goods or export goods to any chemical or other test; or
(c) where the importer or exporter has produced all the necessary documents and furnished full information but the proper officer deems it necessary to make further enquiry; or
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In section 19 of the Customs Act, in the proviso, in clause (b), after the words ''proper officer", the words "or the evidence is available" shall be inserted.
In section 27 of the Customs Act, for sub-section (1), the following sub-sections shall be substituted, namely:--
'(1) Any person claiming refund of any duty or interest,--
(a) paid by him; or
(b) borne by him,
may make an application in such form and manner as may be prescribed for such refund to the Assistant Commissioner of Customs or Deputy Commissioner of Customs, before the expiry of one year, from the date of payment of such duty or interest:
Provided that where an application for refund has been made before the date on which the Finance Bill, 2011 receives the assent of the President, such application shall be deemed to have been made under sub-section (1), as it stood before the date on which the
For section 28 of the Customs Act, the following section shall be substituted, namely:--
'28. Recovery of duties not levied or short-levied or erroneously refunded.--(1) Where any duty has not been levied or has been short-levied or erroneously refunded, or any interest payable has not been paid, part-paid or erroneously refunded, for any reason other than the reasons of collusion or any wilful mis-statement or suppression of facts,--
(a) the proper officer shall, within one year from the relevant date, serve notice on the person chargeable with the duty or interest which has not been so levied or which has been short-levied or short-paid or to whom the refund has erroneously been made, requiring him to show cause why he should not pay the amount specified in the notice;
(b) the person chargea
For sections 28AA and 28AB of the Customs Act, the following section shall be substituted, namely:--
"28AA. Interest on delayed payment of duty.--(1) Notwithstanding anything contained in any judgment, decree, order or direction of any court, Appellate Tribunal or any authority or in any other provision of this Act or the rules made thereunder, the person, who is liable to pay duty in accordance with the provisions of section 28, shall, in addition to such duty, be liable to pay interest, if any, at the rate fixed under sub-section (2), whether such payment is made voluntarily or after determination of the duty under that section.
(2) Interest at such rate not below ten per cent. and not exceeding thirty-six per cent. per annum, as the Central Government may, by notification in the Official Gazette, fix, shall be paid by the person liabl
In section 46 of the Customs Act,--
(a) in sub-section (1),--
(i) after the words "by presenting", the word "electronically" shall be inserted;
(ii) for the words "Provided that", the following shall be substituted, namely:--
"Provided that the Commissioner of Customs may, in cases where it is not feasible to make entry by presenting electronically, allow an entry to be presented in any other manner:
Provided further that";
(b) in sub-section (4), the words "at the foot thereof" shall be omitted.
In section 50 of the Customs Act,--
(a) in sub-section (1),--
(i) after the words "thereof by presenting", the word "electronically" shall be inserted;
(ii) the following proviso shall be inserted, namely:--
"Provided that the Commissioner of Customs may, in cases where it is not feasible to make entry by presenting electronically, allow an entry to be presented in any other manner.";
(b) in sub-section (2), the words "at the foot thereof" shall be omitted.
In section 75 of the Customs Act, in sub-section (1), in the second proviso, after the words "such drawback shall", the words '', except under such circumstances or such conditions as the Central Government may, by rules, specify," shall be inserted.
In section 110A of the Customs Act, for the words ''adjudicating officer'' and "Commissioner of Customs", the words "adjudicating authority" shall be substituted.
(a) for the words, brackets and figures "sub-section (2) of section 28", wherever they occur, the words, brackets and figures "sub-section (8) of section 28" shall be substituted;
(b) for the figures and letters "28AB", at both the places where they occur, the figures and letters "28AA" shall be substituted.
In section 124 of the Customs Act, for the words "a Deputy Commissioner of Customs", the words "an Assistant Commissioner of Customs" shall be substituted.
After section 131B of the Customs Act, the following section shall be inserted and shall be deemed to have been inserted with effect from the 20th day of October, 2010, namely:--
"131BA. Appeal not to be filed in certain cases.--(1) The Board may, from time to time, issue orders or instructions or directions fixing such monetary limits, as it may deem fit, for the purposes of regulating the filing of appeal, application, revision or reference by the Commissioner of Customs under the provisions of this Chapter.
(2) Where, in pursuance of the orders or instructions or directions, issued under sub-section (1), the Commissioner of Customs has not filed an appeal, application, revision or reference against any decision or order passed under the provisions of this Act, it shall not preclude such Commissioner of Customs from filing any appeal,
After section 142 of the Customs Act, the following section shall be inserted, namely:--
"142A. Liability under Act to be first charge.--Notwithstanding anything to the contrary contained in any Central Act or State Act, any amount of duty, penalty, interest or any other sum payable by an assessee or any other person under this Act, shall, save as otherwise provided in section 529A of the Companies Act, 1956(1 of 1956), the Recovery of Debts Due to Banks and the Financial Institutions Act, 1993(51 of 1993) and the Securitisation and Reconstruction of Financial Assets and the Enforcement of Security Interest Act, 2002(54 of 2002), be the first charge on the property of the assessee or the person, as the case may be.".
In section 150 of the Customs Act, in sub-section (2), the following proviso shall be inserted, namely:--
"Provided that where it is not possible to pay the balance of sale proceeds, if any, to the owner of the goods within a period of six months from the date of sale of such goods or such further period as the Commissioner of Customs may allow, such balance of sale proceeds shall be paid to the Central Government.".
In section 151A of the Customs Act, after the words "levy of duty thereon", the words "or for the implementation of any other provisions of this Act or of any other law for the time being in force, in so far as they relate to any prohibition, restriction or procedure for import or export of goods" shall be inserted.
In section 157 of the Customs Act, in sub-section (2), after clause (c), the following clause shall be inserted, namely:--
"(d) the manner of conducting audit of the assessment of duty of the imported or export goods at the office of the proper officer or the premises of the importer or exporter, as the case may be.".
(1) The notifications of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 605(E), dated the 10th September, 2004, G.S.R.282(E), dated the 9th May, 2005, G.S.R.528(E), dated the 1st September, 2006, G.S.R.529(E), dated the 1st September, 2006, G.S.R.349(E), dated the 9th May, 2008 and G.S.R.878(E), dated the 24th December, 2008 issued under sub-section (1) of section 25 of the Customs Act shall stand amended and shall be deemed to have been amended in the manner specified against each of them in column (3) of the Second Schedule on and from the corresponding date mentioned in column (4) of that Schedule retrospectively, and accordingly, notwithstanding anything contained in any judgment, decree or order of any court, tribunal or other authority, any action taken or anything done or purported to have been taken or done under the said notifications shall be deemed to be, and to have always
Notwithstanding anything contained in sub-section (1) of section 25 of the Customs Act, the item and its description specified under column (1) in the Third Schedule shall be and shall be deemed to have been exempted as specified in the said column on and from the corresponding date specified in column (2) thereof.
In section 3 of the Customs Tariff Act, 1975(51 of 1975) (hereinafter referred to as the Customs Tariff Act), in sub-section (2), in the proviso, in clause (a), for the words and figures "Standards of Weights and Measures Act, 1976", the words and figures "Legal Metrology Act, 2009" shall be substituted with effect from such date as the Central Government may, by notification in the Official Gazette, appoint.
In section 9A of the Customs Tariff Act, after sub-section (1), the following sub-section shall be inserted, namely:-
"(1A) Where the Central Government, on such inquiry as it may consider necessary, is of the opinion that circumvention of anti-dumping duty imposed under sub-section (1) has taken place, either by altering the description or name or composition of the article subject to such anti-dumping duty or by import of such article in an unassembled or disassembled form or by changing the country of its origin or export or far any other manner, whereby the anti dumping duty so imposed is rendered ineffective, it may extend the antidumping duty to such article or an article originating in or exported from such country, as the case may be."
In section 9AA of the Customs Tariff Act, in sub-section (1), for the portion beginning with the words "Where an importer proves" and ending with the words "entitled to refund of such excess duty", the following shall be substituted, namely:--
"Where upon determination by an officer authorised in this behalf by the Central Government under clause (ii) of sub-section (2), an importer proves to the satisfaction of the Central Government that he has paid anti-dumping duty imposed under sub-section (1) of section 9A on any article, in excess of the actual margin of dumping in relation to such article, the Central Government shall, as soon as may be, reduce such anti-dumping duty as is in excess of actual margin of dumping so determined, in relation to such article or such importer, and such importer shall be entitled to refund of such excess duty".
In the Customs Tariff Act,--
(a) the First Schedule shall,--
(i) be amended in the manner specified in the Fourth Schedule;
(ii) also be amended in the manner specified in the Fifth Schedule with effect from the 1st day of January, 2012;
(b) the Second Schedule shall be amended in the manner specified in the Sixth Schedule.
(1) Notwithstanding anything contained in sub-section (1) of section 8B of Customs Tariff Act, safeguard duty at the rate, on the item specified under column (1) in the Seventh Schedule shall be and shall be deemed to have been imposed for the period specified in column (2) thereof.
(2) Nothing contained in sub-section (1) shall apply to imports of Caustic Soda Lye from countries notified as developing countries under clause (a) of sub-section (6) of section 8B of the said Act, other than the People's Republic of China, Indonesia, Qatar, Saudi Arabia and Thailand.
In section 4A of the Central Excise Act, 1944(1 of 1944) (hereinafter referred to as the Central Excise Act), in sub-section (1), for the words and figures "Standards of Weights and Measures Act, 1976(60 of 1976)", the words and figures "Legal Metrology Act, 2009" shall be substituted with effect from such date as the Central Government may, by notification in the Official Gazelle, appoint.
For section 11A of the Central Excise Act, the following section shall be substituted, namely:--
'11A. Recovery of duties not levied or not paid or short-levied or short-paid or erroneously refunded.-- (1) Where any duty of excise has not been levied or paid or has been short-levied or short-paid or erroneously refunded, for any reason, other than the reason of fraud or collusion or any wilful mis-statement or suppression of facts or contravention of any of the provisions of this Act or of the rules made thereunder with intent to evade payment of duty,--
(a) the Central Excise Officer shall, within one year from the relevant date, serve notice on the person chargeable with the duty which has not been so levied or paid or which has been so short-levied or short-paid or to whom the refund has erroneously been made, requiring him to show ca
For sections 11AA and 11AB of the Central Excise Act, the following section shall be substituted, namely:--
"11AA. Interest on delayed payment of duty.--(1) Notwithstanding anything contained in any judgment, decree, order or direction of the Appellate Tribunal or any court or in any other provision of this Act or the rules made thereunder, the person, who is liable to pay duty, shall, in addition to the duty, be liable to pay interest at the rate specified in sub-section (2), whether such payment is made voluntarily or after determination of the amount of duty under section 11A.
(2) Interest, at such rate not below ten per cent. and not exceeding thirty-six per cent. per annum, as the Central Government may, by notification in the Official Gazette, fix, shall be paid in terms of section 11A after the due date by the person liable to pay
For section 11AC of the Central Excise Act, the following section shall be substituted, namely:--
"11AC. Penalty for short-levy or non-levy of duty in certain cases.--(1) The amount of penalty for non-levy or short-levy or non-payment or short payment or erroneous refund shall be as follows:--
(a) where any duty of excise has not been levied or paid or short-levied or short-paid or erroneously refunded, by reason of fraud or collusion or any wilful mis-statement or suppression of facts, or contravention of any of the provisions of this Act or of the rules made thereunder with intent to evade payment of duty, the person who is liable to pay duty as determined under subsection (10) of section 11A shall also be liable to pay a penalty equal to the duty so determined;
(b) where details of any tran
After section 11DDA of the Central Excise Act, the following section shall be inserted, namely:--
"11E. Liability under Act to be first charge.--Notwithstanding anything to the contrary contained in any Central Act or State Act, any amount of duty, penalty, interest, or any other sum payable by an assessee or any other person under this Act or the rules made thereunder shall, save as otherwise provided in section 529A of the Companies Act, 1956(1 of 1956), the Recovery of Debts Due to Banks and the Financial Institutions Act, 1993(51 of 1993) and the Securitisation and Reconstruction of Financial Assets and the Enforcement of Security Interest Act, 2002(54 of 2002), be the first charge on the property of the assessee or the person, as the case may be.".
In section 12 of the Central Excise Act, after the word and figure "section 3", the words, figure and letter "and section 3A" shall be inserted and shall be deemed to have been inserted with effect from the 10th day of May, 2008:
Provided that the provisions of the Customs Act, 1962(52 of 1962) relating to offences and penalties shall not apply for the matters covered by section 3A for the period beginning on the 10th day of May, 2008 and ending immediately before the day on which the Finance Bill, 2011 receives the assent of the President.
After section 12E of the Central Excise Act, the following section shall be inserted, namely:--
"12F. Power of search and seizure.--(1) Where the Joint Commissioner of Central Excise or such other Central Excise Officer as may be notified by the Board has reasons to believe that any goods liable to. confiscation or any documents or books or things, which in his opinion shall be.
(2) The provisions of the Code of Criminal Procedure, 1973(2 of 1974) relating to search and seizure, shall, so far as may be, apply to search and seizure under this section as they apply to search and seizure under that Code.".
After section 35Q of the Central Excise Act, the following section shall be inserted and shall be deemed to have been inserted with effect from the 20th day of October, 2010, namely:--
"35R. Appeal not to be filed in certain cases.--(1) The Central Board of Excise and Customs may, from time to time, issue orders or instructions or directions fixing such monetary limits, as it may deem fit, for the purposes of regulating the filing of appeal, application, revision or reference by the Central Excise Officer under the provisions of this Chapter.
(2) Where, in pursuance of the orders or instructions or directions, issued under sub-section (1), the Central Excise Officer has not filed an appeal, application, revision or reference against any decision or order passed under the provisions of this Act, it shall not preclude such Central Excise O
In section 38 of the Central Excise Act, in sub-section (2), after the words, brackets, figures and letter "sub-section (1) of section 5A", the word, figure and letter ", section 5B" shall be inserted.
(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, 1944(1 of 1944), 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 3 shall stand amended and shall be deemed to have been amended retrospectively, in the manner specified in column (2) of the Eighth Schedule, on and from the date specified in column (3) of that Schedule, against the rule specified in column (1) of that Schedule.
(2) Notwithstanding anything contained in any judgment, decree or order of any court, tribunal or other authority, any action taken or anything done or purported to have been taken or done, on and from the 18th day of April, 2006, relating to the provisions as amended by sub
(1) The notifications of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 679(E), dated the 25th August, 2003, number G.S.R. 60(E), dated the 21st January, 2004 and number G.S.R. 419(E), dated the 9th July, 2004 (hereinafter referred to as the said notifications), issued under sub-section (1) of section 5A of the Central Excise Act, 1944(1 of 1944), shall stand amended and shall be deemed to have been amended retrospectively, in the manner specified in column (3) of the Ninth 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) Where a manufacturer avails the benefit of exemption provided under the said notifications as amended by sub-section (1), he shall, within a period of six months from the date on which the Finance Bill, 201
In the Central Excise Tariff Act, 1985(5 of 1986) (hereinafter referred to as the Central Excise Tariff Act),--
(a) the First Schedule shall,--
(i) be amended in the manner specified in the Tenth Schedule;
(ii) also be amended in the manner specified in the Eleventh Schedule with effect from the 1st day of January, 2012;
(b) the Third Schedule shall be amended in the manner specified in the Twelfth 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) clause (9) shall be omitted;
(2) for clause (25a), the following clauses shall be substituted, namely:--
'(25a) "clinical establishment" means--
(i) a hospital, maternity home, nursing home, dispensary, clinic, sanatorium or an institution, by whatever name called, owned, established, administered or managed by any person or body of persons, whether incorporated or not, having in its establishment the facility of central air-conditioning either in whole or in part of its premises and having more than twenty-five beds fo
(1) The notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 492(E), dated the 7th July, 2009, issued in exercise of the powers conferred by subsection (1) of section 93 of the Finance Act, 1994(32 of 1994), granting exemption from the whole of service tax leviable under section 66 of that Act to any person by a tour operator having a contract carriage permit for inter-State or intra-State transportation of passengers, excluding tourism, conducted tour, charter or hire service, shall be deemed to have, and deemed always to have, for all purposes, validly come into force on and from the 1st day of April, 2000, at all material times.
(2) Refund shall be made of all such service tax which has been collected but which would not have been so collected as if the notification referred to in sub-section (1) had been in force at all materi
In the Schedule to the Medicinal and Toilet Preparations (Excise Duties) Act, 1955, in Explanation III, for the words, figures and brackets "Standards of Weights and Measures Act, 1976 (60 of 1976)", the words and figures "Legal Metrology Act, 2009" shall be substituted with effect from such date as the Central Government may, by notification in the Official Gazette, appoint.
In section 15 of the Central Sales Tax Act, 1956, in clause (a), for the words "four per cent.", the words "five per cent." shall be substituted.
The First Schedule to the Additional Duties of Excise (Goods of Special Importance) Act, 1957 shall be amended in the manner specified in the Thirteenth Schedule.
In the Second Schedule to the Special Economic Zones Act, 2005,--
(a) in paragraph (a), clause (C) shall be omitted with effect from the 1st day of June, 2011;
(b) paragraph (h) shall be omitted with effect from the 1st day of April, 2012;
(c) paragraph (i) shall be omitted with effect from the 1st day of June, 2011.
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 income
SECOND SCHEDULE
[See section 53(1)]
Sl. No. Notification number and date Amendment Date of effect of amendment
(1) (2) (3) (4)
1. G.S.R. 605(E), dated the 10th September, 2004 [92/2004-Customs, dated the 10th September, 2004] In the said notification, condition (v) shall be omitted. 1st April, 2008
2. G.S.R. 282(E), dated the 9th May, 2005 [41/2005-Customs, dated the 9th May, 2005] In the said notification, condition (5) shall be omitted. 1st April, 2008
3. G.S.R. 528(E), dated the 1st September, 2006 [90/2006-Customs, dated the 1st September, 2006] In the said notification, condition (9) shall be omitted. 1st April, 2008
THIRD SCHEDULE
(See section 54)
Description of item and its exemption Date of effect
(1) (2)
Fresh garlic falling under tariff item 0703 20 00 in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) imported by the National Consumer Co-operative Federation and the Madhya Pradesh State Co-operative Marketing Federation under an import licence issued by the Central Government and cleared after the 15th day of January, 2003 from so much of the duty of Customs as is in excess of thirty per cent. ad valorem. 15th January, 2003.
FOURTH SCHEDULE
[See section 57(a)(i)]
In the First Schedule to the Customs Tariff Act, in Chapter 98,--
(a) in heading 9804, in column (2), for the portion beginning with the words "and exempted from" and ending with the words and figures "under heading 9803" shall be omitted;
(b) in tariff items 9804 10 00 and 9804 90 00, for the entries in column (4) occurring against each of them, the entry "35%" shall be substituted.
FIFTH SCHEDULE
[See section 57(a)(ii)]
Tariff Item Description of goods Unit Rate of duty
Standard Preferential
(1) (2) (3) (4) (5)
In the First Schedule to the Customs Tariff Act,--
(1) in Chapter 1,--
(i) in the Note, in clause (a), for the figures and word " 0301, 0306 or 0307;" the figures and word "0301, 0306, 0307 or 0308;" shall be substituted;
(ii) in heading 0101, for sub-heading 0101 10, tariff items 0101 10 10 to 0101 10 90, sub-heading 0101 90, tariff items 0101 90 10 to 0101 90 90 and the entries relating thereto, the following shall be substituted, nam
SIXTH SCHEDULE
[See section 57(6)]
For the Second Schedule to the Customs Tariff Act, the following Schedule shall be substituted, namely:--
THE SECOND SCHEDULE - EXPORT TARIFF
Notes:
1. In this Schedule, "Chapter", "heading", "sub-heading" and "tariff item" mean a Chapter, heading, sub-heading and tariff item respectively of the First Schedule to the Customs Tariff Act.
2. The rules for the interpretation of the First Schedule to the Customs 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.
3. The abbreviat
SEVENTH SCHEDULE
[See section 58(1)]
Description of item and imposition of safeguard duty thereon Period of effect
(1) (2)
On the basis of the final findings of the Director General (Safeguard), the safeguard duty on Caustic Soda lye, falling under tariff item 2815 12 00 of the First Schedule to the Customs Tariff Act, 1975 (57 of 1975), when imported into India, at the rate of fifteen percent. ad valorem. 4th December, 2009 to 3rd March, 2010 (both days inclusive).
EIGHTH SCHEDULE
[See section 68(1)]
Provisions of CENVAT Credit Rules, 2004 to be amended Amendment Date of effect of amendment
(1) (2) (3)
Rule 3 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 3, in sub-rule (1),--
(a) in clause (ix), the word "and" occurring at the end shall be omitted;
(b) after clause (ix), the following clause shall be inserted, namely:-- 18th April, 2006.
"(ixa) the service tax leviable under section 66A of the Finance
NINTH SCHEDULE
[See section 69(1)]
SI. No. Notification number and date Amendment Period of effect
(1) (2) (3) (4)
1. G.S.R. 679(E), dated the 25th August, 2003 [69/2003-Central Excise, dated 25th August, 2003] In the notification referred to in column (2), in conditions (C) and (D), for the words "six months", at both places where they occur, the words "two years" shall be substituted. 25th August, 2003 to 31st March, 2006 (both days inclusive), in so far as it relates to period of investment referred to in conditions (C) and (D) referred to in column (3).
2. G.S.R. 60(E), dated the 21st January, 2004 [8/2004-Central Excise, dated 21st January, 2004] In the notification referred to in column (2), in cond
TENTH SCHEDULE
[See section 70(a)(i)]
In the First Schedule to the Central Excise Tariff Act,--
(i) in Chapter 14, for the entry in column (4) occurring against tariff item 1404 90 50, the entry "5%" shall be substituted; (ii) in Chapter 15,--
(a) in Note 5, for the portion beginning with the word and figures "heading 1507" and ending with the word and figures "or 1517 10 29", the following shall be substituted, namely:--
"heading 1501 or 1502 or 1503 or 1504 or 1505 or 1506 or 1507 or 1508 or 1509 or 1510 or 1511 or 1512 or 1513 or 1514 or 1515 or 1518; or sub-heading 1516 20 or 1517 90; or tariff item 1516 10 00 or 1517 10 10 or 1517 10 21 or 1517 10 29";
(b)
ELEVENTH SCHEDULE
[See section 70(a)(ii)]
Tariff Item Description of goods Unit Rate of duty
(1) (2) (3) (4)
In the First Schedule to the Central Excise Tariff Act,--
(1) In Chapter 1,--
(i) in Note, in clause (a), for the figures and word "0301, 0306 or 0307;" the figures and word "0301, 0306, 0307 or 0308;" shall be substituted;
(ii) in heading 0101, for sub-heading 0101 10, tariff items 0101 10 10 to 0101 10 90, sub-heading 0101 90, tariff items 0101 90 10 to 0101 90 90 and the entries relating thereto, the following shall be substituted, namely:--
"- Horses:
TWELFTH SCHEDULE
[See section 70(b)]
In the Third Schedule to the Central Excise Tariff Act,--
(a) for S. No. 100 and the entries relating thereto, the following shall be substituted and shall be deemed to have been substituted with effect from the 27th day of February, 2010, namely:--
S.No. Chapter Heading, Sub-heading or tariff item Description of goods
(1) (2) (3)
"100 Any Chapter Parts, components and assemblies of vehicles (including chassis fitted with engines) falling under Chapter 87 excluding vehicles falling under headings 8712, 8713, 8715 and 8716";
(b) after S. No.100 and the entries relating thereto, the
THIRTEENTH SCHEDULE
(See section 75)
In the First Schedule to the Additional Duties of Excise (Goods of Special Importance) Act, 1957,-
(a) heading 1701 and all sub-headings and tariff items thereof and the entries relating thereto shall be omitted;
(b) tariff item 1702 90 10 and the entries relating thereto shall be omitted;
(c) headings 5007, 5111, 5112, 5208, 5209, 5210, 5211, 5212, 5407, 5408, 5512, 5513, 5514, 5515, 5516, 5801, 5802, 5803, 5804, 5806, 5810, 5901, 5902, 5903, 5907, 6001, 6002, 6003, 6004, 6005 and 6006 and all sub-headings and tariff items thereof and the entries relating thereto shall be omitted.
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