Finance Bill, 2008

Chapter: I
Preliminary
Clause 1	:	Short title and commencement.
Chapter: II
Rates of Income Tax
Clause 2	:	Rates of Income Tax
Chapter: III
Income Tax
Clause 3	:	Amendment of section 2.
Clause 4	:	Amendment of Section 10
Clause 5	:	Amendment of Section 35
Clause 6	:	Amendment of Section 35D
Clause 7	:	Amendment of Section 36
Clause 8	:	Amendment of Section 40
Clause 9	:	Amendment of Section 40A
Clause 10	:	Amendment of Section 43
Clause 11	:	Amendment of Section 47
Clause 12	:	Amendment of Section 49
Clause 13	:	Amendment of Section 80C
Clause 14	:	Substitution of New Section for Section 80D - Deduction in respect of health insurance premia.
Clause 15	:	Amendment of Section 80-IB
Clause 16	:	Amendment of section 80-ID
Clause 17	:	Amendment of Section 88E
Clause 18	:	Amendment of Section 111A
Clause 19	:	Amendment of Section 115D
Clause 20	:	Amendment of Section 115JB
Clause 21	:	Amendment of section 115-O
Clause 22	:	Amendment of Section 115WB
Clause 23	:	Amendment of Section 115WC
Clause 24	:	Amendment of Section 115WD
Clause 25	:	Amendment of Section 115WE
Clause 26	:	Insertion of new section 115WKB. – Deemed payment of tax by employee.
Clause 27	:	Amendment of Section 139
Clause 28	:	Amendment of Section 142
Clause 29	:	Amendment of Section 143
Clause 30	:	Amendment of Section 147
Clause 31	:	Amendment of Section 151
Clause 32	:	Amendment of Section 153
Clause 33	:	Amendment of Section 153A
Clause 34	:	Amendment of Section 153B
Clause 35	:	Amendment of Section 153C
Clause 36	:	Amendment of Section 153D
Clause 37	:	Amendment of Section 156
Clause 38	:	Amendment of Section 191
Clause 39	:	Amendment of Section 193
Clause 40	:	Amendment of Section 194C
Clause 41	:	Amendment of Section 195
Clause 42	:	Substitution of new section for section 199 - Credit for tax deducted.
Clause 43	:	Amendment of Section 201
Clause 44	:	Amendment of Section 203
Clause 45	:	Amendment of Section 206C
Clause 46	:	Amendment of Section 254
Clause 47	:	Insertion of New Section 268A - Filing of appeal or application for reference by income-tax authority.
Clause 48	:	Amendment of Section 271
Clause 49	:	Insertion of new section 273AA - Power of Commissioner to grant immunity from penalty.
Clause 50	:	Insertion of new section 278AB - Power of Commissioner to grant immunity from prosecution.
Clause 51	:	Insertion of new section 282A - Authentication of notices and other documents.
Clause 52	:	Insertion of new section 292BB – Notice deemed to be valid in certain circumstances.
Clause 53	:	Amendment of Section 292C
Clause 54	:	Amendment of Section 295
Clause 55	:	Amendment of Fourth Schedule
Clause 56	:	Amendment of Section 17 - WT Act
Clause 57	:	Amendment of Section 17A - WT Act
Clause 58	:	Amendment of Section 18 - WT Act
Clause 59	:	Insertion of new section 18BA - WT Act - Power of Commissioner to grant immunity from penalty.
Clause 60	:	Insertion of new section 35GA - WT Act - Power of Commissioner to grant immunity from prosecution.
Clause 61	:	Insertion of new section 42 - WT Act - Notice deemed to be valid in certain circumstances.
Clause 62	:	Amendment of Section 42D - WT Act
Chapter: IV
INDIRECT TAXES
Clause 63	:	Amendment of section 28B - Customs Act
Clause 64	:	Amendment of Section 108 - Customs Act
Clause 65	:	Amendment of Section 117 - Customs Act
Clause 66	:	Amendment of Section 129A - Customs Act
Clause 67	:	Amendment of Section 129D - Customs Act
Clause 68	:	Insertion of new section 129EE - Interest on delayed refund of amount deposited under the proviso to section 129E. - Customs Act
Clause 69	:	Amendment of Section 141 - Customs Act
Clause 70	:	Amendment of Section 158 - Customs Act
Clause 71	:	Amendment of notification issued under sub-section (1) of section 25 of the Customs Act, 1962
Clause 72	:	Amendment of Act 51 of 1975 - Customs Tariff Act
Clause 73	:	Amendment of Section 2 - Central Excise Act
Clause 74	:	Insertion of new Section 3A – Central Excise Act - Power of Central Government to charge excise duty on the basis of capacity of production in respect of notified goods.
Clause 75	:	Amendment of Section 11B - Central Excise Act
Clause 76	:	Amendment of Section 11D - Central Excise Act
Clause 77	:	Amendment of Section 11DD - Central Excise Act
Clause 78	:	Amendment of Section 35B - Central Excise Act
Clause 79	:	Amendment of Section 35E - Central Excise Act
Clause 80	:	Insertion of new section 35FF – Central Excise Act - Interest on delayed refund of amount deposited under the proviso to section 35F.
Clause 81	:	Amendment of Central Excise Rules, 1944
Clause 82	:	Amendment Central Excise (No. 2) Rules, 2001
Clause 83	:	Amendment of Central Excise Rules, 2002
Clause 84	:	Amendment of Central Excise Tariff Act, 1985
Chapter: V
Service Tax
Clause 85(A)	:	Amendment of Section 65 of Finance Act, 1994
Clause 85(B)	:	Amendment of Section 66 of Finance Act, 1994
Clause 85(C)	:	Amendment of Section 67 of Finance Act, 1994
Clause 85(D)	:	Insertion of Section 71 and 72 - Scheme for submission of Returns through Service Tax Preparers and Best Judgment Assessment - Finance Act, 1994
Clause 85(E)	:	Substitution of Section 77 of Finance Act, 1994 - Penalty for contravention of rules and provisions of Act for which no penalty is specified elsewhere.
Clause 85(F)	:	Amendment of Section 78 of Finance Act, 1994
Clause 85(G)	:	Amendment of Section 83 of Finance Act, 1994
Clause 85(H)	:	Amendment of Section 86 of Finance Act, 1994
Clause 85(I)	:	Amendment of Section 94 of Finance Act, 1994
Clause 85(J)	:	Amendment of Section 95 of Finance Act, 1994
Chapter: VI
Service Tax dispute Resolution Scheme, 2008
Clause 86	:	SERVICE TAX DISPUTE RESOLUTION SCHEME, 2008
Clause 87	:	Definitions.
Clause 88	:	Applicability of Scheme.
Clause 89	:	Settlement of tax payment.
Clause 90	:	Particulars to be furnished in declaration.
Clause 91	:	Time and manner of payment of tax arrear.
Clause 92	:	Appellate authority not to proceed in certain cases.
Clause 93	:	No refund of amount paid under the Scheme.
Clause 94	:	Removal of doubts.
Clause 95	:	Power to remove difficulties.
Clause 96	:	Power to make rules.
Chapter: VII
Commodities Transaction tax
Clause 97	:	Extent, commencement and application - COMMODITIES TRANSACTION TAX
Clause 98	:	Definitions.
Clause 99	:	Charge of commodities transaction tax.
Clause 100	:	Value of taxable commodities transaction.
Clause 101	:	Collection and recovery of commodities transaction tax.
Clause 102	:	Furnishing of return.
Clause 103	:	Assessment.
Clause 104	:	Rectification of mistake.
Clause 105	:	Interest on delayed payment of commodities transaction tax.
Clause 106	:	Penalty for failure to collect or pay commodities transaction tax.
Clause 107	:	Penalty for failure to furnish return.
Clause 108	:	Penalty for failure to comply with notice.
Clause 109	:	Penalty not to be imposed in certain cases.
Clause 110	:	Application of certain provisions of Income-tax Act.
Clause 111	:	Appeal to Commissioner of Income tax (Appeals).
Clause 112	:	Appeal to Appellate Tribunal.
Clause 113	:	Punishment for false statement.
Clause 114	:	Institution of prosecution.
Clause 115	:	Power to make rules.
Clause 116	:	Power to remove difficulties.
Chapter: VIII
Miscellaneous
Clause 117	:	Amendment of Seventh Schedule to Act 14 of 2001.
Clause 118	:	Amendment of section 13 of Act 58 of 2002.
Clause 119	:	Amendment of Act 23 of 2004.
Clause 120	:	Amendment of Act 18 of 2005.
Declaration	:	Declaration under the Provisional Collection of Taxes Act, 1931
Schedule
Sch - 01	:	THE FIRST SCHEDULE
Sch - 02	:	THE SECOND SCHEDULE
Sch - 03	:	THE THIRD SCHEDULE
Sch - 04	:	THE FOURTH SCHEDULE
Sch - 05	:	THE FIFTH SCHEDULE
Sch - 06	:	THE SIXTH SCHEDULE
Sch - 07	:	THE SEVENTH SCHEDULE
Sch - 08	:	THE EIGHTH SCHEDULE
Sch - 09	:	THE NINTH SCHEDULE