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Home Acts & Rules Bill Bills FINANCE BILL, 2016 Chapters List This

FINANCE BILL, 2016

Chapter: I
PRELIMINARY
Clause 1 : Short title and commencement.
Chapter: II
RATES OF INCOME-TAX
Clause 2 : Income Tax

       Clause 2, read with the First Schedule to the Bill, specifies the rates at which income-tax is to be levied on income chargea....
Chapter: III
DIRECT TAXES
Clause 3 : Amendment of section 2

       Clause 3 of the Bill seeks to amend section 2 of the Income-tax Act relating to definitions. Sub-clause (a) of the said cl....
Clause 4 : Amendment of section 6.

       Clause 4 of the Bill seeks to amend section 6 of the Income-tax Act relating to residence in India. Under the existing pro....
Clause 5 : Amendment of section 9.

       Clause 5 of the Bill seeks to amend section 9 of the Income-tax Act relating to income deemed to accrue or arise in India. ....
Clause 6 : Amendment of section 9A.

       Clause 6 of the Bill seeks to amend section 9A of the Income tax Act relating to certain activities not to constitute busines....
Clause 7 : Amendment of section 10.

       Clause 7 of the Bill seeks to amend section 10 of the Income tax Act relating to incomes not included in total income. Sub....
Clause 8 : Amendment of section 10AA.

       Clause 8 of the Bill seeks to amend section 10AA of the Income tax Act relating to special provisions in respect of newly est....
Clause 9 : Amendment of section 17.

       Clause 9 of the Bill seeks to amend section 17 of the Income tax Act relating to “Salary”, “perquisite&rdqu....
Clause 10 : Amendment of section 24.

       Clause 10 of the Bill seeks to amend section 24 of the Income tax Act relating to deductions from income from house property.....
Clause 11 : Substitution of new section for sections 25A, 25AA and 25B.- Special provision for arrears of rent and unrealised rent received subsequently.

       Clause 11 of the Bill seeks to substitute sections 25A, 25AA and 25B of the Income-tax Act relating to special provisions for....
Clause 12 : Amendment of section 28.

       Clause 12 of the Bill seeks to amend section 28 of the Income tax Act relating to “Profits and gains of business or pro....
Clause 13 : Amendment of section 32.

       Clause 13 of the Bill seeks to amend section 32 of the Income tax Act relating to depreciation. Under the existing provisi....
Clause 14 : Amendment of section 32AC.

       Clause 14 of the Bill seeks to amend section 32AC of the Incometax Act relating to investment in new plant or machinery. S....
Clause 15 : Amendment of section 35.

       Clause 15 of the Bill seeks to amend section 35 of the Incometax Act relating to expenditure on scientific research. Sub-c....
Clause 16 : Insertion of new section 35ABA- Expenditure for obtaining right to use spectrum for telecommunication services.

       Clause 16 of the Bill seeks to insert a new section 35ABA in the Income-tax Act relating to expenditure for obtaining right t....
Clause 17 : Amendment of section 35AC.

       Clause 17 of the Bill seeks to amend section 35AC of the Income tax Act relating to expenditure on eligible projects or schem....
Clause 18 : Amendment of section 35AD.

       Clause 18 of the Bill seeks to amend section 35AD of the Income tax Act relating to deduction in respect of expenditure on sp....
Clause 19 : Amendment of section 35CCC.

       Clause 19 of the Bill seeks to amend section 35CCC of the Income-tax Act relating to expenditure on agricultural extension pr....
Clause 20 : Amendment of section 35CCD.

       Clause 20 of the Bill seeks to amend section 35CCD of the Income-tax Act relating to expenditure on skill development project....
Clause 21 : Amendment of section 36.

       Clause 21 of the Bill seeks to amend section 36 of the Income tax Act relating to other deductions. The existing provision....
Clause 22 : Amendment of section 40.

       Clause 22 of the Bill seeks to amend section 40 of the Income tax Act relating to amounts not deductible. The provisions o....
Clause 23 : Amendment of section 43B.

       Clause 23 of the Bill seeks to amend section 43B of the Incometax Act relating to certain deductions to be only on actual pay....
Clause 24 : Amendment of section 44AA.

       Clause 24 of the Bill seeks to amend section 44AA of the Income tax Act relating to maintenance of accounts by certain person....
Clause 25 : Amendment of section 44AB.

       Clause 25 of the Bill seeks to amend section 44AB of the Income tax Act relating to audit of accounts of certain persons carr....
Clause 26 : Amendment of section 44AD.

       Clause 26 of the Bill seeks to amend section 44AD of the Income-tax Act relating to special provision for computing profits a....
Clause 27 : Insertion of new section 44ADA- Special provision for computing profits and gains of profession on presumptive basis.

       Clause 27 of the Bill seeks to insert a new section 44ADA in the Income-tax Act relating to special provision for computing p....
Clause 28 : Amendment of section 47

       Clause 28 of the Bill seeks to amend section 47 of the Income tax Act relating to transactions not regarded as transfer. S....
Clause 29 : Amendment of section 48

       Clause 29 of the Bill seeks to amend section 48 of the Income tax Act relating to mode of computation. The aforesaid secti....
Clause 30 : Amendment of section 50C

       Clause 30 of the Bill seeks to amend section 50C of the Income tax Act relating to special provision for full value of consid....
Clause 31 : Insertion of new section 54EE- Capital gain not to be charged on investment in units of a specified fund.

       Clause 31 of the Bill seeks to insert a new section 54EE in the Income-tax Act relating to capital gain not to be charged on ....
Clause 32 : Amendment of section 54GB

       Clause 32 of the Bill seeks to amend section 54GB in the Income tax relating to Capital gain on transfer of residential prope....
Clause 33 : Amendment of section 55.

       Clause 33 of the Bill seeks to amend section 55 of the Incometax relating to meaning of “adjusted”, “cost o....
Clause 34 : Amendment of section 56.

       Clause 34 of the Bill seeks to amend section 56 of the Income tax Act relating to income from other sources. The aforesaid....
Clause 35 : Amendment of section 80.

       Clause 35 of the Bill seeks to amend section 80 of the Income tax Act relating to submission of return for losses. The afo....
Clause 36 : Amendment of section 80CCD.

       Clause 36 of the Bill seeks to amend section 80CCD of the Income-tax Act relating to deduction in respect of contribution to ....
Clause 37 : Substitution of new section for section 80EE - Deduction in respect of interest on loan taken for residential house property.

       Clause 37 of the Bill seeks to substitute section 80EE of the Income-tax Act relating to deduction in respect of interest on ....
Clause 38 : Amendment of section 80GG.

       Clause 38 of the Bill seeks to amend section 80GG of the Income-tax Act relating to deductions in respect of rents paid. T....
Clause 39 : Amendment of section 80-IA.

       Clause 39 of the Bill seeks to amend section 80-IA of the Income tax Act relating to deductions in respect of profits and gai....
Clause 40 : Amendment of section 80-IAB.

       Clause 40 of the Bill seeks to amend section 80-IAB of the Income-tax Act relating to deductions in respect of profits and ga....
Clause 41 : Insertion of new section 80-IAC- Special provision in respect of specified business.

       Clause 41 of the Bill seeks to insert a new section 80-IAC in the Income-tax Act relating to Special provisions in respect of....
Clause 42 : Amendment of section 80-IB.

       Clause 42 of the Bill seeks to amend section 80-IB of the Incometax Act relating to deduction in respect of profits and gains....
Clause 43 : Insertion of new section 80-IBA- Deductions in respect of profits and gains from housing projects

       Clause 43 of the Bill seeks to insert a new section 80-IBA in the Income-tax Act relating to deductions in respect of profits....
Clause 44 : Substitution of new section for section 80JJAA- Deduction in respect of employment of new employees.

       Clause 44 of the Bill seeks to substitute a new section for section 80JJAA of the Income-tax Act relating to deduction in res....
Clause 45 : Amendment of section 87A.

       Clause 45 of the Bill seeks to amend section 87A of the Income tax Act relating to rebate of income-tax in case of certain in....
Clause 46 : Amendment of section 92CA.

       Clause 46 of the Bill seeks to amend section 92CA of the Income tax Act relating to reference to Transfer Pricing Officer. ....
Clause 47 : Amendment of section 92D.

       Clause 47 of the Bill seeks to amend section 92D of the Incometax Act relating to maintenance and keeping of information and ....
Clause 48 : Amendment of section 112.

       Clause 48 of the Bill seeks to amend section 112 of the Income tax Act relating to tax on long-term capital gains. Sub-cla....
Clause 49 : Insertion of new section 115BA-Tax on income of certain domestic companies

       Clause 49 of the Bill seeks to insert a new section 115BA in the Income-tax Act relating to tax on income of certain domestic....
Clause 50 : Insertion of new section 115 BBDA-Tax on certain dividends received from domestic companies.

       Clause 50 of the Bill seeks to insert a new section 115BBDA in the Income-tax Act relating to tax on certain dividends receiv....
Clause 51 : Amendment of section 115BBE.

       Clause 51 of the Bill seeks to amend section 115BBE of the Income-tax Act relating to tax on income referred to in section 68....
Clause 52 : Insertion of new section 115BBF- Tax on income from patent

       Clause 52 of the Bill seeks to insert a new section 115BBF in the Income-tax Act relating to tax on income from patents. T....
Clause 53 : Amendment of section 115JB.

       Clause 53 of the Bill seeks to amend section 115JB of the Income-tax Act relating to special provision for payment of tax by ....
Clause 54 : Insertion of new Chapter XII-BC- Foreign company said to be resident in India

       Clause 54 of the Bill seeks to insert a new Chapter XII-BC in the Income-tax Act on special provisions relating to foreign co....
Clause 55 : Amendment of section 115-O.

       Clause 55 of the Bill seeks to amend section 115-O of the Income-tax Act relating to tax on distributed profits of domestic c....
Clause 56 : Amendment of section 115QA.

       Clause 56 of the Bill seeks to amend section 115QA of the Income-tax Act relating to tax on distributed income to shareholder....
Clause 57 : Amendment of section 115TA.

       Clause 57 of the Bill seeks to amend section 115TA of the Income-tax Act relating to tax on distributed income to investors. ....
Clause 58 : Amendment of section 115TC.

       Clause 58 of the Bill seeks to amend section 115TC of the Income-tax Act relating to securitisation trust to be assessee in d....
Clause 59 : Insertion of new section 115TCA- Tax on income from securitisation trusts.

       Clause 59 of the Bill seeks to insert a new section 115TCA in the Income-tax Act relating to tax on income from securitisatio....
Clause 60 : Insertion of new Chapter XII-EB- Tax on accreted income-Interest payable for non-payment of tax by trust or institution - When trust or institution is deemed to be assessee in default

       Clause 60 of the Bill seeks to insert a new Chapter XII-EB consisting of new sections 115TD, 115TE and 115TF in the Income ta....
Clause 61 : Amendment of section 115UA.

       Clause 61 of the Bill seeks to amend section 115UA of the Income-tax Act relating to tax on income of unit holder and busines....
Clause 62 : Amendment of section 119.

       Clause 62 of the Bill seeks to amend section 119 of the Income tax Act relating to instructions to subordinate authorities. ....
Clause 63 : Amendment of section 124.

       Clause 63 of the Bill seeks to amend section 124 of the Income tax Act relating to jurisdiction of Assessing Officers. Sub....
Clause 64 : Amendment of section 133C.

       Clause 64 of the Bill seeks to amend section 133C of the Incometax Act relating to power to call for information by prescribe....
Clause 65 : Amendment of section 139.

       Clause 65 of the Bill seeks to amend section 139 of the Income tax Act relating to return of income. Sub-clause (i) of sai....
Clause 66 : Amendment of section 143.

       Clause 66 of the Bill seeks to amend section 143 of the Income tax Act relating to assessment. Sub-clause (a) of the said ....
Clause 67 : Amendment of section 147.

       Clause 67 of the Bill seeks to amend section 147 of the Incometax Act relating to income escaping assessment. Under the ex....
Clause 68 : Substitution of new section for section 153- Time limit for completion of assessment, reassessment and recomputation.

       Clause 68 of the Bill seeks to substitute section 153 of the Income-tax Act with a new section relating to time limit for com....
Clause 69 : Substitution of new section for section 153B- Time limit for completion of assessment under section 153A. .

       Clause 69 of the Bill seeks to substitute the section 153B of the Income-tax Act by a new section 153B relating to time limit....
Clause 70 : Amendment of section 192A.

       Clause 70 of the Bill seeks to amend section 192A of the Incometax Act relating to payment of accumulated balance due to an e....
Clause 71 : Amendment of section 194BB.

       Clause 71 of the Bill seeks to amend section 194BB of the Income-tax Act relating to winnings from horse race. Under the e....
Clause 72 : Amendment of section 194C.

       Clause 72 of the Bill seeks to amend section 194C of the Incometax Act relating to payments to contractors. The proviso to....
Clause 73 : Amendment of section 194D.

       Clause 73 of the Bill seeks to amend section 194D of the Income tax Act relating to insurance commission. Under the existi....
Clause 74 : Amendment of section 194DA.

       Clause 74 of the Bill seeks to amend section 194DA of the Income-tax Act relating to payment in respect of life insurance pol....
Clause 75 : Amendment of section 194EE.

       Clause 75 of the Bill seeks to amend section 194EE of the Income-tax Act relating to payments in respect of deposits under Na....
Clause 76 : Amendment of section 194G.

       Clause 76 of the Bill seeks to amend section 194G of the Income tax Act relating to commission, etc., on the sale of lottery ....
Clause 77 : Amendment of section 194H.

       Clause 77 of the Bill seeks to amend section 194H of the Income tax Act relating to commission or brokerage. Under the exi....
Clause 78 : Omission of sections 194K and 194L.

       Clause 78 of the Bill seeks to omit section 194K relating to income in respect of units and section 194L relating to payment ....
Clause 79 : Amendment of section 194LA.

       Clause 79 of the Bill seeks to amend section 194LA of the Income-tax Act relating to payment of compensation on acquisition o....
Clause 80 : Amendment of section 194LBA.

       Clause 80 of the Bill seeks to amend section 194LBA of the Income-tax Act relating to certain income from units of a business....
Clause 81 : Amendment of section 194LBB.

       Clause 81 of the Bill seeks to amend section 194LBB of the Income-tax Act relating to income in respect of units of investmen....
Clause 82 : Insertion of new section 194LBC - Income in respect of investment in securitisation trust.

       Clause 82 of the Bill seeks to insert a new section 194LBC in the Income-tax Act relating to income in respect of investment ....
Clause 83 : Amendment of section 197.

       Clause 83 of the Bill seeks to amend section 197 of the Income tax Act relating to certificate for deduction at lower rate. ....
Clause 84 : Amendment of section 197A.

       Clause 84 of the Bill seeks to amend section 197A of the Income-tax Act relating to no deduction to be made in certain cases.....
Clause 85 : Amendment of section 206AA.

       Clause 85 of the Bill seeks to amend section 206AA of the Income-tax Act relating to requirement to furnish Permanent Account....
Clause 86 : Amendment of section 206C.

       Clause 86 of the Bill seeks to amend section 206C of the Income-tax Act relating to profits and gains from the business of tr....
Clause 87 : Amendment of section 211.

       Clause 87 of the Bill seeks to amend section 211 of the Income-tax Act relating to instalments of advance tax and due dates. ....
Clause 88 : Amendment of section 220.

       Clause 88 of the Bill seeks to amend section 220 of the Income-tax Act relating to when tax payable and when assessee is deem....
Clause 89 : Amendment of section 234C

       Clause 89 seeks to amend section 234C of the Income-tax Act relating to interest for deferment of advance tax. It is propo....
Clause 90 : Amendment of section 244A.

       Clause 90 of the Bill seeks to amend section 244A of the Income-tax Act relating to interest on refunds. Sub-clause (A) of....
Clause 91 : Amendment of section 249.

       Clause 91 of the Bill seeks to amend section 249 of the Income tax Act relating to form of appeal and limitation. Clause (....
Clause 92 : Amendment of section 252.

       Clause 92 of the Bill seeks to amend section 252 of the Income-tax Act relating to Appellate Tribunal. Clause (b) of sub-s....
Clause 93 : Amendment of section 253.

       Clause 93 of the Bill seeks to amend section 253 of the Income tax Act relating to appeals to the Appellate Tribunal. Sub-....
Clause 94 : Amendment of section 254.

       Clause 94 of the Bill seeks to amend section 254 of the Income tax Act relating to orders of Appellate Tribunal. Sub-secti....
Clause 95 : Amendment of section 255.

       Clause 95 of the Bill seeks to amend section 255 of the Income-tax Act, relating to the procedure of Appellate Tribunal. S....
Clause 96 : Insertion of new section 270A - Penalty for underreporting and misreporting of income.

       Clause 96 of the Bill seeks to insert section 270A in the Income-tax Act relating to penalty for under-reporting and misrepor....
Clause 97 : Insertion of new section 270AA - Immunity from imposition of penalty, etc.

       Clause 97 of the Bill seeks to insert a new section 270AA in the Income-tax Act relating to immunity from imposition of penal....
Clause 98 : Amendment of section 271.

       Clause 98 of the Bill seeks to amend section 271 of the Incometax Act relating to failure to furnish returns, comply with not....
Clause 99 : Amendment of section 271A.

       Clause 99 of the Bill seeks to amend section 271A of the Incometax Act relating to failure to keep, maintain or retain books ....
Clause 100 : Amendment of section 271AA.

       Clause 100 of the Bill seeks to amend section 271AA of the Income-tax Act relating to penalty for failure to keep and maintai....
Clause 101 : Amendment of section 271AAB.

       Clause 101 of the Bill seeks to amend section 271AAB of the Income-tax Act relating to penalty where search has been initiate....
Clause 102 : Insertion of new section 271GB- Penalty for failure to furnish report or for furnishing inaccurate report under section 286

       Clause 102 of the Bill seeks to insert a new section 271GB in the Income-tax Act relating to penalty for failure to furnish r....
Clause 103 : Amendment of section 272A.

       Clause 103 of the Bill seeks to amend section 272A of the Income-tax Act relating to penalty for failure to answer questions,....
Clause 104 : Amendment of section 273A.

       Clause 104 of the Bill seeks to amend section 273A of the Income-tax Act relating to power to reduce or waive penalty, etc., ....
Clause 105 : Amendment of section 273AA.

       Clause 105 of the Bill seeks to amend section 273AA of the Income-tax Act relating to power of Principal Commissioner or Comm....
Clause 106 : Amendment of section 273B.

       Clause 106 of the Bill seeks to amend section 273B of the Income-tax Act relating to penalty not to be imposed in certain cas....
Clause 107 : Amendment of section 279

       Clause 107 of the Bill seeks to amend section 279 of the Income tax Act relating to prosecution to be at instance of Principa....
Clause 108 : Amendment of section 281B.

       Clause 108 of the Bill seeks to amend section 281B of the Income-tax Act relating to provisional attachment to protect revenu....
Clause 109 : Amendment of section 282A

       Clause 109 of the Bill seeks to amend section 282A of the Income-tax Act relating to authentication of notices and other docu....
Clause 110 : Insertion of new section 286- Furnishing of report in respect of international group

       Clause 110 of the Bill seeks to insert a new section 286 in the Income-tax Act relating to furnishing of report in respect of....
Clause 111 : Amendment of section 288

       Clause 111 of the Bill seeks to amend section 288 of the Income-tax Act relating to appearance by authorised representative. ....
Clause 112 : Amendment of Fourth Schedule

       Clause 112 of the Bill seeks to amend Part A of Fourth Schedule to the Income-tax Act relating to recognised provident fund. ....
Chapter: IV
INDIRECT TAXES

Customs
Clause 113 : Amendment of section 2

       Clause 113 of the Bill seeks to amend section 2 of the Customs Act so as to-- (i) substitute clause (43) thereof to redefi....
Clause 114 : Amendment of chapter heading of Chapter III

       Clause 114 of the Bill seeks to amend the Chapter heading of Chapter-III of the Customs Act. ....
Clause 115 : Omission of section 9

       Clause 115 of the Bill seeks to omit section 9 of the Customs Act. ....
Clause 116 : Amendment of section 25

       Clause 116 of the Bill seeks to amend section 25 of the Customs Act, so as to substitute sub-section (4) thereof to provide t....
Clause 117 : Amendment of section 28

       Clause 117 of the Bill seeks to amend section 28 of the Customs Act so as to provide for recovery of duty in situations where....
Clause 118 : Amendment of section 47

       Clause 118 of the Bill seeks to insert a proviso in sub-section (1) of section 47 of the Customs Act so as to empower the Cen....
Clause 119 : Amendment of section 51

       Clause 119 of the Bill seeks to renumber section 51 of the Customs Act as sub-section (1) thereof and to insert a proviso in ....
Clause 120 : Substitution of new section for section 53- Transit of certain goods without payment of duty

       Clause 120 of the Bill seeks to substitute section 53 of the Customs Act so as to enable the proper officer to allow transit ....
Clause 121 : Substitution of new section for section 57- Licensing of public warehouses

       Clause 121 of the Bill seeks to substitute a new section for section 57 of the Customs Act so as to vest with the Principal C....
Clause 122 : Substitution of new sections 58, 58A and 58B for section 58- Licensing of private warehouses- Licensing of special warehouses- Cancellation of Licence

       Clause 122 of the Bill seeks to substitute new sections 58, 58A and 58B for section 58 of the Customs Act. The proposed se....
Clause 123 : Substitution of new section for section 59- Warehousing bond

       Clause 123 of the Bill seeks to substitute a new section for section 59 of the Customs Act, so as to provide that the importe....
Clause 124 : Substitution of new section for section 60- Permission for removal of goods for deposit in warehouse

       Clause 124 of the Bill seeks to substitute new section for section 60 of the Customs Act. The proposed sub-section (1) of ....
Clause 125 : Substitution of new section for section 61- Period for which goods may remain warehoused

       Clause 125 of the Bill seeks to substitute a new section for section 61 of the Customs Act so as to specify the period for wh....
Clause 126 : Omission of sections 62 and 63

       Clause 126 of the Bill seeks to omit sections 62 and 63 of the Customs Act. ....
Clause 127 : Substitution of new section for section 64- Owner’s right to deal with warehoused goods

       Clause 127 of the Bill seeks to substitute a new section for section 64 of the Customs Act so as to make provisions for owner....
Clause 128 : Amendment of section 65

       Clause 128 of the Bill seeks to amend section 65 of the Customs Act so as to substitute certain words therein. ....
Clause 129 : Amendment of section 68

       Clause 129 of the Bill seeks to amend section 68 of the Customs Act so as to - (i) substitute certain words therein; (i....
Clause 130 : Amendment of section 69

       Clause 130 of the Bill seeks to amend section 69 of the Customs Act so as to,-- (i) substitute the word “exportation....
Clause 131 : Amendment of section 71

       Clause 131 of the Bill seeks to amend section 71 of the Customs Act so as to substitute the word “re-exportation”....
Clause 132 : Amendment of section 72

       Clause 132 of the Bill seeks to amend sub-section (1) of section 72 of the Customs Act so as to - (i) omit clause (c); ....
Clause 133 : Amendment of section 73

       Clause 133 of the Bill seeks to amend section 73 of the Customs Act so as to insert the word “transferred or” aft....
Clause 134 : Insertion of new section 73A- Custody and removal of warehoused goods

       Clause 134 of the Bill seeks to insert a new section 73A of the Customs Act so as to provide for the custody and removal of w....
Clause 135 : Amendment of section 156

       Clause 135 of the Bill seeks to insert sub-clause (c) in subsection (2) of section 156 of the Customs Act so as to empower th....
Clause 136 : Amendment of notifications issued under section 25 of Act 52 of 1962

       Clause 136 of the Bill seeks to amend the notifications issued under sub-section (1) of section 25 of the Customs Act vide nu....
Chapter: IV
Customs Tariff
Clause 137 : Omission of section 8C

       Clause 137 of the Bill seeks to omit section 8C of the Customs Tariff Act as the provision which was inserted for a period of....
Clause 138 : Amendment of First Schedule

       Clause 138 seeks to amend the First Schedule to the Customs Tariff Act,-- (i) in the manner specified in the Third Schedul....
Chapter: IV
Excise
Clause 139 : Amendment of section 5A

       Clause 139 of the Bill seeks to amend section 5A of the Central Excise Act so as to substitute sub-section (5) to provide tha....
Clause 140 : Amendment of section 11A

       Clause 140 seeks to amend section 11A of the Central Excise Act, to substitute the words “two years” for the word....
Clause 141 : Amendment of section 37B

       Clause 141 seeks to amend section 37B of the Central Excise Act, to insert the words “or for the implementation of any ....
Clause 142 : Amendment of Third Schedule

       Clause 142 of the Bill seeks to amend the Third Schedule to the Central Excise Act. Sub-clause (i) thereof seeks to amend ....
Chapter: IV
Excise Tariff
Clause 143 : Amendment of First Schedule

       Clause 143 seeks to amend the First Schedule to the Central Excise Tariff Act. Sub-clause (i) thereof seeks to amend the F....
Clause 144 : Amendment of Second Schedule

       Clause 144 of the Bill seeks to amend the Second Schedule to the Central Excise Tariff Act in the manner specified in the Nin....
Chapter: V
SERVICE T AX
Clause 145 : Amendment of section 65B

       Clause 145 of the Bill seeks to amend section 65B of the Finance Act, 1994 (hereinafter referred to as the 1994 Act) so as to....
Clause 146 : Amendment of section 66D

       Clause 146 of the Bill seeks to amend section 66D of the 1994 Act so as to-- (a) omit clause (l); (b) omit sub-clause (....
Clause 147 : Amendment of section 66E

       Clause 147 of the Bill seeks to amend section 66E of the 1994 Act so as to insert clause (j) therein to include assignment by....
Clause 148 : Amendment of section 67A

       Clause 148 of the Bill seeks to amend section 67A of the 1994 Act so as to insert a new sub-section (2) therein to empower th....
Clause 149 : Amendment of section 73

       Clause 149 seeks to amend section 73 of the 1994 Act to substitute the words “thirty months” for the words &ldquo....
Clause 150 : Amendment of section 75

       Clause 150 of the Bill seeks to amend section 75 of the 1994 Act to insert a proviso therein, so as to empower the Central Go....
Clause 151 : Amendment of section 78A

       Clause 151 of the Bill seeks to insert an Explanation in section 78A of the 1994 Act so as to provide for deemed conclusion o....
Clause 152 : Amendment of section 89

       Clause 152 of the Bill seeks to amend sub-section (1) of section 89 of the 1994 Act so as to increase the monetary limit of r....
Clause 153 : Amendment of section 90

       Clause 153 of the Bill seeks to omit sub-section (2) of section 90 of the 1994 Act as the power of arrest in respect of offen....
Clause 154 : Amendment of section 91

       Clause 154 of the Bill seeks to amend sub-section (1) and omit sub-section (3) of section 91 of the 1994 Act as the power of ....
Clause 155 : Amendment of section 93A

       Clause 155 of the Bill seeks to amend section 93A of the 1994 Act so as to empower the Central Government to grant rebate by ....
Clause 156 : Insertion of new sections 101, 102 and 103- Special provision for exemption in certain cases relating to construction of canal, dam, etc- Special provision for exemption in certain cases relating to construction of Government buildings- Special provision for exemption in certain cases relating to construction of airport or port.

       Clause 156 of the Bill seeks to insert new sections 101, 102 and 103 in the 1994 Act with a view to extend service tax exempt....
Clause 157 : Amendment of notification issued under section 93A of Finance Act, 1994

       Clause 157 of the Bill seeks to amend the notification specified in column (1) of the Tenth Schedule in the manner specified ....
Chapter: VI
KRISHI KALYAN CESS
Clause 158 : Krishi Kalyan Cess

       Clause 158 of the Bill seeks to insert new Chapter-VI so as to levy a cess to be called the Krishi Kalyan Cess, as service ta....
Chapter: VII
INFRASTRUCTURE CESS
Clause 159 : Infrastructure Cess

       Clause 159 of the Bill seeks to insert new Chapter VII so as to levy Infrastructure Cess at the rate of 4% as duty of excise ....
Chapter: VIII
EQUALISATION LEVY
Clause 160 : Extent, commencement and application

       Chapter VIII of the Bill seeks to insert a new Chapter in the Finance Bill, 2016 which deals with equalisation levy, collecti....
Clause 161 : Definitions

       Clause 161 of the Bill seeks to define certain terms and expressions used in this Chapter. Sub-clause (1) of clause 161of ....
Clause 162 : Charge of equalisation levy

       Clause 162 of Bill provides for charge of equalisation levy at the rate of six per cent. of the amount of consideration for a....
Clause 163 : Collection and recovery of equalisation levy

       Clause 163 of the Bill provides for collection and recovery of equalisation levy by a person, being a resident and carrying o....
Clause 164 : Furnishing of statement

       Clause 164 of the Bill provides for furnishing of statement by the assessee responsible for deduction of equalisation levy , ....
Clause 165 : Processing of statement

       Clause 165 of the Bill contains provisions relating to processing of the value of specified services and equalisation levy pa....
Clause 166 : Rectification of mistake

       Clause 166 of the Bill provides for rectification of mistakes apparent from the record of any order passed by the Assessing O....
Clause 167 : Interest on delayed payment of equalisation levy

       Clause 167 of the Bill provides for payment of simple interest at the rate of one per cent. for every month or part of a mont....
Clause 168 : Penalty for failure to deduct or pay equalisation levy

       Clause 168 of the Bill provides for imposition of penalty on the assessee responsible to deduct equalisation levy. The penalt....
Clause 169 : Penalty for failure to furnish statement

       Clause 169 of the Bill provides for penalty for failure to furnish statement under section 164. The penalty in such cases wil....
Clause 170 : Penalty not to be imposed in certain cases

       Clause 170 of the Bill provides that no penalty will be imposable under clause or clause, if the assessee proves that there w....
Clause 171 : Appeal to Commissioner of Income-tax (Appeals)

       Clause 171 of the Bill provides for an appeal to the Commissioner of Income-tax (Appeals) when the assessee denies has liabil....
Clause 172 : Appeal to Appellate Tribunal

       Clause 172 of the Bill provides for appeal to the Appellate Tribunal against order passed by Commissioner of Income-tax (Appe....
Clause 173 : Punishment for false statement

       Clause 173 of the Bill provides for punishment, by way of imprisonment up to a period of three years and with fine, for makin....
Clause 174 : Institution of prosecution

       Clause 174 of the Bill provides that no prosecution shall be instituted for any offence under clause 173 except with the prio....
Clause 175 : Application of certain provisions of Income-tax Act

       Clause 175 of the Bill provides that sections 120, 131, 133A,138, 156, Chapter XV and sections 220 to 227, 229, 232, 260A, 26....
Clause 176 : Power to make rules

       Clause 176 of the Bill confers power on the Central Government to make rules for the purposes of carrying out the provisions ....
Clause 177 : Power to remove difficulties

       Clause 177 of the Bill confers power on the Central Government to issue orders for removal of any difficulty arising in givin....
Chapter: IX
THE INCOME DECLARATION SCHEME , 2016
Clause 178 : Short title and commencement

       Clauses 178 to 196 of the Bill seeks to insert a new Chapter IX relating to Income Declaration Scheme, 2016. The said Scheme,....
Clause 179 : Definitions

       Clauses 178 to 196 of the Bill seeks to insert a new Chapter IX relating to Income Declaration Scheme, 2016. The said Scheme,....
Clause 180 : Declaration of undisclosed income

       Clauses 178 to 196 of the Bill seeks to insert a new Chapter IX relating to Income Declaration Scheme, 2016. The said Scheme,....
Clause 181 : Charge of tax and surcharge

       Clauses 178 to 196 of the Bill seeks to insert a new Chapter IX relating to Income Declaration Scheme, 2016. The said Scheme,....
Clause 182 : Penalty

       Clauses 178 to 196 of the Bill seeks to insert a new Chapter IX relating to Income Declaration Scheme, 2016. The said Scheme,....
Clause 183 : Manner of declaration

       Clauses 178 to 196 of the Bill seeks to insert a new Chapter IX relating to Income Declaration Scheme, 2016. The said Scheme,....
Clause 184 : Time for payment of tax

       Clauses 178 to 196 of the Bill seeks to insert a new Chapter IX relating to Income Declaration Scheme, 2016. The said Scheme,....
Clause 185 : Undisclosed income declared not to be included in total income

       Clauses 178 to 196 of the Bill seeks to insert a new Chapter IX relating to Income Declaration Scheme, 2016. The said Scheme,....
Clause 186 : Undisclosed income declared not to affect finality of completed assessments

       Clauses 178 to 196 of the Bill seeks to insert a new Chapter IX relating to Income Declaration Scheme, 2016. The said Scheme,....
Clause 187 : Undisclosed income declared not to be treated as benami transaction in certain cases

       Clauses 178 to 196 of the Bill seeks to insert a new Chapter IX relating to Income Declaration Scheme, 2016. The said Scheme,....
Clause 188 : Tax in respect of voluntarily disclosed income not refundable

       Clauses 178 to 196 of the Bill seeks to insert a new Chapter IX relating to Income Declaration Scheme, 2016. The said Scheme,....
Clause 189 : Declaration not admissible in evidence against declarant

       Clauses 178 to 196 of the Bill seeks to insert a new Chapter IX relating to Income Declaration Scheme, 2016. The said Scheme,....
Clause 190 : Declaration by misrepresentation of facts to be void

       Clauses 178 to 196 of the Bill seeks to insert a new Chapter IX relating to Income Declaration Scheme, 2016. The said Scheme,....
Clause 191 : Exemption from wealth-tax in respect of assets specified in declaration

       Clauses 178 to 196 of the Bill seeks to insert a new Chapter IX relating to Income Declaration Scheme, 2016. The said Scheme,....
Clause 192 : Applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act

       Clauses 178 to 196 of the Bill seeks to insert a new Chapter IX relating to Income Declaration Scheme, 2016. The said Scheme,....
Clause 193 : Scheme not to apply to certain persons

       Clauses 178 to 196 of the Bill seeks to insert a new Chapter IX relating to Income Declaration Scheme, 2016. The said Scheme,....
Clause 194 : Removal of doubts

       Clauses 178 to 196 of the Bill seeks to insert a new Chapter IX relating to Income Declaration Scheme, 2016. The said Scheme,....
Clause 195 : Power to remove difficulties

       Clauses 178 to 196 of the Bill seeks to insert a new Chapter IX relating to Income Declaration Scheme, 2016. The said Scheme,....
Clause 196 : Power to make rules

       Clauses 178 to 196 of the Bill seeks to insert a new Chapter IX relating to Income Declaration Scheme, 2016. The said Scheme,....
Chapter: X
THE DIRECT TAX DISPUTE RESOLUTION SCHEME, 2016
Clause 197 : Short title and commencement

       Clauses 197 to 208 of the Bill seeks to insert a new Chapter X in the Finance Bill, 2016 which deals with the Direct Tax Disp....
Clause 198 : Definitions

       Clauses 197 to 208 of the Bill seeks to insert a new Chapter X in the Finance Bill, 2016 which deals with the Direct Tax Disp....
Clause 199 : Declaration of tax payable

       Clauses 197 to 208 of the Bill seeks to insert a new Chapter X in the Finance Bill, 2016 which deals with the Direct Tax Disp....
Clause 200 : Particulars to be furnished

       Clauses 197 to 208 of the Bill seeks to insert a new Chapter X in the Finance Bill, 2016 which deals with the Direct Tax Disp....
Clause 201 : Time and manner of payment

       Clauses 197 to 208 of the Bill seeks to insert a new Chapter X in the Finance Bill, 2016 which deals with the Direct Tax Disp....
Clause 202 : Immunity from initiation of proceedings in respect of offence and imposition of penalty in certain cases

       Clauses 197 to 208 of the Bill seeks to insert a new Chapter X in the Finance Bill, 2016 which deals with the Direct Tax Disp....
Clause 203 : No refund of amount paid under Scheme

       Clauses 197 to 208 of the Bill seeks to insert a new Chapter X in the Finance Bill, 2016 which deals with the Direct Tax Disp....
Clause 204 : No other benefit, concession or immunity to declarant

       Clauses 197 to 208 of the Bill seeks to insert a new Chapter X in the Finance Bill, 2016 which deals with the Direct Tax Disp....
Clause 205 : Scheme not to apply in certain cases

       Clauses 197 to 208 of the Bill seeks to insert a new Chapter X in the Finance Bill, 2016 which deals with the Direct Tax Disp....
Clause 206 : Power of Central Government to issue directions, etc.

       Clauses 197 to 208 of the Bill seeks to insert a new Chapter X in the Finance Bill, 2016 which deals with the Direct Tax Disp....
Clause 207 : Power to remove difficulties

       Clauses 197 to 208 of the Bill seeks to insert a new Chapter X in the Finance Bill, 2016 which deals with the Direct Tax Disp....
Clause 208 : Power to make rules.

       Clauses 197 to 208 of the Bill seeks to insert a new Chapter X in the Finance Bill, 2016 which deals with the Direct Tax Disp....
Chapter: XI
THE INDIRECT TAX DISPUTE RESOLUTION SCHEME, 2016
Clause 209 : Short title, application and commencement

       Clauses 209 to 215 of the Bill seeks to insert new Chapter XI to provide for the Indirect Tax Dispute Resolution Scheme, 2016....
Clause 210 : Definitions

       Clauses 209 to 215 of the Bill seeks to insert new Chapter XI to provide for the Indirect Tax Dispute Resolution Scheme, 2016....
Clause 211 : Procedure for making declaration

       Clauses 209 to 215 of the Bill seeks to insert new Chapter XI to provide for the Indirect Tax Dispute Resolution Scheme, 2016....
Clause 212 : Scheme not to apply in certain cases

       Clauses 209 to 215 of the Bill seeks to insert new Chapter XI to provide for the Indirect Tax Dispute Resolution Scheme, 2016....
Clause 213 : Immunity from other proceedings under Act

       Clauses 209 to 215 of the Bill seeks to insert new Chapter XI to provide for the Indirect Tax Dispute Resolution Scheme, 2016....
Clause 214 : Consequences of order made under Scheme

       Clauses 209 to 215 of the Bill seeks to insert new Chapter XI to provide for the Indirect Tax Dispute Resolution Scheme, 2016....
Clause 215 : Power to make rules

       Clauses 209 to 215 of the Bill seeks to insert new Chapter XI to provide for the Indirect Tax Dispute Resolution Scheme, 2016....
Chapter: XII
MISCELLANEOUS

PART I- AMENDMENTS TO THE RESERVE BANK OF INDIA ACT, 1934.
Clause 216 : Commencement and Amendment of Act 2 of 1934

       Clauses 216 to 220 of the Bill seeks to amend certain provisions of the Reserve Bank of India Act, 1934. It is proposed to am....
Clause 217 : Amendment of Preamble

       Clauses 216 to 220 of the Bill seeks to amend certain provisions of the Reserve Bank of India Act, 1934. It is proposed to am....
Clause 218 : Amendment of section 2

       Clauses 216 to 220 of the Bill seeks to amend certain provisions of the Reserve Bank of India Act, 1934. It is proposed to am....
Clause 219 : Insertion of new Chapter III F- Provisions of this Chapter to override other provisions of Act

       Clauses 216 to 220 of the Bill seeks to amend certain provisions of the Reserve Bank of India Act, 1934. It is proposed to am....
Clause 220 : Amendment of section 58

       Clauses 216 to 220 of the Bill seeks to amend certain provisions of the Reserve Bank of India Act, 1934. It is proposed to am....
Part: XII
PART II - AMENDMENT TO THE CENTRAL SALES TAX ACT, 1956
Clause 221 : Amendment of Act 74 of 1956

       Clause 221 of the Bill seeks to amend section 3 of the Central Sales Tax Act, 1956 so as to insert an Explanation 3 therein t....
Part: XII
PART III - AMENDMENT TO THE OIL INDUSTRY (DEVELOPMENT) ACT, 1974
Clause 222 : Amendment of Schedule to Act 47 of 1974

       Clause 222 seeks to amend the Schedule to the Oil Industry (Development) Act, 1974 so as to levy cess at the rate of twenty p....
Part: XII
PART IV - AMENDMENT TO THE SMUGGLERS AND FOREIGN EXCHANGE MANIPULATORS (FORFEITURE OF PROPERTY) ACT, 1976
Clause 223 : Amendment of Act 13 of 1976

       Clause 223 of the Bill seeks to amend sections 2A, 3 and 12 of the Smugglers and Foreign Exchange Manipulators (Forfeiture of....
Part: XII
PART V - AMENDMENT TO THE NARCOTIC DRUGS AND PSYCHOTROPIC SUBSTANCES ACT , 1985
Clause 224 : Amendment of Act 61 of 1985- Appellate Tribunal

       Clause 224 of the Bill seeks to amend sections 68B, 68N and section 76 of the Narcotic Drugs and Psychotropic Substances Act,....
Part: XII
PART V - AMENDMENT TO THE FOREIGN EXCHANGE MANAGEMENT ACT, 1999
Clause 225 : Commencement of this Part

       Clauses 225 and 226 of the Bill seeks to amend the Foreign Exchange Management Act, 1999 so as to insert a new section 14A re....
Clause 226 : Amendment of Act 42 of 1999- Power to recover arrears of penalty

       Clauses 225 and 226 of the Bill seeks to amend the Foreign Exchange Management Act, 1999 so as to insert a new section 14A re....
Part: XII
PART VII- AMENDMENT TO THE CENTRAL ROAD FUND ACT, 2000
Clause 227 : Amendment of Act 54 of 2000

       Clause 227 of the Bill seeks to amend section 10 of the Central Road Fund Act relating to functions of the Central Government....
Part: XII
PART VIII - AMENDMENT TO THE FINANCE ACT, 2001
Clause 228 : Amendment of Act 14 of 2001

       Clause 228 of the Bill seeks to amend the Seventh Schedule to the Finance Act, 2001, so as to amend the said Schedule,-- (....
Part: XII
PART IX - AMENDMENT TO THE PREVENTION OF MONEY-LAUNDERING ACT, 2002
Clause 229 : Amendment of Act 15 of 2003- Appellate Tribunal

       Clause 229 seeks to amend the prevention of Money- Laundering Act, 2002. It is proposed to amend the aforesaid Act so as to c....
Part: XII
PART X - AMENDMENT TO THE FINANCE (NO. 2) ACT, 2004
Clause 230 : Amendment of Act 23 of 2004- Chapter VII not to apply in certain cases

       Clause 230 of the Bill seeks to amend section 98 of the Finance (No.2) Act, 2004 relating to charge of securities transaction....
Part: XII
PART XI - AMENDMENT TO THE FINANCE ACT, 2005
Clause 231 : Amendment of Act 18 of 2005

       Clause 231 of the Bill seeks to amend the Seventh Schedule to the Finance Act, 2005 to revise the rate of excise duty on cert....
Part: XII
PART XII - AMENDMENT TO THE FINANCE ACT, 2010
Clause 232 : Amendment of Act 14 of 2010

       Clause 232 of the Bill seeks to substitute the words “Clean Energy Cess” with “Clean Environment Cess&rdquo....
Part: XII
PART XIII - AMENDMENT TO THE FOREIGN CONTRIBUTION (REGULATION ) ACT, 2010
Clause 233 : Amendment of section 2 of Act 42 of 2010

       Clause 233 of the Bill seek to amend the Foreign Contribution (Regulation) Act, 2010 so as to insert a proviso in sub-clause ....
Part: XII
PART XIV - AMENDMENT TO THE FINANCE ACT, 2013
Clause 234 : Amendment of Act 17 of 2013- Chapter VII not to apply in certain cases

       Clause 234 of the Bill seeks to amend the Finance Act, 2013 relating to commodities transaction tax. The provisions of the....
Part: XII
PART XV - AMENDMENT TO THE FINANCE ACT, 2015
Clause 235 : Amendment of Act 20 of 2015

       Clause 235 of the Bill inter alia, provides for establishment, utilisation and notifying the eligible rate of interest money ....
Part: XII
PART XVI - REPEAL AND AMENDMENT OF CERTAIN ENACTMENTS
Clause 236 : Repeal and amendment of certain enactments

       Clause 236 to 238 of the Bill seek to repeal certain enactments specified in the Fifteenth Schedule and amend certain enactme....
Clause 237 : Savings

       Clause 236 to 238 of the Bill seek to repeal certain enactments specified in the Fifteenth Schedule and amend certain enactme....
Clause 238 : Collection and payment of arrears of duties

       Clause 236 to 238 of the Bill seek to repeal certain enactments specified in the Fifteenth Schedule and amend certain enactme....
Schedules
-SCHEDULE 01 : THE FIRST SCHEDULE (See section 2)
-SCHEDULE 02 : THE SECOND SCHEDULE (See section 136)
-SCHEDULE 03 : THE THIRD SCHEDULE (See section 138(i))
-SCHEDULE 04 : THE FOURTH SCHEDULE [See section 138 (ii)]
-SCHEDULE 05 : THE FIFTH SCHEDULE [See section 142 (i)]
-SCHEDULE 06 : THE SIXTH SCHEDULE [See section 142 (ii)]
-SCHEDULE 07 : THE SEVENTH SCHEDULE [See section 143 (i)]
-SCHEDULE 08 : THE EIGHTH SCHEDULE [See section 143 (ii)]
-SCHEDULE 09 : THE NINTH SCHEDULE (See section 144)
-SCHEDULE 10 : THE TENTH SCHEDULE (See section 157)
-SCHEDULE 11 : THE ELEVENTH SCHEDULE (See section 159)
-SCHEDULE 12 : THE TWELFTH SCHEDULE [See section 228 (i)]
-SCHEDULE 13 : THE THIRTEENTH SCHEDULE [See section 228 (ii)]
-SCHEDULE 14 : THE FOURTEENTH SCHEDULE (See section 231)
-SCHEDULE 15 : THE FIFTEENTH SCHEDULE (See section 236)
Chapter: Statement
STATEMENT OF OBJECTS AND REASONS
-STATEMENT : STATEMENT OF OBJECTS AND REASONS
Chapter: Notes
Notes on clauses
-MEMO : MEMORANDUM REGARDING DELEGATED LEGISLATION
-Notes-01 : Notes on clauses-Income Tax
-Notes-02 : Notes on clauses-Customs
-Notes-03 : Notes on clauses-Customs Tariff
-Notes-04 : Notes on clauses-Central Excise
-Notes-05 : Notes on clauses-Central Excise Tariff
-Notes-06 : Notes on clauses-Service Tax
-Notes-07 : Notes on clauses-Krishi-Kalyan-Cess
-Notes-08 : Notes on clauses-Infrastructure-Cess
-Notes-09 : Notes on clauses-Equalisation Levy
-Notes-10 : Notes on clauses-Income Declaration scheme
-Notes-11 : Notes on clauses-Direct Tax Dispute Resolution scheme
-Notes-12 : Notes on clauses-Indirect Tax Dispute Resolution Scheme,2016
-Notes-13 : Notes on clauses-Miscellaneous
Memorandum Explaining the Provisions in The Finance Bill, 2016
Clause - : CUSTOMS
-- : EXCISE
-- : MISCELLANEOUS
-- : SERVICE TAX
-A : RATES OF INCOME-TAX- DIRECT TAXES
-B : Additional Resource Mobilisation- DIRECT TAXES
-C : Widening of Tax Base and Anti Abuse Measures- DIRECT TAXES
-D : Measures to phase out deductions- DIRECT TAXES
-E : Measures to promote socio-economic growth- DIRECT TAXES
-F : Relief and Welfare Measures- DIRECT TAXES
-G : Ease of doing Business/dispute resolution- DIRECT TAXES
-H : Rationalisation Measures- DIRECT TAXES
 
 
 
 
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