The Finance (No. 2) Act, 2014
The Finance (No. 2) Act, 2014
No. 25 of 2014
6th August, 2014
An Act to give effect to the financial proposals of the Central Government for the financial year 2014-2015.
Read full Act(1) This Act may be called the Finance (No. 2) Act, 2014.
(2) Save as otherwise provided in this Act, sections 2 to 77 shall be deemed to have come into force on the 1st day of April, 2014.
(1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2014, 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 two lakh rupees, then,—
In section 2 of the Income-tax Act,
In the Income-tax Act, save as otherwise expressly provided, and unless the context otherwise requires, the reference to any income-tax authority specified in column (1) of the Table below shall be substituted and shall be deemed to have been substituted with effect from the 1st day of June, 2013 by reference to the authority or authorities specified in the corresponding entry in column (2) of the said Table and such consequential changes as the rules of grammar may require shall be made:
TABLE
In section 10 of the Income-tax Act, with effect from the 1st day of April, 2015,—
In section 10AA of the Income-tax Act, after sub-section (9) but before the Explanation 1, the following sub-section shall be inserted with effect from the 1st day of April, 2015, namely:— “(10) Where a deduction under this section 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.”.
In section 11 of the Income-tax Act, after sub-section (5), the following sub-sections shall be inserted with effect from the 1st day of April, 2015, namely:— “(6) In this section where any income is required to be applied or accumulated or set apart for application, then, for such purposes the income shall be determined without any deduction or allowance by way of depreciation or otherwise in respect of any asset, acquisition of which has been claimed as an application of income under this section in the same or any other previous year. (7) Where a trust or an institution has been granted registration under clause (b) of sub-section (1) of section 12AA or has obtained registration at any time under section 12A [as it stood before its amendment by the Finance (No. 2) Act, 1996] and the said registration is in force for any previous year, then, nothing contained in section 10 [other than clause (1) and clause (23C) thereof] shall operate to exclude any income derived from the propert
In section 12A of the Income-tax Act, in sub-section (2), the following provisos shall be inserted with effect from the 1st day of October, 2014, namely:— “Provided that where registration has been granted to the trust or institution under section 12AA, then, the provisions of sections 11 and 12 shall apply in respect of any income derived from property held under trust of any assessment year preceding the aforesaid assessment year, for which assessment proceedings are pending before the Assessing Officer as on the date of such registration and the objects and activities of such trust or institution remain the same for such preceding assessment year: Provided further that no action under section 147 shall be taken by the Assessing Officer in case of such trust or institution for any assessment year preceding the aforesaid assessment year only for non-registration of such trust or institution for the said assessment year: Provided also that provisions contained in the first and secon
In section 12AA of the Income-tax Act, after sub-section (3), the following sub-section shall be inserted with effect from the 1st day of October, 2014, namely:— “(4) Without prejudice to the provisions of sub-section (3), where a trust or an institution has been granted registration under clause (b) of sub-section (I) or has obtained registration at any time under section 12A [as it stood before its amendment by the Finance (No. 2) Act, 1996] and subsequently it is noticed that the activities of the trust or the institution are being carried out in a manner that the provisions of sections 11 and 12 do not apply to exclude either whole or any part of the income of such trust or institution due to operation of sub-section (I) of section 13, then, the Principal Commissioner or the Commissioner may by an order in writing cancel the registration of such trust or institution: Provided that the registration shall not be cancelled under this sub-section, if the trust or institution proves
In section 24 of the Income-tax Act, in clause (b), in the second proviso, for the words “one lakh fifty thousand rupees”, the words “two lakh rupees” shall be substituted with effect from the 1st day of April, 2015.
In section 32AC of the Income-tax Act, with effect from the 1st day of April, 2015,— (i) after sub-section (I), the following sub-sections shall be inserted, namely:— “(1A) Where an assessee, being a company, engaged in the business of manufacture or production of any article or thing, acquires and installs new assets and the amount of actual cost of such new assets acquired and installed during any previous year exceeds twenty-five crore rupees, then, there shall be allowed a deduction of a sum equal to fifteen per cent. of the actual cost of such new assets for the assessment year relevant to that previous year: Provided that no deduction under this sub-section shall be allowed for the assessment year commencing on the 1st day of April, 2015 to the assessee, which is eligible to claim deduction under sub-section (I) for the said assessment year. (1B) No deduction under sub-section (1A) shall be allowed for any assessment year commencing on or after the 1st day of April, 2018.” (ii
In section 35AD of the Income-tax Act, with effect from the 1st day of April, 2015,— (a) in sub-section (3), after the words “no deduction shall be allowed under the provisions of”, the words, figures and letters “section 10AA and” shall be inserted; (b) in sub-section (5),— (i) in clause (ah), the word “and” occurring at the end, shall be omitted; (ii) after clause (ah), the following clauses shall be inserted, namely:— “(ai) on or after the 1st day of April, 2014, where the specified business is in the nature of laying and operating a slurry pipeline for the transportation of iron ore; (aj) on or after the 1st day of April, 2014, where the specified business is in the nature of setting up and operating a semi-conductor wafer fabrication manufacturing unit, and which is notified by the Board in accordance with such guidelines as may be prescribed; and”; (c) after sub-section (7), the following sub-sections shall be inserted, namely: (7A) Any asset in respect of which a deduction is
In section 37 of the Income-tax Act, in sub-section (1), the Explanation shall be numbered as Explanation 1 thereof and after Explanation 1 as so numbered, the following Explanation shall be inserted with effect from the 1st day of April, 2015, namely: “Explanation 2.—For the removal of doubts, it is hereby declared that for the purposes of sub-section (1), any expenditure incurred by an assessee on the activities relating to corporate social responsibility referred to in section 135 of the Companies Act, 2013 shall not be deemed to be an expenditure incurred by the assessee for the purposes of the business or profession.”
In section 40 of the Income-tax Act, in clause (a), with effect from the 1st day of April, 2015, (a) in sub-clause (i), (I) for the portion beginning with the words “during the previous year” and ending with the words, brackets and figures “sub-section (1) of section 200”, the words, brackets and figures “on or before the due date specified in sub-section (1) of section 139” shall be substituted; (II) 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.” (b) in sub-clause (ia), (I) for the portion beginning with the words “any interest, commission or brokerage” and ending with the words and brackets “for carrying out any work (including sup
In section 43 of the Income-tax Act, in clause (5), in the proviso, in clause (e), for the words “recognised association”, the words and figures “recognised association, which is chargeable to commodities transaction tax under Chapter VII of the Finance Act, 2013” shall be substituted.
In section 44AE of the Income-tax Act, with effect from the 1st day of April, 2015,— (i) for sub-section (2), the following sub-section shall be substituted, namely:— “(2) For the purpose of sub-section (1), the profits and gains from each goods carriage shall be an amount equal to seven thousand five hundred rupees for every month or part of a month during which the goods carriage is owned by the assessee in the previous year or an amount claimed to have been actually earned from the vehicle, whichever is higher.”; (ii) in the Explanation, for clause (a), the following clause shall be substituted, namely:— (a) the expression “goods carriage” shall have the meaning assigned to it in section 2 of the Motor Vehicles Act, 1988;
In section 45 of the Income-tax Act, in sub-section (5), after clause (b), the following proviso shall be inserted with effect from the 1st day of April, 2015, namely:— ‘Provided that any amount of compensation received in pursuance of an interim order of a court, Tribunal or other authority shall be deemed to be income chargeable under the head “Capital gains” of the previous year in which the final order of such court, Tribunal or other authority is made;’.
In section 47 of the Income-tax Act, with effect from the 1st day of April, 2015,— (a) after clause (viia), the following shall be inserted, namely:— ‘(viib) any transfer of a capital asset, being a Government Security carrying a periodic payment of interest, made outside India through an intermediary dealing in settlement of securities, by a non-resident to another non-resident. Explanation.—For the purposes of this clause, “Government Security” shall have the meaning assigned to it in clause (b) of section 2 of the Securities Contracts (Regulation) Act, 1956;’; (b) after clause (xvi), the following shall be inserted, namely:— ‘(xvii) any transfer of a capital asset, being share of a special purpose vehicle to a business trust in exchange of units allotted by that trust to the transferor. Explanation.—For the purposes of this clause, the expression “special purpose vehicle” shall have the meaning assigned to it in the Explanation to clause (23FC) of section 10.’
In section 48 of the Income-tax Act, in the Explanation, in clause (v), for the words “Consumer Price Index for urban non-manual employees”, the words and brackets “Consumer Price Index (Urban)” shall be substituted with effect from the 1st day of April, 2016.
In section 49 of the Income-tax Act, after sub-section (2AB), the following sub-section shall be inserted with effect from the 1st day of April, 2015,— “(2AC) Where the capital asset, being a unit of a business trust, became the property of the assessee in consideration of a transfer as referred to in clause (xvii) of section 47, the cost of acquisition of the asset shall be deemed to be the cost of acquisition to him of the share referred to in the said clause.”.
In section 51 of the Income-tax Act, the following proviso shall be inserted with effect from the 1st day of April, 2015, namely:— “Provided that where any sum of money, received as an advance or otherwise in the course of negotiations for transfer of a capital asset, has been included in the total income of the assessee for any previous year in accordance with the provisions of clause (ix) of sub-section (2) of section 56, then, such sum shall not be deducted from the cost for which the asset was acquired or the written down value or the fair market value, as the case may be, in computing the cost of acquisition.”.
In section 54 of the Income-tax Act, in sub-section (1), for the words “constructed, a residential house”, the words “constructed, one residential house in India” shall be substituted with effect from the 1st day of April, 2015.
In section 54EC, in sub-section (1), after the proviso, the following proviso shall be inserted with effect from the 1st day of April, 2015, namely:— “Provided further that the investment made by an assessee in the long-term specified asset, from capital gains arising from transfer of one or more original assets, during the financial year in which the original asset or assets are transferred and in the subsequent financial year does not exceed fifty lakh rupees.”.
In section 54F of the Income-tax Act, in sub-section (1), for the words “constructed, a residential house”, the words “constructed, one residential house in India” shall be substituted with effect from the 1st day of April, 2015.
In section 56 of the Income-tax Act, in sub-section (2), after clause (viii), the following clause shall be inserted with effect from the 1st day of April, 2015, namely:— “(ix) any sum of money received as an advance or otherwise in the course of negotiations for transfer of a capital asset, if,— (a) such sum is forfeited; and (b) the negotiations do not result in transfer of such capital asset.”.
In section 73 of the Income-tax Act, in the Explanation, for the words “the principal business of which is the business of banking”, the words “the principal business of which is the business of trading in shares or banking” shall be substituted with effect from the 1st day of April, 2015.
In section 80C of the Income-tax Act, in sub-section (1), for the words “one lakh rupees”, the words “one hundred and fifty thousand rupees” shall be substituted with effect from the 1st day of April, 2015.
In section 80CCD of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2015,— (i) for the words, figures and letters “Where an assessee, being an individual employed by the Central Government or any other employer on or after the 1st day of January, 2004”, the words, figures and letters “Where an assessee, being an individual employed by the Central Government on or after the 1st day of January, 2004 or, being an individual employed by any other employer” shall be substituted; (ii) after sub-section (1), the following sub-section shall be inserted, namely:— “(1A) The amount of deduction under sub-section (1) shall not exceed one hundred thousand rupees.”.
In section 80CCE of the Income-tax Act, for the words “one lakh rupees”, the words “one hundred and fifty thousand rupees” shall be substituted with effect from the 1st day of April, 2015.
In section 80-IA of the Income-tax Act, in sub-section (4), in clause (iv), in sub-clauses (a), (b) and (c), for the words, figures and letters “the 31st day of March, 2014”, the words, figures and letters “the 31st day of March, 2017” shall respectively be substituted with effect from the 1st day of April, 2015.
In section 92B of the Income-tax Act, in sub-section (2), with effect from the 1st day of April, 2015,— (i) for the words “deemed to be a transaction”, the words “deemed to be an international transaction” shall be substituted; (ii) after the words “determined in substance between such other person and the associated enterprise”, the words “where the enterprise or the associated enterprise or both of them are non-residents irrespective of whether such other person is a non-resident or not” shall be inserted.
In section 92C of the Income-tax Act, in sub-section (2), after the second proviso, but before the Explanation, the following proviso shall be inserted with effect from the 1st day of April, 2015, namely: "Provided also that where more than one price is determined by the most appropriate method, the arm's length price in relation to an international transaction or specified domestic transaction undertaken on or after the 1st day of April, 2014, shall be computed in such manner as may be prescribed and accordingly the first and second proviso shall not apply."
In section 92CC of the Income-tax Act, after sub-section (9), the following sub-section shall be inserted with effect from the 1st day of October, 2014, namely: “(9A) The agreement referred to in sub-section (1), may, subject to such conditions, procedure and manner as may be prescribed, provide for determining the arm's length price or specify the manner in which arm's length price shall be determined in relation to the international transaction entered into by the person during any period not exceeding four previous years preceding the first of the previous years referred to in sub-section (4), and the arm's length price of such international transaction shall be determined in accordance with the said agreement.”
In section 111A of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2015,— (A) after the words “unit of an equity oriented fund”, the words “or a unit of a business trust” shall be inserted; (B) after the proviso, the following proviso shall be inserted, namely: "Provided further that the provisions of this sub-section shall not apply in respect of any income arising from transfer of units of a business trust which were acquired by the assessee in consideration of a transfer as referred to in clause (xvii) of section 47."
In section 112 of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2015,— (a) in the proviso, occurring after clause (d), for the words “being listed securities or unit”, the words and brackets “being listed securities (other than a unit)” shall be substituted; (b) after the proviso, occurring after clause (d), the following proviso shall be inserted, namely: "Provided further that where the tax payable in respect of any income arising from the transfer of a long-term capital asset, being a unit of a Mutual Fund specified under clause (23D) of section 10, during the period beginning on the 1st day of April, 2014 and ending on the 10th day of July, 2014, exceeds ten per cent. of the amount of capital gains, before giving effect to the provisions of the second proviso to section 48, then, such excess shall be ignored for the purpose of computing the tax payable by the assessee."; (c) in the Explanation, clause (b) shall be omitted.
In section 115A of the Income-tax Act, in sub-section (1), in clause (a), with effect from the 1st day of April, 2015,— (I) after sub-clause (iiab), the following sub-clause shall be inserted, namely: “(iiac) distributed income being interest referred to in sub-section (2) of section 194LBA;”; (II) in item (BA), after the word, brackets, figures and letters “sub-clause (iiab)”, the words, brackets, figures and letters “or sub-clause (iiac)” shall be inserted; (III) in item (D), after the word, brackets, figures and letters “sub-clause (iiab)”, the word, brackets, figures and letters “, sub-clause (iiac)” shall be inserted.
In section 115BBC of the Income-tax Act, in sub-section (I), for clause (ii), the following clause shall be substituted with effect from the 1st day of April, 2015, namely:— “(ii) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the aggregate of anonymous donations received in excess of the amount referred to in sub-clause (A) or sub-clause (B) of clause (i), as the case may be.”.
In section 115BBD of the Income-tax Act, in sub-section (I), the words, figures and letters “for the previous year relevant to the assessment year beginning on the 1st day of April, 2012 or beginning on the 1st day of April, 2013 or beginning on the 1st day of April, 2014” shall be omitted with effect from the 1st day of April, 2015.
In section 115JC of the Income-tax Act, in sub-section (2), with effect from the 1st day of April, 2015,— (a) in clause (i), the word “and” occurring at the end, shall be omitted; (b) in clause (ii), for the words, figures and letters “under section 10AA”, the words, figures and letters “under section 10AA; and” shall be substituted; (c) after clause (ii), the following clause shall be inserted, namely:— “(iii) deduction claimed, if any, under section 35AD as reduced by the amount of depreciation allowable in accordance with the provisions of section 32 as if no deduction under section 35AD was allowed in respect of the assets on which the deduction under that section is claimed.”.
In section 115JEE of the Income-tax Act, with effect from the 1st day of April, 2015,— (A) in sub-section (I), for clause (b), the following clauses shall be substituted, namely:— “(b) section 10AA; or (c) section 35AD.”; (B) after sub-section (2), the following sub-section shall be inserted, namely:— “(3) Notwithstanding anything contained in sub-section (I) or sub-section (2), the credit for tax paid under section 115JC shall be allowed in accordance with the provisions of section 115JD.”.
In section 115-O of the Income-tax Act, after the Explanation to sub-section (IA), the following sub-section shall be inserted with effect from the 1st day of October, 2014, namely:— “(1B) For the purposes of determining the tax on distributed profits payable in accordance with this section, any amount by way of dividends referred to in sub-section (I) as reduced by the amount referred to in sub-section (IA) [hereafter referred to as net distributed profits], shall be increased to such amount as would, after reduction of the tax on such increased amount at the rate specified in sub-section (I), be equal to the net distributed profits.”.
In section 115R of the Income-tax Act,— (a) after the Explanation to sub-section (2), the following sub-section shall be inserted with effect from the 1st day of October, 2014, namely:— “(2A) For the purposes of determining the additional income-tax payable in accordance with sub-section (2), the amount of distributed income referred therein shall be increased to such amount as would, after reduction of the additional income-tax on such increased amount at the rate specified in sub-section (2), be equal to the amount of income distributed by the Mutual Fund.”; (b) sub-section (3A) shall be omitted with effect from the 1st day of April, 2015.
In section 115TA of the Income-tax Act, sub-section (3) shall be omitted with effect from the 1st day of April, 2015.
After Chapter XII-F of the Income-tax Act, the following Chapter shall be inserted with effect from the 1st day of April, 2015, namely:— CHAPTER XII-FA SPECIAL PROVISIONS RELATING TO BUSINESS TRUSTS 115UA. (1) Notwithstanding anything contained in any other provisions of this Act, any income distributed by a business trust to its unit holders shall be deemed to be of the same nature and in the same proportion in the hands of the unit holder as it had been received by, or accrued to, the business trust. Tax on income of unit holder and business trust. (2) Subject to the provisions of section 111A and section 112, the total income of a business trust shall be charged to tax at the maximum marginal rate. (3) If in any previous year, the distributed income or any part thereof, received by a unit holder from the business trust is of the nature as referred to in clause (23FC) of section 10, then, such distributed income or part thereof shall be deemed to be income of such unit holder and
In section 116 of the Income-tax Act,— (i) after clause (a), the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of June, 2013,— “(aa) Principal Directors General of Income-tax or Principal Chief Commissioners of Income-tax,”; (ii) after clause (b), the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of June, 2013,— “(ba) Principal Directors of Income-tax or Principal Commissioners of Income-tax,”.
In section 119 of the Income-tax Act, in sub-section (2), in clause (a), after the figures and letter "234C", the figures and letter "234E" shall be inserted with effect from the 1st day of October, 2014.
In section 133A of the Income-tax Act, with effect from the 1st day of October, 2014,— (I) after sub-section (2), the following sub-section shall be inserted, namely:— “(2A) Without prejudice to the provisions of sub-section (1), an income-tax authority acting under this sub-section may for the purpose of verifying that tax has been deducted or collected at source in accordance with the provisions under sub-heading B of Chapter XVII or under sub-heading BB of Chapter XVII, as the case may be, enter, after sunrise and before sunset, any office, or any other place where business or profession is carried on, within the limits of the area assigned to him, or any place in respect of which he is authorised for the purposes of this section by such income-tax authority who is assigned the area within which such place is situated, where books of account or documents are kept and require the deductor or the collector or any other person who may at that time and place be attending in any manne
After section 133B of the Income-tax Act, the following shall be inserted with effect from the 1st day of October, 2014, namely:— ‘133C. The prescribed income-tax authority may, for the purposes of verification of information in its possession relating to any person, issue a notice to such person requiring him, on or before a date to be specified therein, to furnish information or documents verified in the manner specified therein, which may be useful for, or relevant to, any inquiry or proceeding under this Act. Explanation.—In this section, the term “proceeding” shall have the meaning assigned to it in clause (b) of the Explanation to section 133A.’ Power to call for information by prescribed income-tax authority.
In section 139 of the Income-tax Act, with effect from the 1st day of April, 2015,— (a) in sub-section (4C),— (i) after clause (e), the following clauses shall be inserted, namely:— “(ea) Mutual Fund referred to in clause (23D) of section 10; (eb) securitisation trust referred to in clause (23DA) of section 10; (ec) venture capital company or venture capital fund referred to in clause (23FB) of section 10;”; (ii) after the words “or infrastructure debt fund”, the words “or Mutual Fund or securitisation trust or venture capital company or venture capital fund” shall be inserted; (b) after sub-section (4D), the following sub-section shall be inserted, namely:— “(4E) Every business trust, which is not required to furnish return of income or loss under any other provisions of this section, shall furnish the return of its income in respect of its income or loss in every previous year and all the provisions of this Act shall, so far as may be, apply if it were a return required to be furn
In section 140 of the Income-tax Act, with effect from the 1st day of October, 2014,— (i) in the marginal heading, for the word “signed”, the word “verified” shall be substituted; (ii) for the words “signed and verified”, wherever they occur, the word “verified” shall be substituted; (iii) for the words “sign and verify”, wherever they occur, the word “verify” shall be substituted; (iv) in clause (a),— (a) in sub-clause (iv), for the word “sign”, the word “verify” shall be substituted; (b) in the proviso, for the word “signing”, the word “verifying” shall be substituted.
For section 142A of the Income-tax Act, the following section shall be substituted with effect from the 1st day of October, 2014, namely:— ‘142A. (1) The Assessing Officer may, for the purposes of assessment or reassessment, make a reference to a Valuation Officer to estimate the value, including fair market value, of any asset, property or investment and submit a copy of report to him. (2) The Assessing Officer may make a reference to the Valuation Officer under sub-section (1) whether or not he is satisfied about the correctness or completeness of the accounts of the assessee. (3) The Valuation Officer, on a reference made under sub-section (1), shall, for the purpose of estimating the value of the asset, property or investment, have all the powers that he has under section 38A of the Wealth-tax Act, 1957. (4) The Valuation Officer shall, estimate the value of the asset, property or investment after taking into account such evidence as the assessee may produce and any other eviden
In section 145 of the Income-tax Act, with effect from the 1st day of April, 2015,— (i) in sub-section (2), for the words “accounting standards”, the words “income computation and disclosure standards” shall be substituted; (ii) in sub-section (3), for the words, brackets and figure “or accounting standards as notified under sub-section (2), have not been regularly followed by the assessee”, the words, brackets and figure “has not been regularly followed by the assessee, or income has not been computed in accordance with the standards notified under sub-section (2)” shall be substituted.
In section 153 of the Income-tax Act, in Explanation 1, after clause (iii), the following clause shall be inserted with effect from the 1st day of October, 2014, namely:— “(iv) the period commencing from the date on which the Assessing Officer makes a reference to the Valuation Officer under sub-section (1) of section 142A and ending with the date on which the report of the Valuation Officer is received by the Assessing Officer, or".
In section 153B of the Income-tax Act, in the Explanation, after clause (ii), the following clause shall be inserted with effect from the 1st day of October, 2014, namely:— “(iia) the period commencing from the date on which the Assessing Officer makes a reference to the Valuation Officer under sub-section (1) of section 142A and ending with the date on which the report of the Valuation Officer is received by the Assessing Officer, or”.
In section 153C of the Income-tax Act, in sub-section (1), for the words, figures and letter “and that Assessing Officer shall proceed against each such other person and issue such other person notice and assess or reassess income of such other person in accordance with the provisions of section 153A”, occurring at the end but before the first proviso, the words, figures, letters and brackets “and that Assessing Officer shall proceed against each such other person and issue notice and assess or reassess the income of the other person in accordance with the provisions of section 153A, if, that Assessing Officer is satisfied that the books of account or documents or assets seized or requisitioned have a bearing on the determination of the total income of such other person for the relevant assessment year or years referred to in sub-section (1) of section 153A” shall be substituted with effect from the 1st day of October, 2014.
In section 194A of the Income-tax Act, in sub-section (3), after clause (x), the following clause shall be inserted with effect from the 1st day of October, 2014, namely:— “(xi) to any income by way of interest referred to in clause (23FC) of section 10.”
After section 194D of the Income-tax Act, the following section shall be inserted with effect from the 1st day of October, 2014, namely:— Payment in respect of life insurance policy. “194DA. Any person responsible for paying to a resident any sum under a life insurance policy, including the sum allocated by way of bonus on such policy, other than the amount not includible in the total income under clause (10D) of section 10, shall, at the time of payment thereof, deduct income-tax thereon at the rate of two per cent.: Provided that no deduction under this section shall be made where the amount of such payment or, as the case may be, the aggregate amount of such payments to the payee during the financial year is less than one hundred thousand rupees.”
After section 194LB of the Income-tax Act, the following section shall be inserted with effect from the 1st day of October, 2014, namely:— Certain income from units of a business trust. “194LBA. (1) Where any distributed income referred to in section 115UA, being of the nature referred to in clause (23FC) of section 10, is payable by a business trust to its unit holder being a resident, the person responsible for making the payment shall at the time of credit of such payment to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of ten per cent. (2) Where any distributed income referred to in section 115UA, being of the nature referred to in clause (23FC) of section 10, is payable by a business trust to its unit holder, being a non-resident, not being a company or a foreign company, the person responsible for making the payment shall at the time of cr
In section 194LC of the Income-tax Act, with effect from the 1st day of October, 2014,— (A) in sub-section (1), after the words “by a specified company”, the words “or a business trust” shall be inserted; (B) in sub-section (2),— (a) in the opening portion, after the words “by the specified company”, the words “or the business trust” shall be inserted; (b) for clause (i), the following clause shall be substituted, namely:— “(i) in respect of monies borrowed by it in foreign currency from a source outside India,— (a) under a loan agreement at any time on or after the 1st day of July, 2012 but before the 1st day of July, 2017; or (b) by way of issue of long-term infrastructure bonds at any time on or after the 1st day of July, 2012 but before the 1st day of October, 2014; or (c) by way of issue of any long-term bond including long-term infrastructure bond at any time on or after the 1st day of October, 2014 but before the 1st day of July, 2017, as approved by the Central Government in
In section 200 of the Income-tax Act, in sub-section (3), the following proviso shall be inserted with effect from the 1st day of October, 2014, namely:— “Provided that the person may also deliver to the prescribed authority a correction statement for rectification of any mistake or to add, delete or update the information furnished in the statement delivered under this sub-section in such form and verified in such manner as may be specified by the authority.”.
In section 200A of the Income-tax Act, in sub-section (1), after the words “where a statement of tax deduction at source”, the words “or a correction statement” shall be inserted with effect from the 1st day of October, 2014.
In section 201 of the Income-tax Act, for sub-section (3), the following sub-section shall be substituted with effect from the 1st day of October, 2014, namely:— “(3) No order shall be made under sub-section (1) deeming a person to be an assessee in default for failure to deduct the whole or any part of the tax from a person resident in India, at any time after the expiry of seven years from the end of the financial year in which payment is made or credit is given.”.
In section 206AA of the Income-tax Act, in sub-section (7), the word “infrastructure” shall be omitted with effect from the 1st day of October, 2014.
In section 220 of the Income-tax Act, with effect from the 1st day of October, 2014,— (i) after sub-section (1), the following sub-section shall be inserted, namely:— “(1A) Where any notice of demand has been served upon an assessee and any appeal or other proceeding, as the case may be, is filed or initiated in respect of the amount specified in the said notice of demand, then, such demand shall be deemed to be valid till the disposal of the appeal by the last appellate authority or disposal of the proceedings, as the case may be, and any such notice of demand shall have the effect as specified in section 3 of the Taxation Laws (Continuation and Validation of Recovery Proceedings) Act, 1964.”; (ii) in sub-section (2),— (a) after the first proviso, the following proviso shall be inserted, namely:— “Provided further that where as a result of an order under sections specified in the first proviso, the amount on which interest was payable under this section had been reduced and subsequ
In section 245A of the Income-tax Act, in clause (b), with effect from the 1st day of October, 2014,— (A) the proviso shall be omitted; (B) in the Explanation,— (a) in clause (i), for the words, brackets and figure "referred to in clause (i) of the proviso", the words and figures "under section 147" shall be substituted; (b) for clause (iii), the following clause shall be substituted, namely:— "(iii) a proceeding for making fresh assessment in pursuance of an order under section 254 or section 263 or section 264, setting aside or cancelling an assessment shall be deemed to have commenced from the date on which such order, setting aside or cancelling an assessment was passed;"; (c) in clause (iv), for the words, brackets, figures and letter "clause (i) or clause (iv) of the proviso or clause (iiia) of the Explanation", the words, brackets, figures and letter "clause (i) or clause (iii) or clause (iiia)" shall be substituted.
In section 245N of the Income-tax Act, with effect from the 1st day of October, 2014,— (A) in clause (a),— (I) in sub-clause (ii), at the end, the word "or" shall be inserted; (II) after sub-clause (ii) and before the long line, the following sub-clause shall be inserted, namely:— “(iia) a determination by the Authority in relation to the tax liability of a resident applicant, arising out of a transaction which has been undertaken or is proposed to be undertaken by such applicant,”; (B) in clause (b), after sub-clause (ii), the following sub-clause shall be inserted, namely:— “(iia) is a resident referred to in sub-clause (iia) of clause (a) falling within any such class or category of persons as the Central Government may, by notification in the Official Gazette, specify; or”; (C) for clause (f), the following clauses shall be substituted, namely:— ‘(f) “Member” means a Member of the Authority and includes the Chairman and Vice-chairman; (g) “Vice-chairman” means the Vice-chairman
In section 245-O of the Income-tax Act, for sub-sections (2), (3), (4) and (5), the following sub-sections shall be substituted with effect from the 1st day of October, 2014, namely:— “(2) The Authority shall consist of a Chairman and such number of Vice-chairmen, revenue Members and law Members as the Central Government may, by notification, appoint. (3) A person shall be qualified for appointment as— (a) Chairman, who has been a Judge of the Supreme Court; (b) Vice-chairman, who has been Judge of a High Court; (c) a revenue Member from the Indian Revenue Service, who is a Principal Chief Commissioner or Principal Director General or Chief Commissioner or Director General; (d) a law Member from the Indian Legal Service, who is an Additional Secretary to the Government of India. (4) The terms and conditions of service and the salaries and allowances payable to the Members shall be such as may be prescribed. (5) The Central Government shall provide to the Authority with such officers
In section 269SS of the Income-tax Act, in the opening portion, after the words “cheque or account payee bank draft”, the words “or use of electronic clearing system through a bank account” shall be inserted with effect from the 1st day of April, 2015.
In section 269T of the Income-tax Act, in the opening portion, after the words “cheque or account payee bank draft drawn in the name of the person who has made the loan or deposit”, the words “or by use of electronic clearing system through a bank account” shall be inserted with effect from the 1st day of April, 2015.
In section 271FA of the Income-tax Act, with effect from the 1st day of April, 2015,— (i) in the marginal heading, for the words “annual information return”, the words “statement of financial transaction or reportable account” shall be substituted; (ii) for the words “an annual information return”, the words “a statement of financial transaction or reportable account” shall be substituted; (iii) for the word “return”, wherever it occurs, the word “statement” shall be substituted.
After section 271FA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2015, namely:— Penalty for furnishing inaccurate statement of financial transaction or reportable account. “271FAA. If a person referred to in clause (k) of sub-section (1) of section 285BA, who is required to furnish a statement under that section, provides inaccurate information in the statement, and where— (a) the inaccuracy is due to a failure to comply with the due diligence requirement prescribed under sub-section (7) of section 285BA or is deliberate on the part of that person; or (b) the person knows of the inaccuracy at the time of furnishing the statement of financial transaction or reportable account, but does not inform the prescribed income-tax authority or such other authority or agency; or (c) the person discovers the inaccuracy after the statement of financial transaction or reportable account is furnished and fails to inform and furnish correct i
In section 271G of the Income-tax Act, after the words “the Assessing Officer”, the words, figures and letters “or the Transfer Pricing Officer as referred to in section 92CA” shall be inserted with effect from the 1st day of October, 2014.
In section 271H of the Income-tax Act, in sub-section (1), in the opening portion, for the words “a person shall be liable to pay”, the words “the Assessing Officer may direct that a person shall pay by way of” shall be substituted with effect from the 1st day of October, 2014.
In section 276D of the Income-tax Act, for the words “or with fine equal to a sum calculated at a rate which shall not be less than four rupees or more than ten rupees for every day during which the default continues, or with both”, the words “and with fine” shall be substituted with effect from the 1st day of October, 2014.
In section 281B of the Income-tax Act, in sub-section (2), with effect from the 1st day of October, 2014,— (i) in the first proviso, for the words “two years”, the words “two years or sixty days after the date of order of assessment or reassessment, whichever is later” shall be substituted; (ii) the second and third proviso shall be omitted.
For section 285BA of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 2015, namely:— '285BA. (1) Any person, being— (a) an assessee; or (b) the prescribed person in the case of an office of Government; or (c) a local authority or other public body or association; or (d) the Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908; or (e) the registering authority empowered to register motor vehicles under Chapter IV of the Motor Vehicles Act, 1988; or (f) the Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898; or (g) the Collector referred to in clause (g) of section 3 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013; or (h) the recognised stock exchange referred to in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956; or (i) an officer of the Reserve Bank of India, cons
In section 22A of the Wealth-tax Act, in clause (b), with effect from the 1st day of October, 2014,— (A) the proviso shall be omitted; (B) in the Explanation,— (a) in clause (i), for the words, brackets and figures “clause (i) of the proviso shall, in case where a notice under section 17”, the words and figures “section 17 shall, in case where a notice under the said section” shall be substituted; (b) for clause (ii), the following clause shall be substituted, namely:— “(ii) a proceeding for making fresh assessment in pursuance of an order under section 23A or section 24 or section 25, setting aside or cancelling an assessment shall be deemed to have been commenced from the date on which such order, setting aside or cancelling an assessment was passed;”; (c) in clause (iv), for the words, brackets and figures “clause (i) or clause (ii) of the proviso or clause (iii) of the Explanation”, the words, brackets and figures “clause (i) or clause (ii) or clause (iii)” shall be substituted.
In the Customs Act, 1962 (hereinafter referred to as the Customs Act), or in any other law for the time being in force, the reference to any authority specified in column (1) of the Table below shall be substituted by reference to the authority or authorities specified in the corresponding entry in column (2) of the said Table and such consequential changes as the rules of grammar may require shall also be made:— TABLE 1. Chief Commissioner of Customs Principal Chief Commissioner of Customs or Chief Commissioner of Customs 2. Commissioner of Customs Principal Commissioner of Customs or Commissioner of Customs.
In the Customs Act, in section 3, for clauses (a), (b), (c), (cc), (d), (e) and (f), the following clauses shall be substituted, namely:— “(a) Principal Chief Commissioners of Customs; (b) Chief Commissioners of Customs; (c) Principal Commissioners of Customs; (d) Commissioners of Customs; (e) Commissioners of Customs (Appeals); (f) Joint Commissioners of Customs; (g) Deputy Commissioners of Customs; (h) Assistant Commissioners of Customs; (i) such other class of officers of customs as may be appointed for the purposes of this Act.”.
In the Customs Act, in section 15, in sub-section (1), in the proviso, after the words “the aircraft”, the words “or the vehicle” shall be inserted.
In the Customs Act, in section 25, after sub-section (6), the following sub-sections shall be inserted, namely:— “(7) The mineral oils (including petroleum and natural gas) extracted or produced in the continental shelf of India or exclusive economic zone of India as referred to in section 6 and section 7, respectively, of the Territorial Waters, Continental Shelf, Exclusive Economic Zone and Other Maritime Zones Act, 1976, and imported prior to the 7th day of February, 2002 shall be deemed to be and shall always be deemed to have been exempted from the whole of the duties of customs leviable on such mineral oils and accordingly, notwithstanding anything contained in any judgment, decree or order of any court, tribunal or other authority, no suit or other proceedings in respect of such mineral oils shall be maintained or continued in any court, tribunal or other authority. (8) Notwithstanding the exemption provided under sub-section (7), no refund of duties of customs paid in respec
In the Customs Act, in section 46, in sub-section (3),— (i) the first proviso shall be omitted; (ii) for the second proviso, the following proviso shall be substituted, namely:— “Provided that a bill of entry may be presented even before the delivery of such manifest or report, if the vessel or the aircraft or the vehicle by which the goods have been shipped for importation into India is expected to arrive within thirty days from the date of such presentation.”.
In the Customs Act, in section 127A, in clause (f), for the words “Customs and Central Excise Settlement Commission”, the words “Customs, Central Excise and Service Tax Settlement Commission” shall be substituted.
In the Customs Act, in section 127B,— (i) in sub-section (1), in the first proviso, for clause (a), the following clause shall be substituted, namely:— “(a) the applicant has filed a bill of entry, or a shipping bill, or a bill of export, or made a baggage declaration, or a label or declaration accompanying the goods imported or exported through post or courier, as the case may be, and in relation to such document or documents, a show cause notice has been issued to him by the proper officer;”; (ii) in clause (c), for the word, figures and letters “section 28AB”, the word, figures and letters “section 28AA” shall be substituted; (iii) sub-section (2) shall be omitted.
In the Customs Act, in section 127L, in sub-section (1), in clause (i), the following Explanation shall be inserted, namely:— “Explanation.— In this clause, the concealment of particulars of duty liability relates to any such concealment made from the officer of customs.”.
In the Customs Act, in section 129A,— (i) in sub-section (1), in the second proviso, for the words “fifty thousand rupees”, the words “two lakh rupees” shall be substituted; (ii) in sub-section (1B), in clause (i), for the words “by notification in the Official Gazette”, the words “by order” shall be substituted; (iii) in sub-section (7), in clause (a), the words “for grant of stay or” shall be omitted.
In the Customs Act, in section 129B, in sub-section (2A), the first, second and third proviso shall be omitted.
In the Customs Act, in section 129D, in sub-section (3), the following proviso shall be inserted, namely:— “Provided that the Board may, on sufficient cause being shown, extend the said period by another thirty days.”.
In the Customs Act, for section 129E, the following section shall substituted, namely:— Deposit of certain percentage of duty demanded or penalty imposed before filing appeal. “129E. The Tribunal or the Commissioner (Appeals), as the case may be, shall not entertain any appeal,— (i) under sub-section (1) of section 128, unless the appellant has deposited seven and a half per cent. of the duty, in case where duty or duty and penalty are in dispute, or penalty, where such penalty is in dispute, in pursuance of a decision or an order passed by an officer of customs lower in rank than the Commissioner of Customs; (ii) against the decision or order referred to in clause (a) of sub-section (1) of section 129A, unless the appellant has deposited seven and a half per cent. of the duty, in case where duty or duty and penalty are in dispute, or penalty, where such penalty is in dispute, in pursuance of the decision or order appealed against; (iii) against the decision or order referred to in
In the Customs Act, for section 129EE, the following section shall be substituted, namely:— “129EE. Where an amount deposited by the appellant under section 129E is required to be refunded consequent upon the order of the appellate authority, there shall be paid to the appellant interest at such rate, not below five per cent. and not exceeding thirty-six per cent. per annum as is for the time being fixed by the Central Government, by notification in the Official Gazette, on such amount from the date of payment of the amount till, the date of refund of such amount: Provided that the amount deposited under section 129E, prior to the commencement of the Finance (No. 2) Act, 2014, shall continue to be governed by the provisions of section 129EE as it stood before the commencement of the said Act.”. Interest on delayed refund of amount deposited under section 129E.
In the Customs Act, in section 131BA, in sub-section (4), for the words “The Appellate Tribunal or court”, the words and brackets “The Commissioner (Appeals) or the Appellate Tribunal or the court” shall be substituted.
(1) The notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 185 (E), dated the 17th March, 2012, issued under sub-section (1) of section 25 of the Customs Act, as specified in column (1) of the Second Schedule, shall stand amended and shall be deemed to have been amended retrospectively, in the manner specified in column (2) of that Schedule, on and from and up to the corresponding date specified in column (3) of the said Schedule. (2) For the purposes of sub-section (1), the Central Government shall have and shall be deemed to have the power to amend the notification with retrospective effect as if the Central Government had the power to amend the said notification under sub-section (1) of section 25 of the Customs Act retrospectively, at all material times. (3) The refund shall be made of all such duty of customs which has been collected but which would not have been so collected, had the notification referred to in sub-section
In the Customs Tariff Act, 1975 (hereinafter referred to as the Customs Tariff Act), in section 8B, in sub-section (2A),— (a) for the portion beginning with the words “unless specifically made applicable” and ending with the words “in a special economic zone”, the following shall be substituted, namely:— “shall not apply to articles imported by a hundred per cent. export-oriented undertaking or a unit in a special economic zone unless,— (i) specifically made applicable in such notifications or such impositions, as the case may be; or (ii) the article imported is either cleared as such into the domestic tariff area or used in the manufacture of any goods that are cleared into the domestic tariff area and in such cases safeguard duty shall be levied on that portion of the article so cleared or so used as was leviable when it was imported into India.”; (b) in the Explanation, the words “free trade zone” shall be omitted.
In the Customs Tariff Act, the First Schedule shall be amended in the manner specified in the Third Schedule.
In the Central Excise Act, 1944 (hereinafter referred to as the Central Excise Act) or in Chapter V of the Finance Act, 1994 or in any other law for the time being in force, the reference to any authority specified in column (1) of the Table below shall be substituted by reference to the authority or authorities specified in the corresponding entry in column (2) of the said Table and such consequential changes as the rules of grammar may require shall also be made:— TABLE Sl. No. (1) (2) 1. Chief Commissioner of Central Excise Principal Chief Commissioner of Central Excise or Chief Commissioner of Central Excise 2. Commissioner of Central Excise Principal Commissioner of Central Excise or Commissioner of Central Excise.
In the Central Excise Act, in section 2, in clause (b), for the words “Chief Commissioner of Central Excise”, the words “Principal Chief Commissioner of Central Excise, Chief Commissioner of Central Excise, Principal Commissioner of Central Excise” shall be substituted.
In the Central Excise Act, after section 15, the following sections shall be inserted, namely: “15A. (1) Any person, being— (a) an assessee; or (b) a local authority or other public body or association; or (c) any authority of the State Government responsible for the collection of value added tax or sales tax; or (d) an income tax authority appointed under the provisions of the Income-tax Act, 1961; or (e) a banking company within the meaning of clause (a) of section 45A of the Reserve Bank of India Act, 1934; or (f) a State Electricity Board or an electricity distribution or transmission licensee under the Electricity Act, 2003, or any other entity entrusted, as the case may be, with such functions by the Central Government or the State Government; or (g) the Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908; or (h) a Registrar within the meaning of the Companies Act, 2013; or (i) the registering authority empowered to register motor vehicles under
In the Central Excise Act, in section 31, in clause (g), for the words “Customs and Central Excise Settlement Commission”, the words “Customs, Central Excise and Service Tax Settlement Commission” shall be substituted.
In the Central Excise Act, in section 32, in sub-section (1), for the words “the Customs and Central Excise Settlement Commission”, the words “the Customs, Central Excise and Service Tax Settlement Commission” shall be substituted.
In the Central Excise Act, in section 32E,— (i) in sub-section (1),— (a) in the first proviso, in clause (d), for the word, figures and letters “section 11AB”, the word, figures and letters “section 11AA” shall be substituted; (b) in the second proviso, for the words “Provided further that”, the following shall be substituted, namely:— “Provided further that the Settlement Commission, if it is satisfied that the circumstances exist for not filing the returns referred to in clause (a) of the first proviso to sub-section (1), may after recording the reasons therefor, allow the applicant to make such application: Provided also that”; (ii) sub-section (2) shall be omitted.
In the Central Excise Act, in section 32-O, in sub-section (1), in clause (i), the following Explanation shall be inserted, namely:— “Explanation.— In this clause, the concealment of particulars of duty liability relates to any such concealment made from the Central Excise Officer.”
In the Central Excise Act, in section 35B,— (a) in sub-section (1), in the second proviso, for the words “fifty thousand rupees”, the words “two lakh rupees” shall be substituted; (b) in sub-section (1B), in clause (i), for the words “by notification in the Official Gazette”, the words “by order” shall be substituted; (c) in sub-section (7), in clause (a), the words “for grant of stay or” shall be omitted.
In the Central Excise Act, in section 35C, in sub-section (2A), the first, second and third proviso shall be omitted.
In the Central Excise Act, in section 35E, in sub-section (3), the following proviso shall be inserted, namely:— “Provided that the Board may, on sufficient cause being shown, extend the said period by another thirty days.”
In the Central Excise Act, for section 35F, the following section shall be substituted, namely:— Deposit of certain percentage of duty demanded or penalty imposed before filing appeal. ‘35F. The Tribunal or the Commissioner (Appeals), as the case may be, shall not entertain any appeal— (i) under sub-section (I) of section 35, unless the appellant has deposited seven and a half per cent. of the duty, in case where duty or duty and penalty are in dispute, or penalty, where such penalty is in dispute, in pursuance of a decision or an order passed by an officer of Central Excise lower in rank than the Commissioner of Central Excise; (ii) against the decision or order referred to in clause (a) of sub-section (I) of section 35B, unless the appellant has deposited seven and a half per cent. of the duty, in case where duty or duty and penalty are in dispute, or penalty, where such penalty is in dispute, in pursuance of the decision or order appealed against; (iii) against the decision or or
In the Central Excise Act, for section 35FF, the following section shall be substituted, namely: Interest on delayed refund of amount deposited under section 35F. “35FF. Where an amount deposited by the appellant under section 35F is required to be refunded consequent upon the order of the appellate authority, there shall be paid to the appellant interest at such rate, not below five per cent. and not exceeding thirty-six per cent. per annum as is for the time being fixed by the Central Government, by notification in the Official Gazette, on such amount from the date of payment of the amount till, the date of refund of such amount: Provided that the amount deposited under section 35F, prior to the commencement of the Finance (No. 2) Act, 2014, shall continue to be governed by the provisions of section 35FF as it stood before the commencement of the said Act.”
In the Central Excise Act, section 35L shall be numbered as sub-section (I) thereof, and after sub-section (I) as so numbered, the following sub-section shall be inserted, namely: “(2) For the purposes of this Chapter, the determination of any question having a relation to the rate of duty shall include the determination of taxability or excisability of goods for the purpose of assessment.”
In the Central Excise Act, in section 35R, in sub-section (4), for the words “The Appellate Tribunal or court”, the words “The Commissioner (Appeals) or the Appellate Tribunal or court” shall be substituted.
(1) In the Pan Masala Packing Machines (Capacity Determination and Collection of Duty) Rules, 2008, 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. 127 (E), dated the 1st July, 2008, rule 8 shall stand amended and shall be deemed to have been amended retrospectively, in the manner specified in column (2) of the Fourth Schedule, on and from the date specified in column (3) of that Schedule. (2) For the purposes of sub-section (I), the Central Government shall have and shall be deemed to have the power to make rules with retrospective effect as if the Central Government had the power to make rules under sub-sections (2) and (3) of section 3A of the Central Excise Act, retrospectively, at all material times. (3) The refund shall be made of all such duty of excise which has been collected but which would not have been so collected, had the rule referred to in sub-section (1), been in force
(1) The notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 95 (E), dated the 1st March, 2006 (herein referred to as the first notification) which was superseded vide number G.S.R. 163 (E), dated the 17th March, 2012 (herein referred to as the second notification), issued under sub-section (1) of section 5A of the Central Excise Act, shall, in so far as it relates to the first notification, stand amended and shall be deemed to have been amended retrospectively, in the manner as specified in column (2) of the Fifth Schedule, on and from— (a) the 29th June, 2010 and up to 16th March, 2012 (both days inclusive) in relation to Chapter 54 or Chapter 55 specified therein, covered under the first notification, that is the date prior to the date of the second notification; and (b) the 1st March, 2011 and up to 16th March, 2012 (both days inclusive) in relation to Chapter 71 specified therein, covered under the first notification, that is
Elevate your legal practice with advanced AI-driven research and drafting solutions. Experience unmatched efficiency, precision, and security, tailored exclusively for legal professionals.
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
AI Assistant
