 the  finance  bill, 2017 ———— arrangement  of  clauses__________clauses chapter  i preliminary1 short title and commencement chapter  ii rates of income-tax2 income-tax chapter  iii direct taxes income-tax3amendment of section 24amendment of section 95amendment of section 9a6amendment of section 107amendment of section 10aa8amendment of section 119amendment of section 12a10amendment of section 12aa11amendment of section 13a12amendment of section 2313amendment of section 35ad14amendment of section 3615amendment of section 40a16amendment of section 4317amendment of section 43b18amendment of section 43d19amendment of section 44aa20amendment of section 44ab21amendment of section 44ad22amendment of section 4523amendment of section 4724amendment of section 4825amendment of section 49 clauses26insertion of new section 50ca27amendment of section 54ec28amendment of section 5529amendment of section 5630amendment of section 5831amendment of section 7132substitution of new section for section 7933amendment of section 80ccd34amendment of section 80ccg35amendment of section 80g36amendment of section 80-iac37amendment of section 80-iba38amendment of section 87a39amendment of section 9040amendment of section 90a41amendment of section 92ba42insertion of new section 92ce43insertion of new section 94b44amendment of section 115bbda45insertion of new section 115bbg46amendment of section 115jaa47amendment of section 115jb48amendment of section 115jd49amendment of section 11950amendment of section 13251amendment of section 132a52amendment of section 13353amendment of section 133a54amendment of section 133c55amendment of section 13956insertion of new section 139aa57amendment of section 140a58amendment of section 14359amendment of section 15360amendment of section 153a61amendment of section 153b clauses62amendment of section 153c63amendment of section 15564insertion of new section 194-ib65insertion of new section 194-ic66amendment of section 194j67amendment of section 194la68amendment of section 194lc69amendment of section 194ld70amendment of section 197a71amendment of section 20472amendment of section 206c73insertion of new section 206cc74amendment of section 21175amendment of section 234c76insertion of new section 234f77insertion of new section 241a78amendment of section 244a79amendment of section 245a80amendment of section 245n81amendment of section 245-o82amendment of section 245q83amendment of section 25384insertion of new section 269st85insertion of new section 271da86amendment of section 271f87insertion of new section 271j88amendment of section 273b chapter  iv indirect taxes customs89amendment of section 290amendment of section 791amendment of section 1792amendment of section 2793amendment of section 28e94substitution of new section for section 28f clauses95omission of section 28g96amendment of section 28h97amendment of section 28-i98insertion of new section 30a99insertion of new section 41a100amendment of section 46101amendment of section 47102substitution of new section for section 49103amendment of section 69104omission of section 82105amendment of section 84106amendment of section 127b107amendment of section 127c108amendment of section 157 customs tariff109amendment of section 9110amendment of first schedule111amendment of second schedule excise112amendment of section 23a113omission of section 23b114amendment of section 23c115amendment of section 23d116insertion of new section 23-i117amendment of section 32e118amendment of section 32f central excise tariff119amendment of first schedule120retrospective amendment of certain entries in first schedule chapter  v service tax121amendment of section 65b122amendment of section 66d123amendment of section 96a124omission of section 96b125amendment of section 96c clauses126amendment of section 96d127insertion of new section 96ha128insertion of new sections 104 and 105129amendment of rule 2a of service tax (determination of value) rules, 2006, retrospectively chapter  vi miscellaneous part  i amendments to the indian trusts act, 1882130commencement of this part131amendment of section 20 of act 2 of 1882 part  ii amendments to the indian post office act, 1898132commencement of this part133amendment of section 7 of act 6 of 1898 part  iii amendments to the reserve bank of india act, 1934134commencement of this part135amendment of section 31 of act 2 of 1934 part  iv amendments to the representation of the people act, 1951136commencement of this part137amendment of section 29c of act 43 of 1951 part  v amendment to the securities contract (regulation) act, 1956138amendment of section 23j part  vi amendments to the oil industry (development) act, 1974139commencement of this part140amendment of section 18 of act 47 of 1974 part  vii repeal of the research and development cess act, 1986141commencement of this part142repeal of act 32 of 1986143savings144collection and payment of arrears of duties part  viii amendments to the securities and exchange board of india act, 1992145commencement of this part146amendment of act 15 of 1992147amendment of section 15j148amendment of chapter vib part  ix amendments to the depositories act, 1966149amendment of section 19-i part  x amendment to the finance act, 2005150amendment of act 18 of 2005 part  xi amendments to the payment and settlement systems act, 2007151commencement of this part152amendment of act 51 of 2007153amendment of section 38 part  xii amendments to the companies act, 2013154amendment of section 182 part  xiii amendments to the finance act, 2016155amendment of act 28 of 2016 part  xiv amendments to certain acts to provide for merger of tribunals and other authorities and conditions of service of chairpersons, members, etc156commencement of this part157definitions158amendment of act 14 of 1947159amendment of act 19 of 1952160amendment of act 14 of 1957161amendment of act 47 of 1999162amendment of act 54 of 1987163amendment of act 24 of 1989164amendment of act 13 of 1976165amendment of act 42 of 1999 clauses166amendment of act 55 of 1994167amendment of act 13 of 2003168amendment of act 24 of 1997169amendment of act 21 of 2000170amendment of act 27 of 2008171amendment of act 12 of 2003172amendment of act 18 of 2013173amendment of act 37 of 1952174amendment of act 43 of 1961175amendment of act 52 of 1962176amendment of act 13 of 1985177amendment of act 68 of 1986178amendment of act 15 of 1992179amendment of act 51 of 1993180amendment of act 36 of 2003181amendment of act 55 of 2007182amendment of act 19 of 2010183amendment of section 179184qualifications, appointment, term and conditions of service, salary and allowances, etc, of chairperson, vice-chairperson and members, etc, of the tribunal, appellate tribunal and other authorities185transitional provisions186general power to make rules187power to amend eighth schedule188rules to be laid before parliament189removal of difficulties the  first  schedulethe  second  schedule the  third  schedule the  fourth  schedule the  fifth  schedule the  sixth  schedule the  seventh  schedule the eighth schedule the ninth schedule bill no12-c of 2017 the finance bill, 2017 a billto give effect to the financial proposals of the central government for the financial year2017-2018be it enacted by parliament in the sixty-eighth year of the republic of india as follows:— chapter i preliminary(2) save as otherwise provided in this act, sections 2 to 88 shall come into force on the1st day of april, 2017 chapter ii rates of income-tax(2) in the cases to which paragraph a of part i of the first schedule applies, where the assessee has, in the previous year, any net agricultural income exceeding five thousand rupees, in addition to total income, and the total income exceeds two lakh fifty thousand rupees, then,—5(a) the net agricultural income shall be taken into account, in the manner provided in clause (b) [that is to say, as if the net agricultural income were comprised in the total income after the first two lakh fifty thousand rupees of the total income but without being liable to tax], only for the purpose of charging income-tax in respect of the total income; and10(b) the income-tax chargeable shall be calculated as follows:—(i) the total income and the net agricultural income shall be aggregated and the amount of income-tax shall be determined in respect of the aggregate income at the rates specified in the said paragraph a, as if such aggregate income were the total income;15(ii) the net agricultural income shall be increased by a sum of two lakh fifty thousand rupees, and the amount of income-tax shall be determined in respect of the net agricultural income as so increased at the rates specified in the said paragraph a, as if the net agricultural income as so increased were the total income;20(iii) the amount of income-tax determined in accordance with sub-clause(i) shall be reduced by the amount of income-tax determined in accordance with sub-clause (ii) and the sum so arrived at shall be the income-tax in respect of the total income:25provided that in the case of every individual, being a resident in india, who is of the age of sixty years or more but less than eighty years at any time during the previous year, referred to in item (ii) of paragraph a of part i of the first schedule, the provisions of this sub-section shall have effect as if for the words "two lakh fifty thousand rupees", the words "three lakh rupees" had been substituted:30provided further that 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, referred to in item (iii) of paragraph a of part i of the first schedule, the provisions of this sub-section shall have effect as if for the words "two lakh fifty thousand rupees", the words "five lakh rupees" had been substituted3543 of 196140(3) in cases to which the provisions of chapter xii or chapter xii-a or section115jb or section 115jc or chapter xii-fa or chapter xii-fb or sub-section (1a) of section 161 or section 164 or section 164a or section 167b of the income-tax act, 1961 (hereinafter referred to as the income-tax act) apply, the tax chargeable shall be determined as provided in that chapter or that section, and with reference to the rates imposed by subsection (1) or the rates as specified in that chapter or section, as the case may be:provided that the amount of income-tax computed in accordance with the provisions of section 111a or section 112 of the income-tax act shall be increased by a surcharge, for the purposes of the union, as provided in paragraph a, b, c, d or e, as the case may be, of part i of the first schedule:45provided further that in respect of any income chargeable to tax under section 115a,115ab, 115ac, 115aca, 115ad, 115b, 115bb, 115bba, 115bbc, 115bbd, 115bbda, 115bbf,115e, 115jb or 115jc of the income-tax act, the amount of income-tax computed under this sub-section shall be increased by a surcharge, for the purposes of the union, calculated,—50(a) in the case of every 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 income-tax act, at the rate of fifteen per cent of such income-tax, where the total income exceeds one crore rupees;5(b) in the case of every co-operative society or firm or local authority, at the rateof twelve per cent of such income-tax, where the total income exceeds one crore rupees;(c) in the case of every domestic company,—10(i) at the rate of seven per cent of such income-tax, where the total incomeexceeds one crore rupees but does not exceed ten crore rupees;(ii) at the rate of twelve per cent of such income-tax, where the totalincome exceeds ten crore rupees;(d) in the case of every company, other than a domestic company,—15(i) at the rate of two per cent of such income-tax, where the total incomeexceeds one crore rupees but does not exceed ten crore rupees;(ii) at the rate of five per cent of such income-tax, where the total incomeexceeds ten crore rupees:20provided also that in the case of persons mentioned in (a) and (b) above,having total income chargeable to tax under section 115jc of the income-tax act, and such income exceeds one crore rupees, the total amount payable as incometax on such income and surcharge thereon shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees:25provided also that in the case of every company having total incomechargeable to tax under section 115jb of the income-tax act, and such income exceeds one crore rupees but does not exceed ten crore rupees, the total amount payable as income-tax on such income and surcharge thereon, shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees:30 35provided also that in the case of every company having total incomechargeable to tax under section 115jb of the income-tax act, and such income exceeds ten crore rupees, the total amount payable as income-tax on such income and surcharge thereon, shall not exceed the total amount payable as income-tax and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees:40provided also that in respect of any income chargeable to tax under clause(i) of sub-section (1) of section 115bbe of the income-tax act, the amount of income-tax computed under this sub-section shall be increased by a surcharge, for the purposes of the union, calculated at the rate of twenty-five per cent of such income-tax45(4) in cases in which tax has to be charged and paid under section 115-o or section115qa or sub-section (2) of section 115r or section 115ta or section 115td of the incometax act, the tax shall be charged and paid at the rates as specified in those sections and shall be increased by a surcharge, for the purposes of the union, calculated at the rate of twelve per cent of such tax(5) in cases in which tax has to be deducted under sections 193, 194, 194a, 194b,194bb, 194d, 194lba, 194lbb, 194lbc and 195 of the income-tax act, at the rates in force, the deductions shall be made at the rates specified in part ii of the first schedule and shall be increased by a surcharge, for the purposes of the union, calculated in cases wherever prescribed, in the manner provided therein5(6) in cases in which tax has to be deducted under sections 192a, 194c, 194da, 194e,194ee, 194f, 194g, 194h, 194-i, 194-ia, 194-ib, 194-ic, 194j, 194la, 194lb, 194lba, 194lbb, 194lbc, 194lc, 194ld, 196b, 196c and 196d of the income-tax act, the deductions shall be made at the rates specified in those sections and shall be increased by a surcharge, for the purposes of the union,—10(a) in the case of every 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 income-tax act, being a non-resident, calculated,—(i) at the rate of ten per cent of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds fifty lakh rupees but does not exceed one crore rupees;15(ii) at the rate of fifteen per cent of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees;20(b) in the case of every co-operative society or firm, being a non-resident, calculated at the rate of twelve per cent of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees;(c) in the case of every company, other than a domestic company, calculated,—25(i) at the rate of two per cent of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees but does not exceed ten crore rupees;(ii) at the rate of five per cent of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds ten crore rupees30(7) in cases in which tax has to be collected under the proviso to section 194b of the income-tax act, the collection shall be made at the rates specified in part ii of the first schedule, and shall be increased by a surcharge, for the purposes of the union, calculated, in cases wherever prescribed, in the manner provided therein35(8) in cases in which tax has to be collected under section 206c of the income-tax act, the collection shall be made at the rates specified in that section and shall be increased by a surcharge, for the purposes of the union,—(a) in the case of every 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 income-tax act, being a non-resident, calculated,—40(i) at the rate of ten per cent of such tax, where the amount or the aggregate of such amounts collected and subject to the collection exceeds fifty lakh rupees but does not exceed one crore rupees;(ii) at the rate of fifteen per cent of such tax, where the amount or the aggregate of such amounts collected and subject to the collection exceeds one crore rupees;45(b) in the case of every co-operative society or firm, being a non-resident, calculated at the rate of twelve per cent of such tax, where the amount or the aggregate of such amounts collected and subject to the collection exceeds one crore rupees;(c) in the case of every company, other than a domestic company, calculated,—(i) at the rate of two per cent of such tax, where the amount or the aggregateof such amounts collected and subject to the collection exceeds one crore rupees but does not exceed ten crore rupees;5(ii) at the rate of five per cent of such tax, where the amount or theaggregate of such amounts collected and subject to the collection exceeds ten crore rupees10 15(9) subject to the provisions of sub-section (10), in cases in which income-tax has to be charged under sub-section (4) of section 172 or sub-section (2) of section 174 or section 174a or section 175 or sub-section (2) of section 176 of the income-tax act or deducted from, or paid on, income chargeable under the head "salaries" under section 192 of the said act or in which the "advance tax" payable under chapter xvii-c of the said act has to be computed at the rate or rates in force, such income-tax or, as the case may be, "advance tax" shall be charged, deducted or computed at the rate or rates specified in part iii of the first schedule and such tax shall be increased by a surcharge, for the purposes of the union, calculated in such cases and in such manner as provided therein:20provided that in cases to which the provisions of chapter xii or chapter xii-a or section 115jb or section 115jc or chapter xii-fa or chapter xii-fb or sub-section (la) of section 161 or section 164 or section 164a or section 167b of the income-tax act apply, "advance tax" shall be computed with reference to the rates imposed by this sub-section or the rates as specified in that chapter or section, as the case may be:25provided further that the amount of "advance tax" computed in accordance with the provisions of section 111a or section 112 of the income-tax act shall be increased by a surcharge, for the purposes of the union, as provided in paragraph a, b, c, d or e, as the case may be, of part iii of the first schedule:30provided also that in respect of any income chargeable to tax under section 115a,115ab, 115ac, 115aca, 115ad, 115b, 115ba, 115bb, 115bba, 115bbc, 115bbd, 115bbda, 115bbf, 115bbg, 115e, 115jb or 115jc of the income-tax act, "advance tax" computed under the first proviso shall be increased by a surcharge, for the purposes of the union, calculated,—(a) in the case of every 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 income-tax act,—35(i) at the rate of ten per cent of such "advance tax", where the total incomeexceeds fifty lakh rupees but does not exceed one crore rupees;(ii) at the rate of fifteen per cent of such "advance tax", where the totalincome exceeds one crore rupees;40(b) in the case of every co-operative society or firm or local authority at the rateof twelve per cent of such "advance tax", where the total income exceeds one crore rupees;(c) in the case of every domestic company,—(i) at the rate of seven per cent of such "advance tax", where the totalincome exceeds one crore rupees but does not exceed ten crore rupees;45(ii) at the rate of twelve per cent of such "advance tax", where the totalincome exceeds ten crore rupees; (d) in the case of every company, other than a domestic company,—(i) at the rate of two per cent of such "advance tax", where the totalincome exceeds one crore rupees but does not exceed ten crore rupees;(ii) at the rate of five per cent of such "advance tax", where the total income exceeds ten crore rupees:provided also that in the case of persons mentioned in (a) above, having total income chargeable to tax under section 115jc of the income-tax act, and such income exceeds,—5(a) fifty lakh rupees but does not exceed one crore rupees, the total amount payable as "advance tax" on such income and surcharge thereon shall not exceed the total amount payable as "advance tax" on a total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees;10(b) one crore rupees, the total amount payable as "advance tax" on such income and surcharge thereon shall not exceed the total amount payable as "advance tax" on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees:15provided also that in the case of persons mentioned in (b) above, having total income chargeable to tax under section 115jc of the income-tax act, and such income exceeds one crore rupees, the total amount payable as "advance tax" on such income and surcharge thereon shall not exceed the total amount payable as "advance tax" on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees:20provided also that in the case of every company having total income chargeable to tax under section 115jb of the income-tax act, and such income exceeds one crore rupees but does not exceed ten crore rupees, the total amount payable as "advance tax" on such income and surcharge thereon, shall not exceed the total amount payable as "advance tax" on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees:25provided also that in the case of every company having total income chargeable to tax under section 115jb of the income-tax act, and such income exceeds ten crore rupees, the total amount payable as "advance tax" on such income and surcharge thereon, shall not exceed the total amount payable as "advance tax" and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees:30provided also that in respect of any income chargeable to tax under clause (i) of subsection (1) of section 115bbe of the income-tax act, the "advance tax" computed under the first proviso shall be increased by a surcharge, for the purposes of the union, calculated at the rate of twenty-five per cent of such "advance tax"3540(10) in cases to which paragraph a of part iii of the first schedule applies, where the assessee has, in the previous year or, if by virtue of any provision of the income-tax act, income-tax is to be charged in respect of the income of a period other than the previous year, in such other period, any net agricultural income exceeding five thousand rupees, in addition to total income and the total income exceeds two lakh fifty thousand rupees, then, in charging income-tax under sub-section (2) of section 174 or section 174a or section 175 or subsection (2) of section 176 of the said act or in computing the "advance tax" payable under chapter xvii-c of the said act, at the rate or rates in force,—45(a) the net agricultural income shall be taken into account, in the manner provided in clause (b) [that is to say, as if the net agricultural income were comprised in the total income after the first two lakh fifty thousand rupees of the total income but without being liable to tax], only for the purpose of charging or computing such income-tax or, as the case may be, "advance tax" in respect of the total income; and(b) such income-tax or, as the case may be, "advance tax" shall be so charged or computed as follows:—50(i) the total income and the net agricultural income shall be aggregated and the amount of income-tax or "advance tax" shall be determined in respect of the aggregate income at the rates specified in the said paragraph a, as if such aggregate income were the total income;5(ii) the net agricultural income shall be increased by a sum of two lakh fifty thousand rupees, and the amount of income-tax or "advance tax" shall be determined in respect of the net agricultural income as so increased at the rates specified in the said paragraph a, as if the net agricultural income were the total income;10(iii) the amount of income-tax or "advance tax" determined in accordance with sub-clause (i) shall be reduced by the amount of income-tax or, as the case may be, "advance tax" determined in accordance with sub-clause (ii) and the sum so arrived at shall be the income-tax or, as the case may be, "advance tax" in respect of the total income:15provided that in the case of every individual, being a resident in india, who is of the age of sixty years or more but less than eighty years at any time during the previous year, referred to in item (ii) of paragraph a of part iii of the first schedule, the provisions of this sub-section shall have effect as if for the words "two lakh fifty thousand rupees", the words "three lakh rupees" had been substituted:20provided further that 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, referred to in item (iii) of paragraph a of part iii of the first schedule, the provisions of this sub-section shall have effect as if for the words "two lakh fifty thousand rupees", the words "five lakh rupees" had been substituted:provided also that the amount of income-tax or "advance tax" so arrived at, shall be increased by a surcharge for the purposes of the union, calculated in each case, in the manner provided therein25(11) the amount of income-tax as specified in sub-sections (1) to (10) and as increased by the applicable surcharge, for the purposes of the union, calculated in the manner provided therein, shall be further increased by an additional surcharge, for the purposes of the union, to be called the "education cess on income-tax", calculated at the rate of two per cent of such income-tax and surcharge so as to fulfil the commitment of the government to provide and finance universalised quality basic education:30provided that nothing contained in this sub-section shall apply to cases in which taxis to be deducted or collected under the sections of the income-tax act mentioned in subsections (5), (6), (7) and (8), if the income subjected to deduction of tax at source or collectionof tax at source is paid to a domestic company and any other person who is resident in india3540(12) the amount of income-tax as specified in sub-sections (1) to (10) and as increasedby the applicable surcharge, for the purposes of the union, calculated in the manner provided therein, shall also be increased by an additional surcharge, for the purposes of the union, to be called the "secondary and higher education cess on income-tax", calculated at the rate of one per cent of such income-tax and surcharge so as to fulfil the commitment of the government to provide and finance secondary and higher education:provided that nothing contained in this sub-section shall apply to cases in which taxis to be deducted or collected under the sections of the income-tax act mentioned in subsections (5), (6), (7) and (8), if the income subjected to deduction of tax at source or collectionof tax at source is paid to a domestic company and any other person who is resident in india45(13) for the purposes of this section and the first schedule,—(a) "domestic company" means an indian company or any other company which,in respect of its income liable to income-tax under the income-tax act, for the assessment year commencing on the 1st day of april, 2017, has made the prescribed arrangements for the declaration and payment within india of the dividends (including dividends on preference shares) payable out of such income;50(b) "insurance commission" means any remuneration or reward, whether by way of commission or otherwise, for soliciting or procuring insurance business (including business relating to the continuance, renewal or revival of policies of insurance);5(c) "net agricultural income" in relation to a person, means the total amount of agricultural income, from whatever source derived, of that person computed in accordance with the rules contained in part iv of the first schedule;(d) all other words and expressions used in this section and the first schedule but not defined in this sub-section and defined in the income-tax act shall have the meanings, respectively, assigned to them in that act10 chapter iii direct taxes income-tax3 in section 2 of the income-tax act,—amendment of section 215(i) in clause (24), after sub-clause (xvii), the following sub-clause  shall be inserted, namely: —"(xviia) any sum of money or value of property referred to in clause (x) of sub-section (2) of section 56;"; (ii) in clause (42a), —28 of 201620(a) in the third proviso [as inserted by section 3 of the finance act, 2016], after the words and brackets "a company (not being a share listed in a recognised stock exchange in india)", the words "or an immovable property, being land or building or both," shall be inserted with effect from the 1st day of april, 2018;(b) in explanation 1, in clause (i),—25(a) after sub-clause (he), the following sub-clause shall be inserted with effect from the 1st day of april, 2018, namely:—"(hf) in the case of a capital asset, being equity shares in a company, which becomes the property of the assessee in consideration of a transfer referred to in clause (xb) of section 47, there shall be included the period for which the preference shares were held by the assessee;";30(b) after sub-clause (hf) as so inserted, the following sub-clause shall be inserted, namely:—35"(hg) in the case of a capital asset, being a unit or units, which becomes the property of the assessee in consideration of a transfer referred to in clause (xix) of section 47, there shall be included the period for which the unit or units in the consolidating plan of a mutual fund scheme were held by the assessee;"4 in section 9 of the income-tax act, in sub-section (1), in clause (i), in explanation 5,—amendment of section 9(i) the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of april, 2012, namely —40"provided that nothing contained in this explanation shall apply to an asset or capital asset, which is held by a non-resident by way of investment, directly or indirectly, in a foreign institutional investor as referred to in clause (a) of the explanation to section 115ad for an assessment year commencing on or after the 1st day of april, 2012 but before the 1st day of april, 2015:";45(ii) after the first proviso as so inserted, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of april, 2015, namely: —515 of 1992amendment of section 9a10"provided further that nothing contained in this explanation shall apply to an asset or capital asset, which is held by a non-resident by way of investment, directly or indirectly, in category-i or category-ii foreign portfolio investor under the securities and exchange board of india (foreign portfolio investors) regulations, 2014, made under the securities and exchange board of india act, 1992"5 in section 9a of the income-tax act, in sub-section (3), in clause (j), after the proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of april, 2016, namely:—"provided further that nothing contained in this clause shall apply to a fund which has been wound up in the previous year;"6 in section 10 of the income-tax act,—amendment of section 1015(a) in clause (4), in sub-clause (ii), in the proviso, for the word, brackets and letter "clause (q)", the word, brackets and letter "clause (w)" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of april, 2013;28 of 201620(b) after clause (12a) [as inserted by section 7 of the finance act, 2016], the following clause shall be inserted with effect from the 1st day of april, 2018, namely:—23 of 201325"(12b) any payment from the national pension system trust to an employee under the pension scheme referred to in section 80ccd, on partial withdrawal made out of his account in accordance with the terms and conditions, specified under the pension fund regulatory and development authority act, 2013 and the regulations made thereunder, to the extent it does not exceed twenty-five per cent of the amount of contributions made by him;"; (c) in clause (23c),—30(i) after sub-clause (iiiaaa), the following sub-clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of april, 1998, namely:— "(iiiaaaa) the chief minister's relief fund or the lieutenant governor's relief fund in respect of any state or union territory as referred to in sub-clause (iiihf) of clause (a) of sub-section (2) of section 80g; or";35(ii) after the eleventh proviso, the following proviso shall be inserted with effect from the 1st day of april, 2018, namely:—40 45"provided also that any amount credited or paid out of income of any fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via), to any trust or institution registered under section 12aa, being voluntary contribution made with a specific direction that they shall form part of the corpus of the trust or institution, shall not be treated as application of income to the objects for which such fund or trust or institution or university or educational institution or hospital or other medical institution, as the case may be, is established:";(d) after clause (37), the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of april, 2015, namely:—'(37a) any income chargeable under the head "capital gains" in respect of transfer of a specified capital asset arising to an assessee, being an individual or505andhra pradesh act 11 of 2014a hindu undivided family, who was the owner of such specified capital asset as on the 2nd day of june, 2014 and transfers that specified capital asset under the land pooling scheme (herein referred to as "the scheme") covered under the andhra pradesh capital city land pooling scheme (formulation and implementation) rules, 2015 made under the provisions of the andhra pradesh capital region development authority act, 2014 and the rules, regulations and schemes made under the said actexplanation—for the purposes of this clause, "specified capital asset"means,—10(a) the land or building or both owned by the assessee as on the2nd day of june, 2014 and which has been transferred under the scheme; or15(b) the land pooling ownership certificate issued under the scheme to the assessee in respect of land or building or both referred to in clause (a); or20(c) the reconstituted plot or land, as the case may be, received by the assessee in lieu of land or building or both referred to in clause (a)in accordance with the scheme, if such plot or land, as the case may be, so received is transferred within two years from the end of the financial year in which the possession of such plot or land was handed over to him;';28 of 2016(e) in clause (38), after the second proviso and before the explanation [as inserted by section 7 of the finance act, 2016], the following proviso shall be inserted with effect from the 1st day of april, 2018, namely:—25 3023 of 2004"provided also that nothing contained in this clause shall apply to any income arising from the transfer of a long-term capital asset, being an equity share in a company, if the transaction of acquisition, other than the acquisition notified by the central government in this behalf, of such equity share is entered into on or after the 1st day of october, 2004 and such transaction is not chargeable to securities transaction tax under chapter vii of the finance (no 2) act, 2004"; (f) after clause (48a), the following clause shall be inserted with effect from the 1st day of april, 2018, namely:—35"(48b) any income accruing or arising to a foreign company on account of sale of leftover stock of crude oil, if any, from the facility in india after the expiry of the agreement or the arrangement referred to in clause (48a) subject to such conditions as may be notified by the central government in this behalf;"amendment of section 10aa7 in section 10aa of the income-tax act, after sub-section (1), the following explanation shall be inserted with effect from the 1st day of april, 2018, namely:—40"explanation––for the removal of doubts, it is hereby declared that the amount of deduction under this section shall be allowed from the total income of the assessee computed in accordance with the provisions of this act, before giving effect to the provisions of this section and the deduction under this section shall not exceed such total income of the assessee"45amendment of section 118 in section 11 of the income-tax act, in sub-section (1), the explanation below clause (d) shall be numbered as explanation 1 thereof and after explanation 1 as so numbered, the following explanation shall be inserted with effect from the 1st day of april, 2018, namely:—50"explanation 2—any amount credited or paid, out of income referred to in clause (a) or clause (b) read with explanation 1, to any other trust or institution registered under section 12aa, being contribution with a specific direction that they shall form part of the corpus of the trust or institution, shall not be treated as application of income for charitable or religious purposes"amendment of section 12a59 in section 12a of the income-tax act, in sub-section (1), with effect from the 1st day of april, 2018,—(i) after clause (aa), the following clause shall be inserted, namely:—1033 of 199615"(ab) the person in receipt of the income has made an application for registration of the trust or institution, in a case where a trust or an institution has been granted registration under section 12aa or has obtained registration at any time under section 12a [as it stood before its amendment by the finance (no 2) act, 1996], and, subsequently, it has adopted or undertaken modifications of the objects which do not conform to the conditions of registration, in the prescribed form and manner, within a period of thirty days from the date of said adoption or modification, to the principal commissioner or commissioner and such trust or institution is registered under section 12aa;"; (ii) after clause (b), the following clause shall be inserted, namely:—20"(ba) the person in receipt of the income has furnished the return of income for the previous year in accordance with the provisions of sub-section (4a) of section 139, within the time allowed under that section"amendment of section 12aa10 in section 12aa of the income-tax act, with effect from the 1st day of april, 2018,—(a) in sub-section (1), after the word, brackets and letters "clause (aa)", the words, brackets and letters "or clause (ab)" shall be inserted;25(b) in sub-section (2), after the word, brackets and letters "clause (aa)", thewords, brackets and letters "or clause (ab)" shall be insertedamendment of section 13a11 in section 13a of the income-tax act, with effect from the 1st day of april, 2018,—(i) in the first proviso,—30(i) in clause (b),—(a) after the words "such voluntary contribution", the words "other than contribution by way of electoral bond" shall be inserted;(b) the word "and" occurring at the end shall be omitted;(ii) in clause (c), the word "; and" shall be inserted at the end;35(iii) after clause (c), the following clause shall be inserted, namely:—'(d) no donation exceeding two thousand rupees is received by such political party otherwise than by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank account or through electoral bond402 of 1934explanation––for the purposes of this proviso, "electoral bond"means a bond referred to in the explanation to sub-section (3) of section 31 of the reserve bank of india act, 1934:'; (ii) after the second proviso, the following proviso shall be inserted, namely:—45"provided also that such political party furnishes a return of income for the previous year in accordance with the provisions of sub-section (4b) of section 139 on or before the due date under that section"amendment of section 2312 in section 23 of the income-tax act, after sub-section (4), the following sub-section shall be inserted with effect from the 1st day of april, 2018, namely:—5"(5) where the property consisting of any building or land appurtenant thereto is held as stock-in-trade and the property or any part of the property is not let during the whole or any part of the previous year, the annual value of such property or part of the property, for the period up to one year from the end of the financial year in which the certificate of completion of construction of the property is obtained from the competent authority, shall be taken to be nil"amendment of section 35ad1013 in section 35ad of the income-tax act, in sub-section (8), in clause (f), after the words "shall not include", the words "any expenditure in respect of which the payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank account, exceeds ten thousand rupees or" shall be inserted with effect from the 1st day of april, 201815amendment of section 3614 in section 36 of the income-tax act, in sub-section (1), in clause (viia), in subclause (a), for the words "seven and one-half per cent", the words "eight and one-half per cent" shall be substituted with effect from the 1st day of april, 201815 in section 40a of the income-tax act,—amendment of section 40a20(a) in sub-section (2), in clause (a), in the proviso, after the words "provided that", the words, figures and letters "for an assessment year commencing on or before the 1st day of april, 2016" shall be inserted; (b) with effect from the 1st day of april, 2018,—25(a) in sub-section (3), for the words "exceeds twenty thousand rupees", the words "or use of electronic clearing system through a bank account, exceeds ten thousand rupees," shall be substituted;(b) in sub-section (3a),—(i) after the words "account payee bank draft,", the words "or use of electronic clearing system through a bank account" shall be inserted;30(ii) for the words "twenty thousand rupees", the words "ten thousand rupees" shall be substituted;(iii) in the first proviso, for the words "exceeds twenty thousand rupees", the words "or use of electronic clearing system through a bank account, exceeds ten thousand rupees," shall be substituted;35(iv) in the second proviso, for the words "twenty thousand rupees", the words "ten thousand rupees" shall be substituted; (c) in sub-section (4),—(i) after the words "account payee bank draft", the words "or use of electronic clearing system through a bank account" shall be inserted;(ii) after the words "such cheque or draft", the words "or electronic clearing system" shall be inserted40amendment of section 4316 in section 43 of the income-tax act, in clause (1), with effect from the 1st day of april, 2018,—(a) after the proviso and before explanation 1, the following proviso shall be inserted, namely:—45"provided further that where the assessee incurs any expenditure for acquisition of any asset or part thereof in respect of which a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank account, exceeds ten thousand rupees, such expenditure shall be ignored for the purposes of determination of actual cost";(b) in explanation 13, the following proviso shall be inserted, namely:—510"provided that where any capital asset in respect of which deduction or part of deduction allowed under section 35ad is deemed to be the income of the assessee in accordance with the provisions of sub-section (7b) of the said section, the actual cost of the asset to the assessee shall be the actual cost to the assessee, as reduced by an amount equal to the amount of depreciation calculated at the rate in force that would have been allowable had the asset been used for the purpose of business since the date of its acquisition"amendment of section 43b17 in section 43b of the income-tax act, with effect from the 1st day of april,2018,—15(i) in clause (e), after the words "scheduled bank", the words "or a co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank" shall be inserted;(ii) in explanation 4, after clause (c), the following clause shall be inserted, namely:—20'(d) "co-operative bank", "primary agricultural credit society" and"primary co-operative agricultural and rural development bank" shall have the meanings respectively assigned to them in the explanation to sub-section (4)of section 80p'amendment of section 43d18 in section 43d of the income-tax act, with effect from the 1st day of april,2018,—25(i) in clause (a), after the words "scheduled bank or", the words "a co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank or" shall be inserted;30(ii) in the long line, after the words "scheduled bank or", the words "a co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank or" shall be inserted;(iii) in the explanation, after clause (f), the following clause shall be inserted, namely:—35'(g) "co-operative bank", "primary agricultural credit society" and"primary co-operative agricultural and rural development bank" shall have the meanings respectively assigned to them in the explanation to sub-section (4)of section 80p'amendment of section 44aa19 in section 44aa of the income-tax act, in sub-section (2), the following provisos shall be inserted with effect from the 1st day of april, 2018, namely:—40'provided that in the case of a person being an individual or a hindu undivided family, the provisions of clause (i) and clause (ii) shall have effect, as if for the words "one lakh twenty thousand rupees", the words "two lakh fifty thousand rupees" had been substituted:45provided further that in the case of a person being an individual or a hindu undivided family, the provisions of clause (i) and clause (ii) shall have effect, as if for the words "ten lakh rupees", the words "twenty-five lakh rupees" had been substituted'20 in section 44ab of the income-tax act,—amendment of section 44ab(i) before the first proviso, the following proviso shall be inserted, namely:—5"provided that this section shall not apply to the person, who declares profits and gains for the previous year in accordance with the provisions of sub-section (1) of section 44ad and his total sales, turnover or gross receipts, as the case may be, in business does not exceed two crore rupees in such previous year:"; (ii) in the first proviso, for the words "provided that", the words "provided further that" shall be substituted;10(iii) in the second proviso, for the words "provided further", the words "provided also" shall be substitutedamendment of section 44ad21 in section 44ad of the income-tax act, in sub-section (1), the following proviso shall be inserted, namely:—15'provided that this sub-section shall have effect as if for the words "eight per cent", the words "six per cent" had been substituted, in respect of the amount of total turnover or gross receipts which is received by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account during the previous year or before the due date specified in sub-section (1) of section 139 in respect of that previous year'20amendment of section 4522 in section 45 of the income-tax act, after sub-section (5) and the explanation thereto, the following sub-section shall be inserted with effect from the 1st day of april, 2018, namely:—25 30'(5a) notwithstanding anything contained in sub-section (1), where the capital gain arises to an assessee, being an individual or a hindu undivided family, from the transfer of a capital asset, being land or building or both, under a specified agreement, the capital gains shall be chargeable to income-tax as income of the previous year in which the certificate of completion for the whole or part of the project is issued by the competent authority; and for the purposes of section 48, the stamp duty value, on the date of issue of the said certificate, of his share, being land or building or both in the project, as increased by the consideration received in cash, if any, shall be deemed to be the full value of the consideration received or accruing as a result of the transfer of the capital asset:35provided that the provisions of this sub-section shall not apply where the assessee transfers his share in the project on or before the date of issue of the said certificate of completion, and the capital gains shall be deemed to be the income of the previous year in which such transfer takes place and the provisions of this act, other than the provisions of this sub-section, shall apply for the purpose of determination of full value of consideration received or accruing as a result of such transferexplanation—for the purposes of this sub-section, the expression—40(i) "competent authority" means the authority empowered to approve the building plan by or under any law for the time being in force;45(ii) "specified agreement" means a registered agreement in which a person owning land or building or both, agrees to allow another person to develop a real estate project on such land or building or both, in consideration of a share, being land or building or both in such project, whether with or without payment of part of the consideration in cash;(iii) "stamp duty value" means the value adopted or assessed or assessable by any authority of  the government for the purpose of payment of stamp duty in respect of an immovable property being land or building or both'23 in section 47 of the income-tax act, with effect from the 1st day of april, 2018,—amendment of section 47(a) after clause (viia), the following clause shall be inserted, namely:—5 "(viiaa) any transfer, made outside india, of a capital asset being rupee denominated bond of an indian company issued outside india, by a non-resident to another non-resident;"; (b) after clause (xa), the following clause shall be inserted, namely:—"(xb) any transfer by way of conversion of preference shares of a company into equity shares of that company;"24 in section 48 of the income-tax act, with effect from the 1st day of april, 2018,—amendment of section 4810(a) in the fifth proviso, for the word "subscribed", the word "held" shall be substituted;(b) in the explanation, in clause (iii), for the figures, letters and words "1st day of april, 1981", the figures, letters and words "1st day of april, 2001" shall be substituted1525 in section 49 of the income-tax act,—amendment of section 49(a) in sub-section (1), in clause (iii), in sub-clause (e), after the word, brackets, figures and letter "clause (vib)", the words, brackets, figures and letter "or clause(vic)" shall be inserted with effect from the 1st day of april, 2018;20(b) after sub-section (2ad), the following sub-section shall be inserted with effect from the 1st day of april, 2018, namely:–-25 "(2ae) where the capital asset, being equity share of a company, became the property of the assessee in consideration of a transfer referred to in clause (xb) of section 47, the cost of acquisition of the asset shall be deemed to be that part of the cost of the preference share in relation to which such asset is acquired by the assessee"; (c) after sub-section (2ae) as so inserted, the following sub-section shall be inserted, namely:—30"(2af) where the capital asset, being a unit or units in a consolidated plan of a mutual fund scheme, became the property of the assessee in consideration of a transfer referred to in clause (xix) of section 47, the cost of acquisition of the asset shall be deemed to be the cost of acquisition to him of the unit or units in the consolidating plan of the scheme of the mutual fund";35(d) in sub-section (4), after the words, brackets, figures and letter "or clause(viia)" at both the places where they occur, the words, brackets and figure "or clause (x)" shall be inserted;28 of 2016(e) after sub-section (5) [as inserted by section 30 of the finance act, 2016], the following sub-sections shall be inserted with effect from the 1st day of april, 2018, namely:—40 45'(6) where the capital gain arises from the transfer of a specified capitalasset referred to in clause (c) of the explanation to clause (37a) of section10, which has been transferred after the expiry of two years from the end of the financial year in which the possession of such asset was handed over to the assessee, the cost of acquisition of such specified capital asset shall be deemed to be its stamp duty value as on the last day of the second financial year after the end of the financial year in which the possession of the said specified capital asset was handed over to the assesseeexplanation––for the purposes of this sub-section, "stamp duty value"means the value adopted or assessed or assessable by any authority of the state government for the purpose of payment of stamp duty in respect of an immovable property5(7) where the capital gain arises from the transfer of a capital asset, being share in the project, in the form of land or building or both, referred to in sub-section (5a) of section 45, not being the capital asset referred to in the proviso to the said sub-section, the cost of acquisition of such asset, shall be the amount which is deemed as full value of consideration in that sub-section';10(f) after sub-section (7) as so inserted, the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of june, 2016, namely:—15"(8) where the capital gain arises from the transfer of an asset, being the asset held by a trust or an institution in respect of which accreted income has been computed and the tax has been paid thereon in accordance with the provisions of chapter xii-eb, the cost of acquisition of such asset shall be deemed to be the fair market value of the asset which has been taken into account for computation of accreted income as on the specified date referred to in sub-section (2) of section 115td"20insertion of new section 50ca26 after section 50c of the income-tax act, the following section shall be inserted with effect from the 1st day of april, 2018, namely:—25'50ca where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being share of a company other than a quoted share, is less than the fair market value of such share determined in such manner as may be prescribed, the value so determined shall, for the purposes of section 48, be deemed to be the full value of consideration received or accruing as a result of such transferspecial provision for full value of consideration for transfer of share other than quoted share30explanation—for the purposes of this section, "quoted share" means the share quoted on any recognised stock exchange with regularity from time to time, where the quotation of such share is based on current transaction made in the ordinary course of business'amendment of section 54ec1 of 195627 in section 54ec of the income-tax act, in sub-section (3), in the explanation, in clause (ba), for the words and figures "the companies act, 1956" occurring at the end, the words and figures "the companies act, 1956; or any other bond notified by the central government in this behalf" shall be substituted with effect from the 1st day of april, 20183528 in section 55 of the income-tax act, with effect from the 1st day of april, 2018,—amendment of section 55 (a) in sub-section (1), in clause (b), in sub-clause (2), in item (i), for the figures, letters and words "1st day of april, 1981", the figures, letters and words "1st day of april, 2001" shall be substituted;40 (b) in sub-section (2), in clause (b), for the figures, letters and words "1st day of april, 1981" wherever they occur, the figures, letters and words "1st day of april, 2001" shall be substituted29 in section 56 of the income-tax act, in sub-section (2),—amendment of section 5645(i) in clause (vii), after the figures, letters and words "1st day of october,2009", the words, figures and letters "but before the 1st day of april, 2017" shall be inserted;(ii) in clause (viia), after the figures, letters and words "1st day of june, 2010", the words, figures and letters "but before the 1st day of april, 2017" shall be inserted;(iii) after clause (ix), the following clause shall be inserted, namely:—'(x) where any person receives, in any previous year, from any person or persons on or after the 1st day of april, 2017,—5(a) any sum of money, without consideration, the aggregate valueof which exceeds fifty thousand rupees, the whole of the aggregate value of such sum;(b) any immovable property,—(a) without consideration, the stamp duty value of whichexceeds fifty thousand rupees, the stamp duty value of such property;10(b) for a consideration which is less than the stamp dutyvalue of the property by an amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such consideration:15provided that where the date of agreement fixing the amountof consideration for the transfer of immovable property and the date of registration are not the same, the stamp duty value on the date of agreement may be taken for the purposes of this sub-clause:20provided further that the provisions of the first proviso shallapply only in a case where the amount of consideration referred to therein, or a part thereof, has been paid by way of an account payee cheque or an account payee bank draft or by use of electronic clearing system through a bank account, on or before the date of agreement for transfer of such immovable property:25 30provided also that where the stamp duty value of immovableproperty is disputed by the assessee on grounds mentioned in subsection (2) of section 50c, the assessing officer may refer the valuation of such property to a valuation officer, and the provisions of section 50c and sub-section (15) of section 155 shall, as far as may be, apply in relation to the stamp duty value of such property for the purpose of this sub-clause as they apply for valuation of capital asset under those sections;(c) any property, other than immovable property,—35(a) without consideration, the aggregate fair market value ofwhich exceeds fifty thousand rupees, the whole of the aggregate fair market value of such property;(b) for a consideration which is less than the aggregate fairmarket value of the property by an amount exceeding fifty thousand rupees, the aggregate fair market value of such property as exceeds such consideration:40provided that this clause shall not apply to any sum of moneyor any property received—(i) from any relative; or(ii) on the occasion of the marriage of the individual; or (iii) under a will or by way of inheritance; or45(iv) in contemplation of death of the payer or donor, asthe case may be; or(v) from any local authority as defined in the explanation to clause (20) of section 10; or(vi) from any fund or foundation or university or othereducational institution or hospital or other medical institution or any trust or institution referred to in clause (23c) of section10; or5(vii) from or by any trust or institution registered undersection 12a or section 12aa; or10(viii) by any fund or trust or institution or any universityor other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) orsub-clause (vi) or sub-clause (via) of clause (23c) of section 10; or15(ix) by way of transaction not regarded as transfer underclause (i) or clause (vi) or clause (via) or clause (viaa) orclause (vib) or clause (vic) or clause (vica) or clause (vicb) orclause (vid) or clause (vii) of section 47(x) from an individual by a trust created or establishedsolely for the benefit of relative of the individual20explanation— for the purposes of this clause, the expressions "assessable", "fair market value", "jewellery", "property", "relative" and "stamp duty value" shall have the same meanings as respectively assigned to them in the explanation to clause (vii)'amendment of section 5830 in section 58 of the income-tax act, in sub-section (1a), for the word, brackets, figures and letter "sub-clause (iia)", the words, brackets, figures and letters "sub-clauses (ia) and (iia)" shall be substituted with effect from the 1st day of april, 2018amendment of section 712531 in section 71 of the income-tax act, after sub-section (3), the following sub-section shall be inserted with effect from the 1st day of april, 2018, namely:—30'(3a) notwithstanding anything contained in sub-section (1) or sub-section (2), where in respect of any assessment year, the net result of the computation under the head "income from house property" is a loss and the assessee has income assessable under any other head of income, the assessee shall not be entitled to set off such loss, to the extent the amount of the loss exceeds two lakh rupees, against income under the other head'32 for section 79 of the income-tax act, the following section shall be substituted with effect from the 1st day of april, 2018, namely:—substitution of new section for section 7935"79 notwithstanding anything contained in this chapter, where a change in shareholding has taken place in a previous year,—carry forward and set off of losses in case of certain companies40 45(a) in the case of a company not being a company in which the public are substantially interested and other than a company referred to in clause (b), no loss incurred in any year prior to the previous year shall be carried forward and set off against the income of the previous year, unless on the last day of the previous year, the shares of the company carrying not less than fifty-one per cent of the voting power were beneficially held by persons who beneficially held shares of the company carrying not less than fifty-one per cent of the voting power on the last day of the year or years in which the loss was incurred;(b) in the case of a company, not being a company in which the public are substantially interested but being an eligible start-up as referred to in section 80- iac, the loss incurred in any year prior to the previous year shall be carried forward and set off against the income of the previous year, if, all the shareholders of such company who held shares carrying voting power on the last day of the year or years in which the loss was incurred,—(i) continue to hold those shares on the last day of such previous year; and50(ii) such loss has been incurred during the period of seven years beginning from the year in which such company is incorporated:5provided that nothing contained in this section shall apply to a case where a change in the said voting power and shareholding takes place in a previous year consequent upon the death of a shareholder or on account of transfer of shares by way of gift to any relative of the shareholder making such gift:10provided further that nothing contained in this section shall apply to any change in the shareholding of an indian company which is a subsidiary of a foreign company as a result of amalgamation or demerger of a foreign company subject to the condition that fifty-one per cent shareholders of the amalgamating or demerged foreign company continue to be the shareholders of the amalgamated or the resulting foreign company"amendment of section 80ccd1533 in section 80ccd of the income-tax act, in sub-section (1), in clause (b), for the words "ten per cent", the words "twenty per cent" shall be substituted with effect from the 1st day of april, 201834 in section 80ccg of the income-tax act, after sub-section (4), the following sub-section shall be inserted with effect from the 1st day of april, 2018, namely:—amendment of section 80ccg20"(5) notwithstanding anything contained in sub-sections (1) to (4), no deduction under this section shall be allowed in respect of any assessment year commencing on or after the 1st day of april, 2018:25provided that an assessee, who has acquired listed equity shares or listed units of an equity oriented fund in accordance with the scheme referred to in sub-section (1) and claimed deduction under this section for any assessment year commencing on or before the 1st day of april, 2017, shall be allowed deduction under this section till the assessment year commencing on the 1st day of april, 2019, if he is otherwise eligible to claim the deduction in accordance with the other provisions of this section"amendment of section 80g3035 in section 80g of the income-tax act, in sub-section (5d), for the words "ten thousand rupees", the words "two thousand rupees" shall be substituted with effect from the 1st day of april, 2018amendment of section 80-iac28 of 201636 in section 80-iac of the income-tax act [as inserted by section 42 of the financeact, 2016], in sub-section (2), for the words "five years", the words "seven years" shall besubstituted with effect from the 1st day of april, 201828 of 2016amendment of section 80-iba3537 in section 80-iba of the income-tax act [as inserted by section 44 of the financeact, 2016], with effect from the 1st day of april, 2018,—(a) in sub-section (2),—(i) in clause (b), for the words "three years", the words "five years" shall be substituted;40(ii) in clauses (c) and (f), for the expression "built-up area" whereverthey occur, the words "carpet area" shall be substituted;(iii) the words "or within the distance, measured aerially, of twenty-five kilometres from the municipal limits of these cities" wherever they occur shall be omitted;45(b) in sub-section (6), for clause (a), the following clause shall be substituted, namely:—16 of 2016'(a) "carpet area" shall have the same meaning as assigned to it in clause(k) of section 2 of the real estate (regulation and development) act, 2016'38 in section 87a of the income-tax act, with effect from the 1st day of april, 2018,—amendment of section 87a (a) for the words "five hundred thousand rupees", the words "three hundred fifty thousand rupees" shall be substituted;5 (b) for the words "five thousand rupees" [as substituted by section 46 of the finance act, 2016], the words "two thousand five hundred rupees" shall be substituted28 of 2016amendment of section 9039 in section 90 of the income-tax act, after explanation 3, the following explanation shall be inserted with effect from the 1st day of april, 2018, namely:—10"explanation 4––for the removal of doubts, it is hereby declared that where any term used in an agreement entered into under sub-section (1) is defined under the said agreement, the said term shall have the same meaning as assigned to it in the agreement; and where the term is not defined in the said agreement, but defined in the act, it shall have the same meaning as assigned to it in the act and if any, explanation given to it by the central government"amendment of section 90a1540 in section 90a of the income-tax act, after explanation 3, the following explanation shall be inserted with effect from the 1st day of april, 2018, namely:—20"explanation 4––for the removal of doubts, it is hereby declared that where any term used in an agreement entered into under sub-section (1) is defined under the said agreement, the said term shall have the same meaning as assigned to it in the agreement; and where the term is not defined in the said agreement, but defined in the act, it shall have the same meaning as assigned to it in the act and explanation, if any, given to it by the central government"41 in section 92ba of the income-tax act, clause (i) shall be omittedamendment of section 92ba42 after section 92cd of the income-tax act, the following section shall be inserted with effect from the 1st day of april, 2018, namely:—insertion of new section 92ce25'92ce (1) where a primary adjustment to transfer price,—secondary adjustment in certain cases(i) has been made suo motu by the assessee in his return of income; (ii) made by the assessing officer has been accepted by the assessee; (iii) is determined by an advance pricing agreement entered into by the assessee under section 92cc;30(iv) is made as per the safe harbour rules framed under section 92cb; or (v) is arising as a result of resolution of an assessment by way of the mutual agreement procedure under an agreement entered into under section 90 or section 90a for avoidance of double taxation, the assessee shall make a secondary adjustment:35provided that nothing contained in this section shall apply, if,–(i) the amount of primary adjustment made in any previous year does not exceed one crore rupees; and(ii) the primary adjustment is made in respect of an assessment year commencing on or before the 1st day of april, 20164045(2) where, as a result of primary adjustment to the transfer price, there is an increase in the total income or reduction in the loss, as the case may be, of the assessee, the excess money which is available with its associated enterprise, if not repatriated to india within the time as may be prescribed, shall be deemed to be an advance made by the assessee to such associated enterprise and the interest on such advance, shall be computed in such manner as may be prescribed(3) for the purposes of this section,—(i) "associated enterprise" shall have the meaning assigned to it in subsection (1) and sub-section (2) of section 92a;(ii) "arm's length price" shall have the meaning assigned to it in clause (ii)of section 92f;5(iii) "excess money" means the difference between the arm's length pricedetermined in primary adjustment and the price at which the international transaction has actually been undertaken;10(iv) "primary adjustment" to a transfer price, means the determination oftransfer price in accordance with the arm's length principle resulting in an increase in the total income or reduction in the loss, as the case may be, of the assessee;15(v) "secondary adjustment" means an adjustment in the books of accountof the assessee and its associated enterprise to reflect that the actual allocation of profits between the assessee and its associated enterprise are consistent with the transfer price determined as a result of primary adjustment, thereby removing the imbalance between cash account and actual profit of the assessee'43 after section 94a of the income-tax act, the following section shall be inserted with effect from the 1st day of april, 2018, namely:—insertion of new section 94b20limitation on interest deduction in certain cases25'94b (1) notwithstanding anything contained in this act, where an indian company, or a permanent establishment of a foreign company in india, being the borrower, incurs any expenditure by way of interest or of similar nature exceeding one crore rupees which is deductible in computing income chargeable under the head "profits and gains of business or profession" in respect of any debt issued by a nonresident, being an associated enterprise of such borrower, the interest shall not be deductible in computation of income under the said head to the extent that it arises from excess interest, as specified in sub-section (2):30provided that where the debt is issued by a lender which is not associated but an associated enterprise either provides an implicit or explicit guarantee to such lender or deposits a corresponding and matching amount of funds with the lender, such debt shall be deemed to have been issued by an associated enterprise(2) for the purposes of sub-section (1), the excess interest shall mean an amount of total interest paid or payable in excess of thirty per cent of earnings before interest, taxes, depreciation and amortisation of the borrower in the previous year or interest paid or payable to associated enterprises for that previous year, whichever is less35(3) nothing contained in sub-section (1) shall apply to an indian company or apermanent establishment of a foreign company which is engaged in the business of banking or insurance40(4) where for any assessment year, the interest expenditure is not wholly deducted against income under the head "profits and gains of business or profession", so much of the interest expenditure as has not been so deducted, shall be carried forward to the following assessment year or assessment years, and it shall be allowed as a deduction against the profits and gains, if any, of any business or profession carried on by it and assessable for that assessment year to the extent of maximum allowable interest expenditure in accordance with sub-section (2):45provided that no interest expenditure shall be carried forward under this sub-section for more than eight assessment years immediately succeeding the assessment year for which the excess interest expenditure was first computed(5) for the purposes of this section, the expressions––(i) "associated enterprise" shall have the meaning assigned to it in subsection (1) and sub-section (2) of section 92a;5 (ii) "debt" means any loan, financial instrument, finance lease, financial derivative, or any arrangement that gives rise to interest, discounts or other finance charges that are deductible in the computation of income chargeable under the head "profits and gains of business or profession";(iii) "permanent establishment" includes a fixed place of business through which the business of the enterprise is wholly or partly carried on'1028 of 201644 in section 115bbda of the income-tax act [as inserted by section 52 of the finance act, 2016], with effect from the 1st day of april, 2018,—amendment of section115bbda(i) in sub-section (1), for the words "an assessee, being an individual, a hindu undivided family or a firm", the words "a specified assessee" shall be substituted;15(ii) for sub-section (3), the following explanation shall be substituted, namely:—'explanation––for the purposes of this section,—(a) "dividend" shall have the meaning assigned to it in clause (22)of section 2 but shall not include sub-clause (e) thereof;(b) "specified assessee" means a person other than,—20(i) a domestic company; or25(ii) a fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23c) of section 10;or(iii) a trust or institution registered under section 12a or section 12aa'insertion of new section 115 bbg28 of 20163045 after section 115bbf of the income-tax act [as inserted by section 54 of the finance act, 2016], the following section shall be inserted with effect from the 1st day of april, 2018, namely:—'115 bbg (1) where the total income of an assessee includes any income by way of transfer of carbon credits, the income-tax payable shall be the aggregate of—tax on income from transfer of carbon credits(a) the amount of income-tax calculated on the income by way of transfer of carbon credits, at the rate of ten per cent; and35(b) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause (a) (2) notwithstanding anything contained in this act, no deduction in respect of any expenditure or allowance shall be allowed to the assessee under any provision of this act in computing his income referred to in clause (a) of sub-section (1)40explanation––for the purposes of this section, "carbon credit" in respect of one unit shall mean reduction of one tonne of carbon dioxide emissions or emissions of its equivalent gases which is validated by the united nations framework on climate change and which can be traded in market at its prevailing market price'46 in section 115jaa of the income-tax act, with effect from the 1st day of april, 2018,—amendment of section 115jaa(a) in sub-section (2a), after the proviso, the following proviso shall be inserted, namely:—510 "provided further that where the amount of tax credit in respect of anyincome-tax paid in any country or specified territory outside india, under section 90 or section 90a or section 91, allowed against the tax payable under the provisions of sub-section (1) of section 115jb exceeds the amount of such tax credit admissible against the tax payable by the assessee on its income in accordance with the other provisions of this act, then, while computing the amount of credit under this sub-section, such excess amount shall be ignored";(b) in sub-section (3a), for the words "tenth assessment year", the words"fifteenth assessment year" shall be substituted47 in section 115jb of the income-tax act,—amendment of section 115jb15(i) in sub-section (2),—(a) for the words "profit and loss account" wherever they occur, the words"statement of profit and loss" shall be substituted;1 of 1956 18 of 2013(b) for the words and figures "the companies act, 1956" wherever they occur, the words and figures "the companies act, 2013" shall be substituted;20(c) in clause (a), for the words and figures "part ii of schedule vi", theword and figures "schedule iii" shall be substituted;(d) in clause (b), for the words, brackets and figures "proviso to subsection (2) of section 211", the words, brackets and figures "second proviso to sub-section (1) of section 129" shall be substituted;25(e) in the first proviso, for the word and figures "section 210", the wordand figures "section 129" shall be substituted;(ii) after sub-section (2), the following sub-sections shall be inserted, namely:—30'(2a) for a company whose financial statements are drawn up in compliance to the indian accounting standards specified in annexure to the companies (indian accounting standards) rules, 2015, the book profit as computed in accordance with explanation 1 to sub-section (2) shall be further––35(a) increased by all amounts credited to other comprehensiveincome in the statement of profit and loss under the head "items that will not be re-classified to profit or loss";(b) decreased by all amounts debited to other comprehensiveincome in the statement of profit and loss under the head "items that will not be re-classified to profit or loss";40(c) increased by amounts or aggregate of the amounts debited tothe statement of profit and loss on distribution of non-cash assets to shareholders in a demerger in accordance with appendix a of the indian accounting standards 10;45(d) decreased by all amounts or aggregate of the amounts creditedto the statement of profit and loss on distribution of non-cash assets to shareholders in a demerger in accordance with appendix a of the indian accounting standards 10:provided that nothing contained in clause (a) or clause (b) shall apply to the amount credited or debited to other comprehensive income under the head "items that will not be re-classified to profit or loss" in respect of—5(i) revaluation surplus for assets in accordance with the indianaccounting standards 16 and indian accounting standards 38; or(ii) gains or losses from investments in equity instrumentsdesignated at fair value through other comprehensive income in accordance with the indian accounting standards 109:10 15provided further that the book profit of the previous year inwhich the asset or investment referred to in the first proviso is retired, disposed, realised or otherwise transferred shall be increased or decreased, as the case may be, by the amount or the aggregate of the amounts referred to in the first proviso for the previous year or any of the preceding previous years and relatable to such asset or investment20(2b) in the case of a resulting company, where the property and the liabilities of the undertaking or undertakings being received by it are recorded at values different from values appearing in the books of account of the demerged company immediately before the demerger, any change in such value shall be ignored for the purpose of computation of book profit of the resulting company under this section25(2c) for a company referred to in sub-section (2a), the book profit of the year of convergence and each of the following four previous years, shall be further increased or decreased, as the case may be, by one-fifth of the transition amount:30provided that the book profit of the previous year in which the asset or investment referred to in sub-clauses (b) to (e) of clause (iii) of the explanation is retired, disposed, realised or otherwise transferred, shall be increased or decreased, as the case may be, by the amount or the aggregate of the amounts referred to in the said sub-clauses relatable to such asset or investment:35provided further that the book profit of the previous year in which the foreign operation referred to in sub-clause (f) of clause (iii) of the explanation is disposed or otherwise transferred, shall be increased or decreased, as the case may be, by the amount or the aggregate of the amounts referred to in the said sub-clause relatable to such foreign operationsexplanation––for the purposes of this sub-section, the expression––40(i) "year of convergence" means the previous year within which the convergence date falls;(ii) "convergence date" means the first day of the first indian accounting standards reporting period as defined in the indian accounting standards 101;45(iii) "transition amount" means the amount or the aggregate of the amounts adjusted in the other equity (excluding capital reserve, and securities premium reserve) on the convergence date but not including the following,––50(a) amount or aggregate of the amounts adjusted in the other comprehensive income on the convergence date which shall be subsequently re-classified to the profit or loss;(b) revaluation surplus for assets in accordance with the indianaccounting standards 16 and indian accounting standards 38 adjusted on the convergence date;5(c) gains or losses from investments in equity instrumentsdesignated at fair value through other comprehensive income in accordance with the indian accounting standards 109 adjusted on the convergence date;10(d) adjustments relating to items of property, plant andequipment and intangible assets recorded at fair value as deemed cost in accordance with paragraphs d5 and d7 of the indian accounting standards 101 on the convergence date;15(e) adjustments relating to investments in subsidiaries, jointventures and associates recorded at fair value as deemed cost in accordance with paragraph d15 of the indian accounting standards 101 on the convergence date; and(f) adjustments relating to cumulative translation differencesof a foreign operation in accordance with paragraph d13 of the indian accounting standards 101 on the convergence date';(iii) in explanation 1,—20(a) for the words "net profit", the word "profit" shall be substituted; (b) for the words "profit and loss account" wherever they occur, thewords "statement of profit and loss" shall be substituted;(c) in clause (k), for the words "profit or loss account", the words"statement of profit and loss" shall be substituted;25(iv) in explanation 3,—1 of 1956 18 of 2013(a) for the words, brackets and figures "proviso to sub-section (2) of section 211 of the companies act, 1956", the words, brackets and figures "second proviso to sub-section (1) of section 129 of the companies act, 2013"shall be substituted;30(b) for the words "profit and loss account", the words "statement of profitand loss" shall be substituted;1 of 1956 18 of 2013(c) for the words and figures "part ii and part iii of schedule vi to the companies act, 1956", the words and figures "schedule iii to the companies act, 2013" shall be substituted35amendment of section 115jd48 in section 115jd of the income-tax act, with effect from the 1st day of april,2018,—(a) in sub-section (2), the following proviso shall be inserted, namely:—40 "provided that where the amount of tax credit in respect of any incometax paid in any country or specified territory outside india under section 90 or section 90a or section 91, allowed against the alternate minimum tax payable, exceeds the amount of the tax credit admissible against the regular incometax payable by the assessee, then, while computing the amount of credit under this sub-section, such excess amount shall be ignored"; (b) in sub-section (4), for the words "tenth assessment year", the words"fifteenth assessment year" shall be substituted 50 in section 132 of the income-tax act,—amendment of section 132(i) in sub-section (1), after the fourth proviso, the following explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of april, 1962, namely:—5"explanation––for the removal of doubts, it is hereby declared that the reason to believe, as recorded by the income-tax authority under this subsection, shall not be disclosed to any person or any authority or the appellate tribunal";10(ii) in sub-section (1a), the following explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of october, 1975, namely:—15"explanation––for the removal of doubts, it is hereby declared that the reason to suspect, as recorded by the income-tax authority under this subsection, shall not be disclosed to any person or any authority or the appellate tribunal"; (iii) after sub-section (9a), the following sub-sections shall be inserted, namely:—2025"(9b) where, during the course of the search or seizure or within a period of sixty days from the date on which the last of the authorisations for search was executed, the authorised officer, for reasons to be recorded in writing, is satisfied that for the purpose of protecting the interest of revenue, it is necessary so to do, he may with the previous approval of the principal director general or director general or the principal director or director, by order in writing, attach provisionally any property belonging to the assessee, and for the said purpose, the provisions of the second schedule shall, mutatis mutandis, apply(9c) every provisional attachment made under sub-section (9b) shall cease to have effect after the expiry of a period of six months from the date of the order referred to in sub-section (9b)3035(9d) the authorised officer may, during the course of the search or seizure or within a period of sixty days from the date on which the last of the authorisations for search was executed, make a reference to a valuation officer referred to in section 142a, who shall estimate the fair market value of the property in the manner provided under that section and submit a report of the estimate to the said officer within a period of sixty days from the date of receipt of such reference"; (iv) for explanation 1, the following explanation shall be substituted, namely:—40'explanation 1––for the purposes of sub-sections (9a), (9b) and (9d), with respect to "execution of an authorisation for search", the provisions of sub-section (2) of section 153b shall apply'amendment of section 132a51 in section 132a of the income-tax act, in sub-section (1), the following explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of october, 1975, namely:—45"explanation––for the removal of doubts, it is hereby declared that the reason to believe, as recorded by the income-tax authority under this sub-section, shall not be disclosed to any person or any authority or the appellate tribunal"52 in section 133 of the income-tax act,—amendment of section 133(i) in the first proviso, for the words "and the principal commissioner or commissioner", the words "or the principal commissioner or commissioner or the joint director or deputy director or assistant director" shall be substituted;5(ii) in the second proviso, after the words "director or principal commissioner or commissioner", the words ", other than the joint director or deputy director or assistant director," shall be inserted53 in section 133a of the income-tax act, in sub-section (1),—amendment of section 133a10(i) in the long line, for the portion beginning with "at which a business or profession" and ending with "such business or profession––", the following shall be substituted, namely:—15"at which a business or profession or an activity for charitable purpose is carried on, whether such place be the principal place or not of such business or profession or of such activity for charitable purpose, and require any proprietor, trustee, employee or any other person who may at that time and place be attending in any manner to, or helping in, the carrying on of such business or profession or such activity for charitable purpose––"; (ii) in the explanation, after the words "business or profession" wherever they occur, the words "or activity for charitable purpose" shall be inserted20amendment of section 133c54 in section 133c of the income-tax act, after sub-section (2) and before the explanation, the following sub-section shall be inserted, namely:––"(3) the board may make a scheme for centralised issuance of notice and for processing of information or documents and making available the outcome of the processing to the assessing officer"2555 in section 139 of the income-tax act, with effect from the 1st day of  april, 2018,—amendment of section 139(i) in sub-section (4c),—(i) after clause (c), the following clause shall be inserted, namely:—"(ca) person referred to in clause (23aaa) of section 10;";(ii) after clause (eb), the following clauses shall be inserted, namely:—30"(eba) investor protection fund referred to in clause (23ec) orclause (23ed) of section 10;(ebb) core settlement guarantee fund referred to in clause (23ee)of section 10;";(iii) after clause (f), the following clause shall be inserted, namely:—35"(fa) board or authority referred to in clause (29a) of section 10;";(iv) in the long line occurring after clause (h), after the words "association or institution,", the words "person or" shall be inserted;(ii) in sub-section (5) [as substituted by section 67 of the finance act, 2016], the words "the expiry of one year from" shall be omitted4056 after section 139a of the income-tax act, the following section shall be inserted, namely:—insertion of new section 139aa139aa (1) every person who is eligible to obtain aadhaar number shall, on or after the 1st day of july, 2017, quote aadhaar number—quoting of aadhaar number(i) in the application form for allotment of permanent account number;45(ii) in the return of income:provided that where the person does not possess the aadhaar number, the enrolment id of aadhaar application form issued to him at the time of enrolment shall be quoted in the application for permanent account number or, as the case may be, in the return of income furnished by him5(2) every person who has been allotted permanent account number as on the1st day of july, 2017, and who is eligible to obtain aadhaar number, shall intimate his aadhaar number to such authority in such form and manner as may be prescribed, on or before a date to be notified by the central government in the official gazette:10provided that in case of failure to intimate the aadhaar number, the permanent account number allotted to the person shall be deemed to be invalid and the other provisions of this act shall apply, as if the person had not applied for allotment of permanent account number15(3) the provisions of this section shall not apply to such person or class or classes of persons or any state or part of any state, as may be notified by the central government in this behalf, in the official gazetteexplanation—for the purposes of this section, the expressions—20(i) "aadhaar number", "enrolment" and "resident" shall have the same meanings respectively assigned to them in clauses (a), (m) and (v) of section 2 of the aadhaar (targeted delivery of financial and other subsidies, benefits and services) act, 2016;18 of 2016(ii) "enrolment id" means a 28 digit enrolment identification number issued to a resident at the time of enrolment '28 of 201657 in section 140a of the income-tax act, with effect from the 1st day of april, 2018,—amendment of section 140a25(i) in sub-section (1),—(a) in the long line,—(a) after the words "together with interest", the words "and fee"shall be inserted;30(b) for the words "and interest", the words ", interest and fee" shall be substituted;(b) in the explanation, for the words "and interest as aforesaid, the amount so paid shall first be adjusted towards", the words ", interest and fee as aforesaid, the amount so paid shall first be adjusted towards the fee payable and thereafter towards" shall be substituted;35(ii) in sub-section (3), for the words "or interest or both" at both the places where they occur , the words ",interest or fee" shall be substituted58 in section 143 of the income-tax act,—amendment of section 143(a) in sub-section (1), with effect from the 1st day of april, 2018,—40(i) in clause (b), for the words "and interest", the words ", interest and fee"shall be substituted;(ii) in clause (c),—(a) for the words "and interest", the words ", interest and fee" shall be substituted;45(b) for the words "or interest", the words ", interest or fee" shall be substituted;(iii) in the first proviso, for the words "or interest", the words ", interest or fee" shall be substituted;(b) for sub-section (1d) [as substituted by section 68 of the finance act, 2016], the following shall be substituted, namely:—28 of 20165"(1d) notwithstanding anything contained in sub-section (1), the processing of a return shall not be necessary, where a notice has been issued to the assessee under sub-section (2):10provided that the provisions of this sub-section shall not apply to any return furnished for the assessment year commencing on or after the 1st day of april, 2017"15(c) in sub-section (3), for the portion beginning with the words, "on the day specified in the notice" and ending with the words, brackets and letters "issued under clause (ii) of ", the words "on the day specified in the notice issued under" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of june, 2016'59 in section 153 of the income-tax act,—amendment of section 153(i) in sub-section (1), the following provisos shall be inserted, namely:—20'provided that in respect of an order of assessment relating to the assessment year commencing on the 1st day of april, 2018, the provisions of this sub-section shall have effect, as if for the words "twenty-one months", the words "eighteen months" had been substituted:25provided further that in respect of an order of assessment relating to the assessment year commencing on or after the 1st day of april, 2019, the provisions of this sub-section shall have effect, as if for the words "twentyone months", the words "twelve months" had been substituted'; (ii) in sub-section (2), the following proviso shall be inserted, namely:—30'provided that where the notice under section 148 is served on or after the 1st day of april, 2019, the provisions of this sub-section shall have effect, as if for the words "nine months", the words "twelve months" had been substituted';(iii) in sub-section (3), the following proviso shall be inserted, namely:—35'provided that where the order under section 254 is received by the principal chief commissioner or chief commissioner or principal commissioner or commissioner or, as the case may be, the order under section 263 or section 264 is passed by the principal commissioner or commissioner on or after the 1st day of april, 2019, the provisions of this sub-section shall have effect, as if for the words "nine months", the words "twelve months" had been substituted';40(iv) in sub-section (5), after the proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of june, 2016, namely:—45"provided further that where an order under section 250 or section 254or section 260 or section 262 or section 263 or section 264 requires verification of any issue by way of submission of any document by the assessee or any other person or where an opportunity of being heard is to be provided to the assessee, the order giving effect to the said order under section 250 or section 254 or section 260 or section 262 or section 263 or section 264 shall be made within the time specified in sub-section (3)";(v) in sub-section (9), the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of june, 2016, namely:—5"provided that where a notice under sub-section (1) of section 142 or subsection (2) of section 143 or section 148 has been issued prior to the 1st day of june, 2016 and the assessment or reassessment has not been completed by such date due to exclusion of time referred to in explanation 1, such assessment or reassessment shall be completed in accordance with the provisions of this section as it stood immediately before its substitution by the finance act, 2016";28 of 201610(vi) in explanation 1, in the third proviso, the figures and letter "153b," shall be omitted60 in section 153a of the income-tax act, in sub-section (1),—amendment of section 153a(i) in clause (a), first proviso and the second proviso, after the words "six assessment years" wherever they occur, the words "and for the relevant assessment year or years" shall be inserted;15(ii) in clause (b), after the words "requisition is made", the words "and of the relevant assessment year or years" shall be inserted;(iii) in the third proviso, after the words "requisition is made", the words "and for the relevant assessment year or years" shall be inserted;(iv) after the third proviso, the following shall be inserted, namely:—20'provided also that no notice for assessment or reassessment shall be issued by the assessing officer for the relevant assessment year or years unless—25(a) the assessing officer has in his possession books of account or other documents or evidence which reveal that the income, represented in the form of asset, which has escaped assessment amounts to or is likely to amount to fifty lakh rupees or more in the relevant assessment year or in aggregate in the relevant assessment years;(b) the income referred to in clause (a) or part thereof has escaped assessment for such year or years; and30(c) the search under section 132 is initiated or requisition under section 132a is made on or after the 1st day of april, 201735explanation 1––for the purposes of this sub-section, the expression"relevant assessment year" shall mean an assessment year preceding the assessment year relevant to the previous year in which search is conducted or requisition is made which falls beyond six assessment years but not later than ten assessment years from the end of the assessment year relevant to the previous year in which search is conducted or requisition is made40explanation 2––for the purposes of the fourth proviso, "asset"shall include immovable property being land or building or both, shares and securities, loans and advances, deposits in bank account'61 in section 153b of the income-tax act,—amendment of section 153b(a) in sub-section (1),—45(i) in clause (a), after the words "six assessment years", the words "and for the relevant assessment year or years" shall be inserted;(ii) for the second and third provisos, the following provisos shall be substituted, namely:—'provided further that in the case where the last of the authorisations for search under section 132 or for requisition under section 132a was executed during the financial year commencing on the 1st day of april, 2018,—5(i) the provisions of clause (a) or clause (b) of this sub-section shall have effect, as if for the words "twenty-one months", the words "eighteen months" had been substituted;10(ii) the period of limitation for making the assessment or reassessment in case of other person referred to in section 153c, shall be the period of eighteen months from the end of the financial year in which the last of the authorisations for search under section 132 or for requisition under section 132a was executed or twelve months from the end of the financial year in which books of account or documents or assets seized or requisitioned are handed over under section 153c to the assessing officer having jurisdiction over such other person, whichever is later:15provided also that in the case where the last of the authorisations for search under section 132 or for requisition under section 132a was executed during the financial year commencing on or after the 1st day of april, 2019,—20(i) the provisions of clause (a) or clause (b) of this subsection shall have effect, as if for the words "twenty-one months", the words "twelve months" had been substituted;25(ii) the period of limitation for making the assessment or reassessment in case of other person referred to in section 153c, shall be the period of twelve months from the end of the financial year in which the last of the authorisations for search under section 132 or for requisition under section 132a was executed or twelve months from the end of the financial year in which books of account or documents or assets seized or requisitioned are handed over under section 153c to the assessing officer having jurisdiction over such other person, whichever is later:30 35provided also that in case where the last of the authorisationsfor search under section 132 or for requisition under section 132a was executed and during the course of the proceedings for theassessment or reassessment of total income, a reference under sub-section (1) of section 92ca is made, the period available formaking an order of assessment or reassessment shall be extended by twelve months:40provided also that in case where during the course of theproceedings for the assessment or reassessment of total income in case of other person referred to in section 153c, a reference under sub-section (1) of section 92ca is made, the period available for making an order of assessment or reassessment in case of such other person shall be extended by twelve months';(b) in sub-section (3), the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of june, 2016, namely:—45"provided that where a notice under section 153a or section 153c has been issued prior to the 1st day of june, 2016 and the assessment has not been completed by such date due to exclusion of time referred to in the explanation, such assessment shall be completed in accordance with the provisions of this section as it stood immediately before its substitution by the finance act, 2016";5028 of 2016(c) in the explanation, after the second proviso, the following proviso shall be inserted, namely:—5"provided also that where a proceeding before the settlement commission abates under section 245ha, the period of limitation available under this section to the assessing officer for making an order of assessment or reassessment, as the case may be, shall, after the exclusion of the period under sub-section (4) of section 245ha, be not less than one year; and where such period of limitation is less than one year, it shall be deemed to have been extended to one year"62 in section 153c of the income-tax act, in sub-section (1),—amendment of section 153c10(a) in the long line, after the words "total income of such other person", the words "for six assessment years immediately preceding the assessment year relevant to the previous year in which search is conducted or requisition is "made and" shall be inserted;15(b) in the second proviso, after the words "requisition is made", the words, brackets, figures and letter "and for the relevant assessment year or years as referred to in sub-section (1) of section 153a" shall be insertedamendment of section 15563 in section 155 of the income-tax act, after sub-section (14), the following sub-section shall be inserted with effect from the 1st day of april, 2018, namely:—20 25 30"(14a) where in the assessment for any previous year or in any intimation or deemed intimation under sub-section (1) of section 143 for any previous year, credit for income-tax paid in any country outside india or a specified territory outside india referred to in section 90, section 90a or section 91 has not been given on the ground that the payment of such tax was under dispute, and if subsequently such dispute is settled; and the assessee, within six months from the end of the month in which the dispute is settled, furnishes to the assessing officer evidence of settlement of dispute and evidence of payment of such tax along with an undertaking that no credit in respect of such amount has directly or indirectly been claimed or shall be claimed for any other assessment year, the assessing officer shall amend the order of assessment or any intimation or deemed intimation under sub-section (1) of section 143, as the case may be, and the provisions of section 154 shall, so far as may be, apply thereto:provided that the credit of tax which was under dispute shall be allowed for the year in which such income is offered to tax or assessed to tax in india"64 after section 194-ia of the income-tax act, the following section shall be inserted with effect from the 1st day of june, 2017, namely:—35insertion of new section 194-ib payment of rent by certain individuals or hindu undivided family '194-ib (1) any person, being an individual or a hindu undivided family (other than those referred to in the second proviso to section 194-i), responsible for paying to a resident any income by way of rent exceeding fifty thousand rupees for a month or part of a month during the previous year, shall deduct an amount equal to five per cent of such income as income-tax thereon40(2) the income-tax referred to in sub-section (1) shall be deducted on such income at the time of credit of rent, for the last month of the previous year or the last month of tenancy, if the property is vacated during the year, as the case may be, to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier45(3) the provisions of section 203a shall not apply to a person required to deduct tax in accordance with the provisions of this section(4) in a case where the tax is required to be deducted as per the provisions of section 206aa, such deduction shall not exceed the amount of rent payable for the last month of the previous year or the last month of the tenancy, as the case may beexplanation—for the purposes of this section, "rent" means any payment, by whatever name called, under any lease, sub-lease, tenancy or any other agreement or arrangement for the use of any land or building or both'565 after section 194-ib of the income-tax act as so inserted, the following section shall be inserted, namely:—insertion of new section 194-ic payment under specified agreement10'194-ic notwithstanding anything contained in section 194-ia, any person responsible for paying to a resident any sum by way of consideration, not being consideration in kind, under the agreement referred to in sub-section (5a) of section 45, shall at the time of credit of such sum to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to ten per cent of such sum as income-tax thereon'amendment of section 194j1566 in section 194j of the income-tax act, after the third proviso and before the explanation, the following proviso shall be inserted with effect from the 1st day of june, 2017, namely:—'provided also that the provisions of this section shall have effect, as if for the words "ten per cent", the words "two per cent" had been substituted in the case of a payee, engaged only in the business of operation of call centre'amendment of section 194la2067 in section 194la of the income-tax act, after the proviso and before the explanation, the following proviso shall be inserted, namely:—30 of 2013'provided further that no deduction shall be made under this section where such payment is made in respect of any award or agreement which has been exempted from levy of income-tax under section 96 of the right to fair compensation and transparency in land acquisition, rehabilitation and resettlement act, 2013'2568 in section 194lc of the income-tax act, in sub-section (2),—(a) in clause (i), with effect from the 1st day of april, 2018,—amendment of section 194lc(a) in sub-clauses (a) and (c), for the figures, letters and words "1st day of july, 2017", the figures, letters and words "1st day of july, 2020" shall be substituted;30(b) in the long line, for the word "and", the word "or" shall besubstituted;(b) after clause (i), the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of april, 2016, namely:—35"(ia) in respect of monies borrowed by it from a source outside india by way of issue of rupee denominated bond before the 1st day of july, 2020, and"amendment of section 194ld69 in section 194ld of the income-tax act, in sub-section (2), for the figures, letters and words "1st day of july, 2017", the figures, letters and words "1st day of july, 2020" shall be substituted with effect from the 1st day of april, 201840amendment of section 197a70 in section 197a of the income-tax act, with effect from the 1st day of june,2017,—(a) in sub-section (1a), after the word, figures and letter "section 194a" at both the places where they occur, the words, figures and letter "or section 194d" shall be inserted;45(b) in sub-section (1c), after the word, figures and letter "section 194a" at both the places where they occur, the words, figures and letter "or section 194d" shall be insertedamendment of section 20471 in section 204 of the income-tax act, after clause (iia), the following clause shall be inserted, namely:—5"(iib) in the case of furnishing of information relating to payment to a nonresident, not being a company, or to a foreign company, of any sum, whether or not chargeable under the provisions of this act, the payer himself, or, if the payer is a company, the company itself including the principal officer thereof;"72 in section 206c of the income-tax act,—amendment of section 206c(a) sub-section (1d) shall be omitted; (b) sub-section (1e) shall be omitted;10(c) in sub-sections (2), (3), (3a) and sub-section (9), the words, brackets, figure and letter "or sub-section (id)" wherever they occur, shall be omitted;(d) in sub-section (6a), in the first proviso, the words, brackets, figure and letter ", other than a person referred to in sub-section (1d)," shall be omitted;15(e) in sub-section (7), in the proviso, the words, brackets, figure and letter ", other than a person referred to in sub-section (id)," shall be omitted;'(f) in the explanation occurring after sub-section (11),—(a) in clause (aa),—(i) shall be omitted;20(ii) after sub-clause (ii), the following sub-clause shall be inserted, namely:—"(iii) sub-section (1f) means a person who obtains in any sale, goods of the nature specified in the said sub-section, but does not include,—25(a) the central government, a state government and an embassy, a high commission, legation, commission, consulate and the trade representation of a foreign state; or(b) a local authority as defined in explanation to clause(20) of section 10; or(c) a public sector company which is engaged in the business of carrying passengers";30(b) clause (ab) shall be omitted35(c) in clause (c), for the words, brackets, figures and letters "or sub section (1d) are sold or services referred to in sub-section (id) are provided", the words "are sold" shall be substituted73 after section 206cb of the income-tax act, the following section shall be inserted, namely:—insertion of new section 206cc40requirement to furnish permanent account number by collectee'206cc (1) notwithstanding anything contained in any other provisions of this act, any person paying any sum or amount, on which tax is collectible at source under chapter xvii-bb (herein referred to as collectee) shall furnish his permanent account number to the person responsible for collecting such tax (herein referred to as collector), failing which tax shall be collected at the higher of the following rates, namely:— (i) at twice the rate specified in the relevant provision of this act; or (ii) at the rate of five per cent45(2) no declaration under sub-section (1a) of section 206c shall be valid unless the person furnishes his permanent account number in such declaration(3) in case any declaration becomes invalid under sub-section (2), the collector shall collect the tax at source in accordance with the provisions of sub-section (1)5(4) no certificate under sub-section (9) of section 206c shall be granted unless the application made under that section contains the permanent account number of the applicant(5) the collectee shall furnish his permanent account number to the collector and both shall indicate the same in all the correspondence, bills, vouchers and other documents which are sent to each other10(6) where the permanent account number provided to the collector is invalid or does not belong to the collectee, it shall be deemed that the collectee has not furnished his permanent account number to the collector and the provisions of sub-section (1) shall apply accordingly(7) the provisions of this section shall not apply to a non-resident who does not have permanent establishment in india15explanation—for the purposes of this sub-section, the expression "permanentestablishment" includes a fixed place of business through which the business of the enterprise is wholly or partly carried on'amendment of section 2112074 in section 211 of the income-tax act, in sub-section (1), in clause (b), for the words, figures and letters "an eligible assessee in respect of an eligible business referred to in section 44ad", the words, brackets, figures and letters "an assessee who declares profits and gains in accordance with the provisions of sub-section (1) of section 44ad or subsection (1) of section 44ada, as the case may be" shall be substituted75 in section 234c of the income-tax act, in sub-section (1),—amendment of section 234c25(i) in clause (a), for the words, figures and letters "an eligible assessee in respect of the eligible business referred to in section 44ad", the words, brackets and letter "the assessee referred to in clause (b)" shall be substituted;30(ii) in clause (b), for the words, figures and letters "an eligible assessee in respect of the eligible business referred to in section 44ad", the words, brackets, figures and letters "an assessee who declares profits and gains in accordance with the provisions of sub-section (1) of section 44ad or sub-section (1) of section 44ada, as the case may be" shall be substituted;(iii) in the first proviso,—(a) in clause (c), for the words "first time," occurring at the end, the words"first time; or" shall be substituted;35(b) after clause (c) and before the long line, the following clause shall be inserted, namely:—"(d) income of the nature referred to in sub-section (1) of section115bbda,";40(c) in the long line, after the words, brackets and letter "or clause (c)", the words, brackets and letter "or clause (d)" shall be inserted76 after section 234e of the income-tax act, the following section shall be inserted with effect from the 1st day of april, 2018, namely:—45"234f (1) without prejudice to the provisions of this act, where a person required to furnish a return of income under section 139, fails to do so within the time prescribed in sub-section (1) of  the said section, he shall pay, by way of fee, a sum of,—insertion of new section 234f fee for default in furnishing return of income(a) five thousand rupees, if the return is furnished on or before the 31st day of december of the assessment year;(b) ten thousand rupees in any other case: provided that if the total income of the person does not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees5(2) the provisions of this section shall apply in respect of return of income required to be furnished for the assessment year commencing on or after the 1st day of april, 2018"14 of 2001insertion of new section 241a77 after section 241 of the income-tax act [as it stood immediately before its omission by section 81 of the finance act, 2001], the following section shall be inserted, namely:—10withholding of refund incertain cases15"241a for every assessment year commencing on or after the 1st day of april,2017, where refund of any amount becomes due to the assessee under the provisions of sub-section (1) of section 143 and the assessing officer is of the opinion, having regard to the fact that a notice has been issued under sub-section (2) of section 143in respect of such return, that the grant of the refund is likely to adversely affect the revenue, he may, for reasons to be recorded in writing and with the previous approval of the principal commissioner or commissioner, as the case may be, withhold the refund up to the date on which the assessment is made"78 in section 244a of the income-tax act,—amendment of section 244a(i) after sub-section (1a), the following sub-section shall be inserted, namely:—20"(1b) where refund of any amount becomes due to the deductor in respect of any amount paid to the credit of the central government under chapter xvii- b, such deductor shall be entitled to receive, in addition to the said amount, simple interest thereon calculated at the rate of one-half per cent for every month or part of a month comprised in the period, from the date on which––25(a) claim for refund is made in the prescribed form; or (b) tax is paid, where refund arises on account of giving effect to an order under section 250 or section 254 or section 260 or section 262, to the date on which the refund is granted";30(ii) in sub-section (2),—(a) after the words "to the assessee", the words "or the deductor, as the case may be," shall be inserted;(b) after the word, brackets, figure and letter "or (1a)", the word, brackets, figure and letter "or (1b)" shall be inserted35amendment of section 245a79 in section 245a of the income-tax act, in clause (b), in the explanation, in clause(iv), for the words "two years from the end of the relevant assessment year", the words, brackets and figures "the time specified for making assessment under sub-section (1) of section 153" shall be substitutedamendment of section 245n4080 in section 245n of the income-tax act, for clause (b), the following clause shall be substituted, namely:—'(b) "applicant" means—(a) any person who—(i) is a non-resident referred to in sub-clause (i) of clause (a); or(ii) is a resident referred to in sub-clause (ii) of clause (a); or45(iii) is a resident referred to in sub-clause (iia) of clause (a) falling within any such class or category of persons as the central government may, by notification in the official gazette, specify; or(iv) is a resident falling within any such class or category of persons as the central government may, by notification in the official gazette, specify in this behalf; or(v) is referred to in sub-clause (iv) of clause (a),5and makes an application under sub-section (1) of section 245q;52 of 1962(b) an applicant as defined in clause (c) of section 28e of the customs act,1962;(c) an applicant as defined in clause (c) of section 23a of the central excise act, 1944;1 of 194410(d) an applicant as defined in clause (b) of section 96a of the finance act, 1994;'32 of 199481 in section 245-o of the income-tax act,—amendment of section 245-o(a) in sub-section (3),—15(i) in clause (a), after the words "a judge of the supreme court", the words "or the chief justice of a high court or for at least seven years a judge of a high court" shall be inserted;(ii) for clause (c), the following clause shall be substituted, namely:—"(c) a revenue member—20(i) from the indian revenue service, who is, or is qualifiedto be, a member of the board; or(ii) from the indian customs and central excise service,who is, or is qualified to be, a member of the central board of excise and customs,on the date of occurrence of vacancy;";25(iii) in clause (d), after the words "government of india", the words"on the date of occurrence of vacancy" shall be inserted;(b) after sub-section (6), the following sub-sections shall be inserted, namely:—30"(6a) in the event of the occurrence of any vacancy in the office ofthe chairman by reason of his death, resignation or otherwise, the seniormost vice-chairman shall act as the chairman until the date on which a new chairman, appointed in accordance with the provisions of this act to fill such vacancy, enters upon his office35(6b) in case the chairman is unable to discharge his functions owing to absence, illness or any other cause, the senior-most vice-chairman shall discharge the functions of the chairman until the date on which the chairman resumes his duties"amendment of section 245q4082 in section 245q of the income-tax act, in sub-section (1), after the words"advance ruling under this chapter", the words, figures and letters "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" shall be inserted52 of 1962 1 of 1944 32 of 1994amendment of section 25383 in section 253 of the income-tax act, in sub-section (1), in clause (f), after the words "authority under", the words, brackets and figures "sub-clause (iv) or subclause (v) or" shall be insertedinsertion of new section 269st mode of undertaking transactions510 15 2084 after section 269ss of the income-tax act, the following section shall be inserted, namely:—'269st no person shall receive an amount of  two lakh rupees or more—(a) in aggregate from a person in a day; or (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account:provided that the provisions of this section shall not apply to—(i) any receipt by—(a) government; (b) any banking company, post office savings bank or co-operative bank;(ii) transactions of the nature referred to in section 269ss; (iii) such other persons or class of persons or receipts, which the central government may, by notification in the official gazette, specifyexplanation—for the purposes of this section,—(a) "banking company" shall have the same meaning as assigned to it in clause (i) of the explanation to section 269ss;(b) "co-operative bank" shall have the same meaning as assigned to it in clause (ii) of the explanation to section 269ss'85 after section 271d of the income-tax act, the following section shall be inserted, namely:—insertion of new section 271da25penalty for failiure to comply with provisions of section 269st30amendment ofsection 271f35"271da (1) if a person receives any sum in contravention of the provisions of section 269st, he shall be liable to pay, by way of penalty, a sum equal to the amount of such receipt:provided that no penalty shall be imposable if such person proves that there were good and sufficient reasons for the contravention(2) any penalty imposable under sub-section (1) shall be imposed by the joint commissioner"86 in section 271f of the income-tax act, the following proviso shall be inserted with effect from the 1st day of april, 2018, namely:—"provided that nothing contained in this section shall apply to and in relation to the return of income required to be furnished for any assessment year commencing on or after the 1st day of april, 2018"87 after section 271-i of the income-tax act, the following section shall be inserted, namely:—insertion of new section 271j40penalty for furnishing incorrect information in reports or certificates45'271j without prejudice to the provisions of this act, where the assessing officer or the commissioner (appeals), in the course of any proceedings under this act, finds that an accountant or a merchant banker or a registered valuer has furnished incorrect information in any report or certificate furnished under any provision of this act or the rules made thereunder, the assessing officer or the commissioner (appeals) may direct that such accountant or merchant banker or registered valuer, as the case may be, shall pay, by way of penalty, a sum of ten thousand rupees for each such report or certificateexplanation––for the purposes of this section,—(a) "accountant" means an accountant referred to in the explanation below sub-section (2) of section 288;(b) "merchant banker" means category i merchant banker registered with the securities and exchange board of india established under section 3 of the securities and exchange board of india act, 1992;27 of 1957amendment of section 273b552 of 1962amendment of section 210 15 20 25 30amendment of section 735amendment of section 1740 45amendment of section 2750(c) "registered valuer" means a person defined in clause (oaa) of section 2of the wealth-tax act, 1957'88 in section 273b of the income-tax act, after the word, figures and letter"section 271-i,", the word, figures and letter "section 271j," shall be insertedchapter ivindirect taxescustoms89 in the customs act, 1962 (hereinafter referred to as the customs act), in section 2,––(a) after clause (3), the following clause shall be inserted, namely:—'(3a) "beneficial owner" means any person on whose behalf the goods are being imported or exported or who exercises effective control over the goods being imported or exported;'; (b) in clause (13), for the words "customs airport", the words "customs airport, international courier terminal, foreign post office" shall be substituted;(c) in clause (16), the words and figures "in the case of goods imported or to be exported by post, the entry referred to in section 82 or" shall be omitted;(d) in clause (20), for the words "any owner", the words "any owner, beneficial owner" shall be substituted;(e) after clause (20), the following clause shall be inserted, namely:––'(20a) "foreign post office" means any post office appointed under clause (e) of sub-section (1) of section 7 to be a foreign post office;';(f) in clause (26), for the words "any owner", the words "any owner, beneficial owner" shall be substituted;(g) after clause (28), the following clause shall be inserted, namely:––'(28a) "international courier terminal" means any place appointed under clause (f) of sub-section (1) of section 7 to be an international courier terminal;'; (h) after clause (30a), the following clause shall be inserted, namely:––'(30b) "passenger name record information" means the records prepared by an operator of any aircraft or vessel or vehicle or his authorised agent for each journey booked by or on behalf of any passenger;'90 in the customs act, in section 7, in sub-section (1), after clause (d), the following clauses shall be inserted, namely:––"(e) the post offices which alone shall be foreign post offices for the clearance of imported goods or export goods or any class of such goods;(f) the places which alone shall be international courier terminals for the clearance of imported goods or export goods or any class of such goods"91 in the customs act, in section 17, for sub-section (3), the following sub-section shall be substituted, namely:––"(3) for verification of self-assessment under sub-section (2), the proper officer may require the importer, exporter or any other person to produce any document or information, whereby the duty leviable on the imported goods or export goods, as the case may be, can be ascertained and thereupon, the importer, exporter or such other person shall produce such document or furnish such information"92 in the customs act, in section 27, in sub-section (2), in the first proviso, after clause (f), the following clause shall be inserted, namely:—"(g) the duty paid in excess by the importer before an order permitting clearance of goods for home consumption is made where—(i) such excess payment of duty is evident from the bill of entry in the case of self-assessed bill of entry; or(ii) the duty actually payable is reflected in the reassessed bill of entry in the case of reassessment"93 in the customs act, in section 28e, for clause (e), the following clause shall be substituted, namely:––amendment of section 28e'(e) "authority" means the authority for advance rulings constituted under section 245-o of the income-tax act, 1961;'43 of 1961594 in the customs act, for section 28f, the following section shall be substituted, namely:––substitution of new section for section 28f authority for advance rulings10"28f (1) subject to the provisions of this act, the authority for advance rulings constituted under section 245-o of the income-tax act, 1961 shall be the authority for giving advance rulings for the purposes of this act and the said authority shall exercise the jurisdiction, powers and authority conferred on it by or under this act:provided that the member from the indian revenue service (customs and central excise), who is qualified to be a member of the board, shall be the revenue member of the authority for the purposes of this act15(2) on and from the date on which the finance bill, 2017 receives the assent of the president, every application and proceeding pending before the erstwhile authority for advance rulings (central excise, customs and service tax) shall stand transferred to the authority from the stage at which such application or proceeding stood as on the date of such assent"95 in the customs act, section 28g shall be omittedomission of section 28g20amendment of section 28h96 in the customs act, in section 28h, in sub-section (3), for the words "two thousand five hundred rupees", the words "ten thousand rupees" shall be substitutedamendment of section 28-i97 in the customs act, in section 28-i, in sub-section (6), for the words "ninety days", the words "six months" shall be substituted98 in the customs act, after section 30, the following section shall be inserted, namely:—insertion of new section 30a25"30a (1) the person-in-charge of a conveyance that enters india from any place outside india or any other person as may be specified by the central government by notification in the official gazette, shall deliver to the proper officer—passenger and crew arrival manifest and passenger name record information(i) the passenger and crew arrival manifest before arrival in the case of an aircraft or a vessel and upon arrival in the case of a vehicle; and30(ii) the passenger name record information of arriving passengers, in such form, containing such particulars, in such manner and within such time, as may be prescribed35(2) where the passenger and crew arrival manifest or the passenger name record information or any part thereof is not delivered to the proper officer within the prescribed time and if the proper officer is satisfied that there was no sufficient cause for such delay, the person-in-charge or the other person referred to in sub-section (1) shall be liable to such penalty, not exceeding fifty thousand rupees, as may be prescribed"99 in the customs act, after section 41, the following section shall be inserted, namely:—insertion of new section 41a40"41a (1) the person-in-charge of a conveyance that departs from india to a place outside india or any other person as may be specified by the central government by notification in the official gazette, shall deliver to the proper officer—(i) the passenger and crew departure manifest; and passenger and crew departure manifest and passenger name record information(ii) the passenger name record information of departing passengers,45in such form, containing such particulars, in such manner and within such time, as may be prescribed(2) where the passenger and crew departure manifest or the passenger name record information or any part thereof is not delivered to the proper officer within the prescribed time and if the proper officer is satisfied that there was no sufficient cause for such delay, the person-in-charge or the other person referred to in sub-section (1)shall be liable to such penalty, not exceeding fifty thousand rupees, as may be prescribed"5amendment of section 46100 in the customs act, in section 46, for sub-section (3), the following sub-section shall be substituted, namely:—10"(3) the importer shall present the bill of entry under sub-section (1) before the end of the next day following the day (excluding holidays) on which the aircraft or vessel or vehicle carrying the goods arrives at a customs station at which such goods are to be cleared for home consumption or warehousing:provided that a bill of entry may be presented within thirty days of the expected arrival of the aircraft or vessel or vehicle by which the goods have been shipped for importation into india:15provided further that where the bill of entry is not presented within the time so specified and the proper officer is satisfied that there was no sufficient cause for such delay, the importer shall pay such charges for late presentation of the bill of entry as may be prescribed"amendment of section 4720101 in the customs act, in section 47, in sub-section (2), for the portion beginning with the words "where the importer fails to pay" and ending with the words "in the official gazette", the following shall be substituted, namely:— "the importer shall pay the import duty—(a) on the date of presentation of the bill of entry in the case of selfassessment; or25(b) within one day (excluding holidays) from the date on which the bill of entry is returned to him by the proper officer for payment of duty in the case of assessment, reassessment or provisional assessment; or(c) in the case of deferred payment under the proviso to sub-section (1),from such due date as may be specified by rules made in this behalf,30and if he fails to pay the duty within the time so specified, he shall pay interest on the duty not paid or short-paid till the date of its payment, at such rate, not less than ten per cent but not exceeding thirty-six per cent per annum, as may be fixed by the central government, by notification in the official gazette"102 in the customs act, for section 49, the following section shall be substituted, namely:––substitution of new section for section 4935"49where,––(a) in the case of any imported goods, whether dutiable or not, entered for home consumption, the assistant commissioner of customs or deputy commissioner of customs is satisfied on the application of the importer that the goods cannot be cleared within a reasonable time;storage of imported goods in warehouse pending clearance or removal40(b) in the case of any imported dutiable goods, entered for warehousing,the assistant commissioner of customs or deputy commissioner of customs is satisfied on the application of the importer that the goods cannot be removed for deposit in a warehouse within a reasonable time,45the goods may pending clearance or removal, as the case may be, be permitted to be stored in a public warehouse for a period not exceeding thirty days:provided that the provisions of chapter ix shall not apply to goods permitted to be stored in a public warehouse under this section:provided further that the principal commissioner of customs or commissioner of customs may extend the period of storage for a further period not exceeding thirty days at a time"amendment of section 695103 in the customs act, in section 69, in sub-section (1), for clause (a), the following clause shall be substituted, namely:––"(a) a shipping bill or a bill of export or the form as prescribed under section 84has been presented in respect of such goods;"104 in the customs act, section 82 shall be omittedomission of section 82amendment ofsection 8410105 in the customs act, in section 84, for clause (a), the following clause shall besubstituted, namely:–– "(a) the form and manner in which an entry may be made in respect of goods imported or to be exported by post;"amendment of section 127b106 in the customs act, in section 127b, after sub-section (4), the following subsection shall be inserted, namely:––15 20"(5) any person, other than an applicant referred to in sub-section (1), may also make an application to the settlement commission in respect of a show cause notice issued to him in a case relating to the applicant which has been settled or is pending before the settlement commission and such notice is pending before an adjudicating authority, in such manner and subject to such conditions, as may be specified by rules"amendment of section 127c107 in the customs act, in section 127c, after sub-section (5), the following subsection shall be inserted, namely:—25"(5a) the settlement commission may, at any time within three months from the date of passing of the order under sub-section (5), amend such order to rectify any error apparent on the face of record, either suo motu or when such error is brought to its notice by the jurisdictional principal commissioner of customs or commissioner of customs or the applicant:30provided that no amendment which has the effect of enhancing the liability of the applicant shall be made under this sub-section, unless the settlement commission has given notice of such intention to the applicant and the jurisdictional principal commissioner of customs or commissioner of customs as the case may be, and has given them a reasonable opportunity of being heard"amendment of section 15735108 in the customs act, in section 157, in sub-section (2), after clause (aa), the following clause shall be inserted, namely:––"(ab) the form, the particulars, the manner and the time of delivering the passenger and crew manifest for arrival and departure and passenger name record information and the penalty for delay in delivering such information under sections 30a and 41a;" customs tariff51 of 1975amendment of section 9109 in the customs tariff act, 1975 (hereinafter referred to as the customs tariff act),in section 9, in sub-section (3), for clause (c), the following clause shall be substituted,namely:––5"(c) the subsidy has been conferred on a limited number of persons engaged inthe manufacture, production or export of articles;"110 in the customs tariff act, the first schedule shall—amendment of first schedule(a) be amended in the manner specified in the second schedule; (b) be also amended in the manner specified in the third schedule10111 in the customs tariff act, the second schedule shall be amended in the mannerspecified in the fourth scheduleamendment ofsecond schedule excise1 of 1944amendment of section 23a112 in the central excise act, 1944 (hereinafter referred to as the central excise act),in section 23a, for clause (e), the following clause shall be substituted, namely:––1552 of 1962'(e) "authority" means the authority for advance rulings as defined inclause (e) of section 28e of the customs act, 1962;'113 in the central excise act, section 23b shall be omittedomission of section 23bamendment of section 23c114 in the central excise act, in section 23c, in sub-section (3), for the words "twothousand and five hundred rupees", the words "ten thousand rupees" shall be substituted20amendment of section 23d115 in the central excise act, in section 23d, in sub-section (6), for the words "ninetydays", the words "six months" shall be substitutedinsertion of new section 23-i116 in the central excise act, after section 23h, the following section shall be inserted,namely:—transitional provision25"23-i on and from the date on which the finance bill, 2017 receives the assent ofthe president, every application and proceeding pending before the erstwhile authority for advance rulings (central excise, customs and service tax) shall stand transferredto the authority from the stage at which such application or proceeding stood as on the date of such assent"amendment of section 32e30117 in the central excise act, in section 32e, after sub-section (4), the following subsection shall be inserted, namely:––35"(5) any person other than an assessee, may also make an application to the settlement commission in respect of a show cause notice issued to him in a case relating to the assessee which has been settled or is pending before the settlement commission and such notice is pending before an adjudicating authority, in such manner and subject to such conditions, as may be prescribed"118 in the central excise act, in section 32f,––amendment of section 32f(i) in sub-section (1), for words, brackets and figure ''sub-section (1) of'shall be omitted;(ii) after sub-section (5), the following sub-section shall be inserted, namely:–40"(5a) the settlement commission may, at any time within three months from the date of passing of the order under sub-section (5), amend such order to rectify any error apparent on the face of record, either suo motu or when such error is brought to its notice by the jurisdictional principal commissioner of central excise or commissioner of central excise or the applicant:5provided that no amendment which has the effect of enhancing the liability of the applicant shall be made under this sub-section, unless the settlement commission has given notice of such intention to the applicant and the jurisdictional principal commissioner of central excise or commissioner of central excise as the case may be, and has given them a reasonable opportunity of being heard" central excise tariff105 of 1986119 in the central excise tariff act, 1985 (hereinafter referred to as the central excise tariff act), the first schedule shall be amended in the manner specified in the fifth scheduleamendment of firstschedule120 in the central excise tariff act, in the first schedule, in chapter 87, in column (4), for the entry "27%" occurring against tariff items 8702 90 21, 8702 90 22, 8702 90 28 and 8702 90 29, the entry "125%" shall be substituted and shall be deemed to have been substituted retrospectively with effect from the 1st day of january, 201715retrospective amendment of certain entries in first schedule chapter v service tax32 of 1994amendment of section 65b121 in the finance act, 1994 (hereinafter referred to as the 1994 act), in section 65b,clause (40) shall be omitted20122 in the 1994 act, in section 66d, clause (f) shall be omittedamendment of section 66damendment of section 96a123 in the 1994 act, in section 96a, for clause (d), the following clause shall besubstituted, namely:––52 of 1962'(d) "authority" means the authority for advance rulings as defined in clause (e) of section 28e of the customs act, 1962;'25124 in the 1994 act, section 96b shall be omittedomission of section 96b amendment of section 96c125 in the 1994 act, in section 96c, in sub-section (3), for the words "two thousandand five hundred rupees", the words "ten thousand rupees" shall be substitutedamendment of section 96d126 in the 1994 act, in section 96d, in sub-section (6), for the words "ninety days",the words "six months" shall be substituted30127 in the 1994 act, after section 96h, the following section shall be inserted, namely:—insertion of new section 96ha transitional provision35"96ha on and from the date on which the finance bill, 2017 receives the assent of the president, every application and proceeding pending before the erstwhile authority for advance rulings (central excise, customs and service tax) shall stand transferred to the authority from the stage at which such application or proceeding stood as on the date of such assent"128 in the 1994 act, after section 103, the following sections shall be inserted, namely:—40"104 (1) notwithstanding anything contained in section 66, as it stood prior to the 1st day of july, 2012, or in section 66b, no service tax, leviable on one time upfront amount (premium, salami, cost, price, development charge or by whatever name called) in respect of taxable service provided or agreed to be provided by a state government industrial development corporation or undertaking to industrial insertion of new sections 104 and 105 special provision for exemption in certain cases relating to long term lease of industrial plotsunits by way of grant of long term lease of thirty years or more of industrial plots, shall be levied or collected during the period commencing from the 1st day of june, 2007 and ending with the 21st day of september, 2016 (both days inclusive)5(2) refund shall be made of all such service tax which has been collected, butwhich would not have been so collected, had sub-section (1) been in force at allmaterial times(3) notwithstanding anything contained in this chapter, an application for claimof refund of service tax shall be made within a period of six months from the date on which the finance bill, 2017 receives the assent of the president10 15105 (1) notwithstanding anything contained in section 66, as it stood prior tothe 1st day of july, 2012, or in section 66b, no service tax shall be levied or collected in respect of taxable services provided or agreed to be provided by the army, naval and air force group insurance funds by way of life insurance to members of the army, navy and air force, respectively, under the group insurance schemes of the central government, during the period commencing from the 10th day of september, 2004 and ending with the 1st day of february, 2017 (both days inclusive)special provision for exemption incertain casesrelating to life insurance services provided to members of armed forces of union(2) refund shall be made of all such service tax which has been collected, butwhich would not have been so collected, had sub-section (1) been in force at all material times20(3) notwithstanding anything contained in this chapter, an application for theclaim of refund of service tax shall be made within a period of six months from the date on which the finance bill, 2017 receives the assent of the president"32 of 199425129 (1) in the service tax (determination of value) rules, 2006 made by the centralgovernment in exercise of the powers conferred by section 94 of the finance act, 1994, published in the gazette of india vide notification of the government of india in the ministry of finance (department of revenue) number gsr 228(e), dated the 19th april, 2006,—amendment of rule 2a of service tax (determination of value) rules, 2006, retrospectively(a) rule 2a as inserted by the service tax (determination of value)(amendment) rules, 2007 published vide number gsr 375(e), dated the 22ndmay, 2007; and30(b) rule 2a as substituted by the service tax (determination of value) secondamendment rules, 2012 published vide number gsr 431(e), dated the 6th june,2012,35shall stand amended and shall be deemed to have been amended in the manner specified in column (3) of the sixth schedule, on and from and up to the corresponding date specified in column (4), against each of the rule specified in column (2) thereof40(2) notwithstanding anything contained in any judgment, decree or order of any court, tribunal or other authority, any action taken or anything done or purported to have been taken or done at any time during the period specified in column (4) of the sixth schedule relating to the provisions as amended by sub-section (1) shall be deemed to be and deemed always to have been, for all purposes, as validly and effectively taken or done as if the amendment made by sub-section (1) had been in force at all material times32 of 199445(3) for the purposes of sub-section (1), the central government shall have and shall be deemed to have the power to make rules with retrospective effect as if the central government had the power to make rules under section 94 of the finance act, 1994, retrospectively, at all material timesexplanation––for the removal of doubts, it is hereby declared that no act or omission on the part of any person shall be punishable as an offence which would not have been so punishable had this section not come into force chapter vi miscellaneous part i amendments to the indian trusts act, 18825commencement of this part130 the provisions of this part shall come into force on such date as the centralgovernment may, by notification in the official gazette, appoint131 in section 20 of the indian trusts act,1882 [as substituted by section 2 of the indian trusts (amendment) act, 2016],––amendment of section 20 of act, 2 of 188210(i) for the words "invest the money in any of the securities or class of securitiesexpressly authorised by the instrument of trust or", the words "make investments as expressly authorised by the instrument of trust or in any of the securities or class of securities" shall be substituted;(ii) in the proviso, the words "in any of the securities or class of securities mentioned above" shall be omitted15 part ii amendments to the indian post office act, 1898132 the provisions  of this part shall come into force on the 1st day of april, 2017commencement of this part133 in section 7 of the indian post office act, 1898,—amendment of section 7 of act 6 of 189820(a) in sub-section (1), for the proviso, the following proviso shall be substituted, namely:—"provided that until such notification is issued, the rates set forth in the first schedule shall be the rates chargeable under this act"; (b) sub-section (2) shall be omitted part iii25 amendments  to the reserve bank of india act, 1934134 the provisions of this part shall come into force on the 1st day of april, 2017135 in the reserve bank of india act, 1934, in section 31, after sub-section (2), the following sub-section shall be inserted, namely:—commencementof this part amendment of section 31 of act 2 of 193430'(3) notwithstanding anything contained in this section, the central government may authorise any scheduled bank to issue electoral bondexplanation–– for the purposes of this sub-section, ''electroal bond" means a bond issued by any scheduled bank under the scheme as may be notified by the central government' part iv amendments to the representation of the people act, 195135136the provisions of this part shall come into force on the 1st day of april, 2017 137 in the representation of the people act, 1951, in section 29c, in sub-section (1), the following shall be inserted, namely:––commencement of this part amendment of section 29c of act 43 of 195140'provided that nothing contained in this sub-section shall apply to the contributions received by way of an electoral bondexplanation––for the purposes of this sub-section, "electoral bond" means a bond referred to in the explanation to sub-section (3) of section 31 of the reserve bank of india act, 1934 part v amendment to the securites contracts (regulation) act, 1956138 in the securities contracts (regulation) act, 1956, in section 23j, the following explanation shall be inserted, namely:—| 42 of 1956                                                                              ||------------------------------------------------------------------------------------------|| of section                                                                               || 23j                                                                                     || 5                                                                                        || explanation—                                                                            || for the removal of doubts, it is clarified that the power of an                          || adjudicating officer to adjudge the quantum of penalty under sections 23a to 23c shall   || be and shall always be deemed to have exercised under the provisions of this section'' | part vi amendments to the oil industry (development) act, 197410139 the provisions of this part shall come into force on the 1st day of april, 2017140 in the oil industry (development) act, 1974, in section 18, in sub-section (2), after clause (d), the following clauses shall be inserted, namely:—commencement of this part amendment ofsection 18 ofact 47 of 1974''(e) for meeting any expenditure incurred by any central public sector undertaking in the oil and gas sector, on behalf of the central government;15(f) for meeting expenditure on any scheme or activity by the central governmentrelating to oil and gas sector'' part vii repeal of the research and development cess act, 1986141  the provisions of this part shall come into force on the 1st day of april, 2017repeal of act 32 of 198620142 the research and development cess act, 1986 is hereby repealedcommencement of this partsavings143 (1) the repeal of the research and development cess act, 1986 by this act  shall not—(a) affect any other enactment in which the repealed enactment has been applied, incorporated or referred to;25(b) affect the validity, invalidity, effect or consequences of anything alreadydone or suffered, or any right, title, obligation or liability already acquired, accrued or incurred or any remedy or proceeding in respect thereof, or any release or discharge of or from any debt, penalty, obligation, liability, claim or demand, or any indemnity already granted, or the proof of any past act or thing;30(c) affect any principle or rule of law, or established jurisdiction, form or courseof pleading, practice or procedure, or existing usage, custom, privilege, restriction, exemption, office or appointment, notwithstanding that the same respectively may have been in any manner affirmed or recognised or derived by, in or from the enactment hereby repealed;35(d) revive or restore any jurisdiction, office, custom, liability, right, title, privilege,restriction, exemption, usage, practice, procedure or other matter or thing not now existing or in force10 of 1897(2) the mention of particular matter in sub-section (1) shall not be held to prejudice oraffect the general application of section 6 of the general clauses act, 1897, with regard to the effect of repeal4032 of 1986144 notwithstanding the repeal of the research and development cess act, 1986, theproceeds of duties levied under the said act immediately preceding the date of commencement of this part,—collection and payment of arrears of duties(i) if collected by the collecting agencies but not paid into the reserve bank ofindia; or45(ii) if not collected by the collecting agencies, shall be paid or, as the case may be, collected and paid into the reserve bank of india for being credited to the consolidated fund of india part viii amendments to the securities and exchange board of india act, 1992commencement of this part5145the provisions of this part shall come into force on such date as the centralgovernment may, by notification, appoint, and different dates may be appointed for different provisions of this partamendment of act 15 of 199215 of 1992146 in the securities and exchange board of india act, 1992 (hereafter in this partreferred to as the principal act), in section 2, in sub-section (1),––(a) after clause (d), the following clauses shall be inserted, namely:––1041 of 1999'(da) "insurance regulatory and development authority" means theinsurance regulatory and development authority of india established under sub-section (1) of section 3 of the insurance regulatory and developmentauthority act, 1999;15 (db) "judicial member" means a member of the securities appellatetribunal appointed under sub-section (1) of section 15ma and includes thepresiding officer;'; (b) after clause (f), the following clause shall be inserted, namely:––23 of 201320'(fa) "pension fund regulatory and development authority" means thepension fund regulatory and development authority established under subsection (1) of section 3 of the pension fund regulatory and developmentauthority act, 2013;'; (c) after clause (i), the following clause shall be inserted, namely:––'(j) "technical member" means a technical member appointed under subsection (1) of section 15mb'25147 in section 15j of the principal act, the following explanation shall be inserted,namely:—amendment of section 15j''explanation—for the removal of doubts, it is clarified that the power of an adjudicating officer to adjudge the quantum of penalty under sections 15a to 15e, clauses (b) and (c) of sections 15f, 15g, 15h and 15ha shall be and shall always be deemed to have been exercised under the provisions of this section''30148 in chapter vib of the principal act,––amendment of chapter vib(a) in the chapter heading, for the words "appellate tribunal", the words"securities appellate tribunal" shall be substituted;(b) for section 15k, the following section shall be substituted, namely:––35establishment of securities appellate tribunal"15k (1) the central government shall, by notification, establish a tribunalto be known as the securities appellate tribunal to exercise the jurisdiction, powers and authority conferred on it by or under this act or any other law for the time being in force40(2) the central government shall also specify in the notification referredto in sub-section (1), the matters and places in relation to which the securities appellate tribunal may exercise jurisdiction"; (c) for section 15l, the following section shall be substituted, namely:––composition of securities appellate tribunal45"15l (1) the securities appellate tribunal shall consist of a presidingofficer and such number of judicial members and technical members as the central government may determine, by notification, to exercise the powers and discharge the functions conferred on the securities appellate tribunal under this act or any other law for the time being in force(2) subject to the provisions of this act,—(a) the jurisdiction of the securities appellate tribunal may be exercised by benches thereof;50(b) a bench may be constituted by the presiding officer of the securities appellate tribunal with two or more judicial or technical members as he may deem fit:provided that every bench constituted shall include at least one judicial member and one technical member;5(c) the benches of the securities appellate tribunal shall ordinarily sit at mumbai and may also sit at such other places as the central government may, in consultation with the presiding officer, notify (3) notwithstanding anything contained in sub-section (2), the presiding officer may transfer a judicial member or a technical member of the securities appellate tribunal from one bench to another bench"; (d) for section 15m, the following sections shall be substituted, namely:––10"15m a person shall not be qualified for appointment as the presiding officer or a judicial member or a technical member of the securities appellate tribunal, unless he—qualification for appointmentas presidingofficer, judicial member and technical members15(a) is, or has been, a judge of the supreme court or a chief justice of a high court or a judge of high court for at least seven years, in the case of the presiding officer; and(b) is, or has been, a judge of high court for at least five years, in the case of a judicial member; or(c) in the case of a technical member––20(i) is, or has been, a secretary or an additional secretary in the ministry or department of the central government or any equivalent post in the central government or a state government; or25(ii) is a person of proven ability, integrity and standing havingspecial knowledge and professional experience, of not less than fifteen years, in financial sector including securities market or pension funds or commodity derivatives or insurance15ma the presiding officer and judicial members of the securities appellate tribunal shall be appointed by the central government in consultation with the chief justice of india or his nomineeamendment of presiding officer and judicial members3015mb (1) the technical members of the securities appellate tribunal shall be appointed by the central government on the recommendation of a search-cum-selection committee consisting of the following, namely:––(a) presiding officer, securities appellate tribunal—chairperson;search-cum- selection committee for appointment of technical members(b) secretary, department of economic affairs—member;35(c) secretary, department of financial services—member; and (d) secretary, legislative department or secretary, department oflegal affairs—member(2) the secretary, department of economic affairs shall be the convener of the search-cum-selection committee40(3) the search-cum-selection committee shall determine its procedure for recommending the names of persons to be appointed under sub-section (1)vacancy not to invalidate selection proceeding4515mc (1) no appointment of the presiding officer, a judicial memberor a technical member of the securities appellate tribunal shall be invalid merely by reason of any vacancy or any defect in the constitution of the searchcum-selection committee5(2) a member or part time member of the board or the insurance regulatory and development authority or the pension fund regulatory and development authority, or any person at senior management level equivalent to the executive director in the board or in such authorities, shall not be appointed as presiding officer or member of the securities appellate tribunal, during his service or tenure as such with the board or with such authorities, as the case may be, or within two years from the date on which he ceases to hold office as such in the board or in such authorities10 (3) the presiding officer or such other member of the securities appellate tribunal, holding office on the date of commencement of part vii of chapter vi of the finance act, 2017 shall continue to hold office for such term as he was appointed and the other provisions of this act shall apply to such presiding officer or such other member, as if part vii of chapter vi of the finance act, 2017 had not been enacted";15(e) for section 15n, the following section shall be substituted, namely:––"15n the presiding officer or every judicial or technical member of the securities appellate tribunal shall hold office for a term of five years from the date on which he enters upon his office, and shall be eligible for reappointment for another term of maximum five years:20provided that no presiding officer or the judicial or technical member shall hold office after he has attained the age of seventy years";tenure of office of presiding officer, judicial or technical members of securities appellate tribunal(f) after section 15p, the following section shall be inserted, namely:—25member to act as presiding officer in certain circumstances"15pa in the event of occurrence of any vacancy in the office of the presiding officer of the securities appellate tribunal by reason of his death, resignation or otherwise, the senior-most judicial member of the securities appellate tribunal shall act as the presiding officer until the date on which a new presiding officer is appointed in accordance with the provisions of this act";30(g) in section 15q, for sub-section (2), the following sub-section shall be substituted, namely:—"(2) the central government may, after an inquiry made by the judge of the supreme court, remove the presiding officer or judicial member or technical member of the securities appellate tribunal, if he—(a) is, or at any time has been adjudged as an insolvent;35(b) has become physically or mentally incapable of acting as the presiding officer, judicial or technical member;(c) has been convicted of any offence which, in the opinion of the central government, involves moral turpitude;40(d) has, in the opinion of the central government, so abused his position as to render his continuation in office detrimental to the public interest; or(e) has acquired such financial interest or other interest as is likely to affect prejudicially his functions as the presiding officer or judicial or technical member:45provided that he shall not be removed from office under clauses (d)and (e), unless he has been given a reasonable opportunity of being heard in the matter";510 15 20 25 30 35(h) in section 15t,—(i) in sub-section (1),––(a) in clause (b), for the words "under this act,", the words "under this act; or" shall be substituted;(b) after clause (b) and before the long line, the following clause shall be inserted, namely:––"(c) by an order of the insurance regulatory and development authority or the pension fund regulatory and development authority,";(ii) in sub-section (3), after the words "adjudicating officer", the words "or the insurance regulatory and development authority or the pension fund regulatory and development authority" shall be inserted;(iii) in sub-section (5), after the words "the board", the words"or the insurance regulatory and development authority or the pension fund regulatory and development authority, as the case may be" shall be inserted;(i) in section 15u, after sub-section (3), the following sub-sections shall be inserted, namely:––"(4) where benches are constituted, the presiding officer of the securities appellate tribunal may, from time to time make provisions as to the distribution of the business of the securities appellate tribunal amongst the benches and also provide for the matters which may be dealt with, by each bench(5) on the application of any of the parties and after notice to the parties, and after hearing such of them as he may desire to be heard, or on his own motion without such notice, the presiding officer of the securities appellate tribunal may transfer any case pending before one bench, for disposal, to any other bench(6) if a bench of the securities appellate tribunal consisting of two members differ in opinion on any point, they shall state the point or points on which they differ, and make a reference to the presiding officer of the securities appellate tribunal who shall either hear the point or points himself or refer the case for hearing only on such point or points by one or more of the other members of the securities appellate tribunal and such point or points shall be decided according to the opinion of the majority of the members of the securities appellate tribunal who have heard the case, including those who first heard it" 40 part  ix amendment to the depositories act, 199622 of 1996149 in the depositories act, 1996, in section 19-i, the following explanation shall be inserted, namely:—amendment of section 19-i45 ''explanation—for the removal of doubts, it is clarified that the power of an adjudicating officer to adjudge the quantum of penalty under section 19a to 19f shall be shall always be deemed to have been exercised under the provisions of this section'' part  x amendment to the finance act, 200550amendment of act 18 of 2005commencement of this part 150 in the finance act, 2005, the seventh schedule shall be amended in the manner specified in the seventh schedule part  xi amendments to the payment and settlement systems act, 2007 151 the provisions of this part shall come into force on such date as the central government may, by notification, appoint, and different dates may be appointed for different provisions of this part51 of 2007amendment of act 51of 2007152 in the payment and settlement systems act, 2007 (hereafter in this part referred to as the principal act), for chapter ii, the following chapter shall be substituted, namely:– 'chapter  ii designated authority5designated authority3 (1) the reserve bank shall be the designated authority for the regulation andsupervision of payment systems under this act(2) the reserve bank shall exercise the powers, perform the functions and discharge the duties conferred on it under this act through a board to be known as the "payments regulatory board"10(3) the board shall consist of the following members, namely:––(a) the governor of the reserve bank—chairperson, ex officio;(b) the deputy governor of the reserve bank is in-charge of the payment and settlement systems—member, ex officio;15(c) one officer of the reserve bank to be nominated by the central board of the reserve bank—member, ex officio; and(d) three persons to be nominated by the central government—members20(4) the powers and functions of the board referred to in sub-section (2), the time and venue of its meetings, the procedures to be followed in such meetings (including the quorum at such meetings) and other matters incidental thereto shall be such as may be prescribed'amendment of section 38153 in section 38 of the principal act, in sub-section (2), in clause (a), for the words,brackets and figure "committee constituted under sub-section (2)", the words, brackets andfigure "board referred to in sub-section (2)" shall be substituted part  xii25 amendments to the companies act, 2013154 in the companies act, 2013, in section 182—(i) in sub-section (1),—amendment of section 182amendment of act 18 of 2013(a) first proviso shall be omitted; (b) in the second proviso, —30(a) the word "further" shall be omitted;(b) the words "and the acceptance" shall be omitted;(ii) for sub-section (3), the following shall be substituted, namely:—''(3) every company shall disclose in its profit and loss account the total amount contributed by it under this section during the financial year to which the account relates35(3a) notwithstanding anything contained in sub-section (1), the contribution under this section shall not be made except by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank account:40provided that a company may make contribution through any instrument, issued pursuant to any scheme notified under any law for the time being in force, for contribution to the political parties'' part  xiii amendments to the finance act, 2016155 in the finance act, 2016,––amendment of act 28 of 201645(i) in section 50, for the words, figures and letters "with effect from the 1st day of april, 2017", the words, figures and letters "and shall be deemed to have been substituted with effect from the 1st day of april, 2013" shall be substituted;(ii) in section 197, clause (c) shall be omitted and shall be deemed to have been omitted with effect from the 1st day of june, 2016 'part xiv amendments  to  certain  acts  to  provide  for merger  of tribunals  and  other  authorities and  conditions  of service  of chairpersons, members,  etc 5 a— preliminarycommencement of this part156 the provisions of this part shall come into force on such date as the central government may, by notification in the official gazette, appoint, and different dates may be appointed for different provisions of this part and any reference in any provision to the commencement of  this part shall be construed as a reference to the coming into force of that provision10definitions157 in this part, unless the context otherwise requires,—(a) "appointed day", in relation to any provision of this part, means such date as the central government may, by notification in the official gazette, appoint;15(b) "authority" means the authority, other than tribunals and appellate tribunals, specified in the eighth schedule or ninth schedule, as the case may be;(c) "notification" meansa notification published in the official gazette; (d) "schedule" means the eighth schedule and ninth schedule appended to this act 20 b—amendments to the industrial disputes act, 1947 and the employees' provident funds and miscellaneous provisions act, 1952158 in the industrial disputes act, 1947,—amendment of act 14 of 1947(a) in section 7a, after sub-section (1), the following sub-section shall be inserted, namely:—2519 of 1952"(1a) the industrial tribunal constituted by the central government undersub-section (1) shall also exercise, on and from the commencement of part xiv of chapter vi of the finance act, 2017, the jurisdiction, powers and authority conferred on the tribunal referred to in section 7d of the employees' providentfunds and miscellaneous provisions act, 1952";(b) after section 7c, the following section shall be inserted, namely:—30qualifications, terms and conditions of service of presiding officer"7d notwithstanding anything contained in this act, the qualifications,appointment, term of  office, salaries and allowances, resignation and removal and other terms and conditions of service of the presiding officer of the industrial tribunal appointed by the central government under sub-section (1) of section 7a, shall, after the commencement of part xiv of chapter vi of the finance act, 2017, be governed by the provisions of section 184 of that act:35provided that the presiding officer appointed before the commencement of part xiv of chapter vi of the finance act, 2017, shall continue to be governed by the provisions of this act, and the  rules made thereunder as if the provisions of section 184 of the finance act, 2017 had not come into force"40159 in the employees' provident funds and miscellaneous provisions act, 1952,—amendment of act 19 of 1952(a) in section 2, for clause (m), the following clause shall be substituted, namely:—'(m) "tribunal" means the industrial tribunal referred to in section 7 d;';(b) for section 7d, the following section shall be substituted, namely:—tribunal5"7d the industrial tribunal constituted by the central government undersub-section (1) of section 7a of the industrial disputes act, 1947 shall, on and from the commencement of part xiv of chapter vi of the finance act, 2017, be the tribunal for the purposes of this act and the said tribunal shall exercise the jurisdiction, powers and authority conferred on it by or under this act",; (c) sections 7e, 7f, 7g ,7h, 7m and 7n shall be omitted;(d) for section 18a, the following section shall be substituted, namely:—10"18a the authorities referred to in section 7a and eyery inspector shallbe deemed to be a public  servant within the meaning of section 21 of the indian penal code";45 of 1860authorities and inspector to be publicservant(e) in section 21, in sub-section (2), clause (a) shall be omitted c—amendments to the copyright act, 1957 and the trade marks act, 199915160 in the copy right act, 1957,—amendment of act 14 of 1957(a) for the words "copyright board", wherever they occur, the words "appellateboard" shall be substituted;(b) in section 2, after clause (a), the following clause shall be inserted, namely:—20'(aa) "appellate board" means the appellate board referred to insection 11'; (c) for section 11, the following section shall be substituted, namely:—appellate board47 of 199925"11 the appellate board established under section 83 of the trade marksact, 1999 shall, on and from the commencement of part xiv of chapter vi of the finance act, 2017, be the appellate board for the purposes of this act and the said appellate board shall exercise the jurisdiction, powers and authority conferred on it by or under this act"; (d) in section 12, sub-sections (3) and (4) shall be omitted;(e) in section 78, in sub-section (2), clause (a) shall be omitted"161 in the trade marks act, 1999,–30amendment of act 47 of 1999(a) for the word "chairman" or "vice-chairman", wherever it occurs, the word"chairperson" or "vice-chairperson" shall be substituted;(b) in section 83, after the words "under this act", the words and figures "and under the copyright act, 1957" shall be inserted;(c) after section 89, the following section shall be inserted, namely:—3540"89a notwithstanding anything in this act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and other terms and conditions of service of the chairperson, vice-chairperson and other members of the appellate board appointed after the commencement of part xiv of chapter vi of the finance act, 2017, shall be governed by the provisions of section 184 of that act:qualifications, terms and conditions of service of chairperson, vice- chairperson and member45provided that the chairperson, vice-chairperson and other members appointed before the commencement of part xiv of chapter vi of the finance act, 2017, shall continue to be governed  by the provisions of this act, and the rules made thereunder as if the provisions of section 184 of the finance act, 2017, had not come into force" d—amendments to the railway claims tribunal act, 1987 and the railways act, 1989162 in the railway claims tribunal act 1987,—amendment of act 54 of 1987524 of 1989(a) in section 3, after the words  "under this act", the words, letters and figures"and under chapter vii of the railways act,1989" shall be inserted;(b) after section 9, the following section shall be substituted, namely:—10"9a notwithstanding anything contained in this act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and other terms and conditions of service of the chairman, vice-chairman and other members of the tribunal appointed after the commencement of part xiv of chapter vi of the finance act, 2017, shall be governed by the provisions of section 184 of that act:qualifications, terms and conditions of service of chairman, vice-chairman andmember15provided that the chairman, vice-chairman and members appointed before the commencement of part xiv of chapter vi of the finance act, 2017, shall continue to be governed by  the provisions of this act, and the rules made thereunder as if the provisions of section 184 of the finance act, 2017, had not come into force"; (c) in section 13, after sub-section (ia), the following sub-section shall be inserted, namely:—2024 of 1989"(1b) the claims tribunal shall also exercise, on and from the commencement of part xiv of chapter vi of the finance act, 2017, the jurisdiction, powers and authority conferred on the tribunal under chapter vii of the railways act,1989";25(d) in section 15, for the words, brackets, figures and letter "sub-sections (1) and(1a)", the words, brackets, figures and letters "sub-sections (1), (1a) and (1b)" shall be substituted;30(e) in section 24, in sub-section (1), for the words, brackets, figure and letter "or, as the case may be, the date of commencement of the provisions of sub-section (1a)", at  both the places where they occur, the  words, brackets, figures and letters "or the date of commencement of  the provisions of sub-section (1a), or, as the case may be, the date of commencement of the provisions of sub-section (1b)" shall be substituted24 of 1989163 in the railways act, 1989,—amendment of act 24 of 1989(a) in section 2, for clause (40), the following clause shall be substituted, namely:—'(40) "tribunal" means the tribunal referred to in section 33;';35(b) in chapter vii, for the heading, the following heading shall be substituted,namely:— "tribunal";(c) for section 33, the following section shall be substituted, namely:—tribunal4054 of 1987"33 the railway claims tribunal established under section 3 of the railwayclaims tribunal act, 1987 shall, on and from the commencement of part xiv of chapter vi of the finance act, 2017, be the tribunal for the purposes of this act and the said tribunal shall exercise the jurisdiction, authority and powers conferred on it by or under this act"; (d) sections 34 and 35 shall be omitted;45(e) in section 48, in sub-section (2), clause (a) shall be omitted e—amendments to the smugglers and foreign exchange manipulators (forfeiture of property) act, 1976 and the foreign exchange management act, 19995164 in the smugglers and foreign exchange manipulators (forfeiture of property)act, 1976,—amendment of act 13 of 1976(a) in section 12, in sub-section (1), after clause (c), the following clause shall be inserted, namely:—42 of 199910"(d) by the adjudicating authorities, competent authorities and the qualifications, special director (appeals) under the foreign exchange management act, 1999"; (b) after section 12, the following section shall be inserted, namely:—15qualifications, terms and conditions of service of chairperson, and member"12a notwithstanding anything contained in this act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of  the chairperson and other members of the appellate tribunal appointed  after the commencement of part xiv of chapter vi of the finance act, 2017, shall be governed by the provisions of section 184 of that act:20provided that the chairperson and other members appointed before the commencement of part xiv of chapter vi of the finance act, 2017, shall continue to be governed by the provisions of this act, and the rules made thereunder as if the provisions of section 184 of the finance act, 2017 had not come into force"165 in the foreign exchange management act, 1999,—(a) in section 2,—amendment of act 42 of 199925(i) for clause (b), the following clause shall be substituted, namely:—'(b) "appellate tribunal" means the appellate tribunal referred to in section 18;'; (ii) in clause (zc), for the word and figures "section 18", the word and figures "section 17" shall be substituted;30(b) for section 18, the following section shall be substituted, namely:—appellate tribunal35"18 the appellate tribunal constituted under sub-section (1) of section12 of the smugglers and foreign exchange manipulators (forfeiture of property) act, 1976, shall, on and from the commencement of part xiv of chapter vi of the finance act, 2017, be the appellate tribunal for the purposes of this act and the said appellate tribunal shall exercise the jurisdiction, powers and authority conferred on it by or under this act";(c) section 20 shall be omitted;(d) for section 21, the following section shall be substituted, namely:—40"21 a person shall not be qualified for appointment as a special director(appeals) unless he—(a) has been a member of the indian legal service and  has held a post in grade i of  that service; or qualifications, for appointment of special director (appeals)(b) has been a member of  the indian revenue service and has held a post equivalent to a joint secretary to the government of india";45(e) section 22 shall be omitted;(f) for section 23, the following section shall be substituted, namely:—"23 the salary and allowances payable to and the other terms and conditions of service of the special director (appeals) shall be such as may be prescribed";5(g) sections 24, 25 and 26 shall be omitted;terms and conditions of service of special director (appeals)(h) for section 27, the following section shall be substituted, namely:—"27 (1) the central government shall provide the office of the special director (appeals) with such officers and employees as it may deem fitstaff of special director (appeals)10(2) the officers and employees of the office of the special director (appeals)shall discharge their functions under the general superintendence of the special director (appeals)(3) the salaries and allowances and other terms and conditions of service of the officers and employees of the office of the special director (appeals) shall be such as may be prescribed";15(i) sections 29, 30 and 31 shall be omitted;(j) in section 32,—(i) for the words and brackets "appellate tribunal or the special director(appeals), as the case may be", at both the places where they occur, the words and brackets "special director (appeals)" shall be substituted;20(ii) in sub-section (1), for the words and brackets "appellate tribunal or the special director (appeals)", the words and brackets "special director (appeals)" shall be substituted; (k) for section 33, the following section shall be substituted, namely:—2545 of 1860"33 the adjudicating authority, competent authority and the special director (appeals) and other officers and employees of the special director (appeals) shall be deemed to be public servants within the meaning of section 21 of the indian penal code";officers and employees, etc to be public servant(l) in section 46, in sub-section (2),—30(i) in clause (e), for the words and brackets "chairperson and other members of the appellate tribunal  and the special director (appeals)",  the words and brackets "special director (appeals)" shall be substituted;(ii) in clause (f), for the words and brackets "appellate tribunal and the office of the special director (appeals)", the words and brackets "office of the special director (appeals)" shall be substituted 35 f—amendments to the airports authority of india act, 1994 and the control of national highways (land and traffic) act, 2002166 in the airports authority of india act, 1994,—amendment of act 55 of 199413 of 2003(a) in section 28-i, in sub-section (1), after the words "under  this act", thewords, brackets and figures "and the control of national highways (land and traffic) act, 2002" shall be inserted;40(b) after section 28j, the following section shall be inserted, namely:—"28ja notwithstanding anything contained in this act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the chairperson of the tribunalqualifications, terms and conditions of service of chairpersonappointed after the commencement of part xiv of chapter vi of the finance act, 2017, shall be governed by the provisions of section 184 of that act:5provided that the chairperson appointed before the commencement of part xiv of chapter vi of the finance act, 2017, shall continue to be governed by the provisions of this act and the rules made thereunder as if the provisions of section 184 of the finance act, 2017 had not come into force"167 in the control of national highways (land and traffic) act, 2002,—amendment of act 13 of 2003(a) in section 2, for clause (1), the following clause shall be substituted, namely:—10' (1) "tribunal" means the airport appellate tribunal referred to in sub section (1) of section 5;'; (b) in chapter ii, for the heading, the following heading shall be substituted, namely:— "highways administration and tribunals, etc";(c) in section 5,—15(i) for sub-section (1), the following sub-section shall be substituted, namely:—55 of 199420"(1) the airport appellate tribunal established under section 284of the airports  authority of india act, 1994 shall, on and from the commencement of part xiv of chapter vi of the finance act, 2017, be the tribunal for the purposes of this act and the said tribunal shall exercise the jurisdiction, powers and authority conferred on it by or under this act";25(ii) in sub-section (2), for the words, brackets and figure "shall also specify, in the notification referred to in sub-section (1)", the words "shall specify, by notification in the official gazette", shall be substituted; (d) sections 6,7,8,9,10,11,12 and 13 shall be omitted;(e) for section 44, the following section shall be substituted, namely:—30officers of highways administration to be public servant45 of 1860"44 the officer or officers constituting the highways administration and any other officer  authorised by such administration under this act, shall be deemed, when acting or purporting to act in  pursuance of any of the provisions of this act, to be public servants within the meaning of section 21 of  the indian penal code"; (f) in section 45, for the words "the presiding officer of the tribunal or any other officer of the central government or an officer or employee of the tribunal", the words "any other officer of the central government" shall be substituted;35(g) in section 50, in sub-section (2), clauses (b), (c), (d) and (e) shall be omitted g—amendments to the telecom regulatory authority of india act, 1997, the information technology act, 2000 and the airports economic regulatory authority of india act, 200840168 in the telecom regulatory authority of india act,1997,—(a) in section 14, after clause (b), the following clause shall be inserted, namely:—amendment of act 24 of 1997"(c) exercise jurisdiction, powers and authority conferred on—21 of 2000(i) the appellate tribunal under the information technology act,2000; and27 of 2008(ii) the appellate tribunal under the airports economic regulatory authority of  india act, 2008";(b) after section 14g, the following section shall be substituted, namely:—5qualifications, terms and conditions of service of chairperson and member"14ga notwithstanding anything contained in this act, the qualifications,appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the chairperson and other members of the appellate tribunal appointed  after the commencement of part xiv of chapter vi of the finance act, 2017, shall be governed by the provisions of section 184 of that act:10provided that the chairperson and member appointed before thecommencement of part xiv of chapter vi of the finance act, 2017, shall continue to be governed by the provisions of this act and the rules made thereunder as if the provisions of section 184 of the finance act, 2017 had not come into force"169 in the information technology act, 2000,—15amendment of act 21 of 2000(a) for the words "cyber appellate tribunal", wherever they occur, the words"appellate tribunal" shall be substituted;(b) in section 2, in sub-section (1),—(i) after clause (d), the following clause shall be inserted, namely:—20' (da) "appellate tribunal" means the appellate tribunal referred to in sub-section (1) of section 48;'; (ii) clause (n) shall be omitted;(c) in section 48,—(i) for the marginal heading, the following marginal heading shall be substituted, namely:—25"appellate tribunal";(ii) for sub-section (1), the following sub-section shall be substituted, namely:—24 of 199730"(1) the telecom disputes settlement and appellate tribunal established under section 14 of the telecom regulatory authority of india act, 1997 shall, on and from the commencement of part xiv of chapter vi of the finance act, 2017, be the appellate tribunal for the purposes of this act and the said appellate tribunal shall exercise the jurisdiction, powers and authority conferred on it by or under this act"35(iii) in sub-section (2), for the words, brackets and figure "shall also specify, in the notification referred io in sub-section (1)", the words "shall specify, by notification" shall be substituted;(d) sections 49, 50, 51, 52, 52a, 52b, 52c, 53, 54 and 56, shall be omitted;(e) for section 82, the following section shall be substituted, namely:—4045 of 1860"82the controller, the deputy controller and the assistant controllers shall be deemed to be public servants within the meaning of section 21 of the indian penal code";controller, deputy controller and assistant controller to be public servants(f) in section 84, for the words "the chairperson, members, adjudicating  officers and the staff of the cyber appellate tribunal", the words "and adjudicating officers"shall be substituted;(g) in section 87, in sub-section (2),  clauses (r), (s) and (t) shall be omitted170 in the airports economic regulatory authority of india act, 2008,—amendment of act 27 of 2008(a) in the long title, the words "and also to establish appellate tribunal to adjudicate disputes and dispose of appeals" shall be omitted;5(b) in section 2, for clause (d), the following clause shall be substituted, namely:—'(d) "appellate tribunal" means the telecom disputes   settlement and appellate tribunal referred to in section 17;'; (c) in section 17,—10(i) for the marginal heading, the following marginal heading shall  be substituted, namely:— "appellate tribunal"1524 of 1997(ii) for the portion beginning with the words "the central government"and ending with words "appellate tribunal", the words and figures "the telecom disputes settlement and appellate tribunal established under section 14 of the telecom regulatory authority of india act, 1997 shall, on and from the commencement of part xiv of chapter vi of the finance act, 2017, be the appellate tribunal for the purposes of this act and the said appellate tribunal shall exercise the jurisdiction, powers and authority conferred on it by or under this act" shall be substituted;20(d) sections 19, 20, 21, 22, 23, 24, 25, 26 and 27 shall be omitted;(e) in section 51, in sub-section (2), clauses (i), (j) and (k) shall be omitted h—amendments to the competition act, 2002 and the companies act, 2013171 in the competition act, 2002,—(a) in section 2, for clause (ba), the following clause shall be substituted, namely:—amendment of act 12 of 200325'(ba) "appellate tribunal" means the national company law appellate tribunal referred to in sub-section (1) of section 53a;';(b) in chapter viiia, for the heading, the following heading shall be substituted, namely:—30 "appellate tribunal";(c) for section 53a, the following section shall be substituted, namely:—appellate tribunal18 of 201335"53a the national company law appellate tribunal constituted undersection 410 of the companies act, 2013 shall, on and from the commencement of part xiv of chapter vi of the finance act, 2017, be the appellate tribunal for the purposes of this act and the said appellate tribunal shall—40(a) hear and dispose of appeals against any direction issued ordecision made or order passed by the commission under sub-sections (2) and (6) of section 26, section 27, section 28, section 31, section 32, section 33, section 38, section 39, section 43, section 43a, section 44, section 45 or section 46 of this act; and45(b) adjudicate on claim for compensation that may arise from thefindings of the commission or the orders of the appellate tribunal in an appeal against any finding of the commission or under section 42a or under sub-section (2) of section 53q of this act, and pass orders for the recovery of  compensation under section 53n of this act";(d) sections 53c, 53d, 53e, 53f, 53g, 53h, 53-i, 53j, 53k, 53l, 53mand 53r shall be omitted;(e) in section 63, in sub-section (2), clauses (mb), (mc) and (md) shall be omitted5172 in the companies act, 2013,—amendment of act 18 of 2013(a) in section 410, for the words "for hearing appeals against the orders of the tribunal", the terms and following shall be substituted, conditions of  namely:—"for hearing appeals against,—(a) the order of the tribunal under this act; and1012 of 2003(b) any direction, decision or order referred to in section 53n of thecompetition act, 2002 in accordance with the provisions of that act";(b) after section 417, the following section shall be inserted, namely: —15qualifications, terms and conditions of service of chairperson and member"417a notwithstanding anything contained in this act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and other terms and conditions of service of the chairperson and other members of the appellate tribunal appointed after the commencement of part xiv  of chapter vi of the finance act, 2017, shall be governed by the provisions of section 184 of that act:20provided that the chairperson and member appointed before thecommencement of part xiv of chapter vi of the finance act, 2017, shall continue to be governed by the provisions of this act and the rules made thereunder as if the provisions of section 184 of the finance act, 2017 had not come into force" i—amendment to the cinematograph act, 195225173 in the cinematograph act, 1952, after section 5d, the following section shall be inserted, namely:—amendment of act 37 of 1952qualifications, terms and conditions of service of chairman and member30"5e notwithstanding anything contained in this act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the chairman and other members of the appellate tribunal appointed after the commencement of part xiv of chapter vi of the finance act, 2017, shall be governed by the provisions of section 184 of that act:provided that the chairman and member appointed before the commencement of part xiv of chapter vi of the finance act, 2017, shall continue to be governed by the provisions of this act and the rules made thereunder as if the provisions of section 184 of the finance act, 2017 had not come into force"35 j—amendments to the income- tax act, 1961174 in the income tax act, 1962,—amendment of act 43 of 1961(a) after section 245-o, the following section shall be inserted, namely:—40"245-oa notwithstanding anything contained in this act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the chairman, vice- chairman and other members of the authority appointed after the commencement of part xiv of chapter vi of the finance act, 2017, shall be governed by the provisions of section 184 of that act:qualifications, terms and conditions of service of chairman, vice- chairman and memberprovided that the chairman, vice-chairman and member appointed before the commencement of part xiv of chapter vi of the finance act, 2017, shall continue to be governed by the provisions of this  act and the rules made thereunder as if the provisions of section 184 of the finance act, 2017 had not come  into force"; (b) after section 252, the following section shall be inserted, namely:—5"252a notwithstanding anything contained in this act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the president, vice-president and other members of the appellate tribunal appointed after the commencement of part xiv of chapter vi of the finance act, 2017, shall be governed by the provisions of section 184 of that act:qualifications, terms and conditions of service of president, vice- president and member10provided that the president, vice-president and member appointed before the commencement of part xiv of chapter vi of the finance act, 2017, shall continue to be governed by the provisions of this act, and the rules made thereunder as if the provisions of section 184 of  the finance act, 2017 had not come  into force"; k—amendment to the customs act, 196215175 in the customs act, 1962, in section 129, after sub-section (6), the following subsection shall be inserted, namely:—amendment of act 52 of 196220"(7) notwithstanding anything contained in this act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the president, vice-president or other members of the appellate tribunal appointed after the commencement of part xiv of chapter vi of the finance act, 2017, shall be governed by the provisions of section 184 of that act:25provided that the president vice-president and member appointed before the commencement  of part xiv of chapter vi of the finance act, 2017, shall continue to be governed by the provisions of this act, and the rules made thereunder  as if the provisions of section 184 of  the finance act, 2017 had not come  into force" l—amendment to the administrative tribunals act, 198530176 in the administrative tribunals act, 1985, after section 10a, the following section shall be inserted, namely:—amendment of act 13 of 1985 qualifications, terms and conditions of service of chairman and member35"10b notwithstanding anything contained in this act, the qualifications, appointment, term of  office, salaries and allowances, resignation, removal and the other terms and conditions of service of the chairman and other members of the tribunal appointed after the commencement of part xiv of chapter vi of the finance act, 2017, shall be governed by the provisions of section 184 of that act:provided that the chairman and member appointed before the commencement of part xiv of chapter vi of the finance act, 2017, shall continue to be governed by the provisions of this act, and the rules made thereunder as if the provisions of section 184 of the finance act, 2017 had not come into force"40 m—amendment to the consumer protection act, 1986177 in the consumer protection act, 1986, after section 22d, the following section shall be inserted,  namely:—amendment of act 68 of 198645"22e notwithstanding anything contained in this act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the president and other members of thequalifications, terms and conditions of service of president and membernational commission appointed after the commencement of part xiv of chapter vi of the finance act, 2017, shall be governed by the provisions of section 184 of that act:5provided that the president and member appointed before the commencement of part xiv of chapter vi of the finance act, 2017, shall continue to be governed  by the provisions of this act, and the rules made thereunder as if the provisions of section 184 of the finance act, 2017 had not come into force" n—amendment to the securities and exchange board of india act, 199210178 in the securities and exchange  board of india act, 1992, after section 15q, the following section shall be inserted, namely:—amendment of act 15 of 199215qualifications,terms and conditions of service of presiding officer and member"15qa notwithstanding anything contained in this act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the presiding officer and other members of the appellate tribunal appointed after the commencement of part xiv of chapter vi of the finance act, 2017, shall be governed by the provisions of section 179 of that act:20provided that the presiding officer and member appointed before the commencement of part xiv of chapter vi of the finance act, 2017, shall continue to be governed  by the provisions of this act and the rules made thereunder as if the provisions of section 184 of the finance act, 2017 had not come into force" o—amendments to the recovery of debts due to banks and financial institutions act, 1993179 in the recovery of debts due to banks and financial institutions act, 1993,—amendment of act 51 of 1993(a) after section 6, the following section shall be inserted, namely:—25qualifications, terms and conditions of service of presiding officer"6a notwithstanding anything contained in this act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the presiding officer of the tribunal appointed after the commencement of part xiv of chapter vi of the finance act,2017, shall be governed by the provisions of section 184 of that act:30provided that the presiding officer appointed before the commencement of part xiv of chapter vi of the finance act, 2017, shall continue to be governed by the provisions of this act, and the rules made thereunder as if the provisions of section 184 of the finance act, 2017 had not come into force"; (b) after section 15, the following section shall be inserted, namely:—35qualifications, terms and conditions of service of chairperson"15a notwithstanding anything contained in this act, the qualifications,appointment, term of office, salaries and allowances, resignation, removal and the terms and conditions of service of the chairperson of the appellate tribunal appointed after the commencement of part xiv of chapter vi of the finance act, 2017, shall be governed by the provisions of section 184 of that act:40provided that the chairperson appointed before the commencement ofpart xiv of chapter vi of the finance act, 2017, shall continue to be governed by the provisions of this act, and the rules made thereunder as if the provisions of section 184 of  the finance act, 2017 had not come into force" p—amendment to the electricity act, 2003180 in the electricity act, 2003, after section 184, the following section shall be inserted, namely:—amendment of act 36 of 20035qualifications, terms and conditions of service of chairperson and member"117a notwithstanding anything contained in this act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other  terms and conditions of service of  the chairperson and other members  of the appellate tribunal appointed after the commencement of part xiv of chapter vi of the finance act, 2017, shall be governed by the provisions of section 184 of that act:10provided that the chairperson and member appointed before the commencement of part xiv of chapter vi of the finance act, 2017, shall continue to be governed by the provisions of this act, and the rules made thereunder as if the provisions of section 184 of the finance act, 2017 had not come into force" q—amendment to the armed forces tribunal act, 200715181 in the armed force tribunal act, 2007, after section 9, the following section shall be inserted, namely: —amendment of act 55 of 2007qualifications, terms and conditions of service of chairperson and member"9a notwithstanding anything contained in this act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and terms and conditions of service of the chairperson and other members of the appellate tribunal appointed after the commencement of part xiv of chapter vi of the finance act, 2017, shall be governed by the provisions of section 184 of that act:20provided that the chairperson and member appointed before the commencement of part xiv of chapter vi of the finance act, 2017, shall continue to be governed by the provisions of this act, and the rules made thereunder as if the provisions of section 184 of the finance act, 2017 had not come into force"25 r—amendment to the national green tribunal act, 2010182 in the national green tribunal act, 2010, after section 10, the following section shall be inserted, namely:—amendment of act 19 of 201030"10a notwithstanding anything contained in this act, the qualifications, appointment, term of  office, salaries and allowances, resignation, removal and other terms and conditions of service of the chairperson, judicial member and expert member of the tribunal appointed after the commencement of part xiv of chapter vi of the finance act, 2017, shall be governed by the provisions of section 184 of that act:qualifications, terms and conditions of service of chairperson, judicial member and expert member35provided that the chairperson, judicial member and expert member appointedbefore the commencement of part xiv of chapter vi of the finance act, 2017, shall continue to be governed by the provisions of this act, and the rules made thereunder as if the provisions of section 184 of the finance act, 2017 had not come into force" s—conditions of service of chairperson and members of tribunals, appellate tribunals and other authorities40application of section 184183 notwithstanding anything to the contrary contained in the provisions of theacts specified in column (3) of the eighth schedule, on and from the appointed day, provisions of section 184 shall apply to the chairperson, vice-chairperson, chairman, vice- chairman, president, vice-president, presiding officer or member of the tribunal, appellate tribunal or, as the case may be, other authorities as specified in column (2) of the said schedule:45provided that the provisions of section 184 shall not apply to the chairperson, vice-chairperson, chairman, vice-chairman, president, vice-president, presiding officer or, as the case may be, member holding such office as such immediately before the appointed day5184 (1) the central government may, by notification, make rules to provide for qualifications, appointment, term of office, salaries  and allowances, resignation, removal and the other terms and conditions of service of the chairperson, vice-chairperson, chairman, vice-chairman, president, vice-president, presiding officer or member of the tribunal, appellate tribunal or, as the case may be, other authorities as specified in column (2) of the eighth other schedule:10provided that the chairperson, vice-chairperson, chairman, vice-chairman, president, vice-president, presiding officer or member of the tribunal, appellate tribunal or other authority shall hold office for such term as specified in the rules made by the central government but not exceeding five years from the date on which he enters upon his office and shall be eligible for reappointment:qualifications, appointment, term and conditions of service, salary and allowances, etc, of chairperson, vice- chairperson and members, etc, of the tribunal, appellate tribunal andotherauthorities15provided further that no chairperson, vice-chairperson, chairman, vice-chairman, president, vice-president, presiding officer or member shall hold office as such after he has attained such age as specified in the rules made by the central government which shall  not exceed,—(a) in the case of chairperson, chairman or president, the age of seventy years; (b) in the case of vice-chairperson, vice-chairman, vice-president, presiding officer or any  other member, the age of sixty-seven years:20(2) neither the salary and allowances nor the other terms and conditions of service of chairperson, vice-chairperson, chairman, vice-chairman, president, vice-president, presiding officer or member of the tribunal, appellate tribunal or, as the case may be, other authority may be varied to his disadvantage after his appointment t—miscellaneoustransitional provisions25 30185 (1) any person appointed as the chairperson or chairman, president or vice-chairperson or vice-chairman, vice-president or presiding officer or member of the tribunals, appellate tribunals, or as the case may be, other authorities specified in column (2) of the ninth schedule and holding office as such immediately before the appointed day, shall on and from the appointed day, cease to hold such office and such chairperson or chairman, president, vice-chairperson or vice-chairman, vice-president or presiding officer or member shall be entitled to claim compensation not exceeding three months' pay and allowances for the premature termination of term of their office or of any contract of service35(2) the officers and other employees of the tribunals, appellate tribunals and otherauthorities specified in column (2) of the ninth schedule appointed on deputation, before the appointed day, shall, on and from the appointed day, stand reverted to their parent cadre, ministry or department40 45(3) every officer or other employee of the tribunal, appellate tribunal and otherauthorities specified in column (2) of the ninth schedule employed on regular basis, by such  tribunal, appellate tribunal or other authorities shall become, on and from the appointed day, the officer and other employee, of the corresponding tribunal, appellatetribunal or other authorities specified in column (3) of the said schedule with same rights and privileges as to pension, gratuity and other like benefits as would have been admissible to him if he had continued to serve the tribunal, appellate tribunal or other authorities specified in column (2) of the said schedule until his employment is duly terminated or  until his remuneration, terms and  conditions of employment are duly altered by such corresponding tribunal, appellate tribunal or other authorities, as the case may be, specified in column (3) of the ninth schedule or until the expiry of a period of one year from the appointed day if such officer or other employee opts not to continue to be the officer or other employee  of such tribunal, appellate tribunal or other authoritieswithin such period50(4) any appeal, application or proceeding pending before the tribunal, appellatetribunal or other authorities specified in column (2) of the ninth schedule,  before the appointed day, shall stand transferred to the corresponding tribunal, appellate tribunal or5other authorities specified in column (3) of the said schedule and the said tribunal, appellate tribunal  or other authority shall, on and from the appointed day, deal with de novo or from the stage at which such appeal, application or proceeding stood before the date of their transfer and shall dispose them in accordance with the provisions of the act specified in column (2) of the said schedule(5) the balance of all monies received by, or advanced to the tribunal, appellate tribunal or other authorities specified in column (2) of the ninth schedule and not spent by it before the appointed day, shall, on and from the appointed day, stand transferred to an vest in the central government which shall be utilised  for the purposes stated in sub-section (7)10(6) all property of whatever kind owned by, or vested in, the tribunal, appellate tribunal or other authorities specified in column (2) of the ninth schedule before the appointed day, shall stand transferred to, on and from the appointed day, and shall vest in the central government15 20(7) all liabilities and obligations of whatever kind incurred by the tribunal, appellate tribunal or other authorities specified in column (2) of the ninth schedule and subsisting immediately before the appointed day, shall, on and from the appointed day, be deemed to be the liabilities or obligations, as the case may be, of the corresponding tribunal, appellate tribunal or other authorities specified in column (3) of the ninth schedule; and any proceeding or cause of action, pending or existing immediately before the appointed day by or against the tribunal, appellate tribunal or other authorities specified in column (2) of the ninth schedule in relation to such liability or obligation may, on and from the appointed day, be continued or enforced by or against the corresponding tribunal, appellate tribunal or other authority specified in column (3) of  the ninth schedule25general power to make rules186 without prejudice to any other power to make rules contained elsewhere in thispart, the central government may, by notification,  make rules generally to carry out the provisions of this partpower to amend eighth schedule187 (1) if the central government is satisfied that it is necessary or expedient so to do,it may by notification published in the official gazette, amend the eighth schedule and thereupon the said schedule shall be deemed to have been amended accordingly30(2) a copy of every notification issued under sub-section (1) shall be laid before eachhouse of parliament as soon as may be after it is issuedrules to be laid before parliament35188 every rule made under this part shall be laid, as soon as may be after it is made,before each house of parliament, while it is in session, for a total period of thirty days which may be comprised in one  session or in two or more successive sessions, and if, before the expiry of  the session immediately following the session or the successive sessions aforesaid, both houses agree in making any modification in the rule or both houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no  effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule40removal of difficulties189 (1) if any difficulty arises in giving effect to the provisions of this part, the centralgovernment, may  by general or special order published in the official gazette, make such provisions not inconsistent with the provisions of this part as appear to it to be necessary or expedient for removing the difficulty45(2) no order under sub-section (1) shall be made after the expiry of  three years from theappointed day(3) every order made under this  section shall, as soon as may be after it is made, be laidbefore each houses of parliament' part  i income-tax paragraph  a(i) in the case of every individual other than the individual referred to in items (ii) and (iii) of this paragraph 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 income-tax act, not being a case to which any other paragraph of this part applies,—nil;(1) where the total income does not exceed rs 2,50,000 (2) where the total income exceeds rs 2,50,000 but  doesnot exceed rs 5,00,00010  per  cent  of  the amount by which the total  income exceeds rs 2,50,000;(3) where the total income exceeds rs 5,00,000 but  doesnot exceed rs 10,00,000rs 25,000 plus 20 per cent of the amount by which the total income exceeds rs 5,00,000;(4) where the total income exceeds rs 10,00,000rs 1,25,000 plus 30 per cent of the amount by which the total income exceeds rs 10,00,000(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 eighty years at any time during the previous year,—(1)   where the total income does not exceed rs 3,00,000nil;(2) where the total income exceeds rs 3,00,000 but doesnot exceed rs 5,00,00010 per cent of the amount by which the total income exceeds rs 3,00,000;(3) where the total income exceeds rs 5,00,000 but doesnot exceed rs 10,00,000rs 20,000 plus 20 per cent of the amount by which the total income exceeds rs 5,00,000;(4) where the total income exceeds rs 10,00,000rs 1,20,000 plus 30 per cent of the amount by which the total income exceeds rs 10,00,000(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,—(1)   where the total income does not exceed rs 5,00,000 nil;(2)   where the total income exceeds rs 5,00,000 but doesnotexceed rs 10,00,00020 per cent of the amount by which the total income exceeds rs 5,00,000;(3) where the total income exceeds rs 10,00,000rs 1,00,000 plus 30 per cent of the amount by which the total income exceeds rs 10,00,000the amount of income-tax computed in accordance with the preceding provisions of this paragraph, or the provisions of section 111a or section 112 of the income-tax act, shall, in the case of every 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 income-tax act, having a total income exceeding one crore rupees, be increased by a surcharge for the purpose of the union calculated at the rate of fifteen per cent of such income-tax:provided that in the case of persons mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupeesin the case of every co-operative society,—(1) where the total income does not exceed rs10,00010 per cent of the total income;(2) where the total income exceeds rs10,000 but doesnot exceed rs 20,000rs1,000 plus 20 per cent of the amount by which the total income exceeds rs10,000;(3) where the total income exceeds rs 20,000rs 3,000 plus 30 per cent of the amount by which the total income exceeds rs 20,000the amount of income-tax computed in accordance with the preceding provisions of this paragraph, or the provisions of section 111a or section 112 of the income-tax act, shall, in the case of every co-operative society, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the union calculated at the rate of twelve per cent of such income-tax:provided that in the case of every co-operative society mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupeesin the case of every firm,—on the whole of the total income30 per centthe amount of income-tax computed in accordance with the preceding provisions of this paragraph, or the provisions of section 111a or section 112 of the income-tax act, shall, in the case of every firm, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the union calculated at the rate of twelve per cent of such income-tax:provided that in the case of every firm mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupeesin the case of every local authority,—rate of income-tax on the whole of the total income30 per centthe amount of income-tax computed in accordance with the preceding provisions of this paragraph, or the provisions of section 111a or section 112 of the income-tax act, shall, in the case of every local authority, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the union calculated at the rate of twelve per cent of such income-tax:provided that in the case of every local authority mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees29 per cent of the total income 30 per cent of the total income50 per cent 40 per centparagraph ein the case of a company,—rates of income-tax i in the case of a domestic company,—(i)  where its total turnover or the gross receipt in the previous year2014-15 does  not exceed five  crore rupees;(ii) other than that referred to in item (i)ii in the case of a company other than a domestic company,—(i) on so much of the total income as consists of,—(a)  royalties received from government or an indian concern in pursuance of an agreement made by it with the government or the indian concern after the 31st day of march, 1961 but before the 1st day of april, 1976; or(b)  fees for rendering technical services received from government or an indian concern in pursuance of an agreement made by it with the government or the indian concern after the 29th day of february, 1964 but before the 1st day of april, 1976, and where such agreement has, in either case, been approved by the central government(ii) on the balance, if any, of the total income surcharge on income-tax the amount of income-tax computed in accordance with the preceding provisions of this paragraph, or the provisions of  section 111a or section 112  of the income-tax act, shall, be increased by a surcharge for the purposes of the union calculated,—(i) in the case of every domestic company,––(a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of seven per cent of such income-tax; and(b) having a total income exceeding ten crore rupees, at the rate of twelve per cent of such income-tax;(ii) in the case of every company other than a domestic company,––(a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of two per cent of such income-tax; and(b) having a total income exceeding ten crore rupees, at the rate of five per cent of such income-tax:provided that in the case of every company having a total income exceeding one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees:provided further that in the case of every company having a total income exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees part ii rates for deduction of tax at source in certain casesin every case in which under the provisions of sections 193, 194, 194a, 194b, 194bb, 194d , 194lba, 194lbb,194lbc and 195 of the income-tax act, tax is to be deducted at the rates in force, deduction shall be made from the income subject to the deduction at the following rates:––rate of income-tax1 in the case of a person other than a company—(a) where the person is resident in india—10 per cent(i) on income by way of interest other than "interest on securities"| 30 per cent                                                     | (            ||------------------------------------------------------------------|--------------|| ii                                                               |              || ) on income by way of winnings from lotteries, crossword         |              || puzzles, card games and other games of any sort                  |              || (                                                                |              || iii                                                              |              || ) on income by way of winnings from horse races                  | 30 per cent || 5 per cent                                                      |              || (                                                                |              || iv                                                               |              || ) on income by way of insurance commission                       |              || 10 per cent                                                     |              || (                                                                |              || v                                                                |              || ) on income by way of interest payable on—                       |              || (                                                                |              || a                                                                |              || ) any debentures or securities for money issued by or on         |              || behalf of any local authority or a corporation established by a  |              || central, state or provincial act;                                |              || (                                                                |              || b                                                                |              || ) any debentures issued by a company where such                  |              || debentures are listed on a recognised stock exchange in india in |              || accordance with the securities contracts (regulation) act, 1956  |              || (42 of 1956) and any rules made thereunder;                      |              || (                                                                |              || c                                                                |              || ) any security of the central or state government;               |              || (                                                                |              || vi                                                               |              || ) on any other income                                            |              || 10 per cent                                                     |              |(b) where the person is not resident in india—(i) in the case of a non-resident indian—(a) on any investment income20 per cent 10 per cent(b) on income by way of long-term capital gains referredto in section 115e or sub-clause (iii) of clause (c) ofsub-section (1) of section 11215 per cent(c) on income by way of short-term capital gains referredto in section 111a20 per cent(d) on other income by way of long-term capital gains[not being long-term capital gains referred to in clauses (33),(36) and (38) of section 10]20 per cent(e) on  income by way of  interest payable  by governmentor an indian concern on moneys borrowed or debt incurred by government or the indian concern in foreign currency (not being income by way of interest referred to in section 194lb or section194lc)10 per cent(f) on income by way of royalty payable by governmentor an indian concern in pursuance of an agreement made by it with the government or the indian concern where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject referred to in the first proviso to sub-section (1a) of section 115a of the income-tax act, to the indian concern, or in respect of any computer software referred to in the second proviso to sub-section (1a) of section 115a of the income-tax act, to aperson resident in india10 per cent(g) on income by way of royalty [not being royalty of thenature referred to in sub-item (b)(i)(f)] payable by government or an indian concern in pursuance of an agreement made by it with the government or the indian concern and where such agreement is with an indian concern, the agreement is approved by the central government or where it relates to a matter included in the industrial policy, for the time being in force, of thegovernment of india, the agreement is in accordance with that policy10 per cent (h) on income by way of fees for technical servicespayable  by  government  or  an indian concern in pursuance of an agreement made by it with the government or the indian concern and where such agreement is with an indian concern, the agreement is approved by the central government or where it relates to a matter included in the industrial policy, for the time being in force, of the government of india, the agreement is in accordance with that policy30 per cent(i) on income by way of winnings from lotteries, crosswordpuzzles, card games and other games of any sort(j) on income by way of winnings from horse races30 per cent(k) on the whole of the other income30 per cent(ii) in the case of any other person—20 per cent(a) on  income  by  way  of interest payable by governmentor an indian concern on moneys borrowed or debt incurred by government or the indian concern in foreign currency (not being income by way of interest referred to in section 194lb or  section 194lc)10 per cent(b) on income by way of royalty payable by governmentor an indian concern in pursuance of an agreement made by it with the government or the indian concern where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject referred to in the first proviso to sub-section (1a) of section 115a of the income-tax act, to the indian concern, or in respect of any computer software referred to in the second proviso to sub-section (1a) of section 115a of the income-tax act, to aperson resident in india10 per cent(c) on income by way of royalty [not being royalty of thenature referred to in sub-item (b)(ii)(b)] payable by governmentor an indian concern in pursuance of an agreement made by it with the government or the indian concern and where such agreement is with an indian concern, the agreement is approved by the central government or where it relates to a matter included in the industrial policy, for the time being in force, of the government of india, the agreement is in accordance with that policy10 per cent(d) on income by way of fees for technical services  payableby  government  or  an indian concern in pursuance of an agreement made by it with the government or the indian concern and where such agreement is with an indian concern, the agreement is approved by the central government or where it relates to a matter included in the industrial policy, for the time being in force, of the government of india, the agreement is in accordance with that policy30 per cent(e) on income by way of winnings from lotteries, crosswordpuzzles, card games and other games of any sort(f) on income by way  of winnings from horse races30 per cent| 15 per cent                                                |  (   ||-------------------------------------------------------------|------|| g                                                           |      || ) on  income   by   way   of  short-term capital gains      |      || referred to in section 111a                                 |      || 10 per cent                                                |      || (                                                           |      || h                                                           |      || ) on income by way of long-term capital gains referred      |      || to in sub-clause (                                          |      || iii                                                         |      || ) of clause (                                               |      || c                                                           |      || ) of sub-section (                                          |      || 1                                                           |      || ) of                                                        |      || section 112                                                 |      || 20 per cent                                                | (    || i                                                           |      || ) on  income  by  way  of  other  long-term  capital gains  |      || [not being long-term capital gains referred to in clauses ( |      || 33                                                          |      || ),                                                          |      || (                                                           |      || 36                                                          |      || ) and (                                                     |      || 38                                                          |      || ) of section 10]                                            |      || 30 per cent                                                |      || (                                                           |      || j                                                           |      || ) on the whole of the other income                          |      |2 in the case of a company—(a) where the company is a domestic company—10 per cent (i) on income by way of interest other than "interest on securities"30 per cent (ii) on  income  by  way  of  winnings from lotteries, crosswordpuzzles, card games and other games of any sort30 per cent (iii) on income by way of winnings from horse races (iv) on any other income10 per cent(b) where the company is not a domestic company—30 per cent(i) on  income  by  way  of  winnings from lotteries, crosswordpuzzles, card games and other games of any sort30 per cent(ii) on income by way of winnings from horse races20 per cent(iii) on income by way of interest payable by government or anindian concern on moneys borrowed or debt incurred by government or the indian concern in foreign currency (not being income by way of interest referred to in section 194lb or  section 194lc)10 per cent(iv) on income by way of royalty payable by government or anindian concern in pursuance of an agreement made by it with the government or the indian concern after the 31st day of march, 1976 where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any bookon a subject referred to in the first proviso to sub-section (1a) of section 115a of the income-tax act, to the indian concern, or in respect of any computer software referred to in the second proviso to sub-section (1a)of section 115a of the income-tax act, to a person resident in india(v) on income by way of royalty [not being royalty of the naturereferred to in sub-item (b)(iv)] payable by government or an indianconcern in pursuance of an agreement made by it with the government or the indian concern and where such agreement is with an indian concern, the agreement is approved by the central government or where it relates to a matter included in the industrial policy, for the time being in force, of the government of india, the agreement is in accordance with that policy—50 per cent(a) where the agreement is made after the 31st day ofmarch, 1961 but before the 1st day of april, 197610 per cent(b) where the agreement is made after the 31st day ofmarch, 1976 (vi) on income by way of fees for technical services payable bygovernment or an indian concern in pursuance of an agreement madeby it with the government or the indian concern and where such agreement is with an indian concern, the agreement is approved by the central government or where it relates to a matter included in the industrial policy, for the time being in force, of the government of india, the agreement is in accordance with that policy—50 per cent(a) where the agreement is made after the 29th day  offebruary,  1964  but before the 1st day of april, 197610 per cent(b) where the agreement is made after the 31st day ofmarch,  197615 per cent(vii) on  income  by  way  of  short-term capital gains referred toin section 111a10 per cent(viii) on income by way of long-term capital gains referred to in sub-clause (iii) of clause (c) of sub-section (1) of section 11220 per cent(ix) on income by way of  other long-term capital gains [not beinglong-term capital gains referred to in clauses (33), (36) and (38) ofsection 10]40 per cent (x) on any other incomeexplanation— for the purposes of item 1(b)(i) of this part, "investment income" and "non-resident indian" shall have the meanings assigned to them in chapter xii-a of the income-tax actthe amount of income-tax deducted in accordance with the provisions of––(i) item 1 of this part, shall be increased by a surcharge, for the purposes of the union,––(a) in the case of every 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 income-tax act, being a non-resident, calculated,––i at the rate of ten per cent of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds fifty lakh rupees but does not exceed one crore rupees;ii at the rate of fifteen per cent of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees; and(b) in the case of every co-operative society or firm, being a non-resident, calculated at the rate of twelve per cent, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees; (ii)  item 2 of this part shall be increased by a surcharge, for the purposes of the union, in the case of every company other than a domestic company, calculated,––(a) at the rate of two per cent of such income-tax where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees but does not exceed ten crore rupees; and (b) at the rate of five per cent of such income-tax where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds  ten crore rupees part iii rates for charging income-tax in certain cases, deducting income-tax from income chargeable under the head "salaries" and computing "advance tax"in cases in which income-tax has to be charged under sub-section (4) of section 172 of the income-tax act or subsection (2) of section 174 or section 174a or section 175 or sub-section (2) of section 176 of the said act or deducted from, or paid on, from income chargeable under the head "salaries" under section 192 of the said act or in which the "advance tax" payable under chapter xvii-c of the said act has to be computed at the rate or rates in force, such income-tax or, as the case may be, "advance tax" [not being "advance tax" in respect of any income chargeable to tax under chapter xii or chapter xii-a or income chargeable to tax under section 115jb or section 115jc or chapter xii-fa or chapter xii-fb  or sub-section (1a) of section 161 or section 164 or section 164a or section 167b of the income-tax act at the rates as specified in that chapter or section or surcharge, wherever applicable, on such "advance tax" in respect of any income chargeable to tax under section 115a or section 115ab or section 115ac or section 115aca or section 115ad or section115b or  section 115ba or  section 115bb or section 115bba or section 115bbc or section 115bbd or section 115bbda or section 115bbe or section 115bbf or section 115bbg or section 115e or  section 115jb or section 115jc] shall be charged, deducted or computed at the following rate or rates:—(i) in the case of every individual other than the individual referred to in items (ii) and (iii) of this paragraph 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 income-tax act, not being a case to which any other paragraph of this part applies,—rates of income-tax(1) where the total income does not exceed rs 2,50,000nil;(2) where the total income exceeds rs 2,50,000 but doesnot exceed rs 5,00,0005 per c ent of the amount by which the total income exceeds rs 2,50,000;(3) where the total income exceeds rs 5,00,000 but doesnot exceed rs 10,00,000rs 12,500 plus 20 per cent of the amount by which thetotal income exceeds rs 5,00,000;(4) where the total income exceeds rs 10,00,000rs 1,12,500 plus 30 per cent of the amount by which the total income exceeds rs 10,00,000(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 eighty years at any time during the previous year,—(1) where the total income does not exceed rs 3,00,000nil;(2) where the total income exceeds rs 3,00,000 but doesnot exceed rs 5,00,0005 per cent of the amount by which the total income exceeds rs 3,00,000;(3) where the total income exceeds rs 5,00,000 but doesnot exceed rs 10,00,000rs 10,000 plus 20 per cent of the amount by which the total income exceeds rs 5,00,000;(4) where the total income exceeds rs 10,00,000rs 1,10,000 plus 30 per cent of the amount by which the total income exceeds rs 10,00,000(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,—(1) where the total income does not exceed rs 5,00,000nil;(2) where the total income exceeds rs 5,00,000 but doesnot exceed rs 10,00,00020 per cent of the amount by which the total income exceeds rs 5,00,000;(3) where the total income exceeds rs 10,00,000rs 1,00,000 plus 30 per cent of the amount by which the total income exceeds rs 10,00,000the amount of income-tax computed in accordance with the preceding provisions of this paragraph, or the provisions of section 111a or section 112 of the income-tax act, shall be increased by a surcharge for the purposes of the union, calculated, in the case of every 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 income-tax act,—(a) having a total income exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten per cent of such income-tax; and(b) having a total income exceeding one crore rupees, at the rate of fifteen per cent of such income-tax:provided that in the case of persons mentioned above having total income exceeding,—(a) fifty lakh rupees but not exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees;(b) one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of one crore rupees by more than the amount of income that exceeds one crore rupeesin the case of every co-operative society,—rates of income-tax(1) where the total income does not exceed rs 10,00010 per cent of the total income;(2) where the total income exceeds rs 10,000 but doesnot exceed rs 20,000rs 1,000 plus 20 per cent of the amount by which the total income exceeds rs 10,000;(3) where the total income exceeds rs 20,000rs 3,000 plus 30 per cent of the amount by which the total income exceeds rs 20,000the amount of income-tax computed in accordance with the preceding provisions of this paragraph, or the provisions of section 111a or section 112 of the income-tax act, shall, in the case of every co-operative society, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the union calculated at the rate of twelve per cent of such income-tax:provided that in the case of  every co-operative society mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupeesin the case of every firm,—rate of income-tax on the whole of the total income30 per centthe amount of income-tax computed in accordance with the preceding provisions of this paragraph, or the provisions of section 111a or section 112 of the income-tax act, shall, in the case of every firm, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the union calculated at the rate of twelve per cent of such income-tax:provided that in the case of  every firm mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupeesin the case of every local authority,—on the whole of the total income30 per centthe amount of income-tax computed in accordance with the preceding provisions of this paragraph, or the provisions of section 111a or section 112 of the income-tax act, shall, in the case of every local authority, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the union calculated at the rate of twelve per cent of such income-tax:provided that in the case of every local authority mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as incometax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupeesin the case of a company,—i in the case of a domestic company,—25 per cent, of the total income(i) where its total turnover or the gross receipt in the previous year2015-16 does not exceed fifty crore rupees;(ii) other than that referred to in item (i)30 per cent, of the total income ii in the case of a company other than a domestic company—(i) on so much of the total income as consists of,—(a) royalties received from government or an indian concern in pursuance of an agreement made by it with the government or the indian concern after the 31st day of march, 1961 but before the 1st day of april, 1976; or(b) fees for rendering technical services received from government or an indian concern in pursuance of an agreement made by it with the government or the indian concern after the 29th day of february, 1964 but before the 1st day of april, 1976,50 per cent;and where such agreement has, in either case, been approved by the central government(ii) on the balance, if any, of the total income40 per centthe amount of income-tax computed in accordance with the preceding provisions of this paragraph, or the provisions of section 111a or section 112 of the income-tax act, shall, be increased by a surcharge for the  purposes of the union, calculated,––(i) in the case of every domestic company,––(a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of seven per cent of such income-tax;  and(b) having a total income exceeding ten  crore rupees, at the rate of twelve  per cent of such income-tax;(ii) in the case of every company other than a domestic company,––(a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of two per cent of such income-tax;  and(b) having a total income exceeding ten  crore rupees, at the rate of five per cent of such income-tax:provided that in the case of every company having a total income exceeding one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees:provided further that in the case of every company having a total income exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees part iv [see section 2(13)(c)] rules for computation of net agricultural incomerule 1—agricultural income of the nature referred to in sub-clause (a) of clause (1a) of section 2 of the income-tax act shall be computed as if it were income chargeable to income-tax under that act under the head "income from other sources" and the provisions of sections 57 to 59 of that act shall, so far as may be, apply accordingly:provided that sub-section (2) of section 58 shall apply subject to the modification that the reference to section 40atherein shall be construed as not including a reference to sub-sections (3), (3a) and (4) of section 40arule 2—agricultural income of the nature referred to in sub-clause (b) or sub-clause (c) of clause (1a) of section 2of the income-tax act [other than income derived from any building required as a dwelling-house by the receiver of the rent or revenue of the cultivator or the receiver of rent-in-kind referred to in the said sub-clause (c)] shall be computed as if it were income chargeable to income-tax under that act under the head "profits and gains of business or profession" and the provisions of sections 30, 31, 32, 36, 37, 38, 40, 40a [other than sub-sections (3), (3a) and (4) thereof], 41, 43, 43a, 43b and 43c of the income-tax act shall, so far as may be, apply accordinglyrule 3—agricultural income of the nature referred to in sub-clause (c) of clause (1a) of section 2 of the income-tax act, being income derived from any building required as a dwelling-house by the receiver of the rent or revenue or the cultivator or the receiver of rent-in-kind referred to in the said sub-clause (c) shall be computed as if it were income chargeable to income-tax under that act under the head "income from house property" and the provisions of sections 23 to 27 of that act shall, so far as may be, apply accordinglyrule 4—notwithstanding anything contained in any other provisions of these rules, in a case—(a) where the assessee derives income from sale of tea grown and manufactured by him in india, such income shall be computed in accordance with rule 8 of the income-tax rules, 1962, and sixty per cent of such income shall be regarded as the agricultural income of the assessee;(b) where the assessee derives income from sale of centrifuged latex or cenex or latex based crepes (such as pale latex crepe) or brown crepes (such as estate brown crepe, re-milled crepe, smoked blanket crepe or flat bark crepe) or technically specified block rubbers manufactured or processed by him from rubber plants grown by him in india, such income shall be computed in accordance with rule 7a of the income-tax rules, 1962, and sixty-five per cent of such income shall be regarded as the agricultural income of the assessee;(c) where the assessee derives income from sale of coffee grown and manufactured by him in india, such income shall be computed in accordance with rule 7b of the income-tax rules, 1962, and sixty per cent or seventyfive per cent, as the case may be, of such income shall be regarded as the agricultural income of the assessee rule 5—where the assessee is a member of an association of persons or a body of individuals (other than a hindu undivided family, a company or a firm) which in the previous year has either no income chargeable to tax under the income-tax act or has total income not exceeding the maximum amount not chargeable to tax in the case of an association of persons or a body of individuals (other than a hindu undivided family, a company or a firm) but has any agricultural income then, the agricultural income or loss of the association or body shall be computed in accordance with these rules and the share of the assessee in the agricultural income or loss so computed shall be regarded as the agricultural income or loss of the assesseerule 6—where the result of the computation for the previous year in respect of any source of agricultural income is a loss, such loss shall be set off against the income of the assessee, if any, for that previous year from any other source of agricultural income:provided that where the assessee is a member of an association of persons or a body of individuals and the share of the assessee in the agricultural income of the association or body, as the case may be, is a loss, such loss shall not be set off against any income of the assessee from any other source of agricultural incomerule 7—any sum payable by the assessee on account of any tax levied by the state government on the agricultural income shall be deducted in computing the agricultural incomerule 8—(1) where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of april,  2017, any agricultural income and the net result of the computation of the agricultural income of the assessee for any one or more of the previous years relevant to the assessment years commencing on the 1st day of april,  2009 or the 1st day of april,  2010 or the 1st day of april, 2011 or the 1st day of april, 2012 or the 1st day of april, 2013 or the 1st day of april, 2014 or the 1st day of april,  2015 or the 1st day of april, 2016, is a loss, then, for the purposes of sub-section (2)of section 2 of this act,––(i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2009, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of april, 2010 or the 1st day of april, 2011 or the 1st day of april, 2012 or the 1st day of april, 2013 or the 1st day of april, 2014 or the 1st day of april, 2015 or the 1st day of april, 2016,(ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2010, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of april, 2011 or the 1st day of april, 2012 or the 1st day of april, 2013 or the 1st day of april, 2014 or the 1st day of april, 2015 or the 1st day of april, 2016,(iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2011, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of april, 2012 or the 1st day of april, 2013 or the 1st day of april, 2014 or the 1st day of april, 2015 or the 1st day of april, 2016,(iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2012, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of april, 2013 or the 1st day of april, 2014 or the 1st day of april, 2015 or the 1st day of april, 2016,(v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2013, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of april, 2014 or the 1st day of april, 2015 or the 1st day of april, 2016,(vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2014, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of april, 2015 or the 1st day of april, 2016,(vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2015, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of april, 2016,(viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2016, shall be set off against the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of april, 2017(2) where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of april,2018, or, if by virtue of any provision of the income-tax act, income-tax is to be charged in respect of the income of a period other than the previous year, in such other period, any agricultural income and the net result of the computation of the agricultural income of the assessee for any one or more of the previous years relevant to the assessment years commencing on the 1st day of april, 2010 or the 1st day of april, 2011 or the 1st day of april, 2012 or the 1st day of april, 2013 or the 1st day of april, 2014 or the 1st day of april, 2015 or the 1st day of april, 2016 or the 1st day of april, 2017, is a loss, then, for the purposes of sub-section (10) of section 2 of this act,––(i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2010, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of april, 2011 or the 1st day of april, 2012 or the 1st day of april, 2013 or the 1st day of april, 2014 or the 1st day of april, 2015 or the 1st day of april, 2016 or the 1st day of april, 2017,(ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2011, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of april, 2012 or the 1st day of april, 2013 or the 1st day of april, 2014 or the 1st day of april, 2015 or the 1st day of april, 2016 or the 1st day of april, 2017,(iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2012, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of april, 2013 or the 1st day of april, 2014 or the 1st day of april, 2015 or the 1st day of april, 2016 or the 1st day of april, 2017,(iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2013, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of april, 2014 or the 1st day of april, 2015 or the 1st day of april, 2016 or the 1st day of april, 2017,(v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2014, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of april, 2015 or the 1st day of april, 2016 or the 1st day of april, 2017,(vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2015, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of april, 2016 or the 1st day of april, 2017,(vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2016, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of april, 2017,(viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2017, shall be set off against the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of april, 2018(3) where any person deriving any agricultural income from any source has been succeeded in such capacity by another person, otherwise than by inheritance, nothing in sub-rule (1) or sub-rule (2) shall entitle any person, other than the person incurring the loss, to have it set off under sub-rule (1) or, as the case may be, sub-rule (2)(4) notwithstanding anything contained in this rule, no loss which has not been determined by the assessing officer under the provisions of these rules or the rules contained in  the first schedule to the finance (no 2) act, 2009 (33 of 2009) or the first schedule to the finance act, 2010 (14 of 2010) or the first schedule to the finance act, 2011 (8 of 2011) or the first schedule to the finance act, 2012 (23 of 2012) or the first schedule to the finance act, 2013 (17 of 2013) or the first schedule to the finance (no 2) act, 2014 (25  of 2014) or the first schedule to the finance act, 2015 (20 of 2015) or the first schedule to the finance act, 2016 (28 of 2016) shall be set off under sub-rule (1) or, as the case may be, sub-rule (2)rule 9—where the net result of the computation made in accordance with these rules is a loss, the loss so computed shall be ignored and the net agricultural income shall be deemed to be nilrule 10—the provisions of the income-tax act relating to procedure for assessment (including the provisions of section 288a relating to rounding off of income) shall, with the necessary modifications, apply in relation to the computation of the net agricultural income of the assessee as they apply in relation to the assessment of the total incomerule 11—for the purposes of computing the net agricultural income of the assessee, the assessing officer shall have the same powers as he has under the income-tax act for the purposes of assessment of the total income the second schedule[see section 110(a)]in the first schedule to the customs tariff act,––(a) in chapter 20, for the entry in column (4) occurring against tariff item 2008 19 10, the entry "45%" shall be substituted;(b) in chapter 84, for the entry in column (4) occurring against tariff item 8421 99 00, the entry "10%" shall be substituted the third schedule [see section 110(b)]in the first schedule to the customs tariff act,––| tariff item   | description of goods   | unit   | rate of duty   | preferential   ||---------------|------------------------|--------|----------------|----------------|| standard      |                        |        |                |                || (1)           | (2)                    | (3)    | (4)            | (5)            |(1)  in chapter 11, for tariff item 1106 10 00 and the entries relating thereto, the following shall be substituted, namely:—|            |             |     | "1106 10   | -  of the dried leguminous vegetables of heading 0713   ||------------|-------------|-----|------------|---------------------------------------------------------|| 1106 10 10 | - guar meal | kg | 30%        | -                                                       || 1106 10 90 | - others    | kg | 30%        | -";                                                     |(2) in chapter 13, tariff items 1302 32 10 and 1302 32 20 and the entries relating thereto shall be omitted; (3) in chapter 15, after tariff item 1511 90 20 and the entries relating thereto, the following tariff item and entries shall be inserted, namely:––| "1511 90 30   | - refined bleached deodorised palm stearin   | kg   | 100%   | 90%";   ||---------------|----------------------------------------------|-------|--------|---------|(4) in chapter 38,––(a) in heading 3823, for sub-heading 3823 11 and tariff items 3823 11 11 to 3823 11 90 and the entries relating thereto, the following shall be substituted, namely:––| "3823 11 00   | - stearic acid   | kg   | 30%   | -";   ||---------------|------------------|-------|-------|-------|(b) in heading 3824, against tariff item 3824 88 00 , in column (2), for the words "hexa-hepta-",  the words"hexa-, hepta-" shall be substituted; (5) in chapter 39, in heading 3904, for sub-heading 3904 00 and tariff items 3904 10 10 and 3904 10 90, subheading 3904 21, tariff items 3904 21 10 and 3904 21 90 and sub-heading 3904 22, tariff items 3904 22 10 and 3904 22 90 and the entries relating thereto, the following shall be substituted, namely:––"3904 10-  poly (vinyl chloride), not mixed with any other substances:3904 10 10- emulsion grade pvc resin / pvc paste resin/ pvcdispersion resinkg10%-3904 10 20-  suspension grade pvc resinkg10%-3904 10 90-  otherkg10%--    other poly (vinyl chloride), mixed with other substances:3904 21 00- non-plasticised kg10%-3904 22 00-  plasticisedkg10%-";(6) in chapter 44, against tariff item 4401 22 00, in column (2), for the words "agglomerated, in logs", the words"agglomerated in logs" shall be substituted;(7) in chapter 48, in note 4, for the word "apply", the word "applies" shall be substituted; (8) in chapter 54, tariff items 5402 59 10 and 5402 69 30 and the entries relating thereto shall be omitted;(9) in chapter 63, in sub-heading note, for the words "from fabrics", the words "from warp knit fabrics" shall be substituted;(10) in chapter 98,––(i) in chapter note 4, for clauses (b) and (c), the following clauses shall be substituted, namely:––"(b) alcoholic beverages; and(c) tobacco and manufactured products thereof";(ii) for the entry in column (2) occurring against heading 9804, the entry "all dutiable goods imported for personal use" shall be substituted the fourth schedule (see section 111)in the second schedule to the customs tariff act, after sl no 23b and the entries relating thereto, the following sl no and entries shall be inserted, namely:—| (1)   | (2)        | (3)                                   | (4)   ||-------|------------|---------------------------------------|-------|| "23c  | 2606 00 90 | other aluminium ores and concentrates | 30%" | the fifth schedule (see section 119)in the first schedule to the central excise tariff act, in chapter 24,––(a) for the entry in column (4) occurring against tariff items 2402 10 10 and 2402 10 20, the entry "125% or rs4006 per thousand, whichever is higher" shall be substituted;(b) for the entry in column (4) occurring against tariff item 2402 90 10, the entry "rs4006 per thousand" shall be substituted;(c) for the entry in column (4) occurring against tariff items 2402 90 20 and 2402 90 90, the entry "125% or rs4006 per thousand, whichever is higher" shall be substituted the sixth schedule (see section 129)| sl no                                         | provisions of the   | amendment   | period of effect of   ||-------------------------------------------------|---------------------|-------------|-----------------------|| service tax                                     | amendment           |             |                       || (determination of                               |                     |             |                       || value) rules, 2006                              |                     |             |                       || to be amended                                   |                     |             |                       || (1)                                             | (2)                 | (3)         | (4)                   || 1                                              |                     |             |                       || in the service tax (determination of value)     |                     |             |                       || rules, 2006, in rule 2a,––                      |                     |             |                       || rule 2a as inserted by                          |                     |             |                       || notification number gsr                      |                     |             |                       || 375                                             |                     |             |                       || (e)                                             |                     |             |                       || , dated the 22nd may,                           |                     |             |                       || 2007 [29/2007– service                          |                     |             |                       || tax, dated the 22nd may,                        |                     |             |                       || 2007]                                          |                     |             |                       || (i) in sub-rule (                               |                     |             |                       || 1                                               |                     |             |                       || ), in clause (                                  |                     |             |                       || i                                               |                     |             |                       || ), after the                                    |                     |             |                       || words "value of transfer of property in goods", |                     |             |                       || the words "or in goods and land or undivided    |                     |             |                       || share of land, as the case may be," shall be    |                     |             |                       || inserted;                                       |                     |             |                       || (ii) after sub-rule (                           |                     |             |                       || 1                                               |                     |             |                       || ), the following sub-                           |                     |             |                       || rule shall be inserted, namely:—                |                     |             |                       || "(                                              |                     |             |                       || 2                                               |                     |             |                       || ) where the value has not been                  |                     |             |                       || determined under sub-rule (                     |                     |             |                       || 1                                               |                     |             |                       || ) and the                                       |                     |             |                       || gross amount charged includes the value         |                     |             |                       || of goods as well as land or undivided           |                     |             |                       || share of land, the service tax shall be         |                     |             |                       || payable on twenty-five per cent of the         |                     |             |                       || gross amount charged for the works              |                     |             |                       || contract, subject to the following              |                     |             |                       || conditions, namely:––                           |                     |             |                       || (                                               |                     |             |                       || i                                               |                     |             |                       || ) the cenvat credit of                          |                     |             |                       || duty paid on inputs or capital                  |                     |             |                       || goods or the cenvat credit of                   |                     |             |                       || service tax on input services, used             |                     |             |                       || for providing such taxable                      |                     |             |                       || service, has not been taken under               |                     |             |                       || the provisions of the cenvat                    |                     |             |                       || credit rules, 2004;                             |                     |             |                       || (                                               |                     |             |                       || ii                                              |                     |             |                       || ) the service provider has                      |                     |             |                       || not availed the benefit under the               |                     |             |                       || notification of the government of               |                     |             |                       || india in the ministry of finance                |                     |             |                       || (department of revenue), no 12/                |                     |             |                       || 2003-service tax, dated the 20th                |                     |             |                       || june, 2003 [gsr 503(                         |                     |             |                       || e                                               |                     |             |                       || ), dated                                        |                     |             |                       || the 20th june, 2003]                           |                     |             |                       || explanation––                                  |                     |             |                       || for the                                         |                     |             |                       || purposes of this sub-rule, the                  |                     |             |                       || gross amount charged shall                      |                     |             |                       || include the value of goods and                  |                     |             |                       || materials supplied or provided or               |                     |             |                       || used for providing the taxable                  |                     |             |                       || service by the service provider"              |                     |             |                       |1st day of july, 2010 to 30th day of june, 2012 (both days inclusive) 1st day of july, 2010 to 30th day of june, 2012 (both days inclusive)| (1)                                              | (2)   | (3)   ||--------------------------------------------------|-------|-------|| 2                                               |       |       || in the service tax (determination of value)      |       |       || rules, 2006, in rule 2a,––                       |       |       || rule 2a as substituted by                        |       |       || notification number gsr                       |       |       || 431                                              |       |       || (e)                                              |       |       || , dated the 6th june,                            |       |       || 2012  [24/2012– service tax,                    |       |       || dated the 6th june, 2012]                       |       |       || (i) in clause (                                  |       |       || i                                                |       |       || ), after the words "value                        |       |       || of property in goods", the words "or in goods    |       |       || and land or undivided share of land, as the case |       |       || may be," shall be inserted;                      |       |       || (ii)  in clause (                                |       |       || ii                                               |       |       || ), in sub-clause (                               |       |       || a                                                |       |       || ),––                                             |       |       || (                                                |       |       || a                                                |       |       || ) the following proviso shall be                 |       |       || inserted, namely:—                               |       |       || (                                                |       |       || b                                                |       |       || ) for the proviso, the following                 |       |       || provisos shall be substituted, namely:––         |       |       || (                                                |       |       || c                                                |       |       || ) for the provisos, the following                |       |       || provisos shall be substituted, namely:––         |       |       || 1st day of july, 2012                            |       |       || onwards                                         |       |       || 1st day of july, 2012 to                         |       |       || 28th day of february,                            |       |       || 2013                                             | (both | days  || inclusive)                                      |       |       || "provided that where the                         |       |       || amount charged for works contract                |       |       || includes the value of goods as well              |       |       || as land or undivided share of land,              |       |       || the service tax shall be payable on              |       |       || twenty-five per cent of the total               |       |       || amount charged for the works                     |       |       || contract";                                      |       |       || 1st day of march, 2013                           |       |       || to 7th day of may, 2013                          |       |       || (both days inclusive)                           |       |       || "provided that where the                         |       |       || amount charged for works contract                |       |       || includes the value of goods as well              |       |       || as land or undivided share of land,              |       |       || the service tax shall be payable on              |       |       || thirty per cent of the total amount             |       |       || charged for the works contract:                  |       |       || provided further that in case                    |       |       || of works contract for construction               |       |       || of residential units having carpet               |       |       || area up to 2000 square feet or                   |       |       || where the amount charged per                     |       |       || residential unit from service                    |       |       || recipient is less than rupees one                |       |       || crore and the amount charged for                 |       |       || the works contract includes the                  |       |       || value of goods as well as land or                |       |       || undivided share of land, the                     |       |       || service tax shall be payable on                  |       |       || twenty-five per cent of the total               |       |       || amount charged for the works                     |       |       || contract";                                      |       |       || 8th day of may, 2013 to                          |       |       || 31st day of march, 2016                          |       |       || (both days inclusive)                           |       |       || "provided that where the                         |       |       || amount charged for works contract                |       |       || includes the value of goods as well              |       |       || as land or undivided share of land,              |       |       || the service tax shall be payable on              |       |       || (1)                                             ||-------------------------------------------------|| thirty per cent of the total amount charged    || for the works contract:                         || provided further that in case of works          || contract for construction of residential units  || having carpet area up to 2000 square feet       || and where the amount charged per                || residential unit from service recipient is less || than rupees one crore and the amount            || charged for the works contract includes the     || value of goods as well as land or undivided     || share of land, the service tax shall be         || payable on twenty-five per cent of the total   || amount charged for the works contract";        || (                                               || d                                               || )  for the provisos, the following proviso      || shall be substituted, namely:––                 || 1st day of april, 2016                          || onwards                                        || "provided that where the amount                 || charged for works contract includes the         || value of goods as well as land or undivided     || share of land, the service tax shall be         || payable on thirty per cent of the total        || amount charged for the works contract"        | the seventh schedule (see section 150)in the seventh schedule to the finance act, 2005,––(a) for the entry in column (4) occurring against tariff item 2402 20 10, the entry "rs 311 per thousand" shall be substituted;(b) for the entry in column (4) occurring against tariff item 2402 20 20, the entry "rs 541 per thousand" shall be substituted;(c) for the entry in column (4) occurring against tariff item 2402 20 30, the entry "rs 311 per thousand" shall be substituted;(d) for the entry in column (4) occurring against tariff item 2402 20 40, the entry "rs 386 per thousand" shall be substituted;(e) for the entry in column (4) occurring against tariff item 2402 20 50, the entry "rs 541 per thousand" shall be substituted;(f) for the entry in column (4) occurring against tariff item 2402 20 90, the entry "rs 811 per thousand" shall be substituted;(g) for the entry in column (4) occurring against tariff items 2403 99 10, 2403 99 30 and 2403 99 90, the entry"12%" shall be substituted the  eighth  schedule[see sections 183 and 184]| sno                     | tribunal/appellate tribunal/board/authority                |        acts              ||---------------------------|------------------------------------------------------------|--------------------------|| (1)                       | (2)                                                        | (3)                      || 1                        | industrial tribunal constituted by the central government | the industrial disputes  || act, 1947(14 of  1947)    |                                                            |                          || 2                        | income-tax appellate tribunal                              | income -tax act, 1961    || (43 of 1961)              |                                                            |                          || 3                        | customs, excise and service tax appellate tribunal         | the customs act, 1962    || ( 52 of 1962)             |                                                            |                          || 4                        | appellate tribunal                                        | the smugglers and        || foreign exchange          |                                                            |                          || manipulators ( forfeiture |                                                            |                          || of property act, 1976     |                                                            |                          || (13 of 1976)              |                                                            |                          || 5                        | central administrative tribunal                            | the administrative       || tribunals act, 1985       |                                                            |                          || (13 of 1985)              |                                                            |                          || 6                        | railway claims tribunal                                    | the railway claims       || tribunal act, 1987        |                                                            |                          || (54 of 1987)              |                                                            |                          || 7                        | securities appellate tribunal                              | the securities and       || exchange board of india   |                                                            |                          || act, 1992 ( 15 of 1992)   |                                                            |                          || 8                        | debts recovery tribunal                                    | the recovery of debts    || due to banks and          |                                                            |                          || financial institutions    |                                                            |                          || act, 1993 (51 of 1993)    |                                                            |                          || 9                        | debts recovery appellate tribunal                          | the recovery of debts    || due to banks and          |                                                            |                          || financial institutions    |                                                            |                          || act, 1993 (51 of 1993)    |                                                            |                          || 10                       | airport appellate tribunal                                 | the airport authority of || india act, 1994 (55 of    |                                                            |                          || 1994)                     |                                                            |                          || 11                       | telecom disputes settlement and appellate tribunal         | the telecom regulatory   || authority of india act,   |                                                            |                          || 1997 (24 of 1997)         |                                                            |                          || 12                       | appellate board                                            | the trade marks act,     || 1999 (47 of 1999)         |                                                            |                          || 13                       | national company law appellate tribunal                    | the companies act,       || 2013  (18 of  2013)       |                                                            |                          || (1)                |                                    (2)   |            (3)       ||--------------------|------------------------------------------|----------------------|| 14                | authority for advance ruling             | the income  tax act, || 1961 ( 43 of 1961) |                                          |                      |15film certification appellate tribunalthe cinematographact, 1952 ( 37 of 1952)| 16                  ||----------------------|| protection act, 1986 || ( 68 of 1986)        |17appellate tribunal for electricitythe electricity act, 2003 ( 36 of 2003)18armed force tribunalthe armed forceact, 2007 ( 55 of 2007)| 19                ||--------------------|| tribunal act, 2010 || ( 19 of 2010)     | the ninth schedule [see section 180]| sno                                                                       | tribunal/ appellate tribunal under the                                        | tribunal/acts          ||-----------------------------------------------------------------------------|-------------------------------------------------------------------------------|-------------------------|| appellate tribunal/                                                         |                                                                               |                         || authority to exercise                                                       |                                                                               |                         || the jurisdiction under                                                      |                                                                               |                         || the acts                                                                   |                                                                               |                         || (1)                                                                         | (2)                                                                           | (3)                     || 1                                                                          | the employees provident fund appellate tribunal under the employees provident | the industrial tribunal || funds and miscellaneous provisions act, 1952                               | constituted by the                                                            |                         || central government                                                          |                                                                               |                         || under the industrial                                                        |                                                                               |                         || disputes act, 1947                                                         |                                                                               |                         || 2                                                                          | the copyright board under the copyright act, 1957                            | the intellectual        || property appellate                                                          |                                                                               |                         || board under the                                                             |                                                                               |                         || trade marks act, 1999                                                      |                                                                               |                         || 3                                                                          | the railway rates tribunal under the railways act, 1989                      | the railway claims      || tribunal under the                                                          |                                                                               |                         || railway claims tribunal                                                     |                                                                               |                         || act, 1987                                                                  |                                                                               |                         || 4                                                                          | the appellate tribunal for foreign exchange under the foreign exchange        | the appellate tribunal  || management act, 1999                                                       | under the smugglers                                                           |                         || and foreign exchange                                                        |                                                                               |                         || manipulators                                                                |                                                                               |                         || (forfeiture of property)                                                    |                                                                               |                         || act, 1976                                                                  |                                                                               |                         || 5                                                                          | the national highways tribunal under the control of national highways (land   | the airport appellate   || and traffic) act, 2002                                                     | tribunal under the                                                            |                         || airport authority of                                                        |                                                                               |                         || india act, 1994                                                            |                                                                               |                         || 6                                                                          | (a) the cyber appellate tribunal under the information technology act, 2000;  | the telecom disputes    || (b) the airports economic regulatory authority appellate tribunal under the | settlement and appellate                                                      |                         || airports economic regulatory authority of india act, 2008                  | tribunal under the                                                            |                         || telecom regulatory                                                          |                                                                               |                         || authority of india act,                                                     |                                                                               |                         || 1997                                                                       |                                                                               |                         || 7                                                                          | the competition appellate tribunal under the competition act, 2002           | the national company    || law appellate tribunal                                                      |                                                                               |                         || under the companies                                                         |                                                                               |                         || act, 2013"                                                                |                                                                               |                         | lok  sabha———— a billto give effect to the financial proposals of the central government for the financial year 2017-2018————(as passed by the lok sabha)gmgipmrnd—5385ls—22032017