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NOTES - Bills - Bill - NOTES - 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 chargeable to tax for the assessment year 2018-2019. Further, it lays down the rates at which tax is to be deducted at source during the financial year 2018-2019 from income other than Salaries subject to such deductions under the Income-tax Act; and the rates at which advance tax is to be paid, tax is to be deducted at source from, or pa .....

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n of advance tax and charging of income-tax in special cases during the financial year 2017-2018. 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 .....

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rson 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 not exceed one crore rupees; (b) at the rate of fifteen per cent. of such tax, where the income or the aggregate of income paid or likely to be paid and subject to deduction exceeds one crore rupees; (ii) every non-resident being a co-o .....

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ve per cent. where the income or the aggregate of income paid or likely to be paid and subject to deduction exceeds ten crore rupees. Rates for deduction of tax at source from Salaries , computation of advance tax and charging of income-tax in special cases during the financial year 2018-2019 Part III of the First Schedule to the Bill specifies the rates at which income-tax is to be deducted at source from, or paid on, income under the head Salaries and also the rates at which advance tax is to .....

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me-tax Act, not being a case to which any other Paragraph of this Part applies:- Up to ₹ 2,50,000 Nil ₹ 2,50,001 to ₹ 5,00,000 5 per cent. ₹ 5,00,001 to ₹ 10,00,000 20 per cent. Above ₹ 10,00,000 30 per cent.; (ii) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than the age of eighty years at any time during the previous year:- Up to ₹ 3,00,000 Nil ₹ 3,00,001 to ₹ 5,00,000 5 per c .....

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ll 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 such cases, the rates of tax will continue to be the same as those specified for assessment year 2018-2019. The surcharge in cases of co-operative societies, having .....

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e of income-tax in the case of every local authority. In such cases, the rate of tax will continue to be the same as that specified for the assessment year 2018-2019. The surcharge in cases of local authorities, having income above one crore rupees shall be levied at the rate of twelve per cent. Marginal relief will be provided. Paragraph E of this Part specifies the rates of income-tax in the case of companies. In the case of domestic companies the rate of income-tax shall be twenty-five-per ce .....

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upees shall be levied at the rate of seven per cent. In the case of domestic companies having total income above ten crore rupees, surcharge shall be levied at the rate of twelve per cent. In the case of companies other than domestic companies having income above one crore rupees but not above ten crore rupees surcharge shall be levied at the rate of two per cent. In the case of companies other than domestic companies having total income above ten crore rupees, surcharge shall be levied at the r .....

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hedule, 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 woul .....

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lanation to the said clause to provide that in the case of an amalgamated company, accumulated profits or loss in the hands of the amalgamated company shall be increased by the accumulated profits of the amalgamating company, whether capitalised or not, on the date of amalgamation. This amendment will take effect from 1st April, 2018 and will accordingly apply in relation to the assessment year 2018-2019 and subsequent years. Clause (24) of the said section defines the expression income . It is .....

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tion of period for which the capital asset is held by the assessee. It is proposed to insert a new sub-clause (ba) in clause (i) of Explanation 1 of the said clause (42A) so as to provide that in case inventory is converted into or treated as a capital asset under the proposed new clause (via) of section 28, the period shall be reckoned from the date of its conversion or the treatment. These amendments will take effect from 1st April, 2019 and will, accordingly, apply in relation to the assessme .....

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are limited to the purchase of goods or merchandise for the non-resident; or has no such authority, but habitually maintains in India a stock of goods or merchandise from which he regularly delivers goods or merchandise 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 Explanatio .....

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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 Explanation 2A in clause (i) of sub-section (1) of the said section so as to provide that the significant economic presence of a n .....

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iciting of its business activities or engaging in interaction with such number of users as may be prescribed, in India through digital means. It is further proposed to provide that the transactions or activities shall constitute significant economic presence in India, whether or not the non-resident has a residence or place of business in India or renders services in India. It is also proposed to provide that only so much of income as is attributable to the transactions or activities referred to .....

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ncome. It is proposed to insert a new clause (6D) in the said section so as to exempt that any income arising to a non-resident, not being a company, or a foreign company, by way of royalty from or fees for technical services rendered in or outside India to the National Technical Research Organisation. This amendment will take effect from 1st April, 2018 and will, accordingly, apply in relation to the assessment year 2018-2019 and subsequent years. Clause (12A) of the said section provides that .....

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tem 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 determinin .....

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pany or a unit of an equity oriented fund or a unit of a business trust subject to certain conditions specified in the said clause. It is proposed to amend the said clause so as to provide that the provisions of said clause shall not apply to any income arising from the transfer of long-term capital asset, being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust, made on or after the 1st day of April, 2018. These amendments will take effect from 1st A .....

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ct of regulating or administering any activity for the benefit of the general public. It is proposed to amend the said clause so as to provide such exemption to specified income arising to a class of body or authority or Board or Trust or Commission also. This amendment will take effect from 1st April, 2018. Clause (48B) of the said section provides that any income accruing or arising to a foreign company on account of sale of leftover stock of crude oil, if any, from a facility in India after t .....

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rdance with the terms mentioned therein, shall also be exempt, subject to the conditions as may be notified by the Central Government in this behalf. This amendment will take effect from 1st April, 2019 and will, accordingly, apply in relation to assessment 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 .....

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ections (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 deductions from salaries. The existing provisions of the said section, inter alia .....

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19-2020 and subsequent years. Clause 8 of the Bill seeks to amend section 17 of the Income-tax Act relating to "Salary", "perquisite" and "profits in lieu of salary" defined. Clause (v) of the proviso occurring after sub-clause (viii) of clause (2) of the said section provides that any sum paid by the employer in respect of any expenditure actually incurred by the employee on his medical treatment or treatment of any member of his family not exceeding fifteen thousa .....

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set out in sub-clauses (a) to (d) of clause (ii) of the said section are taxable under the head "Profits and gains of business or profession". It is proposed to insert a new sub-clause (e) in the said clause (ii) so as to provide that any compensation due or received by any person, by whatever name called, at or in connection with the termination or the modification of the terms and conditions, as the case may be, of any contract relating to his business shall be chargeable to tax und .....

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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 .....

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der the head Profits and gains of business or profession . It is proposed to insert a new sub-section (13) in the said section so as to provide that no deduction or allowance shall be allowed in respect of any marked to market loss or other expected loss except as allowable under the new clause (xviii) of sub-section (1) of section 36. This amendment will take effect retrospectively from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent year .....

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roposed to insert a new proviso for the purposes of clause (e) of the first proviso so as to provide that for transaction in respect of trading in agricultural commodity derivatives, the requirement of chargeability to commodity transactions tax under Chapter VII of the Finance Act, 2013 shall not apply. 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 13 of the Bill seeks to insert a new s .....

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or loss arising on account of the change in foreign exchange rates shall be in respect of all foreign currency transactions including those relating to monetary items and non-monetary items or translation of financial statements of foreign operations or forward exchange contracts or foreign currency translation reserves. 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 14 of .....

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lue 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 .....

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ransfer shall, for the purposes of computing profits and gains from transfer of such asset, be deemed to be the full value of the consideration. It is further proposed to amend sub-section (4) of the said section so as to provide 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 referred to in sub-section (1) may be taken as the value assessable by the authority for the p .....

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ent years. Clause 15 of the Bill seeks to insert a new section 43CB in the Income-tax Act relating to computation of income from construction and service contracts. The proposed new section provides that profits and gains of a construction contract or a contract for providing services shall be determined on the basis of percentage of completion method in accordance with the income computation and disclosure standards notified under sub-section (2) of section 145. It is further proposed to provid .....

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he 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, hiri .....

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s vehicle, the profits and gains shall be an amount equal to one thousand rupees per ton of gross vehicle weight or unladen weight, as the case may be, for every month or part of a month during which the heavy goods vehicle is owned by the assessee in the previous year or an amount claimed to have been actually earned from such vehicle, whichever is higher. It is further proposed to provide that in the case of a goods carriage other than heavy vehicle, the profits and gains shall be an amount eq .....

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rdingly, apply in relation to the assessment year 2019-2020 and subsequent years. Clause 17 of the Bill seeks to amend section 47 of the Income-tax Act relating to transactions not regarded as transfer. The said section provides that certain transfers of capital assets are not to be regarded as transfer for the purposes of section 45 of the Income-tax Act. It is proposed to insert a new clause (viiab) in the said section so as to provide that any transfer of a capital asset, being bond or Global .....

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ngly, apply in relation to the assessment year 2019-2020 and subsequent years. Clause 18 of the Bill seeks to amend section 49 of the Income-tax Act relating to cost with reference to certain modes of acquisition. It is proposed to amend the said section so as to provide that where the capital gain arises from the transfer of a capital asset, referred to in clause (via) of section 28, the cost of acquisition of such asset shall be deemed to be the fair market value which has been taken into acco .....

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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 receive .....

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The said section, inter alia, provides that capital gain arising from the transfer of a long-term capital asset, invested in the long-term specified asset at any time within a period of six months after the date of such transfer, shall not be charged to tax subject to certain conditions specified in the said section. It is proposed to amend the said section so as to provide that capital gain arising from the transfer of a long-term capital asset, being land or building or both, invested in the .....

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7 by the National Highways Authority of India or by the Rural Electrification Corporation Limited; or any other bond notified by the Central Government in this behalf. It is proposed to substitute the said clause so as to provide that long-term specified asset for making any investment under the said section on or after the 1st day of April, 2007 but before the 1st day of April, 2018 shall mean any bond, redeemable after three years and issued on or after the 1st day of April, 2007 but before th .....

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-2020 and subsequent years. Clause 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 .....

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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 years. It is further proposed to amend the fourth proviso to clause (x) of the said sub-section so as to exclude the transfer of capital asset between holding company and its wholly owned Indian subsidiary company and between subsidiary company and its Indian holding company, which are not regar .....

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chargeable to income-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 years. Clause 22 of the Bill seeks to amend section 79 [as substitued by section 32 of the Finance Act, 2017] of the Income-tax Act relating to carry forward and set off of losses in case of certain companies. The said section, inter alia, provides that where a change in shareho .....

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han fifty-one per cent. of the voting power on the last day of the year or years in which the loss was incurred. It is proposed to amend the aforesaid section to provide that nothing contained in the said section shall apply to a company where a change in the shareholding takes place in a previous year pursuant to approved resolution plan under the Insolvency and Bankruptcy Code, 2016, after affording a reasonable opportunity of being heard to the jurisdictional Principal Commissioner or Commiss .....

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ear, 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 .....

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espect of health insurance premia. The said section, inter alia, provides that for medical insurance or preventive health check-up of a senior citizen, deduction of thirty thousand rupees shall be allowed. Further, in the case of very senior citizens, the said section also provides for a deduction of medical expenditure within the overall limits of thirty thousand rupees. It is proposed to amend the said section so as to provide that the deduction of fifty thousand rupees in aggregate shall be a .....

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o proposed to define the expressions "appropriate fraction"and"relevant previous years". 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 25 of the Bill seeks to amend section 80DDB of the Income-tax Act relating to deduction in respect of medical treatment, etc. As per provisions under the said section a deduction is available to an individual and Hindu undivided fami .....

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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 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 Apri .....

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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 products or processes or services or a scalable business model with a high potential of employment generation or wealth creation. These amendments will take effe .....

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ployment or one hundred and fifty days in case of business of manufacturing of apparel, subject to certain conditions. It is proposed to amend the said section so as to provide that in the case of business of manufacturing of footwear or leather products, the minimum number of days of employment in the years of employment shall be one hundred and fifty days in place of two hundred and forty days. It is further proposed to provide that where a new employee is employed during the previous year for .....

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and subsequent years. Clause 28 of the Bill seeks to insert a new section 80PA of the Income-tax Act relating to deduction in respect of certain income of Producer Companies. It is proposed to insert the said new section so as to provide that in case of an assessee, being a Producer Company, having a total turnover of one hundred crore rupees or less in any previous year, the gross total income includes any income from the marketing of agricultural produce grown by its members, or the purchase o .....

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e 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 .....

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in a savings bank account with certain entities. It is proposed to amend the said section so as to provide that the assessee referred to in section 80TTB shall not be eligible for the benefit of deduction under this section. 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 30 of the Bill seeks to insert a new section 80TTB in the Income-tax Act relating to deduction in respect of interest .....

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pment bank) or a Post Office as defined in clause (k) of section 2 of the Indian Post Office Act, 1898, a deduction of an amount up to fifty thousand rupees shall be allowed. It is further proposed to provide that where the income referred to in this section is derived from any deposit held by, or on behalf of, a firm, an association of persons or a body of individuals, no deduction shall be allowed under this section in respect of such income in computing the total income of any partner of the .....

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an assessee, includes any income chargeable under the head "Capital gains", arising from the transfer of a long-term capital asset, being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust, subject to the conditions specified under the section, the tax 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 .....

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nal 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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ct of capital asset acquired by the assessee before the 1st day of February, 2018, shall be as provided in the said section. It is also proposed to provide that where the gross total income of an assessee includes any long-term capital gains, deduction under Chapter VI-A shall be allowed from the gross total income as reduced by such capital gains. It is also proposed to provide that where the total income of an assessee includes any long-term capital gains referred to in the said section, the r .....

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Bill seeks to amend section 115AD of the Income-tax Act relating to tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer which is consequential in nature. 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 33 of the Bill seeks to amend section 115BA of the Income-tax Act relating to tax on income of certain domestic companies. The said .....

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his 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 .....

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o special provision for payment of tax by certain companies. The said section provides for levy of tax on certain companies on the basis of book profit which is determined after making certain adjustments to the net profit disclosed in the profit and loss account prepared in accordance with the provisions of the Companies Act, 2013. It is proposed to amend Explanation 1 to the said section so as to provide that in case of a company, against whom an application for corporate insolvency resolution .....

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w Explanation 4A in the said section so as to clarify that the provisions of the said section shall not be applicable and shall be deemed never to have been applicable to an assessee, being a foreign company, where its total income comprises solely of profits and gains from business referred to in section 44B or section 44BB or section 44BBA or section 44BBB and such income has been offered to tax at the rates specified in the said sections. This amendment, being clarificatory in nature, will ta .....

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previous year, the adjusted total income shall be deemed to be the total income of that person for such previous year and the assessee shall be liable to pay income-tax on such total income at the rate of eighteen and one-half per cent. It is proposed to amend the said section so as to provide that for the assessee being a person which, is a unit located in an International Financial Service Centre and derives its income solely in convertible foreign exchange, the rate of tax shall be nine per c .....

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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 provi .....

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planation occurring after section 115Q of the Income-tax Act. The said Explanation clarifies that the expression "dividends" shall have the same meaning as is given in clause (22) of section 2 but shall not include sub-clause (e) thereof. It is proposed to omit the said Explanation consequent to the amendments made to section 115-O. This amendment will take effect from 1st April, 2018. Clause 40 of the Bill seeks to amend section 115R of the Income-tax Act relating to tax on distribute .....

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geable to tax under the said section. It is proposed to amend the said section so as to provide that where any income is distributed to any person by an equity oriented fund, the fund shall be liable to pay additional income-tax at the rate of ten per cent. on income so distributed. It is further proposed to omit clause (b) of the second proviso to sub-section (2) which is consequential in nature. These amendments will take effect from 1st April, 2018. Clause 41 of the Bill seeks to amend sectio .....

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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 allot .....

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thor, founder, karta, chief executive officer, principal officer or office bearer of the person referred to in clause (v), or any person competent to act on behalf of the person referred to in clause (v), shall also apply to the Assessing Officer for the allotment of permanent account number. These amendments will take effect from 1st April, 2018. Clause 43 of the Bill seeks to amend section 140 of the Income-tax Act relating to return by whom to be verified. It is proposed to amend the said sec .....

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ril, 2018. Clause 44 of the Bill seeks to amend section 143 of the Income-tax Act relating to assessment. Clause (a) of sub-section (1) of the said section provides that at the time of processing of return of income made under section 139, or in response to a notice under sub-section (1) of section 142, the total income or loss shall be computed after making the adjustments specified in clauses (i) to (vi) therein. Sub-clause (vi) of the said clause provides for adjustment in respect of addition .....

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vide for a scheme, by notification in the Official Gazette, for the purpose of making assessment of total income or loss of the assessee under sub-section (3). These amendments will take effect from 1st April, 2018. Clause 45 of the Bill seeks to substitute new sections 145A and 145B for section 145A of the Income-tax Act relating to method of accounting in certain cases and taxability of certain income. The proposed new section 145A provides that for the purpose of determining the income charge .....

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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 tho .....

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, shall include all such payment notwithstanding any right arising as a consequence to such payment for the purposes of the said section. The proposed new section 145B provides that notwithstanding anything to the contrary contained in section 145, the interest received by an assessee on any compensation or on enhanced compensation, as the case may be, shall be deemed to be the income of the year in which it is received. It is further proposed to provide that the claim for escalation of price in .....

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tion to the assessment year 2017-2018 and subsequent years. Clause 46 of the Bill seeks to amend section 193 of the Income-tax Act relating to interest on securities. It is proposed to amend the proviso to clause (iv) of the said section to provide that the person responsible for paying to a resident any interest on 7.75% Savings (Taxable) Bonds, 2018 shall deduct income-tax, if the interest payable on such bonds exceeds ten thousand rupees during the financial year. This amendment will take eff .....

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, 1949 applies (including 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 inc .....

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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 Advance Rulings under section 245-O shall act as an Appellate Authority, for the purpose of Chapter V of the Customs Act, 1962 on and from the said date. It is further proposed that the Authority for Advance Rulings under section 245-O shall not admit any appeal against any ruling or order pass .....

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section. These amendments will take effect from 1st April, 2018. Clause 49 of the Bill seeks to amend section 245Q of the Incometax Act relating to application for advance ruling. The said section provides for filing of application for advance ruling under this Act or under Chapter V of the Customs Act, 1962 or under Chapter IIIA of the Central Excise Act, 1944 or under Chapter VA of the Finance Act, 1994. It is proposed to amend the said section so as to omit the provisions with regard to admi .....

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ub-section so as to make an order passed by a Commissioner (Appeals) under section 271J also appealable to the Appellate Tribunal. This amendment will take effect from 1st April, 2018. Clause 51 of the Bill seeks to amend section 271FA of the Income-tax Act relating to penalty for failure to furnish statement of financial transaction or reportable account. The said section provides that if a person who is required to furnish the statement of financial transaction or reportable account under sub- .....

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s 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 u .....

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t April, 2018. Clause 53 of the Bill seeks to amend section 286 of the Income-tax Act relating to furnishing of report in respect of international group. The said section, inter alia, provides for specific reporting regime containing revised standards for transfer pricing documentation and a template for country-by-country reporting. Sub-section (2) of the said section provides that the parent entity or the alternate reporting entity of an international group which is resident in India shall fur .....

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to be furnished under sub-section (4). It is also proposed to amend sub-section (4) so as to provide in cae of a constituent entity, resident in India, whose parent entity is outside India that,- (a) report of the nature referred to in sub-section (2) shall be furnished within the period specified in sub-section (2); and (b) an additional condition for filing of report by said entity in a case where a country or territory, of which the parent entity is resident, is not obligated to file the repo .....

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uld mean a combination of,- (i) an agreement referred to in sub-section (1) 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 .....

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e 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 who commits any offence or makes any contravention thereunder outside India. Clause 56 of the Bill seeks to amend section 2 of the Customs Act relating to definitions so as to define certain expressions and to expand the scope an .....

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ied under this Act, with such exceptions or modifications or adaptations as the Central Government deems fit. Clause 58 of the Bill seeks to amend section 17 of the Customs Act so as to broaden the scope of verification by the proper officer to include all aspects of declarations made in the bill of entry or shipping bill in addition to self-assessment. It is further proposed to provide for the risk based selection of self-assessment. The scope of re-assessment is also proposed to be broadened b .....

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to section "28AB" with section "28AA" retrospectively, with effect from the 8th day of April, 2011. Clause 60 of the Bill seeks to insert new sections 25A and 25B in the Customs Act. The proposed new section 25A empowers the Central Government to exempt whole or any part of duty of customs, leviable on goods imported for repair, further processing or manufacture, subject to certain conditions. The proposed new section 25B empowers the Central Government to exempt whole or an .....

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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 .....

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nst an erroneous refund, no demand notice shall be required to be issued to recover such excess refund along with interest, but the amount shall be recovered as a sum due to the Government. It also proposes to insert a new sub-section (10B) therein, to provide safeguard that where the notice issued by invoking grounds of collusion, etc., is held not sustainable and consequently, the demand of duty for five years is quashed by the Appellate Authority or Appellate Tribunal or court on final determ .....

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stood immediately before the date of such assent. Clause 62 of the Bill seeks to amend section 28E of the Customs Act to align the definition of the term "applicant" in the advance ruling provisions with the Trade Facilitation Agreement. The definition of applicant is proposed to be broad based so as to include large number of importers, exporters and other people with justiciable cause to the satisfaction of the Authority. It also seeks to amend the definition of advance ruling so as .....

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s or Commissioner of Customs may be appointed by the Board. Clause 64 of the Bill seeks to amend sub-section (1) of section 28F of the Customs Act so as to substitute the words "Appellate Authority" for the word "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 Centr .....

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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 years and five years respectively, as specified in sub-section (7) of section 28. Clause 68 of t .....

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lause 70 of the Bill seeks to substitute the existing section 28M of the Customs Act with a new section so as to provide that procedure for Customs Authority for Advance Rulings may be provided by regulations by the Board. It also seeks to provide that the Appellate Authority shall regulate its own procedure for the purpose of conducting its proceedings. Clause 71 of the Bill seeks to amend section 30 of the Customs Act so as to include export goods in addition to imported goods as part of the i .....

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ments in sections 47, 51 and 60 so as to enable clearance by customs automated system. Clause 74 of the Bill seeks to amend section 46 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 bill of entry electronically in respect of entry of goods on importation. It further proposes to clarify the timing for prior presentation of bill of entry, as mentioned in the proviso to sub-section (3) and to amend s .....

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7 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 .....

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Act relating to payment through electronic cash ledger so as to provide that the importer or exporter shall deposit an advance with the Government instead of transaction wise payment as being done at present, which could be used to pay his liabilities under this Act or under any other law for the time being in force. Clause 79 of the Bill seeks to amend section 54 of the Customs Act so as to provide by regulations the manner of presenting a bill of transhipment and declaration for transhipment. .....

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viso therein, to provide for customs automated system based clearance in addition to clearance by the proper officer. Clause 83 of the Bill seeks to amend section 74 of the Customs Act to omit the reference to "section 82" therein, which had been omitted vide section 104 of the Finance Act, 2017. However, as reference to section 82 is still existing in clause (iii) to sub-section (1) of that section, it is proposed to substitute the said reference with "clause (a) to section 84&qu .....

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e Bill seeks to amend section 83 of the Customs Act to include reference to goods imported or exported by courier through the authorised courier. Clause 87 of the Bill seeks to amend section 84 of the Customs Act to include reference to import or export of goods by courier. Clause 88 of the Bill seeks to insert a new Chapter XIIA in 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 accor .....

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rther 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 be .....

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ue supplementary notice being introduced in section 28. Clause 93 of the Bill seeks to amend section 125 of the Customs Act by inserting a proviso in sub-section (1) thereof, so as to provide that where the demand proceedings against a noticee or co-noticee are deemed to be concluded on grounds of having paid the dues mentioned in section 28, then, the provisions of this section shall not apply to confiscated goods provided the goods are not prohibited or restricted. It is further proposed to in .....

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ssent of the President, if no appeal is pending, such option may be exercised within one hundred and twenty days from the date on which such assent is received. Clause 94 of the Bill seeks to amend sub-section (3) of section 128A of the Customs Act, to empower the Commissioner (Appeals) to remand the cases to original authority in certain circumstances. Clause 95 of the Bill seeks to insert a new section 143AA in the Customs Act so as to empower the Board to take measures and to specify separate .....

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itation, 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 .....

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Government prior to the date on which the Finance Bill, 2018 receives the assent of the President, shall be deemed to have been done or taken under the provisions of this section; and (f) to insert definitions of "contracting State" and "corresponding law". Clause 97 of the Bill seeks to substitute a new section for section 153 of the Customs Act so as to include speed post, courier, and registered e-mail also as valid modes for delivery of notice, etc., and also to provide f .....

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ner of conducting pre-notice consultations; the circumstances under which, and the manner in which supplementary notice may be issued; the form and manner in which an application for advance ruling or appeal shall be made, and the procedure for the Authority under Chapter VB; the manner of clearance or removal of imported or export goods; the documents to be furnished in relation to imported goods; the conditions, restrictions and the manner for deposits in electronic cash ledger, the utilisatio .....

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ted the 30th June, 2017 issued under sub-section (1) of section 25 of the Customs Act, so as to give retrospective exemption from the integrated tax leviable under sub-section (7) of section 3 of the Customs Tariff Act, 1975 on aircrafts, aircraft engines and other aircraft parts imported under cross-border lease during the period from the 1st July, 2017 up to the 7th July, 2017. Customs Tariff Clause 100 of the Bill seeks to amend section 3 of the Customs Tariff Act. Sub-clause (i) of said clau .....

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ction (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 o .....

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e Schedule. (b) in the manner specified in the Fourth Schedule so as to impose export duty on Electrodes of a kind used for furnaces. Service tax Clause 103 of the Bill seeks to provide exemption from service tax to life insurance services provided by the Naval Group Insurance Fund to personnel of Coast Guard, retrospectively, during the period from the 10th day of September, 2004 up to the 30th day of June, 2017. Clause 104 of the Bill seeks to provide exemption from service tax to services pro .....

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ernment in the form of Government's share of profit petroleum, as defined in the contract entered into by the Government in this behalf, during the period from the 1st day of April, 2016 to the 30th day of June, 2017. Repeal and savings of certain enactments Clause 106 of the Bill seeks to repeal certain enactments specified in the Fifth Schedule to the extent mentioned in the fourth column thereof. Clause 107 of the Bill seeks to provide for collection and payment of arrears of duties notwi .....

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axes 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 .....

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the Bill seeks to amend short title of the Act. Clause 114 of the Bill seeks to substitute the words "Authorised Officer" for "Secretary", throughout the Act. Clause 115 of the Bill seeks to omit section 2 of the Act. Clause 116 of the Bill seeks to substitute new sections 3, 3A and 3B for the existing section 3. Section 3 relates to definitions, which, inter alia, defines the terms "account", "administrator", "Authorised Officer", "banking .....

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f any new Savings Schemes, etc., in the Schedule. The proposed new section 3B provides for deposit by the minor who has attained the age of ten years. It further provides that the guardian of a minor below the age of ten years may open and operate an account on behalf of such minor. Clause 117 of the Bill seeks to substitute sub-section (1) of section 4 of the Act to give the depositor the right to specify whether the nominee shall get the specified amount in respect of a deceased's account .....

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, 2018. Clause 119 of the Bill seeks to amend section 5 of the Act to substitute certain words. Clause 120 of the Bill seeks to amend section 6 of the Act to substitute certain words. Clause 121 of the Bill seeks to amend section 7 of the Act to substitute certain words. Clause 122 of the Bill seeks to insert a new section 7A. The proposed new section 7A empowers the Central Government to call for any information or documents and evidence concerning an account required in connection with the pur .....

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d 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 .....

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873. It also provides for insertion of a Schedule to provide for the list of Government Savings Schemes. Clause 132 of the Bill seeks to amend section 17 of the Reserve Bank of India Act, 1934 relating to business which the bank may transact. Section 17 authorises the bank to carry on and transact several kinds of business as specified in the said section. It is proposed to insert a new clause (1A) in the said section so as to allow the accepting of money as deposits, repayable with interest fro .....

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ifty thousand rupees to five lakh rupees per mensem retrospectively with effect from 1st January, 2016. Section 2 of the aforesaid Act relates to pension to the retiring Presidents. Clause (b) of sub-section (2) of section 2 relates to payment of office expenses at the rate of sixty thousand rupees per annum. It is proposed to enhance the said sum to one lakh rupees. Section 3A of the aforesaid Act relates to free accommodation to the spouse of the President. Sub-clause (ii) of clause (b) of sec .....

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r mensem to four lakh rupees per mensem with retrospective 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 th .....

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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 reimburse one fare for the journey performed by steamer. Section 8A of the aforesaid Act relates to pension. It is proposed to amend sub-section (1) of the said section so as to enhance the pension from the existing twenty thousand rupees per mensem to twenty-five thousand ru .....

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ct, 1961. Section 8AC of the aforesaid Act relates to family pension. The said section has been inserted with effect from 15th September, 2006 by the Salary, Allowances and Pension of Members of Parliament (Amendment) Act, 2006. It is proposed to amend sub-section (2) of the aforesaid section so as to remove the reference of 2006 amendment Act to remove any confusion regarding interpretation of the aforesaid section retrospectively with effect from 15th September, 2006. Clause 143 of the Bill se .....

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tary penalty by itself or its officer, not below the rank of Division Chief. Clause 146 of the Bill seeks to amend section 23A of the Act, to clarify 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 147 of the Bill seeks to amend section 23E of the Act, to provide for monetary penalty for failure to comply with .....

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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 r .....

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in payment of monetary penalty levied by the Board. Clause 154 of the Bill seeks to insert a new section 23JC of the Act 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 155 of the Bill seeks to amend section 23M of the Act, as a consequential amendments, to provide for prosecution in case of default in payment of monetary penalty levied by the Board and also for non .....

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Sub-clause(b) of said clause seeks to make amendments throughout the Act so as to substitute the words "Indirect Taxes and Customs", for the words "Excise and Customs" wherever they occur. The said amendments shall take effect from the date on which the Finance Bill, 2018 receives the assent of the President. Clause 158 of the Bill seeks to amend section 3 of the Governors (Emoluments, Allowances and Privileges) Act, 1982. Section 3 of the aforesaid Act relates to emoluments .....

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ship of the National Housing Bank from the Reserve Bank of India to the Central Government. It is further proposed to amend sub-section (3) 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 rupee .....

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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 Government. Clauses 176 and 177 of the Bill seek to amend sections 11 and 11B of the Securities and Exchange Board of India Act, 1992 to empower the Board to levy m .....

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lure to comply with the regulations or directions issued by the Board in case of alternative investment funds, infrastructure investment trusts, real estate investment trusts, investment advisers and research analysts. Clause 180 of the Bill seeks to amend section 15F of the Act, to omit certain references not relevant for a stock-broker. Clause 181 of the Bill seeks to amend section 15-I of the Act, as a consequential amendment so as to enable the Board to levy monetary penalty by itself or its .....

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ts, to the Consolidated Fund of India. Clause 184 of the Bill seeks to amend section 24 of the Act, as a consequential amendment, to provide for prosecution in case of default in payment of monetary penalty levied by the Board and also for non-compliance with the directions of the Board. Clause 185 of the Bill seeks to amend section 27 of the Act, to enlarge the scope of the section to cover enforcement proceedings as provided therein. Clause 186 of the Bill seeks to amend section 28A of the Act .....

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e 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 perso .....

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tion 19-I of the Act, to provide that the factors mentioned in the said section are relevant for levy of monetary penalty, by the Board under section 19 as well as by an adjudicating officer under section 19H of the said Act. Clause 194 of the Bill seeks to amend section 19-IA of the Act, to provide that the settlement amount (excluding legal costs and disgorgement amount) realised under the Act to be credited to the Consolidated Fund of India. Clause 195 of the Bill seeks to amend section 19-IB .....

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to amend section 20 of the Act, to provide for prosecution in case of default in payment of monetary penalty levied by the Board and also for non-compliance with the directions of the Board. Clause 199 of the Bill seeks to amend section 21 of the Act, to enlarge the scope of the section to cover the enforcement proceedings, as provided therein. Clause 200 of the Bill seeks to omit heading occuring before section 22 of the Act. Clause 201 of the Bill seeks to amend section 2 of the Vice-Presiden .....

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to amend various provisions of the Central Road Fund Act, 2000. Consequential amendments are also proposed in the said Act so as to align with the proposed amendments. It is proposed to 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 Preventi .....

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ceeding 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 properties even during trial in such manner as may be prescribed. (iv) to amend section 19 of the said Act relating to power to arrest by in .....

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towards delinking the Schedule offence and money laundering offence. Further, it seeks to amend the proviso in sub-section (1) by inserting the words " or is accused either on his own or along with other co-accused of money laundering a sum of less than Rupees one crore", after the words "sick or infirm" to allow the Court to apply lenient bail provisions in case of money laundering offence is not grave in nature. (vi) to amend section 50 of the Act relating to powers of auth .....

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aw then the authority shall share the information with the concerned agency and the agency shall act on that information forthwith", so as to give clear guidance to the officials. (viii) to amend the Schedule to the Act to insert section 447 of the Companies Act, 2013 as paragraph 29 to Part A to strengthen the Act with respect to Corporate frauds. Clause 206 of the Bill provides for the commencement of Part XV of Chapter VIII from such date as may be notified by the Central Government. Cla .....

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t 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 fisca .....

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t to any loan on security of the Consolidated Fund of India in excess of half per cent. of Gross Domestic Product in any financial year and ensure that such fiscal targets do not exceed after stipulated target dates. It further provides that the Central Government shall prescribe the annual targets for reduction of fiscal deficit for the period specified therein. It also provides that the annual fiscal deficit target may exceed due to certain grounds mentioned therein. It also provides that such .....

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ent explaining the reasons thereof and the path of return to the annual target shall be laid before Parliament. Clause 211 of the Bill seeks to amend the section 5 of the Act relating to borrowing from Reserve Bank. It provides for substitution of sub-section (3) so as to enable the Reserve Bank to subscribe primary issue of Central Government securities due to ground or grounds specified in the proviso to sub-section (2) of section 4. It further enables that the Reserve Bank to convert Central .....

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of its accounts. It also provides to amend sub-section (2) so as to substitute the words "prescribed levels" in place of "pre-specified levels mentioned in the Fiscal Policy Strategy Statement and the rules made under this Act" so as to enable the Government to take measures in the event of short fall in revenue or excess of expenditure over the prescribed levels. Clause 213 of the Bill seeks to amend section 8 relating to power to make rules which are consequential in natur .....

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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 .....

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at the value of taxable commodities transaction which is chargeable under section 117 on sale of commodities. Section 128 of the said Act provides that the provisions of certain sections of the Income-tax Act, as specified therein, shall apply, so far as may be, in relation to commodities transaction tax, as they apply in relation to income-tax. It is proposed to amend the said section so as to include reference of section 119 of the Income-tax Act also. These amendments will take effect from 1s .....

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also be vested with the power to approve an order imposing penalty. It is further proposed to amend clause (b) of the said sub-section so as to empower the Assistant Director and Deputy Director also to levy penalty under the said clause. Section 55 of the said Act relates to institution of prosecution proceedings. Sub-section (1) of the said section provides that a person shall not be proceeded against for an offence under section 49 to section 53 except with the sanction of the Principal Comm .....

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