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..... 2018. Rates for deduction of tax at source during the financial year 2018-2019 from income other than Salaries Part II of the First Schedule to the Bill specifies the rates at which income-tax is to be deducted at source during the financial year 2018-2019 from income other than Salaries . The rates are the same, as those specified in Part II of the First Schedule to the Finance Act, 2017 for the purposes of deduction of income tax at source during the financial year 2017-2018 except that in the case of long-term capital gains referred to in section 112A of the Incometax Act, tax shall now be deducted at source at the rate of ten per cent. The amount of tax so deducted shall be increased by a surcharge in the case of- ( i ) every non-resident being an individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause ( vii ) of clause ( 31 ) of section 2 of the Incometax Act,- ( a ) at the rate of ten per cent. of such tax, where the income or the aggregate of income paid or likely to be paid and subject to deduction exceeds fifty lakh rupees but does n .....

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..... Up to ₹ 3,00,000 Nil ₹ 3,00,001 to ₹ 5,00,000 5 per cent. ₹ 5,00,001 to ₹ 10,00,000 20 per cent. Above ₹ 10,00,000 30 per cent.; ( iii ) In the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year : - Up to ₹ 5,00,000 Nil ₹ 5,00,001 to ₹ 10,00,000 20 per cent. Above ₹ 10,00,000 30 per cent. The surcharge in cases of persons referred to in this paragraph, having total income above fifty lakh rupees but not above one crore rupees, shall be levied at the rate of ten per cent. In cases of persons referred to in this paragraph, having total income above one crore rupees, surcharge shall be levied at the rate of fifteen per cent. Marginal relief will be provided. Paragraph B of this Part specifies the rates of income-tax in the case of every co-operative society. In su .....

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..... t the rate of two per cent. and Secondary and Higher Education Cess at the rate of one per cent. shall continue to be levied in all cases covered under Part I of the First Schedule. However, in financial year 2018-2019, in the cases covered under Part II and Part III of the First Schedule, the Education Cess and Secondary and Higher Education Cess shall be discontinued. A new cess by the name Health and Education Cess at the rate of four per cent. shall be levied in the cases covered under Part II and Part III of the First Schedule. In the cases covered under Part II of the First Schedule, there will be no levy of the Health and Education Cess on tax deducted or collected at source in the case of domestic company and any other person who is resident in India. The cess would apply on tax deducted at source in the case of salary payments. It would also be levied in the cases of persons not resident in India and companies other than domestic company. Clause 3 of the Bill seeks to amend section 2 of the Income-tax Act relating to definitions. Clause ( 22 ) of the said section provides the definition of the term dividend . Explanation 2 to the said clause clarifie .....

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..... chandise on behalf of the non-resident; or habitually secures orders in India, mainly or wholly for the non-resident or for that non-resident and other non-residents controlling, controlled by, or subject to the same common control, as that non-resident. The proviso to the said Explanation provides that such business connection shall not include any business activity specified therein. It is proposed to substitute clause ( a ) of the said Explanation 2 so as to provide that business connection shall include any business activity carried through a person who, acting on behalf of the non-resident, has and habitually exercises in India, an authority to conclude contracts on behalf of the non-resident or habitually concludes contracts or habitually plays the principal role leading to conclusion of contracts by the non-resident and the contracts are- ( i ) in the name of the non-resident; or ( ii ) for the transfer of the ownership of, or for the granting of the right to use, property owned by that non-resident or that non-resident has the right to use; or ( iii ) for the provision of services by that non-resident. It is further proposed to insert a new Explanat .....

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..... tal amount payable to him at the time of such closure or his opting out of the scheme shall not be included in his total income. It is proposed to amend the said clause so as to extend the aforesaid exemption to all the assessees who have subscribed to the National Pension System Trust. Third proviso to clause ( 23C ) of the said section provides for exemption in respect of income of the entities referred to in sub-clause ( iv ) or sub-clause ( v ) or sub-clause ( vi ) or sub-clause ( via ) of said clause in a case where such income is applied or accumulated during the previous year for certain purposes in accordance with the relevant provisions. It is proposed to insert a proviso after the twelfth proviso to the said clause so as to provide that for the purposes of determining the amount of application under item ( a ) of the said third proviso, the provisions of sub-clause ( ia ) of clause ( a ) of section 40 and sub-sections ( 3 ) and ( 3A ) of section 40A shall, mutatis mutandis , apply as they apply in computing the income chargeable under the head Profits and gains of business or profession . Clause ( 38 ) of section 10, inter alia , provides for exemption fr .....

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..... ment year 2019-2020 and subsequent years. Clause 6 of the Bill seeks to amend section 11of the Income-tax Act relating to income from property held for charitable or religious purposes. The said section provides for exemption in respect of income derived from property held under trust for charitable or religious purposes to the extent to which such income is applied or accumulated during the previous year for certain purposes in accordance with the relevant provisions. It is proposed to insert a new Explanation to the said section so as to provide that for the purposes of determining the amount of application under clause ( a ) or clause ( b ) of sub-section ( 1 ) thereof, the provisions of sub-clause ( ia ) of clause ( a ) of section 40 and sub-sections ( 3 ) and ( 3A ) of section 40A, shall, mutatis mutandis , apply as they apply in computing the income chargeable under the head Profits and gains of business or profession . This amendment will take effect from 1st April, 2019 and will, accordingly, apply in relation to the assessment year 2019-2020 and subsequent years. Clause 7 of the Bill seeks to amend section 16 of the Income-tax Act relating to deducti .....

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..... rofit and gains of business and profession . These amendments will take effect from 1st April, 2019 and will, accordingly, apply in relation to the assessment year 2019-2020 and subsequent years. Clause 10 of the Bill seeks to amend section 36 of the Income-tax Act relating to other deductions. Sub-section ( 1 ) of the said section provides for allowing certain deductions in computing income under the head Profits and gains of business or profession . It is proposed to insert a new clause ( xviii ) in the said sub-section so as to provide that deduction in respect of any marked to market loss or other expected loss shall be allowed, if computed in accordance with the income computation and disclosure standards notified under sub-section ( 2 ) of section 145. This amendment will take effect retrospectively from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years. Clause 11 of the Bill seeks to amend section 40A of the Income-tax Act relating to expenses or payments not deductible in certain circumstances. The aforesaid section provides for disallowance of certain expenses or payments while computing .....

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..... will take effect retrospectively from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years. Clause 14 of the Bill seeks to amend section 43CA of the Income-tax Act relating to special provision for full value of consideration for transfer of assets other than capital assets in certain cases. The said section, inter alia , provides that in case of transfer of an asset (other than a capital asset) being land or building or both the value adopted or assessed or assessable by the stamp valuation authority for the purpose of payment of stamp duty in respect of such transfer shall be taken as the full value of consideration for the purposes of computing profits and gains from transfer of such asset, if it is more than the consideration. The said section also provides that where the date of agreement fixing the value of consideration for transfer of the asset and the date of registration of such transfer of asset are not the same, the value assessable by the authority for the purpose of payment of stamp duty in respect of such transfer on the date of the agreement shall be taken if the amount of consideration or a part th .....

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..... ned on the basis of a straight line method. It is also proposed to provide that for this purpose the contract revenue shall include retention money and the contract costs shall not be reduced by any incidental income in the nature of interest, dividends or capital gains. This amendment will take effect retrospectively from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years. Clause 16 of the Bill seeks to amend section 44AE of the Income-tax Act relating to special provision for computing profits and gains of business of plying, hiring or leasing goods carriages. Sub-section ( 2 ) of the said section, inter alia , provides that for the purpose of computing profits and gains of business of plying, hiring or leasing goods carriages an amount equal to seven thousand five hundred rupees for every month or part of a month or an amount claimed to be actually earned by the assessee, whichever is higher, shall be deemed to be the aggregate income. It is proposed to substitute the said sub-section so as to provide that for a heavy goods vehicle, the profits and gains shall be an amount equal to one thousand rupees .....

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..... which has been taken into account for the purposes of the said clause. This amendment will take effect from 1st April, 2019 and will, accordingly, apply in relation to the assessment year 2019-2020 and subsequent years. Clause 19 of the Bill seeks to amend section 50C of the Income-tax Act relating to special provision for full value of consideration in certain cases. The said section provides that in case of transfer of a capital asset being land or building or both, the value adopted or assessed or assessable by the stamp valuation authority for the purpose of payment of stamp duty in respect of such transfer shall be taken as the full value of consideration for the purposes of computation of Capital gains if the same is more than the full value of consideration. It is proposed to insert a proviso to sub-section ( 1 ) of the said section so as to provide that where the value adopted or assessed or assessable by the stamp valuation authority does not exceed one hundred and five per cent. of the consideration received or accruing as a result of the transfer, the consideration so received or accruing as a result of the transfer shall, for the purposes of section 48, be .....

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..... lause 21 of the Bill seeks to amend section 56 of the Income-tax Act relating to income from other sources. Clause ( x ) of sub-section ( 2 ) of the said section, inter alia , provides that where any person receives, in any previous year, from any person or persons on or after the 1st day of April, 2017, any immovable property, for a consideration which is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such consideration shall be charged to tax under the head Income from other sources . It is proposed to amend the said clause of sub-section ( 2 ) of the said section so as to provide that where any person receives any immovable property for a consideration, the stamp duty value of the property as exceeds such consideration, if the amount of such excess is more than fifty thousand rupees or the amount equal to five per cent. of the consideration, whichever is higher, shall be charged to tax under the head Income from other sources . This amendment will take effect from 1st April, 2019 and will, accordingly, apply in relation to the assessment year 2019-2020 and subsequent yea .....

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..... ngly, apply in relation to the assessment year 2018-2019 and subsequent years. Clause 23 of the Bill seeks to amend section 80AC of the Income-tax Act relating to deduction not to be allowed unless return furnished. The said section provides that where, in computing the total income of an assessee of the previous year relevant to the assessment year commencing on the 1st day of April, 2006 or any subsequent assessment year, any deduction admissible under section 80-IA or section 80-IAB or section 80-IB or section 80-IC or section 80-ID or section 80-IE, shall be allowed to him only if he furnishes a return of his income for such assessment year on or before the due date specified under sub-section ( 1 ) of section 139. It is proposed to substitute the said section so as to provide that in computing the total income of an assessee of the previous year relevant to the assessment year commencing on or after the 1st day of April, 2018, deduction under any other provisions of Chapter VIA under the heading C.-Deductions in respect of certain incomes shall be allowed only if the return is filed within the due date specified under sub-section ( 1 ) of section 139. This amen .....

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..... s. Clause 26 of the Bill seeks to amend section 80-IAC of the Income-tax Act relating to special provision in respect of specified business. The said section, inter alia , provides that deduction under the said section shall be available to an eligible start-up, if it is incorporated on or after the 1st day of April, 2016 but before the 1st day of April, 2019; the total turnover of its business does not exceed twenty-five crore rupees in any of the previous years beginning on or after the 1st day of April, 2016 and ending on the 31st day of March, 2021; and it is engaged in the eligible business. It is proposed to amend the said section so as to provide that deduction under the said section shall be available to an eligible start-up, if it is incorporated on or after the 1st day of April, 2016 but before the 1st day of April, 2021; the total turnover of its business does not exceed twenty-five crore rupees in any of the seven previous years beginning from the year in which it is incorporated. It is also proposed to amend the definition of eligible business to mean a business carried out by an eligible start up engaged in innovation, development or improvement of pr .....

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..... he amount of income or profits and gains and business attributable to any one or more of such activities shall be deducted in computing the total income of the assessee for the previous year relevant to any assessment year commencing on or after the 1st day of April, 2019, but before the 1st day of April, 2025. It is further proposed to provide that where the assessee is entitled also to deduction under any other provision or provisions of Chapter VIA, the deduction under this section shall be allowed from the gross total income as reduced by the deductions under such other provision or provisions of the said Chapter. It is also proposed to define the expressions eligible business , member and Producer Company for the purposes of the said new section. These amendments will take effect from 1st April, 2019 and will, accordingly, apply in relation to the assessment year 2019- 2020 and subsequent years. Clause 29 of the Bill seeks to amend section 80TTA of the Income-tax Act relating to deduction in respect of interest on deposits in savings account. The said section, inter alia , provides that where the gross total income of an assessee, being an individual or .....

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..... payable by the assessee on the capital gains exceeding one lakh rupees shall be calculated at the rate of ten per cent. It is further proposed to provide that in the case of an individual or a Hindu undivided family, being a resident, where the total income as reduced by such long-term capital gains is below the maximum amount which is not chargeable to income-tax, then, such long-term capital gains shall be reduced by the amount by which the total income as so reduced falls short of the maximum amount which is not chargeable to income-tax. It is also proposed to provide that capital gains arising from a transaction undertaken on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is received or receivable in foreign currency, shall be eligible under this section without payment of securities transaction tax. It is also proposed to provide that the provisions of this section shall not apply to any income arising from the transfer of a longterm capital asset, being an equity share in a company, if the transaction of acquisition, other than the acquisition notified by the Central Government in th .....

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..... l be subject to the other provisions of the said Chapter instead of only sections 111A and 112. This amendment will take effect retrospectively from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years. Clause 34 of the Bill seeks to amend section 115BBE of the Income-tax Act relating to tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D. Sub-section ( 2 ) of the said section provides that no deduction in respect of any expenditure or allowance or set-off of any loss shall be allowed to the assessee under any provision of the said Act in computing his income referred to in clause ( a ) of sub-section ( 1 ). It is proposed to amend the said sub-section ( 2 ) so as to include income referred to in clause ( b ) of sub-section ( 1 ). This amendment will take effect retrospectively from lst April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years. Clause 35 of the Bill seeks to amend section 115JB of the Income-tax Act relating to special provision for payment of tax by certain companies. The s .....

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..... ertible foreign exchange, the rate of tax shall be nine per cent. This amendment will take effect from 1st April, 2019 and will, accordingly, apply in relation to the assessment year 2019-2020 and subsequent years. Clause 37 seeks to amend section 115JF of the Income-tax Act relating to interpretation in this Chapter. It is proposed to amend the said section so as to provide that the assesse being a person other than a company, is a unit located in an International Financial Service Centre and derives its income solely in convertible foreign exchange, the rate of tax minimum alternate tax shall be nine per cent. It is further proposed to define certain expressions used therein. These amendments will take effect from 1st April, 2019 and will, accordingly, apply in relation to the assessment year 2019-2020 and subsequent years. Clause 38 of the Bill seeks to amend section 115-O of the Income-tax Act relating to tax on distributed profits of domestic companies. It is proposed to insert a proviso to sub-section ( 1 ) of the said section so as to provide for levy of tax at the rate of thirty per cent. on distributed profits in the nature of dividend under sub-cl .....

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..... d to amend the said clause so as to define equity oriented fund as a fund referred to in clause ( a ) of Explanation to section 112A and the Unit Scheme, 1964 made by the Unit Trust of India. This amendment will take effect from 1st April, 2018. Clause 42 of the Bill seeks to amend section 139A of the Incometax Act relating to permanent account number. Sub-section ( 1 ) of the said section, inter alia , provides that every person specified therein and who has not been allotted a permanent account number shall apply to the Assessing Officer for allotment of a permanent account number. It is proposed to insert a new clause ( v ) in the said sub-section so as to provide that every person, not being an individual, which enters into a financial transaction of an amount aggregating to two lakh fifty thousand rupees or more in a financial year shall apply to the Assessing Officer for allotment of a permanent account number. It is further proposed to insert a new clause ( vi ) so as to provide that the managing director, director, partner, trustee, author, founder, karta , chief executive officer, principal officer or office bearer of the person referred to in clause .....

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..... ose of determining the income chargeable under the head Profits and gains of business or profession ,- ( i ) the valuation of inventory shall be made at lower of actual cost or net realisable value in accordance with the income computation and disclosure standards notified under sub-section ( 2 ) of section 145; ( ii ) the valuation of purchase and sale of goods or services and of inventory shall be adjusted to include the amount of any tax, duty, cess or fee (by whatever name called) actually paid or incurred by the assessee to bring the goods or services to the place of its location and condition as on the date of valuation; ( iii ) the valuation of inventory being securities not listed on a recognised stock exchange; or listed but not quoted on a recognised stock exchange with regularity from time to time, shall be valued at actual cost initially recognised in accordance with the income computation and disclosure standards notified under sub-section ( 2 ) of section 145; ( iv ) inventory being securities other than those referred to in clause ( iii ), shall be valued at lower of actual cost or net realisable value in accordance with the income computation and disclo .....

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..... ng any bank or banking institution, referred to in section 51 of that Act); or co-operative society engaged in carrying on the business of banking; or on any deposit with post office under any scheme framed by the Central Government and notified by it in this behalf; or five thousand rupees in any other case, no tax at source is required to be deducted. It is proposed to amend the said section so as to provide that in case of senior citizen, the said interest amount is increased to fifty thousand rupees. It is also proposed to define the expression senior citizen . These amendments will take effect from 1st April, 2018. Clause 48 of the Bill seeks to amend section 245-O of the Income-tax Act relating to Authority for Advance Rulings. The said section, inter alia , provides for constitution of an Authority for Advance Rulings. It is proposed to amend the said section so as to provide that the said Authority shall cease to act as an Authority for Advance Rulings for the purpose of Chapter V of the Customs Act, 1962 on and from the date of appointment of Customs Authority for Advance Rulings under section 28EA of the Customs Act, 1962 and the Authority for Advanc .....

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..... atement within the prescribed time, he shall be liable to pay penalty of one hundred rupees for every day of default. The proviso to the said section further provides that in case such person fails to furnish the statement of financial transaction or reportable account within the period specified in the notice issued under sub-section ( 5 ) of section 285BA, he shall be liable to pay penalty of five hundred rupees for every day of default. It is proposed to amend the said section so as to increase the penalty from one hundred rupees to five hundred rupees and from five hundred rupees to one thousand rupees, for each day of continuing default. This amendment will take effect from 1st April, 2018. Clause 52 of the Bill seeks to amend section 276CC of the Income-tax Act relating to failure to furnish returns of income. Sub-clause ( b ) of clause ( ii ) of the proviso to the said section provides that a person shall not be proceeded against under the said section for any assessment year commencing on or after the 1st day of April, 1975, if the tax payable by him on the total income determined on regular assessment as reduced by the advance tax, if any, paid and any tax de .....

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..... ) of section 90 or sub-section ( 1 ) of section 90A; and (ii) an agreement as may be notified by the Central Government for exchange of the report referred to in sub-section ( 2 ) and subsection ( 4 ). It is also proposed to consequentially amend clause ( j ) of sub-section ( 9 ) so as to also make reference to the report referred to in sub-section ( 4 ). These amendments are clarificatory in nature. These amendments will take effect retrospectively from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years. Customs Clause 54 of the Bill seeks to amend the Customs Act with a view to substitute reference to the expression import manifest with the expression arrival manifest or import manifest and the expression export manifest with the expression departure manifest or export manifest , throughout the Act, so as to expand the scope of manifest, to include all goods carried by the conveyance, required to be delivered before its arrival and departure. Clause 55 of the Bill seeks to amend section 1 of the Customs Act so as to expand the scope of the said Act and make it applicable to a person wh .....

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..... tions. Clause 61 of the Bill seeks to amend section 28 of the Customs Act so as to insert a proviso in clause ( a ) of sub-section ( 1 ) to provide for pre-notice consultation in cases not involving collusion, suppression, etc., before issue of demand notice and to provide by regulations the manner to be conducting pre-notice consultation. It further proposes to insert a new sub-section ( 7A ) therein, to provide for issuance of supplementary show cause notice in the circumstances and manner to be provided by regulations. It also proposes to amend sub-section ( 9 ) thereof, to provide a definite time frame for adjudication of demand notices as six months and one year depending upon whether charges of collusion, suppression, etc., have been invoked. These time periods shall be extendable by the officer senior to adjudicating authority for a further period of six months and one year respectively. It also proposes to provide that if the demand notice is not adjudicated within such extended period, it shall be deemed as if no demand notice was issued. It also proposes to insert a new sub-section ( 9A ) therein, to provide for certain grounds on which the time limit of six .....

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..... Authority . The transitional provisions relating to transfer of the applications and proceedings pending before the existing Authority are also being proposed. Clause 65 of the Bill seeks to amend sub-section ( 2 ) of section 28H of the Customs Act to empower the Central Government to add by notification any other subject for advance ruling. It also seeks to provide that an applicant may be represented by an authorised person who is a resident of India. Clause 66 of the Bill seeks to amend sub-section ( 6 ) of section 28-I of the Customs Act to reduce the time limit from six months to three months within which the Customs Authority for Advance Rulings shall pronounce its advance ruling. Clause 67 of the Bill seeks to amend sub-section ( 1 ) of section 28K of the Customs Act so as to omit the brackets and words, (after excluding the period beginning with the date of such advance ruling and ending with the date of order under this sub-section) and in lieu thereof, to insert a proviso to the effect that the period beginning with the date of such advance ruling and ending with the date of order under this sub-section shall be excluded from the time period of two year .....

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..... ty of the declarations made by the importer under this section and compliance of the prohibitions or restrictions under this Act or under any other law for the time being in force. Clause 75 of the Bill seeks to amend section 47 of the Customs Act so as to insert a proviso therein, to provide for customs automated system based clearance in addition to clearance by the proper officer. Clause 76 of the Bill seeks to amend section 50 of the Customs Act so as to insert a reference to customs automated system in sub-section ( 1 ) with a view to elaborate the manner of submission of shipping bill or a bill of export electronically in respect of entry of goods for exportation. It further proposes to insert a new sub-section ( 3 ) to ensure accuracy, authenticity, validity of the declarations made by the exporter under this section and compliance of the prohibitions or restrictions under this Act or under any other law for the time being in force. Clause 77 of the Bill seeks to amend section 51 of the Customs Act so as to insert a proviso therein, to provide for customs automated system based clearance in addition to clearance by proper officer. Clause 78 of the Bill se .....

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..... n the Customs Act relating to audit. The proposed new section 99A seeks to provide for audit of imported or export goods and of auditee under the Customs Act, in accordance with the procedure to be provided by regulations. It further seeks to define the expression auditee by way of an Explanation . Clause 89 of the Bill seeks to insert a new section 109A in the Customs Act relating to controlled delivery. It seeks to authorise the proper officer or any other officer authorised by him to make controlled delivery of any consignment of goods to any destination in India or a foreign country. It also seeks to define controlled delivery by way of Explanation . It further seeks to provide that controlled delivery shall be applicable on such consignment of goods and in such manner as may be provided by regulations. Clause 90 of the Bill seeks to amend section 110 of the Customs Act so as to give power to extend the period for issuing show cause notice in the case of seized goods by a further period of six months and also to provide exemption from application of time limit of six months to cases in which an order for provisional release of seized goods has been passed. .....

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..... greement or any other arrangement with the Government of any country outside India or with competent authorities of that country for trade facilitation, effective risk analysis, prevention, combating and investigation of offences under the provisions of this Act or under the corresponding laws in force in that country; ( b ) authorise the Central Government to provide by notification that the application of this section in relation to a contracting State with which reciprocal agreement or arrangements have been made shall be subject to such conditions, exceptions or qualifications as are specified in the said notification; ( c ) utilise the information received under sub-section ( 1 ) as evidence in investigations and proceedings under this Act, if required, which shall be subject to the provisions of sub-section ( 2 ); ( d ) authorise the Board to specify the procedure for exchange of information or documents including the conditions to which it shall be subject to and the person through whom such information shall be exchanged; ( e ) insert a deeming provision that any agreement entered into or any other arrangement made by the Central Government prior to the date on .....

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..... f the Bill seeks to amend section 3 of the Customs Tariff Act. Sub-clause ( i ) of said clause seek to amend sub-section ( 7 ) of said section so as to include reference to the proposed new sub-section ( 8A ), in addition to sub-section ( 8 ), for the purposes of computation of integrated tax in case of goods warehoused under the Customs Act. Sub-clause ( ii ) of said clause seeks to insert new sub-section ( 8A ) so as to provide the method of computation of integrated tax in respect of goods warehoused under the provisions of the Customs Act. Sub-clause ( iii ) of said clause seek to amend sub-section ( 9 ) of said section so as to include reference to the proposed new sub-section ( 10A ), in addition to sub-section ( 10 ), for the purposes of computation of the goods and services tax compensation cess in case of goods warehoused under the Customs Act. Sub-clause ( iv ) of said clause seeks to insert new sub-section ( 10A ) so as to provide the method of computation of the goods and services tax compensation cess in respect of goods warehoused under the provisions of the Customs Act. Clause 101 of the Bill seeks to amend the First Schedule to the Customs Tariff Ac .....

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..... ms Tariff Act, being goods imported into India, at the rate of 10% calculated on the aggregate of duties or taxes or cesses for the purposes of the Union, to fulfil the commitment of the Government to provide and finance education, health and social security. Road and Infrastructure Cess Clause 109 of the Bill seeks to provide for levy and collection of Road and Infrastructure Cess as additional duty of customs on goods specified in the Sixth Schedule at the rate specified in that Schedule for the purposes of the Union to finance infrastructure projects. Clause 110 of the Bill seeks to provide for levy and collection of Road and Infrastructure Cess as an additional duty of excise on excisable goods specified in the Sixth Schedule at the rate specified in that Schedule for the purposes of the Union to finance infrastructure projects. Miscellaneous Clause 111 of the Bill seeks to provide for commencement of Part I of Chapter VIII from such date as may be notified by the Central Government. Clause 112 of the Bill seeks to amend long title of the Government Savings Banks Act, 1873. Clause 113 of the Bill seeks to amend short title of the Act. .....

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..... Clause 123 of the Bill seeks to amend section 8 of the Act which relates to exemption from payment of court fee on the probate or letters of administration. It is proposed to remove the limit of three thousand rupees in the said section so as to empower the Central Government to prescribe the limit for exemption from the payment of court fee. Clause 124 of the Bill seeks to amend section 10 of the Act to substitute certain words. Clause 125 of the Bill seeks to amend section 12 of the Act to substitute certain words. Clause 126 of the Bill seeks to insert a new section 12A to provide for operation of account by differently abled persons including the blind through an authorised individual. Clauses 127 and 128 of the Bill seek to omit the heading and section 13 of the Act respectively. Clause 129 of the Bill seeks to amend section 14 of the Act, so as to substitute the word Government with the words Central Government . Clause 130 of the Bill seeks to amend section 15 of the Act which relates to power of the Central Government to make rules. It is proposed to amend sub-section ( 2 ) of the said section as a consequential amendment in view of ame .....

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..... ective effect from 1st January, 2016. Clauses 138 to 142 of the Bill seeks to amend the Salary, Allowances and Pension of Members of Parliament Act, 1954. Section 3 of the said Act relates to salaries and allowances to the Members of Parliament. It is proposed to amend the said section to enhance the salary of members from the existing fifty thousand rupees per mensem to one lakh rupees. It is also proposed to insert a new sub-section ( 2 ) in the said section so as to provide that the salary and daily allowance of the members shall be increased after every five years commencing from 1st April, 2023 on the basis of Cost Inflation Index provided under clause ( v ) of section 48 of the Income-tax Act, 1961. Section 4 of the aforesaid Act relates to travelling allowances. It is proposed to omit clause ( a ) of the said section which relates to reimbursement of one first class rail fare plus one second class fare in respect of journey performed by the member in any class. It is further proposed to amend clause ( b ) of the aforesaid section, so as to reimburse one air fare for journey by air. It is also proposed to amend clause ( c ) of the aforesaid section so as to reimb .....

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..... nd infrastructure investment trust. Clause 148 of the Bill seeks to amend section 23G of the Act, to clarify that any stock exchange, which furnishes or files false, incorrect or incomplete information under the said Act shall be liable for penalty in the same manner as a stock exchange that fails or neglects to furnish periodical returns. Clause 149 of the Bill seeks to insert a new section 23GA, so as to provide for penalty under the Act, for the failure of a stock exchange or a clearing corporation to conduct its business in a manner which is not in accordance with the rules and regulations made by the Securities and Exchange Board of India. Clause 150 of the Bill seeks to substitute certain words in subsection ( 1 ) of section 23-I of the Act. Clause 151 of the Bill seeks to amend section 23J of the Act, as a consequential amendment, to ensure that the factors mentioned in the said section are relevant for levy of monetary penalty, by the Board under section 12A as well as by an adjudicating officer under section 23-I of the said Act. Clause 152 of the Bill seeks to amend section 23JA of the Act, to provide that the settlement amount (excluding legal co .....

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..... of section 3 of the said Act so as to change the place of head office to New Delhi or at such other place as the Central Government may specify by notification. It is also proposed to substitute the proviso to sub-section ( 1 ) of section 4 of the said Act so as to empower the Central Government to increase the authorised capital up to two thousand crore rupees or such other amount as it may determine, by notification. It is also proposed to insert a new sub-section ( 3 ) in the said section relating to transfer of subscribed capital from the Reserve Bank to the Central Government. It is also proposed to amend clause ( d ) of sub-section ( 1 ) of section 6 of the said Act so as to reduce the number of directors of the Reserve Bank of India to be part of the Board of Directors from two to one . Certain further consequential amendments have been made to give reference of the Companies Act, 2013 and the Foreign Exchange Management Act, 1999 in place of the Companies Act, 1956 and the Foreign Exchange Regulation Act, 1973, respectively. Clause 175 of the Bill seeks to provide for commencement of Part X of Chapter VIII from such date as may be notified by the Central G .....

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..... on 28B in the Act, so as to provide for the continuance of proceedings, except proceedings for levy of penalty, against a legal representative and recovery of sums due from him when a person dies. Clause 188 of the Bill seeks to provide for commencement of Part XI of Chapter VIII from such date as may be notified by the Central Government. Clause 189 of the Bill seeks to amend section 19 of the Depositories Act, 1996 to empower the Board to levy monetary penalty under the said Act after holding an inquiry in the prescribed manner. Clause 190 of the Bill seeks to amend clause ( a ) and clause ( b ) of section 19A of the Act, to provide that any person who furnishes or files false, incorrect or incomplete information, return, report, books or other documents shall be liable for penalty in the same manner as a person who fails to furnish the required information. Clause 191 of the Bill seeks to insert a new section 19FA in the Act, for imposing monetary penalty on a depository for failure to conduct its business in a fair manner in accordance with the rules and regulations. Clause 192 of the Bill seeks to amend section 19H of the Act, to provide for the Board .....

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..... amend long title and sub-title of the said Act, so as to include the infrastructure therein. It is also proposed to insert a new Schedule II in the said Act so as to describe the Category of projects and infrastructure Sub- Sectors. Clauses 204 and 205 of the Bill seeks to amend certain provisions of the Prevention of Money-laundering Act, 2002, which include the following, namely:- ( i ) to amend the definition proceeds of crime so as to allow to proceed against property equivalent to proceeds to crime held outside the country. ( ii ) to insert an Explanation to section 5 of the said Act for the purposes of computing the period of one hundred and eighty days, the period during which the proceeding under the aforesaid section was stayed by the court, shall be excluded and a further period not exceeding thirty days from the date of communication of vacation of such stay order shall be counted. ( iii ) to amend section 8 of the said Act relating to adjudication so as to allow Enforcement Directorate reasonable time to file prosecution and also to provide for the Special Court to consider the claim of the claimant for the purpose of restoration of such propertie .....

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..... for substitution of definition of effective revenue deficit , grant for creation of capital assets , revenue deficit and total liabilities with the definitions of Central Government debt , general Government debt , gross domestic product and real gross domestic product and real output growth . Clause 209 of the Bill seeks to amend section 3 of the Act relating to fiscal policy statements to be laid before Parliament. It provides for omission of item ( i ) of sub-section ( 3 ) and omission of the words revenue balance and in clause ( b ) of sub-section ( 6 ) and omission of item ( iii ) of sub-section ( 6A ). Clause 210 of the Bill seeks to amend section 4 of the Act relating to fiscal management principles. It provides for substitution of section 4 so as to provide that the Central Government shall take appropriate measures to limit the fiscal deficit up to three per cent. of Gross Domestic Product by the 31st March, 2021; endeavour to ensure that General Government debt and Central Government debt does not exceed sixty per cent. and forty per cent. respectively of Gross Domestic Product by the end of financial year 2024-2025; shall not give additional gua .....

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..... evels. Clause 213 of the Bill seeks to amend section 8 relating to power to make rules which are consequential in nature to the amendments proposed in this Part. Clause 214 of the Bill seeks to amend section 97 of the Finance (No.2) Act, 2004 relating to definitions. The existing provisions of said section 97, inter alia , provides the definition of equity oriented fund . It is proposed to amend the said clause so as to define equity oriented fund as a fund referred to in clause ( a ) of Explanation to section 112A of the Income-tax Act. This amendment will take effect from 1st April, 2018. Clause 215 of the Bill seeks to amend sections 116, 117, 118 and 128 of the Finance Act, 2013 relating to commodities transaction tax. Clause ( 7 ) of the section 116 defines taxable commodity transaction . It is proposed to amend the said clause so as to include option on commodity derivatives . Section 117 of the said Act provides the rate at which a commodities transaction tax shall be chargeable in respect of every taxable commodities transaction, being sale of commodity derivative and that such tax shall be payable by the seller. It is proposed to s .....

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..... s, or directions, to the tax authorities referred to in sub-section ( 1 ) as he may think fit for the institution of proceedings. It is proposed to amend the said sub-section so as to empower the Principal Director General or the Director General also to issue such instructions or directions under the said sub-section. These amendments will take effect from 1st April, 2018. Clause 217 of the Bill seeks to amend section 236 of the Finance Act, 2016 which relates to amendment to sub-clause ( vi ) of clause ( j ) of sub-section ( 1 ) of section 2 of the Foreign Contribution (Regulation) Act, 2010. The proviso to the said sub-clause inserted under the Finance Act, 2016 states that notwithstanding the nominal value of share capital of a company exceeding one-half per cent. at the time of making contribution, such company shall not be deemed to be a foreign source, if the foreign investment is within the limit specified under the Foreign Exchange Management Act, 1999 or the rules or regulations made thereunder. It is proposed to bring the said amendment with effect from the 5th August, 1976 the date of commencement of the Foreign Contribution (Regulation) Act, 1976, which w .....

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