 the  finance (no 2) bill, 2014(as  introduced  in  lok  sabha) the finance (no2) bill, 2014 _________ arrangement    of   clauses __________ chapter  i preliminary clauses1short title and commencement chapter  ii rates of income-tax2income-tax chapter  iii direct taxesincome-tax3amendment of section 24substitution of new authorities5amendment of section 106amendment of section 10aa7amendment of section 118amendment of section 12a9amendment of section 12aa10amendment of section 2411amendment of section 32ac12amendment of section 35ad13amendment of section 3714amendment of section 4015amendment of section 4316amendment of section 44ae17amendment of section 4518amendment of section 4719amendment of section 4820amendment of section 4921amendment of section 5122amendment of section 5423amendment of section 54ec24amendment of section 54f25amendment of section 56 clauses26amendment of section 7327amendment of section 80c28amendment of section 80ccd29amendment of section 80cce30amendment of section 80-ia31amendment of section 92b32amendment of section 92cc33amendment of section 111a34amendment of section 11235amendment of section 115a36amendment of section 115bbc37amendment of section 115bbd38amendment of section 115jc39amendment of section 115jee40amendment of section 115-o41amendment of section 115r42amendment of section 115ta43insertion of new chapter xii-fa44amendment of section 11645amendment of section 133a46insertion of new section 133c47amendment of section 13948amendment of section 14049substitution of new section for section 142a50amendment of section 14551amendment of section 15352amendment of section 153b53amendment of section 153c54amendment of section 194a55insertion of new section 194da56insertion of new section 194lba57amendment of section 194lc58amendment of section 20059amendment of section 200a60amendment of section 20161amendment of section 206aa62amendment of section 22063amendment of section 269ss64amendment of section 269t65amendment of section 271fa66insertion of new section 271faa67amendment of section 271g68amendment of section 271h69amendment of section 276d70amendment of section 281b71substitution of new section for section 285ba chapter iv indirect taxes customs clauses72substitution of new authorities73amendment of section 374amendment of section 1575amendment of section 2576amendment of section 4677amendment of section 127a78amendment of section 127b79amendment of section 127l80amendment of section 129a81amendment of section 129b82amendment of section 129d83substitution of new section for section 129e84amendment of section 131ba85amendment of notification issued under section 25 of customs actcustoms tariff86amendment of section 8b87amendment of first scheduleexcise88substitution of new authorities89amendment of section 290insertion of new sections 15a and 15b91amendment of section 3192amendment of section 3293amendment of section 32e94amendment of section 32-o95amendment of section 35b96amendment of section 35c97amendment of section 35e98substitution of new section for section 35f99amendment of section 35l100amendment of section 35r101amendment of pan masala packing machines (capacity determination and collection of duty) rules, 2008102amendment of notification number gsr 95 (e), dated 1st march, 2006 issued under section 5a of central excise act103amendment of notification number gsr 163(e), dated 17th march, 2012 issued under section 5a of central excise act104amendment of third schedule clauses105amendment of first schedule chapter v service tax106amendment of act 32 of 1994 chapter vi miscellaneous107amendment of act 14 of 2001108amendment of section 13 of act 58 of 2002109amendment of finance (no2) act, 2004110amendment of act 18 of 2005111amendment of act 14 of 2010112repealthe first schedule the second schedule the third schedule the fourth schedule the fifth schedule the sixth schedulethe seventh schedule the eighth schedule the ninth schedule bill no 35 of 2014 the finance (no 2) bill, 2014 abillto give effect to the financial proposals of the central government for the financial year 2014-2015be  it enacted by parliament in the sixty-fifth year of the republic of india as follows:— chapter  i preliminary1 (1)  this act may be called the finance (no 2) act, 2014short  title and commencement5(2)  save as otherwise provided in this act, sections 2 to 71 shall be deemed to have come into force on the 1st day of april, 2014 chapter ii rates  of income-taxincome-tax102 (1) subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of april, 2014, income-tax shall be charged at the rates specified in part i of the first schedule and such tax shall be increased by a surcharge, for purposes of the union, calculated in each case in the manner provided therein(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 rupees, then,—15(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 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; and(b) the income-tax chargeable shall be calculated as follows:—20(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;25(ii) the net agricultural income shall be increased by a sum of two lakh 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;(iii) the amount of income-tax determined in accordance with sub-clause (i) shall be reducedby the amount of income-tax determined in accordance with sub-clause (ii) and the sum soarrived at shall be the income-tax in respect of the total income:30provided 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 rupees", the words "two lakh fifty thousand rupees" had been substituted:35provided further that in the case of every individual, being a resident in india, who is of the age ofeighty years or more at any time during the previous year, referred to in item (iii) of paragraph a ofpart i of the first schedule, the provisions of this sub-section shall have effect as if for the words "two lakh rupees", the words "five lakh rupees" had been substituted40(3) in cases to which the provisions of chapter xii or chapter xii-a or section 115jb or section115jc 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 sub-section (1) or the rates as specified in that chapter or section, as the case may be:5provided that the amount of income-tax computed in accordance with the provisions of section111a or section 112 of the income-tax act, shall be increased by a surcharge, for 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:10provided further that in respect of any income chargeable to tax under section 115a, 115ab, 115ac,115aca, 115ad, 115b, 115bb, 115bba, 115bbc, 115bbd, 115bbe, 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 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, or co-operative society or firm or local authority, at the rate of ten per cent of such income-tax, where the total income exceeds one crore rupees;(b) in the case of every domestic company,—15(i) at the rate of five per cent of such income-tax, where the total income exceeds one crore rupees but does not exceed ten crore rupees;(ii) at the rate of ten per cent of such income-tax, where the total income exceeds ten crore rupees; (c) in the case of every company, other than a domestic company,—20(i) at the rate of two per cent of such income-tax, where the total income exceeds 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 income exceeds ten crore rupees:25provided 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 one 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:30provided also that in the case of every company having total income chargeable to tax under section115jb 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:35provided also that in the case of every company having total income chargeable to tax under section115jb 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 rupees40(4) in cases in which tax has to be charged and paid under section 115-o or section 115qa or sub-section (2) of section 115r or section 115ta of the income-tax act, the tax shall be charged and paid at the rates as specified in those sections and shall be increased by a surcharge, for purposes of the union, calculated at the rate of ten per cent of such tax45(5) in cases in which tax has to be deducted under sections 193, 194, 194a, 194b, 194bb, 194dand 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 purposes of the union, calculated in cases wherever prescribed, in the manner provided therein50(6) in cases in which tax has to be deducted under sections 194c, 194da, 194e, 194ee, 194f,194g, 194h, 194-i,194-ia, 194j, 194la, 194lb, 194lba, 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 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, or co-operative society or firm, being a non-resident, calculated at the rate of ten per cent of such tax, where the income or the55aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees;(b) in the case of every company, other than a domestic company, calculated,—5(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 rupees10(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 purposes of the union, calculated, in cases wherever prescribed, in the manner provided therein(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 purposes of the union,––15(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, or co-operative society or firm, being a non-resident, calculated 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 one crore rupees;20(b) 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 aggregate of such amounts collected and subject to the collection exceeds one crore rupees but does not exceed ten crore rupees;25(ii) at the rate of five per cent of such tax, where the amount or the aggregate of such amounts collected and subject to the collection exceeds ten crore rupees30(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 so 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 purposes of the union, calculated in such cases and in such manner as provided therein:35provided that in cases to which the provisions of chapter xii or chapter xii-a or section 115jb orsection 115jc or chapter xii-fa or sub-section (1a) of section 161 or section 164 or section 164a orsection 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:40provided further that the amount of "advance tax" computed in accordance with the provisions ofsection 111a or section 112 of the income-tax act shall be increased by a surcharge, for 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:45provided also that in respect of any income chargeable to tax under sections 115a, 115ab, 115ac,115aca, 115ad, 115b, 115bb, 115bba, 115bbc, 115bbd, 115bbe, 115e, 115jb and 115jc of the income-tax act, "advance tax" computed under the first proviso shall be increased by a surcharge, for 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, or co-operative society or firm or local authority, calculated at the rate of ten per cent of such "advance tax", where the total income exceeds one crore rupees;(b) in the case of every domestic company, calculated—(i) at the rate of five per cent of such "advance tax", where the total income exceeds one crore rupees but does not exceed ten crore rupees;(ii) at the rate of ten per cent of such "advance tax", where the total income exceeds ten crore rupees;(c) in the case of every company, other than a domestic company, calculated—5(i) at the rate of two per cent of such "advance tax", where the total income 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:10provided 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 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 every company having total income chargeable to tax under section115jb 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:20provided also that in the case of every company having total income chargeable to tax under section115jb 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 rupees25(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 section174a or section 175 or sub-section (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,—30(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; and35(b) such income-tax or, as the case may be, "advance tax" shall be so charged or computed as follows:—(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;40(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;45(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:50provided 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:provided 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 purposes of the union calculated in each case, in the manner provided therein5(11) the amount of income-tax as specified in sub-sections (1) to (10) and as increased by the applicable surcharge, for purposes of the union, calculated in the manner provided therein, shall be further increased by an additional surcharge, for 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:10provided that nothing contained in this sub-section shall apply to cases in which tax is to be deducted or collected under the sections of the income-tax act mentioned in sub-sections (5), (6), (7) and (8), if the income subjected to deduction of tax at source or collection of tax at source is paid to a domestic company and any other person who is resident in india15(12) the amount of income-tax as specified in sub-sections (1) to (10) and as increased by the applicable surcharge, for purposes of the union, calculated in the manner provided therein, shall also be increased by an additional surcharge, for 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:20provided that nothing contained in this sub-section shall apply to cases in which tax is to be deducted or collected under the sections of the income-tax act mentioned in sub-sections (5), (6), (7) and (8), if the income subjected to deduction of tax at source or collection of tax at source is paid to a domestic company and any other person who is resident in india(13) for the purposes of this section and the first schedule,—25(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,  2014, 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;(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);30(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 act35 chapter iii direct taxes income-tax3 in section 2 of the income-tax act,—amendment of section 240(i) after clause (13), the following clause shall be inserted with effect from the 1st day of october, 2014, namely:––15 of 1992'(13a) "business trust" means a trust registered as an infrastructure investment trust or a real estate investment trust, the units of which are required to be listed on a recognised stock exchange, in accordance with the regulations made under the securities exchange board of india act, 1992 and notified by the central government in this behalf;';45(ii) in clause (14), with effect from the 1st day of april, 2015,––(a) for the words in the opening portion ' "capital asset" means property of any kind held by an assessee, whether or not connected with his business or profession, but does not include––(i) any stock-in-trade', the following shall be substituted, namely:––50' "capital asset" means––(a) property of any kind held by an assessee, whether or not connected with his business or profession;(b) any securities held by a foreign institutional investor which has invested in such securities in accordance with the regulations made under the securities and exchange board of india act, 1992,15 of 1992but does not include––(i) any stock-in-trade [other than the securities referred to in sub-clause (b)],';5(b) the explanation occurring at the end shall be numbered as "explanation 1" thereof and after the explanation as so numbered, the following explanation shall be inserted, namely:––'explanation 2––for the purposes of this clause––(a) the expression "foreign institutional investor" shall have the meaning assigned to it in clause (a) of the explanation to section 115ad;1042 of 1956(b) the expression "securities" shall have the meaning assigned to it in clause (h) of section 2 of the securities contracts (regulation) act, 1956;';(iii) for clause (15a), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of june, 2013,––15'(15a) "chief commissioner" means a person appointed to be a chief commissioner of income-tax or a principal chief commissioner of income-tax under sub-section (1) of section 117;';(iv) for clause (16), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of june, 2013,––20'(16) "commissioner" means a person appointed to be a commissioner of income-tax or a director of income-tax or a principal commissioner of income-tax or a principal director of income-tax under sub-section (1) of section 117;'; (v) for clause (21), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of june, 2013,––25'(21) "director general or director" means a person appointed to be a director general of income-tax or a principal director general of income-tax or, as the case may be, a director of income-tax or a principal director of income-tax, under sub-section (1) of section 117, and includes a person appointed under that sub-section to be an additional director of income-tax or a joint director of income-tax or an assistant director or deputy director of income-tax;';30(vi) in clause (24), after sub-clause (xvi), the following sub-clause shall be inserted with effect from the 1st day of april, 2015, namely:––      "(xvii) any sum of money referred to in clause (ix) of sub-section (2) of section 56;";(vii) after clause (34), the following clauses shall be inserted and shall be deemed to have been inserted with effect from the 1st day of june, 2013,––35'(34a) "principal chief commissioner of income-tax" means a person appointed to be a principal chief commissioner of income-tax under sub-section (1) of section 117;(34b) "principal commissioner of income-tax" means a person appointed to be a principal commissioner of income-tax under sub-section (1) of section 117;(34c) "principal director of income-tax" means a person appointed to be a principal director of income-tax under sub-section (1) of section 117;40(34d) "principal director general of income-tax" means a person appointed to be a principal director general of income-tax under sub-section (1) of section 117;';(viii) in clause (42a),––(a)  in the proviso, with effect from the 1st day of april, 2015,––45(i) for the words "a share held in a company or any other security listed in a recognised stock exchange in india", the words and brackets "a security (other than a unit) listed in a recognised stock exchange in india" shall be substituted;(ii) for the words, brackets, figures and letter "a unit of a mutual fund specified under clause(23d) of section 10", the words "a unit of an equity oriented fund" shall be substituted; (b) in the explanation 1, in clause (i), after sub-clause (hb), the following sub-clause shall be inserted with effect from the 1st day of october, 2014, namely:––50"(hc) in the case of a capital asset, being a unit of  a business trust, allotted pursuant to transfer of share or shares  as referred to in clause (xvii) of section 47, there shall be included the period for which the share or shares were held by the assessee;";(c) after explanation 3, the following explanation shall be inserted with effect from the1st day of april, 2015, namely:––'explanation 4––for the purposes of this clause, the expression "equity oriented fund"shall have the meaning assigned to it in the explanation to clause (38) of section 10;'5substitution of new authorities4 in the income-tax act, save as otherwise expressly provided, and unless the context otherwise requires, the reference to any income-tax authority specified in column (1) of the table below shall be substituted and shall be deemed to have been substituted with effect from the 1st day of june, 2013 by reference to the authority or authorities specified in the corresponding entry in column (2) of the said table and such consequential changes as the rules of grammar may require shall be made:table10sl no(1)(2)1commissionerprincipal commissioner or commissioner2directorprincipal director or director3chief commissionerprincipal chief commissioner or chief commissioner4director generalprincipal director general or director general155 in section 10 of the income-tax act, with effect from the 1st day of april, 2015,––amendment of section 10(a) in clause (23c),––(i) after sub-clause (iiiac), the following explanation shall be inserted,  namely:––20 25"explanation––for the purposes of sub-clauses (iiiab) and (iiiac), any  university or other educational institution, hospital or other institution referred therein, shall be considered as being substantially financed by the government for any previous year, if the government grant to such university or other educational institution, hospital or other institution exceeds such percentage of the total receipts including any voluntary  contributions, as may be prescribed, of such  university or other educational institution, hospital or other institution, as the case may be, during the relevant previous year"; (ii) after the seventeenth proviso, the following  proviso and the explanation shall be inserted, namely:––3035'provided also that where the fund or institution referred to in sub-clause (iv) or the trust or institution referred to in sub-clause (v)  has been notified by the central government or approved by the prescribed authority, as the case may be, or any university or other educational institution referred to in sub-clause (vi) or any hospital or other medical institution referred to in sub-clause (via),  has been approved by the prescribed authority, and the notification or the approval is in force for any previous year, then, nothing contained in any other provision of this section [other than clause (1) thereof] shall operate to exclude any income  received on behalf of such fund or trust or institution or university or other educational institution or hospital or other medical institution, as the case may be,  from the total income of the person in receipt thereof  for that previous year40explanation––in this clause, where any income is required to be applied or accumulated, then,  for  such purpose the income shall be determined without any deduction or allowance by way of depreciation or otherwise in respect of any asset,  acquisition of  which has been claimed as an application of income under this clause in the same or any other previous year;';(b) after clause (23fb), the following clauses shall be inserted, namely:––'(23fc) any income of a business trust by way of interest  received or receivable  from a special purpose vehicle45 explanation—for the purposes of this clause, the expression "special purpose vehicle" means an indian company in which the business trust holds controlling interest and any specific percentage of shareholding or interest, as may be required by the regulations under which such trust is granted registration;50(23fd) any distributed income, referred to in section 115ua, received by a unit holder from the business trust, not being  that proportion of the  income  which is  of the  same nature as the income  referred to in clause (23fc);';(c) in clause (38),––(i) after  the words "unit of an equity oriented fund", the words "or a unit of a business trust"shall be inserted;(ii) after the proviso but before the explanation, the following proviso shall be inserted, namely:––5"provided further that the provisions of this clause shall not apply in respect of any income arising from transfer of units of a business trust which were acquired in consideration of a transfer referred to in clause (xvii) of section 47"6 in section 10aa of the income-tax act, after sub-section (9) but before the explanation 1,  the following sub-section shall be inserted with effect from the 1st day of april, 2015, namely:––amendment of section 10aa10"(10) where a deduction under this section is claimed and allowed in respect of profits of any of the specified business, referred to in clause (c) of sub-section (8) of section 35ad, for any assessment year, no deduction shall be allowed under the provisions of section 35ad in relation to such specified business for the same or any other assessment year"amendment of section 117 in section 11  of the income-tax act, after sub-section (5), the following sub-sections shall be inserted with effect from the 1st day of april, 2015, namely:––15"(6)  in  this section where  any income is  required to be applied or accumulated or set apart for application, then,  for such purposes  the  income  shall be determined without any deduction or allowance by way of depreciation or otherwise in respect of any asset,  acquisition of  which has been claimed as an application of income under this section  in the same or any other previous year20(7) where a trust or an institution has been granted registration under clause (b) of sub-section(1) of 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 the said registration is in force for any previous year, then, nothing contained in section 10 [other than clause (1) and clause (23c) thereof] shall operate to exclude any income derived from the property held under trust from the total income of the person in receipt thereof  for that previous year"258 in section 12a of the income-tax act, in sub-section (2), the following provisos shall be inserted with effect from the 1st day of october, 2014, namely:––amendment of section 12a30"provided that where registration has been granted to the trust or institution under section 12aa, then, the provisions of sections 11 and 12 shall apply in respect of any income derived from property held under trust of any assessment year preceding the aforesaid assessment year, for which assessment proceedings are pending before the assessing officer as on the date of such registration and the objects and activities of such trust or institution remain the same for such preceding assessment year:35provided further that no action under section 147 shall be taken by the assessing officer in case of such  trust or institution for any assessment year preceding  the  aforesaid  assessment year  only for non-registration of such trust or institution for the said assessment year:provided also that provisions contained in the first and second proviso shall not apply in case of any trust or institution which was refused registration or the registration granted to it was cancelled at any time under section 12aa"409 in section 12aa of the income-tax act, after sub-section (3), the following sub-section shall be inserted with effect from the 1st day of october, 2014, namely:––amendment of section 12aa45"(4) without prejudice to the provisions of sub-section (3), where a trust or an institution has been granted registration under clause (b) of sub-section (1) 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 is noticed that the activities of the trust or the institution are being carried out in a manner that the provisions of sections 11 and 12 do not apply to exclude either whole or any part of the income of such trust or institution due to operation of sub-section (1) of section 13, then, the principal commissioner or the commissioner may by an order in writing cancel the registration of such trust or institution:provided that the registration shall not be cancelled under this sub-section, if the trust or institution proves that there was a reasonable cause for the activities to be carried out in the said manner"50amendment of section 2410 in section 24 of the income-tax act, in clause (b), in the second proviso, for the words "one lakh fifty thousand rupees", the words "two lakh rupees" shall be substituted with effect from the 1st day of april, 201511 in section 32ac of the income-tax act, with effect from the 1st day of april, 2015,—amendment of section 32ac(i) after sub-section (1), the following sub-sections shall be inserted, namely:—5 "(1a) where an assessee, being a company, engaged in the business of manufacture or production of any article or thing, acquires and installs new assets and the amount of actual cost of such new assets acquired and installed during any previous year exceeds twenty-five crore rupees, then, there shall be allowed a deduction of a sum equal to fifteen per cent of the actual cost of such new assets for the assessment year relevant to that previous year:10provided that no deduction under this sub-section shall be allowed for the assessment year commencing on the 1st day of april, 2015 to the assessee, which is eligible to claim deduction under sub-section (1) for the said assessment year(1b) no deduction under sub-section (1a) shall be allowed for any assessment year commencing on or after the 1st day of april, 2018"; (ii) in sub-section (2), after the words, brackets and figure "allowed under sub-section (1)", the words, brackets, figure and letter "or sub-section (1a)" shall be inserted12 in section 35ad of the income-tax act, with effect from the 1st day of april, 2015,––15amendment of section 35ad(a) in sub-section (3), after the words "no deduction shall be allowed under the provisions of", the words, figures and letters "section 10aa and" shall be inserted;(b) in sub-section (5),—(i) in clause (ah), the word "and" occurring at the end, shall be omitted; (ii) after clause (ah), the following clauses shall be inserted, namely:––20 "(ai) on or after the 1st day of april, 2014, where the specified business is in the nature of laying and operating a slurry pipeline for the transportation of iron ore;(aj) on or after the 1st day of april, 2014, where the specified business is in the nature of setting up and operating a semi-conductor wafer fabrication manufacturing unit, and which is notified by the board in accordance with such guidelines as may be prescribed; and";25 (c) after sub-section (7), the following sub-sections shall be inserted, namely:––'(7a) any asset in respect of which a deduction is claimed and allowed under this section shall be used only for the specified business,  for a period of eight years beginning with  the previous year in which such asset is acquired or constructed3035(7b) where any asset, in respect of which a deduction is claimed and allowed under this section,is used for a purpose other than the specified business during the period specified in sub-section (7a), otherwise than by way of a mode referred to in clause (vii) of section 28, the total amount of deduction so claimed and allowed in one or more previous years, as reduced by the amount of depreciation allowable in accordance with the provisions of section 32, as if no deduction under this section was allowed, shall be deemed to be the income of the assessee chargeable under the head "profits and gains of business or profession" of the previous year in which the asset is so used1 of 1986(7c) nothing contained in sub-section (7b) shall apply to a company which has become a sick industrial company under sub-section (1) of section 17 of the sick industrial companies (special provisions) act, 1985, during the period specified in sub-section (7a)';40(d) in sub-section (8), in clause (c), after sub-clause (xi), the following sub-clauses shall be inserted,namely:––"(xii) laying and operating a slurry pipeline for the transportation of iron ore; (xiii) setting up and operating a semi-conductor wafer fabrication manufacturing unit notifiedby the board in accordance with such guidelines as may be prescribed;"45amendment of section 3713 in section 37 of the income-tax act, in sub-section (1), the explanation shall be numbered asexplanation 1 thereof and after explanation 1 as so numbered, the following explanation shall beinserted with effect from the 1st day of april, 2015, namely:—5018 of 2013"explanation 2—for the removal of doubts, it is hereby declared that for the purposes of sub-section (1), any expenditure incurred by an assessee on the activities relating to corporate social responsibility referred to in section 135 of the companies act, 2013 shall not be deemed to be an expenditure incurred by the assessee for the purposes of the business or profession"14 in section 40 of the income-tax act, in clause (a), with effect from the 1st day of april, 2015,—amendment of section 40(a) in sub-clause (i),—(i) for the portion beginning with the words "during the previous year" and ending with the words, brackets and figures "sub-section (1) of section 200", the words, brackets and figures "on or before the due date specified in sub-section (1) of section 139" shall be substituted;5(ii) for the proviso, the following proviso shall be substituted, namely:—"provided that where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted during the previous year but paid after the due date specified in sub-section (1) of section 139, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid";10(b) in sub-clause (ia),—(i) for the portion beginning with the words "any interest, commission or brokerage" and ending with the words and brackets "for carrying out any work (including supply of labour for carrying out any work)", the words "thirty per cent of any sum payable to a resident" shall be substituted;15(ii) in the first proviso, after the words, brackets and figures "sub-section (1) of section 139,", the words "thirty per cent of" shall be insertedamendment of section 4315 in section 43 of the income-tax act, in clause (5), in the proviso, in clause (e), for the words"recognised association", the words and figures "recognised association, which is chargeable to commodities transaction tax under chapter vii of the finance act, 2013" shall be substituted17 of  20132016 in section 44ae of the income-tax act, with effect from the 1st day of april, 2015,––amendment of section 44ae(i) for sub-section (2), the following sub-section shall be substituted, namely:––"(2) for the purpose of sub-section (1), the profits and gains from each goods carriage shall be an amount equal to seven thousand five hundred rupees for every month or part of a month during which the goods carriage is owned by the assessee in the previous year or an amount claimed to have been actually earned from the vehicle, whichever is higher";25(ii) in the explanation, for clause (a), the following clause shall be substituted, namely:––59 of 1988'(a) the expression "goods carriage" shall have the meaning assigned to it in section 2 of the motor vehicles act, 1988;'amendment of section 4517 in section 45 of the income-tax act, in sub-section (5), after clause (b), the following proviso shall be inserted with effect from the 1st day of april, 2015, namely:––30'provided that any amount of compensation received in pursuance of an interim order of a court, tribunal or other authority shall be deemed to be income chargeable under the head "capital gains"of the previous year in which the final order of such court, tribunal or other authority is made;'18 in section 47 of the income-tax act, with effect from the 1st day of april, 2015,––amendment of section 47(a) after clause (viia), the following shall be inserted, namely:––35'(viib) any transfer of a capital asset, being a government security carrying a periodic payment of interest, made outside india through an intermediary dealing in settlement of securities, by a non-resident to another non-residentexplanation––for the purposes of this clause, "government security" shall have the meaning assigned to it in clause (b) of section 2 of the securities contracts (regulation) act, 1956;';42 of 195640(b) after clause (xvi), the following shall be inserted, namely:––'(xvii) any transfer of a capital asset, being share of a special purpose vehicle to a business trust in exchange of units allotted by that  trust to the transferor explanation––for the purposes of this clause, the expression "special purpose vehicle" shall have the meaning assigned to it in the explanation to clause (23fc) of section 10'45amendment of section 4819 in section 48 of the income-tax act, in the explanation, in clause (v), for the words "consumer price index for urban non-manual employees", the words and brackets "consumer price index (urban)" shall be substituted with effect from the 1st day of april, 2016amendment of section 4920 in section 49 of the income-tax act, after sub-section (2ab), the following sub-section shall be inserted with effect from the 1st day of april, 2015,––50"(2ac) where the capital asset, being a unit of a business trust, became the property of the assessee in consideration of a transfer as referred to in clause (xvii) of section 47, the cost of acquisition of the asset shall be deemed to be the cost of acquisition to him of the share referred to in the said clause"amendment of section 5121 in section 51 of the income-tax act, the following proviso shall be inserted with effect from the1st day of april, 2015, namely:—5"provided that where any sum of money, received as an advance or otherwise in the course ofnegotiations for transfer of a capital asset, has been included in the  total income of the assessee for any previous year in accordance with the provisions of clause (ix) of sub-section (2) of section 56,then, such sum shall not be deducted from the cost for which the asset was acquired or the written down value or the fair market value, as the case may be, in computing the cost of acquisition"10amendment of section 5422 in section 54 of the income-tax act, in sub-section (1), for the words "constructed, a residential house", the words "constructed, one residential house in india" shall be substituted with effect from the 1st day of april, 2015amendment of section 54ec23 in section 54ec, in sub-section (1), after the proviso, the following proviso shall be inserted with effect from the 1st day of april, 2015, namely:––15"provided further that the investment made by an assessee in the long-term specified asset, from capital gains arising from transfer of one or more original assets, during the financial year in which the original asset or assets are transferred and in the subsequent financial year does not exceed fifty lakh rupees"amendment of section 54f2024 in section 54f of the income-tax act, in sub-section (1), for the words "constructed, a residential house", the words "constructed, one residential house in india" shall be substituted with effect from the 1st day of april, 2015amendment of section 5625 in section 56 of the income-tax act, in sub-section (2), after clause (viii), the following clause shall be inserted with effect from the  1st day of april, 2015, namely:—25"(ix) any sum of money received as an advance or otherwise in the course of negotiations for transfer of a capital asset, if,––  (a) such sum is forfeited; and  (b) the negotiations do not result in transfer of such capital asset"amendment of section 733026 in section 73 of the income-tax act, in the explanation, for the words "the principal business of which is the business of banking", the words "the principal business of which is the business of trading in shares or banking" shall be substituted with effect from the 1st day of april, 2015amendment ofsection 80c27 in section 80c of the income-tax act, in sub-section (1), for the words "one lakh rupees", the words "one hundred and fifty thousand rupees" shall be substituted with effect from the 1st  day of april, 201528 in section 80ccd of the income-tax act, in sub-section (1), with effect from the 1st day of april, 2015,––35amendment of section 80ccd(i) for the words, figures and letters "where an assessee, being an individual employed by the central government or any other employer on or after the 1st day of january, 2004", the words, figures and letters "where an assessee, being an individual employed by the central government on or after the 1st day of january, 2004 or, being an individual employed by any other employer" shall be substituted;40(ii) after sub-section (1), the following sub-section shall be inserted, namely:–– "(1a) the amount of deduction under sub-section (1) shall not exceed one hundred thousand rupees"4529 in section 80cce of the income-tax act, for the words "one lakh rupees", the words "one hundred and fifty thousand rupees" shall be substituted with effect from the 1st  day of april, 2015amendment of section 80cceamendment of section 80-ia30 in section 80-ia of the income-tax act, in sub-section (4), in clause (iv), in sub-clauses (a), (b)and (c), for the words, figures and letters "the 31st day of march, 2014", the words, figures and letters "the 31st day of march, 2017" shall respectively be substituted with effect from the 1st day of april, 2015amendment of section 92b31 in section 92b of the income-tax act, in sub-section (2), with effect from the 1st day of april, 2015,––(i) for the words "deemed to be a transaction", the words "deemed to be an international transaction"shall be substituted;5(ii) after the words "determined in substance between such other person and the associated enterprise", the words "where the enterprise or the associated enterprise or both of them are non-residents irrespective of whether such other person is a non-resident or not" shall be inserted32 in section 92cc of the income-tax act, after sub-section (9), the following sub-section shall be inserted with effect from the 1st day of october, 2014, namely:––amendment of section 92cc10"(9a) the agreement referred to in sub-section (1), may, subject to such conditions, procedure and manner as may be prescribed, provide for determining the arm's length price or specify the manner in which arm's length price shall be determined in relation to the international transaction entered into by the person during any period not exceeding four previous years preceding the first of the  previous years referred to in sub-section (4), and the arm's length price of such international transaction shall be determined in accordance with the said agreement"1533 in section 111a of the income-tax act, in sub-section (1), with effect from the 1st day of april, 2015,––amendment of section 111a(a) after the  words "unit of an equity oriented fund",  the words "or a unit of a business trust" shall be inserted;(b) after the proviso, the following proviso shall be inserted, namely:––20"provided further that the provisions of this sub-section shall not apply in respect of any income arising from transfer of units of a business trust which were acquired by the assessee in consideration of a transfer as referred to in clause (xvii) of section 47"34 in section 112 of the income-tax act, in sub-section (1), with effect from the 1st day of april, 2015,––25amendment of section 112(a) in the proviso, occurring after clause (d), for the words "being listed securities or unit", the words and brackets "being listed securities (other than a unit)" shall be substituted;(b) in the explanation, clause (b) shall be omitted35 in section 115a of the income-tax act, in sub-section (1), in clause (a), with effect from the1st day of april, 2015,––30amendment of section 115a(i) after sub-clause (iiab),  the following sub-clause shall be inserted, namely:––"(iiac) distributed income being interest referred to in sub-section (2) of section 194lba;";(ii) in item (ba), after the word, brackets, figures and letters "sub-clause (iiab)", the words, brackets, figures and letters "or sub-clause (iiac)" shall be inserted;35(iii) in item  (d), after the word, brackets, figures and letters "sub-clause (iiab)", the word, brackets, figures and letters ", sub-clause (iiac)" shall be inserted36 in section 115bbc of the income-tax act, in sub-section (1), for clause (ii), the following clause shall be substituted with effect from the 1st day of april, 2015, namely:––amendment of section 115bbc40"(ii) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the aggregate of anonymous donations received in excess of the amount referred to in sub-clause (a) or sub-clause (b) of clause (i), as the case may be"amendment of section 115bbd37 in section 115bbd of the income-tax act, in sub-section (1), the words, figures and letters "for the previous year relevant to the assessment year beginning on the 1st day of april, 2012 or beginning on the 1st day of april, 2013 or beginning on the 1st day of april, 2014" shall be omitted with effect from the 1st day of april, 20154538 in section 115jc of the income-tax act, in sub-section (2), with effect from the  1st day of april, 2015,—amendment of section 115jc(a) in clause (i), the word "and" occurring at the end, shall be omitted;(b) in clause (ii), for the words, figures and letters "under section 10aa", the words, figures and letters "under section 10aa; and" shall be substituted;50(c) after clause (ii), the following clause shall be inserted, namely:––"(iii) deduction claimed, if any, under section 35ad as reduced by the amount of depreciation allowable in accordance with the provisions of section 32 as if no deduction under section 35ad was allowed in respect of the  assets on which the deduction under that section is claimed"539 in section 115jee of the income-tax act, with effect from the  1st day of april, 2015,—amendment of section115jee(a) in sub-section (1), for clause (b), the following clauses shall be substituted, namely:––"(b) section 10aa; or (c) section 35ad"; (b) after sub-section (2), the following sub-section shall be inserted, namely:––10"(3) notwithstanding anything contained in sub-section (1) or sub-section (2), the credit fortax paid under section 115jc shall be allowed in accordance with the provisions of section 115jd"amendment of section 115-o40 in section 115-o of the income-tax act, after the explanation to sub-section (1a), the following sub-section shall be inserted with effect from the 1st day of october, 2014, namely:––15"(1b) for the purposes of determining the tax on distributed profits payable in accordance withthis section, any amount by way of dividends referred to in sub-section (1) as reduced by the amountreferred to in sub-section (1a) [hereafter referred to as net distributed profits], shall be increased to such amount as would, after reduction of the tax on such increased amount at the rate specified in sub-section (1), be equal to the net distributed profits"2041 in section 115r of the income-tax act,––amendment of section 115r(a) after the explanation to sub-section (2), the following sub-section shall be inserted with effect from the 1st day of october, 2014, namely:––25"(2a) for the purposes of determining the additional income-tax payable in accordance with sub-section (2), the amount of distributed income referred therein shall be increased to such amount as would, after reduction of the additional income-tax on such increased amount at the rate specified in sub-section (2), be equal to the amount of income distributed by the mutual fund";(b) sub-section (3a) shall be omitted with effect from the 1st day of april, 2015amendment of section 115ta3042 in section 115ta of the income-tax act, sub-section (3) shall be omitted with effect from the1st day of april, 201543 after chapter xii-f of the income-tax act, the following chapter shall be inserted with effect from the 1st day of april, 2015, namely:––insertion of new chapter xii-fa "chapter xii-fa special provisions relating to business trusts35tax on income of unit holder and business trust115ua (1) notwithstanding anything contained in any other provisions of this act, any income distributed by a business trust to its unit holders shall be deemed to be of the same nature and in the same proportion in the hands of the unit holder as it had been received by, or accrued to, the business trust40(2) subject to the provisions of section 111a and section 112, the total income of a business trust shall be charged to tax at the maximum marginal rate(3)  if in any previous year, the distributed income or any part thereof, received by a unit holder from the business trust is of the nature as referred to in clause (23fc) of section 10, then, such distributed income or part thereof shall be deemed to be income of such unit holder and shall be charged to tax as income of the previous year45(4) any person responsible for making payment of the income distributed on behalf of a businesstrust to a unit holder shall furnish a statement to the unit holder and the prescribed authority, within such time and in such form and manner as may be prescribed, giving the details of the nature of the income paid during the previous year and such other details as may be prescribed"44 in section 116 of the income-tax act,––amendment of section 116(i) after clause (a), the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of june, 2013,––"(aa) principal directors general of income-tax or principal chief commissioners of income-tax,";5(ii) after clause (b), the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of june, 2013,––"(ba) principal directors of income-tax or principal commissioners of income-tax,"45 in section 133a of the income-tax act, with effect from the 1st day of october, 2014,––(i) after sub-section (2), the following sub-section shall be inserted, namely:––10amendment of section 133a15"(2a) without prejudice to the provisions of sub-section (1), an income-tax authority acting under this sub-section may for the purpose of verifying that tax has been deducted or collected at source in accordance with the provisions under sub-heading b of chapter xvii or under sub-heading bb of chapter xvii, as the case may be, enter, after sunrise and before sunset, any office, or any other place where business or profession is carried on, within the limits of the area assigned to him, or any place in respect of which he is authorised for the purposes of this section by such income-tax authority who is assigned the area within which such place is situated, where books of account or documents are kept and require the deductor or the collector or any other person who may at that time and place be attending in any manner to such work,––20 (i)  to afford him the necessary facility to inspect such books of account or other documents as he may require and which may be available at such place, and(ii)  to furnish such information as he may require in relation to such matter";(ii) in sub-section (3), in clause (ia), in the proviso, for clause (b), the following clause shall be substituted, namely:––25"(b)  retain in his custody any such books of account or other documents for a period exceeding fifteen days (exclusive of holidays) without obtaining the approval of the principal chief commissioner or the chief commissioner or the principal director general or the director general or the principal commissioner or the commissioner or the principal director or the director therefor, as the case may be,"; (iii) in sub-section (3), the following proviso shall be inserted, namely:––30"provided that no action under clause (ia) or clause (ii) shall be taken by an income-tax authority acting under sub-section (2a)"46 after section 133b of the income-tax act, the following shall be inserted with effect from the1st day of october, 2014, namely:––35'133c the prescribed income-tax authority, may for the purposes of verification of information in its possession relating to any person, issue a notice to such person requiring him, on or before a date to be specified therein, to furnish information or documents verified in the manner specified therein, which may be useful for, or relevant to, any inquiry or proceeding under this actinsertion of new section 133cpower to call for information by prescribed income-tax authorityexplanation––in this section, the term "proceeding" shall have the meaning assigned to it in clause (b) of the explanation to section 133a'4047 in section 139 of the income-tax act, with effect from the 1st day of april, 2015,––amendment of section 139(a) in sub-section (4c),––(i) after clause (e), the following clauses shall be inserted, namely:––"(ea) mutual fund referred to in clause (23d) of section 10;(eb) securitisation trust referred to in clause (23da) of section 10;45(ec) venture capital company or venture capital fund referred to in clause (23fb) of section 10;"; (ii) after the words "or infrastructure debt fund", the words "or mutual fund or securitisation trust or venture capital company or venture capital fund" shall be inserted;50(b) after sub-section (4d), the following sub-section shall be inserted, namely:––"(4e) every business trust, which is not required to furnish return of income or loss under any other provisions of this section, shall furnish the return of its income in respect of its income or loss in every previous year and all the provisions of this act shall, so far as may be, apply if it were a return required to be furnished under sub-section (1)"48 in section 140 of the income-tax act, with effect from the 1st day of october, 2014,––amendment of section 140(i) in the marginal heading, for the word "signed", the word "verified" shall be substituted;(ii) for the words "signed and verified", wherever they occur, the word "verified" shall be substituted;(iii) for the words "sign and verify", wherever they occur, the word "verify" shall be substituted;(iv) in clause (a),––5(a) in sub-clause (iv), for the word "sign", the word "verify" shall be substituted;(b) in the proviso, for the word "signing", the word "verifying" shall be substituted49 for section 142a of the income-tax act, the following section shall be substituted with effect from the 1st day of october, 2014, namely:––substitution of new section for section 142a10'142a (1) the assessing officer may, for the purposes of assessment or reassessment, make a reference to a valuation officer to estimate the value, including fair market value, of any asset, property or investment and submit a copy of report to himestimation of value of assets by valuation officer(2) the assessing officer may make a reference to the valuation officer under sub-section (1)whether or not he is satisfied about the correctness or completeness of the accounts of the assessee1527 of 1957(3) the valuation officer, on a reference made under sub-section (1), shall, for the purpose of estimating the value of the asset, property or investment, have all the powers that he has under section 38a of the wealth-tax act, 1957(4) the valuation officer shall, estimate the value of the asset, property or investment after taking into account such evidence as the assessee may produce and any other evidence in his possession gathered, after giving an opportunity of being heard to the assessee20e v a v o(5) the valuation officer may estimate the value of the asset, property or investment to the best of his judgment, if the assessee does not co-operate or comply with his directions(6) the valuation officer shall send a copy of the report of the estimate made under sub-section(4) or sub-section (5), as the case may be, to the assessing officer and the assessee, within a period of six months from the end of the month in which a reference is made under sub-section (1)25(7) the assessing officer may, on receipt of the report from the valuation officer, and after giving the assessee an opportunity of being heard, take into account such report in making the assessment or reassessment27 of 195730explanation––in this section, "valuation officer" has the same meaning as in clause (r) of section2 of the wealth-tax act, 1957'50 in section 145 of the income-tax act, with effect from the 1st day of april, 2015,—amendment ofsection 145(i) in sub-section (2), for the words "accounting standards", the words "income computation and disclosure standards" shall be substituted;35(ii) in sub-section (3), for the words, brackets and figure "or accounting standards as notifiedunder sub-section (2), have not been regularly followed by the assessee", the words, brackets and figure "has not been regularly followed by the assessee, or income has not been computed in accordance with the standards notified under sub-section (2)" shall be substitutedamendment of section 15351 in section 153 of the income-tax act, in explanation 1, after clause (iii), the following clause shall be inserted with effect from the 1st day of october, 2014, namely:––40"(iv) the period commencing from the date on which the assessing officer makes a reference tothe valuation officer under sub-section (1) of section 142a and ending with the date on which thereport of the valuation officer is received by the assessing officer, or"amendment of section 153b52 in section 153b of the income-tax act, in the explanation, after clause (ii), the following clause shall be inserted with effect from the 1st day of october, 2014, namely:––45"(iia) the period commencing from the date on which the assessing officer makes a reference tothe valuation officer under sub-section (1) of section 142a and ending with the date on which thereport of the valuation officer is received by the assessing officer, or"amendment of section 153c5053 in section 153c of the income-tax act, in sub-section (1), for the words, figures and letter "and that assessing officer shall proceed against each such other person and issue such other person notice and assess or reassess income of such other person in accordance with the provisions of5section 153a", occurring at the end but before the first proviso, the words, brackets, figures and letter "and that assessing officer shall proceed against each such other person and issue notice and assess or reassess the income of the other person in accordance with the provisions of section 153a, if, that assessing officer is satisfied that the books of account or documents or assets seized or requisitioned have a bearing on the determination of the total income of such other person for the relevant assessment year or years referred to in sub-section (1) of section 153a" shall be substituted with effect from the 1st day of october, 201454 in section 194a of the income-tax act, in sub-section (3), after clause (x), the following clause shall be inserted with effect from the 1st day of october 2014, namely:––amendment of section 194a"(xi) to any income  by way of interest referred to in clause (23fc) of section 10"1055 after section 194d of the income-tax act, the following section shall be inserted with effect from the 1st day of october, 2014, namely:––insertion of new section 194da15payment in respect of life insurance policy"194da  any person responsible for paying to a resident any sum under a life insurance policy, including the sum allocated by way of bonus on such policy, other than the amount not includible in the total income under clause (10d) of section 10, shall, at the time of payment thereof, deduct income-tax thereon at the rate of two per cent:provided that no deduction under this section shall be made where the amount of such payment or, as the case may be, the aggregate amount of such payments to the payee during the financial year is less than one hundred thousand rupees"2056 after section 194lb of the income-tax act, the following section shall be inserted with effect from the 1st day of the october, 2014, namely:––insertion of new section 194lba25certain income from units of a business trust"194lba (1) where any distributed income referred to in section 115ua, being of the nature referred to in clause (23fc) of section 10, is payable by a business trust to its unit holder being a resident, the person responsible for making the payment shall at the time of credit of such payment to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of ten per cent30(2)  where any  distributed income referred to in section 115ua, being of the nature referred to in clause (23fc) of section 10, is payable by a business trust to its unit holder, being a nonresident, not being a company or a foreign company, the person responsible for making the payment shall at the time of credit of such payment to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at  the rate of five per cent"57 in section 194lc of the income-tax act, with effect from the 1st day of october, 2014,––amendment of section 194lc(a) in sub-section (1), after the words "by a specified company", the words "or a business trust"shall be inserted;35(b)  in sub-section (2),––(a) in the opening portion, after the words "by the specified company", the words "or the business trust" shall be inserted;(b) for clause (i), the following clause shall be substituted, namely:––"(i) in respect of monies borrowed by it in foreign currency from a source outside india,—40(a)  under a loan agreement at any time on or after the 1st day of july, 2012 but beforethe 1st day of july, 2017; or(b) by way of issue of long-term  infrastructure bonds at any time on or after the 1st day of july, 2012 but before the 1st day of october, 2014; or45(c) by way of issue of any long-term bond including long-term infrastructure bond at any time on or after the 1st day of october, 2014 but before the 1st day of july, 2017, as approved by the central government in this behalf; and"58 in section 200 of the income-tax act, in sub-section (3), the following proviso shall be inserted with effect from the 1st day of october, 2014, namely:—amendment of section 20050"provided that the person may also deliver to the prescribed authority a correction statement for rectification of any mistake or to add, delete or update the information furnished in the statement delivered under this sub-section in such form and verified in such manner as may be specified by the authority"59 in section 200a of the income-tax act, in sub-section (1), after the words "where a statement ofamendment of section 200atax deduction at source", the words "or a correction statement" shall be inserted with effect from the 1st day of october, 201460 in section 201 of the income-tax act, for sub-section (3), the following sub-section shall beamendment of section 201substituted with effect from the 1st day of october, 2014, namely:—5"(3) no order shall be made under sub-section (1) deeming a person to be an assessee in default for failure to deduct the whole or any part of the tax from a person resident in india, at any time after the expiry of seven years from the end of the financial year in which payment is made or credit is given"61 in section 206aa of the income-tax act, in sub-section (7), the word "infrastructure" shall be10omitted with effect from the 1st day of october, 2014amendment of section 206aa62 in section 220 of the income-tax act,  with effect from the 1st day of october, 2014,––amendment of section 220(i) after sub-section (1), the following sub-section shall be inserted, namely:––"(1a) where any notice of demand has been served upon an assessee and any appeal or other proceeding, as the case may be, is filed or initiated in respect of the amount specified in the15said notice of demand, then, such demand shall be deemed to be valid till the disposal of the appeal by the last appellate authority or disposal of the proceedings, as the case may be, and any such notice of demand shall have the effect as specified in section 3 of the taxation laws11 of 1964(continuation and validation of recovery proceedings) act, 1964"; (ii) in sub-section (2),––20(a) after the first proviso, the following proviso shall be inserted, namely:––"provided further that where as a  result of an order under sections specified in the first proviso, the amount on which interest was payable under this section had been reduced and subsequently as a result of an order under said sections or section 263, the amount on which25interest was payable under this section is increased, the assessee shall be liable to pay interest under sub-section (2) from the day immediately following the end of the period mentioned in the first notice of demand, referred to in sub-section (1) and ending with the day on which the amount is paid:"; (b) in the second proviso, for the words "provided further", the words "provided also" shall be substituted3063 in section 269ss of the income-tax act, in the opening portion, after the words "cheque or amendment of section 269ssaccount payee bank draft", the words "or use of electronic clearing system through a bank account" shall be inserted with effect from the 1st day of april, 201564 in section 269t of the income-tax act, in the opening portion, after the words "cheque or account amendment of section 269tpayee bank draft drawn in the name of the person who has made the loan or deposit", the words "or by35use of electronic clearing system through a bank account" shall be inserted with effect from the 1st day of april, 201565 in section 271fa of the income-tax act, with effect from the 1st day of april, 2015,––amendment of section 271fa(i) in the marginal heading, for the words "annual information return", the words "statement of financial transaction or reportable account" shall be substituted;40(ii) for the words "an annual information return", the words "a statement of financial transaction or reportable account" shall be substituted;(iii) for the word "return", wherever it occurs, the word "statement" shall be substituted66 after section 271fa of the income-tax act, the following section shall be inserted with effect from the 1st day of april, 2015, namely:––insertion of new section 271faa"271faa if a person referred to in clause (k) of sub-section (1) of section 285ba, who is required to furnish a statement under that section, provides inaccurate information in the statement, and where––5(a) the inaccuracy is due to a failure to comply with the due diligence requirement prescribed under sub-section (7) of section 285ba or is deliberate on the part of that person; orpenalty for furnishing inaccurate statement of financial transaction orreportable account(b) the person knows of the inaccuracy at the time of furnishing the statement of financial transaction or reportable account, but does not inform the prescribed income-tax authority or such other authority or agency; or10(c) the person discovers the inaccuracy after the statement of financial transaction or reportable account is furnished and fails to inform and furnish correct information within the time specified under sub-section (6) of section 285ba, then, the prescribed income-tax authority may direct that such person shall pay, by way of penalty, a sum of fifty thousand rupees"15amendment of section 271g67 in section 271g of the income-tax act, after the words "the assessing officer", the words, figuresand letters "or the transfer pricing officer as referred to in section 92ca" shall be inserted with effect from the 1st day of october, 2014amendment of section 271h68 in section 271h of the income-tax act, in sub-section (1), in the opening portion, for the words "aperson shall be liable to pay", the words "the assessing officer may direct that a person shall pay by way of" shall be substituted with effect from the 1st day of october, 201420amendment of section 276d69 in section 276d of the income-tax act, for the words "or with fine equal to a sum calculated at a rate which shall not be less than four rupees or more than ten rupees for every day during which the default continues, or with both", the words "and with fine" shall be substituted with effect from the 1st day of october, 20142570 in section 281b of the income-tax act, in sub-section (2), with effect from the 1st day ofoctober, 2014,––amendment of section 281b(i) in the first proviso, for the words "two years", the words "two years or sixty days after the date of order of assessment  or reassessment, whichever is later" shall be inserted;(ii) the second and third proviso shall be omitted3071 for section 285ba of the income-tax act, the following section shall be substituted with effect from the 1st day of april, 2015, namely:––substitution of new section for section 285ba'285ba (1) any person, being––(a) an assessee; or (b) the prescribed person in the case of an office of government; or obligation to furnish statement of financial transaction or reportable account(c) a local authority or other public body or association; or35(d) the registrar or sub-registrar appointed under section 6 of the registration act, 1908; or16 of 1908(e) the registering authority empowered to register motor vehicles under chapter iv of the59 of 1988motor vehicles act, 1988; or(f) the post master general as referred to in clause (j) of section 2 of the indian postoffice act, 1898; or6 of 189840(g) the collector referred to in clause (g) of section 3 of the right to fair compensation and transparency in land acquisition, rehabilitation and resettlement act, 2013; or30 of 2013(h) the recognised stock exchange referred to in clause (f) of section 2 of the securities contracts42 of 1956(regulation) act, 1956; or(i) an officer of the reserve bank of india, constituted under section 3 of the reserve bank of india act, 1934; or2 of 1934 22 of 1996(j) a depository referred to in clause (e) of sub-section (1) of section 2 of the depositories act, 1996; or(k) a prescribed reporting financial institution,510who is responsible for registering, or, maintaining books of account or other document containing a record of any specified financial transaction or any reportable account as may be prescribed under any law for the time being in force, shall furnish a statement in respect of such specified financial transaction or such reportable account which is registered or recorded or maintained by him and information relating to which is relevant and required for the purposes of this act, to the income-tax authority or such other authority or agency as may be prescribed (2) the statement referred to in sub-section (1) shall be furnished for such period, within such time and in the form and manner, as may be prescribed(3) for the purposes of sub-section (1), "specified financial transaction" means any––15(a) transaction of purchase, sale or exchange of goods or property or right or interest in aproperty; or(b) transaction for rendering any service; or (c) transaction under a works contract; or (d) transaction by way of an investment made or an expenditure incurred; or (e) transaction for taking or accepting any loan or deposit,20which may be prescribed:provided that the board may prescribe different values for different transactions in respect of different persons having regard to the nature of such transaction:provided further that the value or, as the case may be, the aggregate value of such transactions during a financial year so prescribed shall not be less than fifty thousand rupees2530(4) where the prescribed income-tax authority considers that the statement furnished under sub-section (1) is defective, he may intimate the defect to the person who has furnished such statement and give him an opportunity of rectifying the defect within a period of thirty days from the date of such intimation or within such further period which, on an application made in this behalf, the said income-tax authority may, in his discretion, allow; and if the defect is not rectified within the said period of thirty days or, as the case may be, the further period so allowed, then, notwithstanding anything contained in any other provision of this act, such statement shall be treated as an invalid statement and the provisions of this act shall apply as if such person had failed to furnish the statement35(5) where a person who is required to furnish a statement under sub-section (1) has not furnishedthe same within the specified time, the prescribed income-tax authority may serve upon such person a notice requiring him to furnish such statement within a period not exceeding thirty days from the date of service of such notice and he shall furnish the statement within the time specified in the notice40(6) if any person, having furnished a statement under sub-section (1), or in pursuance of a noticeissued under sub-section (5), comes to know or discovers any inaccuracy in the information providedin the statement, he shall within a period of ten days inform the income-tax authority or other authority or agency referred to in sub-section (1), the inaccuracy in such statement and furnish the correctinformation in such manner as may be prescribed(7) the central government may, by rules made under this section, specify––45(a) the persons referred to in sub-section (1) to be registered with the prescribed income-taxauthority;(b) the nature of information and the manner in which such information shall be maintained bythe persons referred to in clause (a); and50(c) the due diligence to be carried out by the persons for the purpose of identification of anyreportable account referred to in sub-section (1)' chapter iv indirect taxes customs52 of 19625substitution of newauthorities72 in the customs act, 1962 (hereinafter referred to as the customs act), or in any other law for thetime being in force, the reference to any authority specified in column (1) of the table below shall besubstituted by reference to the authority or authorities specified in the corresponding entry in column (2) of the said table and such consequential changes as the rules of grammar may require shall also be made:— table10sl no(1)(2)1chief commissioner of customsprincipal chief commissioner of customsorchief commissioner of customs2commissioner of customsprincipal commissioner of customsor15commissioner of customsamendment of section 373 in the customs act, in section 3, for clauses (a), (b), (c), (cc), (d), (e) and (f), the following clauses shall be substituted, namely:—"(a) principal chief commissioners of customs;20(b) chief commissioners of customs; (c) principal commissioners of customs;(d) commissioners of customs; (e) commissioners of customs (appeals);(f) joint commissioners of customs; (g) deputy commissioners of customs;25(h) assistant commissioners of customs;(i) such other class of officers of customs as may be appointed for the purposes of this act"amendment of section 1574 in the customs act, in section 15, in sub-section (1), in the proviso, after the words "the aircraft", the words "or the vehicle" shall be inserted30amendment of section 2575 in the customs act, in section 25, after sub-section (6), the following sub-sections shall be inserted, namely:—80 of 197635"(7) the mineral oils (including petroleum and natural gas) extracted or produced in the continental shelf of india or exclusive economic zone of india as referred to in section 6 and section 7, respectively, of the territorial waters, continental shelf, exclusive economic zone and other maritime zones act, 1976, and imported prior to the 7th day of february, 2002 shall be deemed to be and shall always be deemed to have been exempted from the whole  of the duties of customs leviable on such mineral oils and accordingly, notwithstanding anything contained in any judgment, decree or order of any court, tribunal or other authority, no suit or other proceedings in respect of such mineral oils shall be maintained or continued in any court, tribunal or other authority40(8) notwithstanding the exemption provided under sub-section (7), no refund of duties of customs paid in respect of the mineral oils specified therein shall be made"76  in the customs act, in section 46, in sub-section (3),—amendment of section 46(i) the first proviso shall be omitted; (ii) for the second proviso, the following proviso shall be substituted, namely:—45"provided that a bill of entry may be presented even before the delivery of such manifest or report, if the vessel or the aircraft or the vehicle by which the goods have been shipped for importation into india is expected to arrive within thirty days from the date of such presentation"amendment of section 127a77  in the customs act, in section 127a, in clause (f), for the words "customs and central excise settlement commission", the words "customs, central excise and service tax settlement commission" shall be substituted5078 in the customs act, in section 127b,—amendment of section 127b(i) in sub-section (1), in the first proviso, for clause (a), the following clause shall be substituted, namely:—5"(a) the applicant has filed a bill of entry, or a shipping bill, or a bill of export, or made a baggage declaration, or a label or declaration accompanying the goods imported or exported through post or courier, as the case may be, and in relation to such document or documents, a show cause notice has been issued to him by the proper officer;"; (ii) in clause (c), for the word, figures and letters "section 28ab", the word, figures and letters"section 28aa" shall be substituted;10(iii) sub-section (2) shall be omitted79  in the customs act, in section 127l, in sub-section (1), in clause (i), the following explanation shall be inserted, namely:—amendment of section 127l"explanation— in this clause, the concealment of particulars of duty liability relates to any such concealment made from the officer of customs"80  in the customs act, in section 129a,—15amendment of section 129a(i) in sub-section (1), in the second proviso, for the words "fifty thousand rupees", the words "two lakh rupees" shall be substituted;(ii)  in sub-section (1b), in clause (i), for the words "by notification in the official gazette", the words "by order" shall be substituted2081 in the customs act, in section 129b, in sub-section (2a), the first, second and third proviso shall be omitted82 in the customs act, in section 129d, in sub-section (3), the following proviso shall be inserted, namely:—amendment of section 129bamendment of section 129d  "provided that the board may, on sufficient cause being shown, extend the said period by another thirty days"2583 in the customs act, for section 129e, the following section shall substituted, namely:—"129e the tribunal or the commissioner (appeals), as the case may be, shall not entertain any appeal,—30(i) under sub-section (1) of section 128, unless the appellant has deposited seven and a half per cent of the duty demanded or penalty imposed or both, in pursuance of a decision or an order passed by an officer of customs lower in rank than the commissioner of customs;substitution of new section for section 129edeposit of certain percentage of duty demanded or penalty imposedbefore filing appeal(ii) against the decision or order referred to in clause (a) of sub-section (1) of section 129a,unless the appellant has deposited seven and a half per cent of the duty demanded or penalty imposed or both, in pursuance of the decision or order appealed against;35(iii) against the decision or order referred to in clause (b) of sub-section (1) of section 129a,unless the appellant has deposited ten per cent of the duty demanded or penalty imposed or both, in pursuance of the decision or order appealed against:provided that the amount required to be deposited under this section shall not exceed rupeesten crores:40provided further that the provisions of this section shall not apply to the stay applications andappeals pending before any appellate authority prior to the commencement of the finance (no 2) act, 2014''amendment of section 131ba84 in the customs act, in section 131ba, in sub-section (4), for the words "the appellate tribunal or court", the words and brackets "the commissioner (appeals) or the appellate tribunal or the court" shall be substituted45amendment of notification issued under section 25 of customs act5085 (1) the notification of the government of india in the ministry of finance (department of revenue)number gsr 185 (e), dated the 17th march, 2012, issued under sub-section (1) of section 25 of the customs act, as specified in column (1) of the second schedule, shall stand amended and shall be deemed to have been amended, retrospectively, in the manner specified in column (2) of that schedule, on and from and up to the corresponding date specified in column (3) of the said schedule(2) for the purposes of sub-section (1), the central government shall have and shall be deemed to have the power to amend the notification with retrospective effect as if the central government had the power to amend the said notification under sub-section (1) of section 25 of the customs act retrospectively, at all material times5(3) the refund shall be made of all such duty of customs which has been collected but which would not have been so collected, had the notification referred to in sub-section (1) been in force at all material times, subject to the provision of section 27 of the customs act(4) notwithstanding anything contained in section 27 of the customs act, an application for the claim of refund of duty of customs under sub-section (3) shall be made within the period of six months from the date on which the finance (no 2) bill, 2014 receives the assent of the president10(5) no act or omission on the part of any person shall be punishable as an offence which would  not have been so punishable had the notification referred to in sub-section (1) not been amended retrospectivelyexplanation— for the purposes of sub-section (1), the "corresponding date", in relation to tariff items specified against sno141, means the 8th february, 2013 to 10th july, 2014 (both days inclusive)15 customs tariffamendment of section 8b51 of 197586 in the customs tariff act, 1975 (hereinafter referred to as the customs tariff act), in section 8b, in sub-section (2a),—(a) for the portion beginning with the words "unless specifically made applicable" and ending with the words "in a special economic zone", the following shall be substituted, namely:—20"shall not apply to articles imported by a hundred per cent export-oriented undertaking or a unit in a special economic zone unless,—   (i) specifically made applicable in such notifications or such impositions, as the case may be; or25   (ii) the article imported is either cleared as such into the domestic tariff area or used in the manufacture of any goods that are cleared into the domestic tariff area and in such cases safeguard duty shall be levied on that portion of the article so cleared or so used as was leviable when it was imported into india";(b) in the explanation, the words "free trade zone" shall be omitted87 in the customs tariff act, the first schedule shall be amended in the manner specified in the third schedule30amendment of first scheduleexcise1 of 1944 32 of 1994substitution of new authorities3588  in the central excise act, 1944 (hereinafter referred to as the central excise act) or in chapterv of the finance act, 1994 or in any other law for the time being in force, the reference to any authorityspecified in column (1) of the table below shall be substituted by reference to the authority or authoritiesspecified in the corresponding entry in column (2) of the said table and such consequential changesas the rules of grammar may require shall also be made:—table40sl no(1)(2)1chief commissioner of central exciseprincipal chief commissioner ofcentral exciseorchief commissioner of central excise2commissioner of central exciseprincipal commissioner of central exciseorcommissioner of central excise45amendmentof section 289  in the central excise act, in section 2, in clause (b), for the words "chief commissioner ofcentral excise", the words "principal chief commissioner of central excise, chief commissioner of central excise, principal commissioner of central excise" shall be substituted90  in the central excise act, after section 15, the following sections shall be inserted, namely:—insertion of new sections 15a and 15b"15a (1) any person, being—50(a)  an assessee; orobligation to furnish information return(b) a local authority or other public body or association; or(c) any authority of the state government responsible for the collection of value added tax or sales tax; or(d) an income tax authority appointed under the provisions of the income-tax act, 1961; or43 of 1961(e) a banking company within the meaning of clause (a) of section 45a of the reserve bank of india act, 1934; or52 of 193436 of 2003(f) a state electricity board; or an electricity distribution or transmission licensee under the electricity act, 2003, or any other entity entrusted, as the case may be, with such functions by the central government or the state government; or(g) the registrar or sub-registrar appointed under section 6 of the registration act, 1908; or16 of 1908(h) a registrar within the meaning of the companies act, 2013; or1018 of 2013 59 of 1988(i) the registering authority empowered to register motor vehicles under chapter iv of the motor vehicles act, 1988; or30 of 2013(j) the collector referred to in clause (c) of section 3 of the right to fair compensation and transparency in land acquisition, rehabilitation and resettlement act, 2013; or1542 of 1956(k) the recognised stock exchange referred to in clause (f) of section 2 of the securities contracts(regulation) act, 1956; or(l) a depository referred to in clause (e) of sub-section (1) of section 2 of the depositories act,1996; or22 of 1996(m) an officer of the reserve bank of india, constituted under section 3 of the reserve bank of india act, 1934,20 2 of 193425who is responsible for maintaining  record of registration or statement of accounts or any  periodic return or document containing details of payment of tax and other details or transaction of goods or services or transactions related to a bank account or consumption of electricity or transaction of purchase, sale or exchange of goods or property or right or interest in a property, under any law for the time being in force, shall furnish an information return of the same in respect of such periods, within such time, form (including electronic form) and manner, to such authority or agency as may be prescribed30(2) where the prescribed authority considers that the information submitted in the information return is defective, he  may intimate the defect to the person who has furnished such information return  and give him an opportunity of rectifying the defect within a period of thirty days from the date of such intimation or within such further period which, on an application made in this behalf, the prescribed authority may allow and if the defect is not rectified within the said period of thirty days or, as the case may be, the further period so allowed, then, notwithstanding anything contained in any other provision of this act, such information return shall be treated as not submitted  and the provisions of this act shall apply35(3) where a person who is required to furnish information return has not furnished the same withinthe time specified in sub-section (1) or sub-section (2), the prescribed authority may serve upon him anotice requiring furnishing of such information return within a period not exceeding ninety days from the date of service of the notice and such person shall furnish the information return4015b if a person who is required to furnish an information return under section 15a fails to do sowithin the period specified in the notice issued under sub-section (3) thereof, the prescribed authoritymay direct that such person shall pay, by way of penalty, a sum of one hundred rupees for each day of the period during which the failure to furnish such return continues"penalty for failure to furnish information returnamendment of section 314591   in the central excise act, in section 31, in clause (g), for the words "customs and centralexcise settlement commission", the words "customs, central excise and service tax settlement commission" shall be substitutedamendment of section 3292  in the central excise act, in section 32, in sub-section (1), for the words "the customs andcentral excise settlement commission", the words "the customs, central excise and service tax settlement commission" shall be substituted93    in the central excise act, in section 32e,—50amendment of section 32e(i) in sub-section (1),—(a)  in the first proviso, in clause (d), for the word, figures and letters "section 11ab", the word, figures and letters "section 11aa" shall be substituted;(b) in the second proviso, for the words "provided further that", the following shall be substituted, namely:—"provided further that the settlement commission, if it is satisfied that the circumstances exist for not filing the returns referred to in clause (a) of the first proviso to sub-section (1), may after recording the reasons therefor, allow the applicant to make such application: provided also that";5(ii) sub-section (2) shall be omittedamendment of section 32-o94 in the central excise act, in section 32-o, in sub-section (1), in clause (i), the following explanation shall be inserted, namely:—"explanation— in this clause, the concealment of particulars of duty liability relates to any such concealment made from the central excise officer"1095  in the central excise act, in section 35b,——amendment of section 35b(a)  in sub-section (1), in the second proviso, for the words "fifty thousand rupees", the words "two lakh rupees" shall be substituted;(b) in sub-section (1b), in clause (i), for the words "by notification in the official gazette", the words "by order" shall be substituted1596 in the central excise act, in section 35c, in sub-section (2a), the first, second and third proviso shall be omittedamendment of section 35c97 in the central excise act, in section 35e, in sub-section (3), the following proviso shall be inserted, namely:—amendment of section 35e20"provided that the board may, on sufficient cause being shown, extend the said period by another thirty days"98  in the central excise act, for section 35f, the following section shall be substituted, namely:—substitution of new section for section 35f"35f the tribunal or the commissioner (appeals), as the case may be, shall not entertain any appeal,—25(i) under sub-section (1) of section 35, unless the appellant has deposited seven and a half per cent of the duty demanded or penalty imposed or both, in pursuance of a decision or an order passed by an officer of central excise lower in rank than the commissioner of central excise;deposit of certain percentage of duty demanded or penalty imposed before filing appeal(ii) against the decision or order referred to in clause (a) of sub-section (1) of section 35b, unless the appellant has deposited seven and a half per cent of the duty demanded or penalty imposed or both, in pursuance of the decision or order appealed against;30(iii) against the decision or order referred to in clause (b) of sub-section (1) of section 35b,unless the appellant has deposited ten per cent of the duty demanded or penalty imposed or both, in pursuance of the decision or order appealed against:provided that the amount required to be deposited under this section shall not exceed rupeesten crores:35provided further that the provisions of this section shall not apply to the stay applications and appeals pending before any appellate authority prior to the commencement of the finance (no2)act, 2014explanation— for the purposes of this section "duty demanded" shall include,—(i) amount determined under section 11d;40(ii) amount of erroneous cenvat credit taken; (iii) amount payable under rule 6 of the cenvat credit rules, 2001 or the cenvat credit rules,2002 or the cenvat credit rules, 2004amendment of section 35l99  in the central excise act, section 35l shall be numbered as sub-section (1) thereof, and after sub-section (1) as so numbered, the following sub-section shall be inserted, namely:—45"(2) for the purposes of this chapter, the determination of any question having a relation to the rate of duty shall include the determination of taxability or excisability of goods for the purpose of assessment"100 in the central excise act, in section 35r, in sub-section (4), for the words "the appellateamendment of section 35rtribunal or court", the words "the commissioner (appeals) or the appellate tribunal or court" shall be substituted5101 (1) in the pan masala packing machines (capacity determination and collection of duty)rules, 2008, as published in the official gazette vide notification of the government of india in the ministry of finance (department of revenue)  number gsr 127 (e), dated the 1st july, 2008, rule 8shall stand amended and shall be deemed to have been amended retrospectively, in the manner specified in column (2) of the fourth schedule, on and from the date specified in column (3) of that scheduleamendment of pan masala packing machines (capacitydetermination and collection of duty) rules, 200810(2) 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 sub-sections (2) and (3) of section 3a of the central excise act, retrospectively, at all material times(3) the refund shall be made of all such duty of excise which has been collected but which would not have been so collected, had the rule referred to in sub-section (1), been in force at all material times, subject to the provisions of section 11b of the central excise act15(4) notwithstanding anything contained in section 11b of the central excise act, an application for the claim of refund of duty of excise under sub-section (3) shall be made within a period of six months from the date on which the finance (no 2) bill, 2014 receives the assent of the president(5) no act or omission on the part of any person shall be punishable as an offence which would  not have been so punishable had the rule referred to in sub-section (1) not been amended retrospectively20 25102 (1)  the notification of the government of india in the ministry of finance (department of revenue) number gsr 95 (e), dated the 1st march, 2006 (herein referred to as the first notification)which was superseded vide number gsr 163 (e), dated the 17th march, 2012 (herein referred to as the second notification), issued under sub-section (1) of section 5a of the central excise act, shall, in so far as it relates to the first notification, stand amended and shall be deemed to have been amended retrospectively, in the manner as specified in column (2) of the fifth schedule, on and from—amendment of notification number gsr 95 (e), dated 1stmarch, 2006 issued under section 5a of central excise act(a) the 29th june, 2010 and up to 16th march, 2012 (both days inclusive) in relation to chapter54 or chapter 55 specified therein, covered under the first notification, that is the date prior to thedate of the second notification; and30(b) the 1st march, 2011 and up to 16th march, 2012 (both days inclusive) in relation to chapter71 specified therein, covered under the first notification, that is the date prior to the date of the second notification,as specified in column (3) of the schedule, against the notification specified in column (1) of that schedule35(2) for the purposes of sub-section (1), the central government shall have and shall be deemed tohave the power to amend the said notification with retrospective effect as if the central government had the power to amend the said notification under sub-section (1) of section 5a of the central exciseact, retrospectively, at all material times40(3) the refund shall be made of all such duty of excise which has been collected but which wouldnot have been so collected, had the notification referred to in sub-section (1) been in force at allmaterial times, subject to the provisions of section 11b of the central excise act(4) notwithstanding anything contained in section 11b of the central excise act, an application for the claim of refund of duty of excise under sub-section (3) shall be made within six months from the date on which the finance (no 2) bill, 2014 receives the assent of the president45(5) no act or omission on the part of any person shall be punishable as an offence which would  nothave been so punishable had the said notification not been amended retrospectively103 (1)  the notification of the government of india in the ministry of finance (department of revenue) number gsr 163 (e), dated the 17th march, 2012, issued under sub-section (1) of section5a of the central excise act, as specified in column (1) of the sixth schedule, shall stand amended and shall be deemed to have been amended retrospectively, in the manner specified in column (2) of that schedule, on and from and up to the corresponding dates specified in column (3) of the said scheduleamendment of notification number gsr 163 (e), dated17th march, 2012 issued under section 5a of central excise acthave the power to amend the said notification with retrospective effect as if the central government had the power to amend the said notification under sub-section (1) of section 5a of the central excise act, retrospectively, at all material times(3)  the refund shall be made of all such duty of excise which has been collected but which would not have been so collected, had the notification referred to in sub-section (1) been in force at all material times, subject to the provisions of section 11b of the central excise act5(4)  notwithstanding anything contained in section 11b of the central excise act, an application for the claim of refund of duty of excise under sub-section (3) shall be made within six months from the date on which the finance (no 2) bill, 2014 receives the assent of the president(5) no act or omission on the part of any person shall be punishable as an offence which would  not have been so punishable had the said notification not been amended retrospectivelyexplanation— for the purposes of sub-section (1), the "corresponding date" in relation to—10(i) tariff items specified against sno81, means the 8th february, 2013 to 10th july, 2014 (both days inclusive); and(ii) chapters specified against sno172a, means the 17th march, 2012 to 10th july, 2014 (both days inclusive)104  in the central excise act, the third schedule shall be amended in the manner specified in the seventh schedule15amendmentof thirdschedule central excise tariff5 of 1986105 in the central excise tariff act, 1985, the first schedule shall be amended in the manner specified in the eighth scheduleamendment of first schedule chapter v service tax20106  in the finance act, 1994,—amendment of act 32 of 1994(a) in section 65b, with effect from such date as the central government may, by notification in the official gazette, appoint,—(i) in clause (32), after the words "the rules made thereunder", the words "but does not include radio taxi" shall be inserted;25(ii) after clause (39), the following clause shall be inserted, namely:—'(39a) "print media" means,—25 of 1867(i) "book" as defined in sub-section (1) of section 1 of the press and registration of books act, 1867, but does not include business directories, yellow pages and trade catalogues which are primarily meant for commercial purposes;3025 of 1867(ii) "newspaper" as defined in sub-section (1) of section 1 of the press and registration of books act, 1867;';(b) in section 66d, with effect from such date as the central government may, by notification in the official gazette, appoint,—(i) for clause (g), the following clause shall be substituted, namely:—35"(g) selling of space for advertisements in print media;";(ii) in clause (o), for sub-clause (vi), the following sub-clause shall be substituted, namely:—"(vi) metered cabs or auto rickshaws;";40(c) in section 67a, for the explanation, the following explanation shall be substituted with effect from such date as the central government may, by notification in the official gazette, appoint, namely:—"explanation— for the purposes of this section, "rate of exchange" means the rate of exchange determined in accordance with such rules as may be prescribed"; (d) in section 73, after sub-section (4a), the following sub-section shall be inserted, namely:—45 "(4b) the central excise officer shall determine the amount of service tax due under subsection (2)—(a) within six months from the date of notice where it is possible to do so, in respect of cases whose limitation is specified as eighteen months in sub-section (1);(b) within one year from the date of notice, where it is possible to do so, in respect of cases falling under the proviso to sub-section (1) or the proviso to sub-section (4a)";(e) in section 80, in sub-section (1), for the words, figures and brackets "section 77 or first proviso to sub-section (1) of section 78", the words and figures "or section 77" shall be substituted;(f) in section 82, for sub-section (1), the following sub-section shall be substituted, namely:—510"(1) where the joint commissioner of central excise or additional commissioner of central excise or such other central excise officer as may be notified by the board has reasons to believe that any documents or books or things, which in his opinion shall be useful for or relevant to any proceedings under this chapter, are secreted in any place, he may authorise in writing any central excise officer to search for and seize or may himself search and seize such documents or books or things"; (g) in section 83,—15(i) for the words, brackets, figures and letter "sub-section (2) of section 9a", the words, brackets, figures and letters "sub-section (2a) of section 5a, sub-section (2) of section 9a" shall be substituted;(ii) for section "15", the sections "15, 15a, 15b" shall be substituted;(h)  in section 86,——(i) in sub-section (1a), in clause (i), for the words "by notification in the official gazette", the words "by order" shall be substituted;20(ii) in sub-section (6a), in clause (a), the words "for grant of stay or" shall be omitted;(i) in section 87, in clause (c),the following proviso shall be inserted, namely:—25"provided that where the person (hereinafter referred to as predecessor) from whom the service tax or any other sums of any kind, as specified in this section, is recoverable or due, transfers or otherwise disposes of his business or trade in whole or in part, or effects any change in the ownership thereof, in consequence of which he is succeeded in such business or trade by any other person, all goods, in the custody or possession of the person so succeeding may also be attached and sold by such officer empowered by the central board of excise and customs, after obtaining the written approval of the commissioner of central excise, for the purposes of recovering such service tax or other sums recoverable or due from such predecessor at the time of such transfer or otherwise disposal or change";30(j) in section 94, in sub-section (2), for clause (k), the following clauses shall be substituted, namely:—"(k) imposition, on persons liable to pay service tax, for the proper levy and collection of the tax, of duty of furnishing information, keeping records and the manner in which such records shall be verified;35(l) make provisions for withdrawal of facilities or imposition of restrictions (including restrictions on utilisation of cenvat credit) on provider of taxable service or exporter, for dealing with evasion of tax or misuse of cenvat credit;(m) authorisation of the central board of excise and customs or chief commissioners of central excise to issue instructions, for any incidental or supplemental matters for the implementation of the provisions of this act;40(n) any other matter which by this chapter is to be or may be prescribed";(k) in section 95, after sub-section (1j), the following sub-section shall be inserted, namely:—32 of 199445"(1k) if any difficulty arises in giving effect to section 106 of the finance (no 2) act, 2014, in so far as it relates to amendments made by the said act, in this chapter, the central government may, by an order, published in the official gazette, not inconsistent with the provisions of this chapter, remove the difficulty:provided that no such order shall be made after the expiry of a period of one year from the date on which the finance (no 2) bill, 2014 receives the assent of the president";(l) after section 99, the following section shall be inserted, namely:—34 of 1948"100 notwithstanding anything contained in section 66 as it stood prior to the 1st day of july,2012, no service tax shall be levied or collected in respect of taxable services provided by the employees' state insurance corporation set up under the employees' state insurance act, 1948, during the period prior to the 1st day of july, 2012"special provision for taxable services provided by  employees' state insurance corporation miscellaneous107 in the seventh schedule to the finance act, 2001, the tariff item 2402 20 60 and the entries relating thereto shall be omitted5amendment of act 14 of 2001 amendmentof section 13 of act 58 of 2002108 in the unit trust of india (transfer of undertaking and repeal) act, 2002, in section 13, in subsection (1), for the words, figures and letters "the 31st day of march, 2014", the words, figures and letters "the 31st day of march, 2019" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of april, 201423 of 2004109 in the finance (no 2) act, 2004, in chapter vii, with effect from the 1st day of october, 2014,—(a) in section 97,—10amendment of finance (no 2) act, 2004(i) after clause (3), the following clause shall be inserted, namely:—43 of 1961'(3a) "business trust" shall have the meaning assigned to it in clause (13a) of section 2 of the income-tax act, 1961;';(ii) in clause (13), in sub-clause (a), after the words "unit of an equity oriented fund", the words"or a unit of a business trust" shall be inserted;15(b) in section 98, in the table, in column (2),—(i) in the entry at sl no 1,—(i) after the  words "equity share in a company", the  words "or a unit of a  business trust"shall be inserted;20(ii) in clause (b), after the word "share" at both the places where they occur, the words "or unit" shall be inserted;(ii) in the entry at slno 2,— (i) after the  words "equity share in a company", the  words "or a unit of a  business trust"shall be inserted;25 (ii) in clause (b), after the word "share" at both the places where they occur, the words "or unit" shall be inserted; (iii) in the entry at slno 3, after the words "unit of an equity oriented fund", the words "or a unit of a business trust" shall be inserted 110  in the finance act, 2005,—amendment of act 18 of 200530(a) in section 85, in the marginal heading, for the brackets and words "(pan masala and certain tobacco products)'', the words "on certain goods" shall be substituted;(b) the seventh schedule shall be amended in the manner specified in the ninth scheduleamendment of act 14 of 201035111  in the finance act, 2010, in section 83, in sub-section (3), for the portion beginning with the words ''for the purposes of'' and ending with the words ''for any other purpose relating thereto'', the following shall be substituted, namely:—''for the purposes of financing and promoting clean environment and energy initiatives, funding research in the area of clean environment or clean energy, or for any other purpose relating thereto''11 of 2014repeal112  the finance act, 2014 is hereby repealed and shall be deemed never to have been enacted _______________ declaration under the provisional collection of taxes act, 19314016 of 1931it is hereby declared that it is expedient in the public interest that the provisions of clauses 86, 87[snos (1) and (9)(ii) of the third schedule], 104, 105 (sno1 of the eighth schedule), 107 and 110 of this bill shall have immediate effect under the provisional collection of taxes act, 1931 part  i income-tax paragraph  a5 (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,—10nil;(1) where the total income does not exceed rs 2,00,000(2) where the total income exceeds rs 2,00,000 but  does notexceed rs 5,00,00010  per  cent  of  the amount by which the total  incomeexceeds rs 2,00,000;(3) where the total income exceeds rs 5,00,000 but  does  notexceed rs  10,00,000rs 30,000 plus 20 per cent of the amount by which the total income exceeds rs 5,00,000;15(4) where the total income exceeds rs 10,00,000rs 1,30,000 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,—20nil;(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;25(4) where the total income exceeds rs 10,00,000rs 1,25,000 plus 30 per cent of the amount by whichthe 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,—30nil;(1)   where the total income does not exceed rs 5,00,000 (2)   where the total income exceeds rs 5,00,000 but does notexceed 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 whichthe total income exceeds rs 10,00,0003540the amount of income-tax computed in accordance with the preceding provisions of this paragraph, or in section 111a or section 112, 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 purposes of the union calculated at the rate of ten 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,—10 per cent of the total income;(1)where the total income does not exceed rs10,0005rs1,000 plus 20 per cent of the amount by which thetotal income exceeds rs10,000;(2)where the total income exceeds rs10,000 but does notexceed rs 20,000(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 20,00010the amount of income-tax computed in accordance with the preceding provisions of this paragraph, or in section 111a or section 112,  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 ten 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 rupees15in the case of every firm,—rate of income-taxon the whole of the total income30 per cent20surcharge on income-taxthe amount of income-tax computed in accordance with the preceding provisions of this paragraph, or in section 111a or section 112, 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 ten per cent of such income-tax:25provided 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-taxon the whole of the total income30 per cent30surcharge on income-taxthe amount of income-tax computed in accordance with the preceding provisions of this paragraph, or in section 111a or section 112, 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 ten per cent of such income-tax:35provided 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 rupeesin the case of a company,—rates of income-tax40i in the case of a domestic company30 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; or5(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 government10(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 in  section 111a or section 112, shall, in the case of every company, be increased by a surcharge for the purposes of the union calculated,—(i) in the case of every domestic company––15(a) having a total income exceeding one crore rupees, but not exceeding ten crore rupees, at the rate of five per cent of such income-tax; and(b) having a total income exceeding ten crore rupees, at the rate of ten per cent of such income-tax;(ii) in the case of every company other than a domestic company––20(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:25provided 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 cases30in every case in which under the provisions of sections 193, 194, 194a, 194b, 194bb, 194d 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—35(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 gamesand other games of any sort(iii) on income by way of winnings from horse races30 per cent;40(iv) on income by way of insurance commission10 per cent;(v) on income by way of interest payable on—10 per cent;(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;45(b) any debentures issued by a company where such debentures are listed on a recognised stock exchange in accordance with the securities contracts (regulation) act, 1956 (42 of 1956) and any rules made thereunder;rate of income-tax(c) any security of the central or state government;10 per cent;(vi) on any other income(b) where the person is not resident in india—(i) in the case of a non-resident indian—520 per cent;(a) on any investment income10 per cent;(b) on income by way of long-term capital gains referred to in section 115e orsub-clause (iii) of clause (c) of sub-section (1) of section 112(c) on income by way of short-term capital gains referred to in section 111a15 per cent; 20 per cent;10(d) on other income by way of long-term capital gains [not being long-term capitalgains referred to in clauses (33), (36) and (38) of section 10]20 per cent;(e) on income by way of interest payable by government or an indian concern onmoneys borrowed or debt incurred by government or the indian concern in foreigncurrency (not being income by way of interest referred to in section 194lb or section 194lc)1525 per cent;20(f) on income by way of royalty payable by government or an indian concern inpursuance 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 theindian 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 india25 per cent;25(g) on income by way of royalty [not being royalty of the nature referred to in subitem (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 the government of india, the agreement is in accordance with that policy3025 per cent;35(h) on income by way of fees for technical services  payable  by  government  oran 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 matterincluded 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, crossword puzzles, card gamesand other games of any sort30 per cent;(j) on income by way of winnings from horse races30 per cent;(k) on the whole of the other income40(ii) in the case of any other person—20 per cent;(a) on income by way of interest payable by government or an indian concern onmoneys 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)4525 per cent;50(b) on income by way of royalty payable by government or an indian concern inpursuance 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 secondproviso to sub-section (1a) of section 115a of the income-tax act, to a person residentin indiarate of income-tax25 per cent;5(c) on income by way of royalty [not being royalty of the nature referred toin sub-item (b)(ii)(b)] 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 theindustrial policy, for the time being in force, of the government of india, the agreement is in accordance with that policy25 per cent;10(d) on income by way of fees for technical services  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 policy30 per cent;15(e) on income by way of winnings from lotteries, crossword puzzles, cardgames 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 section111a10 per cent;20(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 11220 per cent;(i) on income by way of other long-term capital gains [not being long-termcapital gains referred to in clauses (33), (36) and (38) of section 10](j) on the whole of the other income30 per cent2 in the case of a company—25(a) where the company is a domestic company—(i) on income by way of interest other than "interest on securities"10 per cent; 30 per cent;(ii) on income by way of winnings from lotteries, crossword puzzles, card gamesand other games of any sort30 per cent;(iii) on income by way of winnings from horse races30(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, crossword puzzles, card gamesand other games of any sort(ii) on income by way of winnings from horse races30 per cent;3520 per cent;(iii) on income by way of interest payable by government or an indian concernon 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)25 per cent;4045(iv) on income by way of royalty payable by government or an indian concernin 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 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) ofsection 115a of the income-tax act, to a person resident in india50(v) on income by way of royalty [not being royalty of the nature referred to insub-item (b)(iv)] payable by government or an indian concern in pursuance ofan 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—rate of income-tax50 per cent;(a) where the agreement is made after the 31st day of march, 1961 but beforethe 1st day of april, 197625 per cent;(b) where the agreement is made after the 31st day of march, 19765(vi) on income by way of fees for technical services payable by government or anindian 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 policy—1050 per cent;(a) where the agreement is made after the 29th day of february, 1964 but beforethe 1st day of april, 1976(b) where the agreement is made after the 31st day of march, 197625 per cent; 15 per cent;(vii) on income by way of short-term capital gains referred to in section 111a10 per cent;15(viii) on income by way of long-term capital gains referred to in sub-clause (iii) ofclause (c) of sub-section (1) of section 11220 per cent;(ix) on income by way of other long-term capital gains [not being long-term capitalgains referred to in clauses (33), (36) and (38) of section 10](x) on any other income40 per cent20explanation— for the purpose 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—25(i) item 1 of this part, shall be increased by a surcharge, for the purposes of the union, 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 or co-operative society or firm or local authority, being a non-resident, calculated 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 one crore rupees;(ii) item 2 of this part, shall be increased by a surcharge, for purposes of the union, in the case of every company other than a domestic company, calculated,—30(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 iii35 rates for charging income-tax in certain cases, deducting income-tax from income chargeable under the head "salaries" and computing "advance tax"4045in cases in which income-tax has to be charged under sub-section (4) of section 172 of the income-tax act or sub-section (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 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 section 115b or section 115bb or section 115bba or section 115bbc or section 115bbd or section 115bbe or section 115e or  section 115jb or section 115jc] shall be charged, deducted or computed at the following rate or rates:—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 2,50,00010 per cent of the amount by which the total income exceeds rs 2,50,000;(2)where the total income exceeds rs 2,50,000 but does notexceed rs 5,00,0005(3)where the total income exceeds rs 5,00,000 but does notexceed 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,—10(1)where the total income does not exceed rs 3,00,000nil;(2)where the total income exceeds rs 3,00,000 but does notexceed rs 5,00,00010 per cent of the amount by which the total incomeexceeds rs 3,00,000;15(3)where the total income exceeds rs 5,00,000 but does notexceed rs 10,00,000rs 20,000 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 1,20,000 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,—20nil;(1)where the total income does not exceed rs 5,00,00020 per cent of the amount by which the total income exceeds rs 5,00,000;(2)where the total income exceeds rs 5,00,000 but does notexceed rs 10,00,00025(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 10,00,00030the amount of income-tax computed in accordance with the preceding provisions of this paragraph, or in section 111a or section 112, 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 purposes of the union calculated at the rate of ten per cent of such income-tax:35provided 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 rs 10,00010 per cent of the total income;40(2)where the total income exceeds rs 10,000 but does notexceed rs 20,000rs 1,000 plus 20 per cent of the amount by which thetotal 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 20,00045the amount of income-tax computed in accordance with the preceding provisions of this paragraph, or in section 111a or section 112, 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 ten 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 rupeesparagraph cin the case of every firm,—5rate of income-taxon the whole of the total income30 per centsurcharge on income-tax10the amount of income-tax computed in accordance with the preceding provisions of this paragraph, or in section 111a or section 112, 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 ten per cent of such income-tax:provided that in the case of 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 rupees15paragraph din the case of every local authority,—rate of income-taxon the whole of the total income30 per cent20the amount of income-tax computed in accordance with the preceding provisions of this paragraph, or in section 111a or section 112, 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 ten per cent of such income-tax:provided that in the case of 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 rupees25paragraph ein the case of a company,—rates of income-taxi in the case of a domestic company30 per cent of the total income;ii in the case of a company other than a domestic company—30(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; or35(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;40and where such agreement has, in either case, been approved by the central government40 per cent(ii) on the balance, if any, of the total incomethe amount of income-tax computed in accordance with the preceding provisions of this paragraph, or in section 111a or section 112, shall, be increased by a surcharge for the purposes of the union calculated,—45(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 five per cent of such income-tax; and(b) having a total income exceeding ten crore rupees, at the rate of ten 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; and5(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:10provided further that in the case of every company having a total income exceeding ten crore rupees, the total amountpayable 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 income15rule 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:20provided that sub-section (2) of section 58 shall apply subject to the modification that the reference to section 40a therein shall be construed as not including a reference to sub-sections (3) and (4) of section 40a25rule 2— agricultural income of the nature referred to in sub-clause (b) or sub-clause (c) of clause (1a) of section 2 of 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) and (4) thereof], 41, 43, 43a, 43b and 43c of the income-tax act shall, so far as may be, apply accordingly30rule 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;35(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;40(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 seventy-five per cent, as the case may be, of such income shall be regarded as the agricultural income of the assessee45rule 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 assessee50rule 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:55provided 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 income5rule 8—(1) where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of april,2014, 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,  2006 or the 1st day of april, 2007 or the 1st day of april, 2008 or 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, is a loss, then, for the purposes of sub-section (2) of section 2 of this act,—10(i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2006, 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, 2007 or the 1st day of april, 2008 or 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,(ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2007, 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, 2008 or 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, 2013,15(iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2008, 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, 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, 2013,20(iv) 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, 2011or the 1st day of april, 2012 or the 1st day of april, 2013,25(v) 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,(vi) 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, 2013,30(vii) 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,(viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2013, 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, 20143540(2) where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of april, 2015, 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 year relevant to the assessment years commencing on the 1st day of april, 2007 or the 1st day of april, 2008 or 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, is a loss, then, for the purposes of sub-section (10) of section 2 of this act,––45(i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2007, 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, 2008 or 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,(ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2008, 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, 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, 2014,50(iii) 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, 2014,55(iv) 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,(v) 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, 2014,5(vi) 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,(vii) 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,(viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2014,10shall 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, 2015(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)15 20(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 act, 2006 (21 of 2006) or of the first schedule to the finance act, 2007 (22 of 2007) or of the first schedule to the finance act, 2008 (18 of 2008) or of the first schedule to the finance (no2) act, 2009 (33 of 2009)  or of the first schedule to the finance act, 2010 (14 of 2010) or of the first schedule to the finance act, 2011 ( 8 of 2011) or of the first schedule to the finance act, 2012 ( 23  of 2012)  or of the first schedule to the finance act, 2013 (17 of 2013) 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 nil25rule 10—the provisions of the income-tax act relating to procedure for assessment (including the provisions of section 288arelating 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 85)| notification no                                                        | amendment    | period of effect   ||-------------------------------------------------------------------------|--------------|--------------------|| and date                                                                | of amendment |                    || (1)                                                                     | (2)          | (3)                || 5                                                                       |              |                    || from 8th february,                                                      |              |                    || 2013 to 10th july, 2014                                                 |              |                    || (both days inclusive)                                                   |              |                    || in the said notification, in the table, for s no 141 and the entries  |              |                    || relating thereto, the following s no and entries shall be substituted |              |                    || and shall be deemed to have been substituted with effect from the date  |              |                    || specified in column (3), namely:–                                       |              |                    || gsr185(e), dated the                                                 |              |                    || 17th march, 2012[12/                                                    |              |                    || 2012-customs,  dated                                                    |              |                    || the 17th march, 2012]                                                   |              |                    || 10                                                                      |              |                    || (1)                                                                     | (2)          | (3)                || "141                                                                    | 2711 12 00,  |                    || nil                                                                     |              |                    || -                                                                       | -";          |                    || 2711 13 00,                                                             |              |                    || 2711 19 00                                                              |              |                    || 15                                                                      |              |                    || 20                                                                      |              |                    || 25                                                                      |              |                    || liquefied propane and                                                   |              |                    || butane mixture, liquefied                                               |              |                    || propane, liquefied butane                                               |              |                    || and liquefied petroleum                                                 |              |                    || gases (lpg) imported by                                                 |              |                    || the indian oil corporation                                              |              |                    || limited,                                                                | hindustan    |                    || petroleum corporation                                                   |              |                    || limited                                                                 | or           | bharat             || petroleum corporation                                                   |              |                    || limited for supply to                                                   |              |                    || household                                                               | domestic     |                    || consumers or to non-                                                    |              |                    || domestic                                                                | exempted     |                    || category                                                                | (ndec)       |                    || customers                                                              |              |                    |in the first schedule to the customs tariff act,–(1) in chapter 24, the tariff item 2402 20 60 and the entries relating thereto shall be omitted;(2) in chapter 40, in tariff item 4015 90 20, for the entry in column (3), the entry "kg" shall be substituted;5(3) in chapter 41, for the entry in column (3) occurring against all the tariff items of heading 4102, the entry "kg" shall be substituted;(4) in chapter 49, for the entry in column (3) occurring against all the tariff items of headings 4901, 4909 and 4910, the entry"u" shall be substituted;10(5) in chapter 73, for the entry in column (3) occurring against all the tariff items of headings 7308, 7323 and 7324, the entry"u" shall be substituted;(6) in chapter 82, for the entry in column (3) occurring against all the tariff items of headings 8205 and 8208, the entry "u"shall be substituted;15(7) in chapter 83, for the entry in column (3) occurring against all the tariff items of heading 8301, the entry "u" shall be substituted;(8) in chapter 84,–(i)  for the entry in column (3) occurring against all the tariff items of headings 8405 and  8466,  the entry "u" shall be substituted;20(ii)  in tariff items 8418 61 00, 8418 69 10, 8418 69 20, 8418 69 30, 8418 69 40, 8418 69 50, 8418 69 90, 8421 91 00, 842199 00, 8432 80 10, 8432 80 20, 8432 80 90, 8432 90 10, 8432 90 90, 8473 30 10, 8473 30 20, 8473 30 30, 8473 30 40, 8473 30 91, 8473 30 92, 8473 30 99, 8473 40 10, 8473 40 90, 8473 50 00 and  8483 90 00,  for the entry in column (3) against each of them,  the entry "u" shall be substituted; (9) in chapter 85,–(i) for the entry in column (3) occurring against all the tariff items of headings 8503, 8529, 8532, 8533, 8534, 8535 and8536, the entry "u" shall be substituted;(ii) for the entries in column (4) occurring against tariff items 8517 62 90 and 8517 69 90, the entry "10%" shall be substituted;(iii)  in tariff items  8517 70 10, 8518 90 00 and 8538 10 10, for the entry in column (3) against each of them, the entry "u"shall be substituted;(iv) for the entry in column (3) occurring against all the tariff items of heading 8544, the entry "m" shall be substituted;30 (10) in chapter 90, in tariff items 9004 90 90, 9005 80 90, 9026 90 00, 9031 10 00, 9031 20 00, 9031 41 00, 9031 49 00 and9031 90 00, for the entry in column (3) against each of them, the entry "u" shall be substituted;(11) in chapter 91, in tariff items 9110 12 00, 9110 19 00, 9110 90 00 and 9113 10 00, for the entry in column (3) against each of them, the entry "u" shall be substitutedamendmentdate of effect of amendmentprovisions of the pan masalapacking machines (capacitydetermination and collection ofduty) rules, 2008 to beamended(1)(2)(3)in the pan masala packing machines (capacity determination and collection of duty) rules, 2008, in rule 8, for the first proviso, the following proviso shall be substituted with effect from the date specified in column (3), namely:–rule 8 of the pan masala packing machines (capacitydetermination and collection of duty) rules, 2008, published vide notification number gsr127(e), dated the 1st july, 2008[30/2008-central excise (nt), dated the 1st july, 2008]  "provided that where a manufacturer uses an operatingmachine to produce pouches of different retail sale prices during a month, he shall be liable to pay the duty applicable to the pouch bearing the highest retail sale price for the whole month:"513th april, 201010 15| notification no                                                             | amendment    | period of effect   ||------------------------------------------------------------------------------|--------------|--------------------|| and date                                                                     | of amendment |                    || 5                                                                            |              |                    || (1)                                                                          | (2)          | (3)                || 29th june, 2010 to                                                           |              |                    || 16th march, 2012 (both                                                       |              |                    || days inclusive)                                                              |              |                    || (1) in the said notification, in the table, after serial number 2b and the   |              |                    || entries relating thereto, the following serial number and entries shall      |              |                    || be inserted and shall be deemed to have been inserted with effect from       |              |                    || the date and up to the period specified in column (3), namely:–              |              |                    || gsr 95(e), dated the                                                      |              |                    || 1st march, 2006                                                              |              |                    || [5/2006-central excise,                                                      |              |                    || dated the 1st march,                                                         |              |                    || 2006]                                                                        |              |                    || 10                                                                           |              |                    || (1)                                                                          | (2)          | (3)                || "2c                                                                          | 54 or 55     |                    || nil                                                                          |              |                    || -                                                                            |              |                    || 15                                                                           |              |                    || (1) polyester staple fibre or                                                |              |                    || polyester                                                                    | filament     | yarn               || manufactured from plastic                                                    |              |                    || scrap or plastic waste                                                       |              |                    || including waste polyethylene                                                 |              |                    || terephthalate bottles                                                        |              |                    || nil                                                                          |              |                    || -                                                                            |              |                    || ";                                                                           |              |                    || 20                                                                           |              |                    || (2) tow manufactured and                                                     |              |                    || captively consumed within                                                    |              |                    || the factory of its production for                                            |              |                    || the manufacture of goods                                                     |              |                    || specified in entry (1)                                                       |              |                    || 1st march, 2011 to 16th                                                      |              |                    || march, 2012 (both days                                                       |              |                    || inclusive)                                                                   |              |                    || 25                                                                           |              |                    || (2) in the said notification, in the table, against chapter 71 of slno 24, |              |                    || in columns (3), (4) and (5), the following entries shall be inserted and     |              |                    || shall be deemed to have been inserted with effect from the date and          |              |                    || up to the period specified in column (3), namely:–                           |              |                    || (3)                                                                          | (4)          | (5)                || 30                                                                           |              |                    || 35                                                                           |              |                    || nil                                                                          |              |                    || 8";                                                                          |              |                    || "(i) articles of -                                                           |              |                    || (a) gold,                                                                    |              |                    || (b) silver,                                                                  |              |                    || (c)                                                                          | platinum,    |                    || (d) palladium,                                                               |              |                    || (e) rhodium,                                                                 |              |                    || (f)                                                                          | iridium,     |                    || (g) osmium, or                                                               |              |                    || (h) ruthenium,                                                               |              |                    || not bearing a brand name                                                     |              |                    || notification no                                                            | amendment    | period of effect   ||-----------------------------------------------------------------------------|--------------|--------------------|| and date                                                                    | of amendment |                    || (1)                                                                         | (2)          | (3)                || 5                                                                           |              |                    || from 8th february,                                                          |              |                    || 2013 to 10th july, 2014                                                     |              |                    || (both days inclusive)                                                       |              |                    || (1) in the said notification, in the table, for serial number 81 and the    |              |                    || entries relating thereto, the following serial number and entries shall     |              |                    || be substituted and shall be deemed to have been substituted with            |              |                    || effect from the date and up to the period specified in column (3), namely:– |              |                    || gsr 163(e), dated the                                                    |              |                    || 17th march, 2012                                                            |              |                    || [ 1 2 / 2 0 1 2 - c e n t r a l                                             |              |                    || excise, dated  the                                                          |              |                    || 17th march, 2012]                                                           |              |                    || 10                                                                          |              |                    || (1)                                                                         | (2)          | (3)                || "81                                                                         | 2711 12 00,  |                    || nil                                                                         |              |                    || -";                                                                         |              |                    || 2711 13 00,                                                                 |              |                    || 2711 19 00                                                                  |              |                    || 15                                                                          |              |                    || 20                                                                          |              |                    || 25                                                                          |              |                    || liquefied                                                                   | propane      | and                || butane mixture, liquefied                                                   |              |                    || propane, liquefied butane                                                   |              |                    || and liquefied petroleum                                                     |              |                    || gases (lpg) for supply to                                                   |              |                    || household                                                                   | domestic     |                    || consumers                                                                   | or           | to                 || domestic                                                                    |              | exempted           || category (ndec) customers                                                   |              |                    || by the indian oil corporation                                               |              |                    || limited, hindustan petroleum                                                |              |                    || corporation limited or bharat                                               |              |                    || petroleum                                                                   | corporation  |                    || limited                                                                     |              |                    || from 17th march, 2012                                                       |              |                    || to 10th july, 2014 (both                                                    |              |                    || days inclusive)                                                             |              |                    || (2) in the said notification, in the table, for serial number 172a and the  |              |                    || entries relating thereto, the following serial number and entries shall     |              |                    || be substituted and shall be deemed to have been substituted with            |              |                    || effect from the date and up to the period specified in column (3), namely:– |              |                    || (1)                                                                         | (2)          | (3)                || 30                                                                          |              |                    || "172a                                                                       | 54 or 55     |                    || nil                                                                         |              |                    || -                                                                           |              |                    || 35                                                                          |              |                    || 40                                                                          |              |                    || (1) polyester staple fibre or                                               |              |                    || polyester                                                                   | filament     | yarn               || manufactured from plastic                                                   |              |                    || scrap                                                                       | or           | plastic            || including waste polyethylene                                                |              |                    || terephthalate bottles                                                       |              |                    || (2) tow manufactured and                                                    |              |                    || captively consumed within the                                               |              |                    || factory of its production for the                                           |              |                    || manufacture                                                                 | of           | goods              || specified in entry (1)                                                      |              |                    || nil                                                                         |              |                    || -";                                                                         |              |                    |in the third schedule to the central excise act,–(i) in sno 15, for the entry in column (2), the entry "2101 11 or 2101 12 00" shall be substituted;(ii) after sno 30 and the entries relating thereto, the following s no and entries shall be inserted, namely:–5snoheading, sub-heading or tariff itemdescription of goods (1)(2)(3)"30a3002 20 or 3002 30 00vaccines (other than those specified under thenational immunisation program)";(iii) after sno 36 and the entries relating thereto, the following s nos and entries shall be inserted, namely:–10  (1)(2)(3)"36a3215 90 10fountain pen ink36b3215 90 20ball pen ink36c3215 90 40drawing ink";(iv) after sno 38 and the entries relating thereto, the following s no and entries shall be inserted , namely:–15 (1)(2)(3)"38a3306 10 10tooth powder";(v) after sno 53 and the entries relating thereto, the following s nos and entries shall be inserted , namely:–|  (1)            | (2)      | (3)                                            ||-----------------|----------|------------------------------------------------|| "53a           | 39 or 40 | nipples for feeding bottles                    || 20              |          |                                                || 53b            | 4015     | surgical rubber gloves or medical  examination || rubber gloves"; |          |                                                |(vi) after sno 62 and the entries relating thereto, the following s no and entries shall be inserted, namely:–|  (1)                | (2)                                | (3)                                                     ||---------------------|------------------------------------|---------------------------------------------------------|| 25                  |                                    |                                                         || "62a               | 7310 or 7326 or  any other chapter | mathematical boxes,   geometry  boxes and colour boxes, || pencil sharpeners"; |                                    |                                                         |(vii) after sno 65 and the entries relating thereto, the following s no and entries shall be inserted, namely:–|  (1)   |   (2) | (3)         ||--------|-------|-------------|| "65a  |  8215 | all goods"; |30(viii)  in sno68, for the entry in column (3), the entry "all goods except goods specified in sub-heading 8415 20" shall be substituted;(ix) for sno69 and the entries relating thereto, the following sno and entries shall be substituted, namely :–|  (1)       | (2)                                 | (3)         ||------------|-------------------------------------|-------------|| "69       | 8418 21 00, 8418 29 00, 8418 30 90, | all goods"; || 8418 69 20 |                                     |             |(x) in sno70, for the entry in column (2), the entry "8421 21" shall be substituted;(xi) after sno 70 and the entries relating thereto, the following s no and entries shall be inserted, namely:–|  (1)                       | (2)                    | (3)                                               ||----------------------------|------------------------|---------------------------------------------------|| "70a                      | 8421 21 20, 8421 99 00 | water filters functioning without electricity and || replaceable kits thereof"; |                        |                                                   || 5                          |                        |                                                   |(xii) in  sno73, for the entry in column (3), the entry "typewriters" shall be substituted; (xiii) in  sno76, for the entry in column (3), the entry "all goods other than parts falling under tariff item 8506 90 00" shall be substituted;10(xiv) in  sno76a, for the entry in column (3), the entry "all goods other than parts falling under tariff item 8508 70 00" shall be substituted;(xv) in  sno77, for the entry in column (3), the entry "all goods other than parts falling under tariff item 8509 90 00" shall be substituted;(xvi) in  sno78, for the entry in column (3), the entry "all goods other than parts falling under tariff item 8510 90 00" shall be substituted;15(xvii) in  sno79, for the entry in column (3), the entry "all goods other than parts falling under tariff item 8513 90 00" shall be substituted;(xviii)  in  sno81, for the entry in column (3), the entry "telephone sets including telephones with cordless handsets and for cellular networks or for other wireless networks; videophones" shall be substituted;(xix) after sno 81b and the entries relating thereto, the following s no and entries shall be inserted , namely:–|  (1)                |   (2) | (3)                                             ||---------------------|-------|-------------------------------------------------|| 20                  |       |                                                 || "81c               |  8517 | wireless data modem cards with pcmcia or usb or || pci express ports"; |       |                                                 |(xx) in  sno84, for the entry in column (3), the entry "all goods except goods specified in tariff items 8523 21 00, 852329 60 to 8523 29 90, 8523 41 20 to 8523 41 50, 8523 49 30, 8523 49 50 to 8523 49 90, 8523 52 10, 8523 59, 8523 80 20, 8523 80 30 and 8523 80 60" shall be substituted;25(xxi) after sno 84 and the entries relating thereto, the following sno and entries shall be inserted, namely:–|  (1)                                                      | (2)        | (3)                                   ||-----------------------------------------------------------|------------|---------------------------------------|| '84a                                                     | 8523 80 20 | packaged software or canned software || 30                                                        |            |                                       || explanation                                               |            |                                       || – for the purposes of this schedule,                     |            |                                       || "packaged software or canned software" means a            |            |                                       || software developed to meet the needs of variety of users, |            |                                       || and which is intended for sale or capable of being sold   |            |                                       || off the shelf';                                          |            |                                       |(xxii) for sno89 and the entries relating thereto, the following sno and entries shall be substituted, namely :–|  (1)                 | (2)             | (3)                                                 ||----------------------|-----------------|-----------------------------------------------------|| 35                   |                 |                                                     || "89                 | 8517 or 8525 60 | mobile handsets including cellular phones and radio || trunking terminals"; |                 |                                                     |(xxiii) in sno94, for the entry in column (3), the entry "all goods except lamps for automobiles" shall be substituted (xxiv) after sno 94 and the entries relating thereto, the following sno and entries shall be inserted, namely:–|  (1)                                 | (2)              | (3)                                                  ||--------------------------------------|------------------|------------------------------------------------------|| 40                                   |                  |                                                      || "94a                                | chapter 84 or 85 | goods capable of performing two or more functions of || items specified at snos 67 to 94"; |                  |                                                      |(xxv) after sno 99 and the entries relating thereto, the following sno and entries shall be inserted, namely:–|  (1)   |   (2) | (3)         ||--------|-------|-------------|| "99a  |  9619 | all goods" || 45     |       |             |in the first schedule to the central excise tariff act, 1985,– 1 in chapter 24,–5(a)  for the entries in column (4) occurring against tariff items 2401 10 10, 2401 10 20, 2401 10 30, 2401 10 40, 2401 10 50,2401 10 60, 2401 10 70, 2401 10 80, 2401 10 90, 2401 20 10, 2401 20 20, 2401 20 30, 2401 20 40, 2401 20 50, 2401 20 60, 2401 20 70, 2401 20 80 and 2401 20 90, the entry "55%" shall be substituted;(b)  in tariff items 2402 10 10 and 2402 10 20, for the entry in column (4), the entry "12 % or rs 2250 per thousand, whichever is higher" shall be substituted;(c)  in tariff item 2402 20 10, for the entry in column (4), the entry "rs 990 per thousand" shall be substituted;10(d)  in tariff item 2402 20 20, for the entry in column (4), the entry "rs 1995 per thousand" shall be substituted; (e)  in tariff item 2402 20 30, for the entry in column (4), the entry "rs 990 per thousand" shall be substituted; (f)  in tariff item 2402 20 40, for the entry in column (4),  the entry "rs 1490 per thousand" shall be substituted;(g)  in tariff item 2402 20 50, for the entry in column (4), the entry "rs 1995 per thousand" shall be substituted;(h)  the tariff item 2402 20 60 and the entries relating thereto shall be omitted;15(i)  in tariff item 2402 90 10, for the entry in column (4), the entry "rs 2250 per thousand" shall be substituted;(j)  in tariff items 2402 90 20 and 2402 90 90, for the entry in column (4), the entry "12% or rs 2250 per thousand, whichever is higher" shall be substituted;20(k) in the heading 2403, in sub-heading 2403 19, after the tariff item 2403 19 10, for the tariff item occurring as "2403 19",  the tariff item "2403 19 21" shall be substituted;(l)  for the entries in column (4) occurring against tariff items 2403 99 10, 2403 99 30 and 2403 99 90, the entry "70%" shall be substituted 2 in chapter 40, in tariff item 4015 90 20, for the entry in column (3), the entry "kg" shall be substituted; 3 in chapter 41,  for the entry in column (3)  occurring  against  all the tariff  items  of heading 4102, the entry "kg" shall be substituted;254 in chapter 49,  for the entry in column (3)  occurring  against  all the  tariff items of headings 4901, 4909 and 4910, the entry"u" shall be substituted;5 in chapter  73, for the entry  in column (3) occurring  against  all the tariff  items of headings 7308, 7323 and 7324, the entry"u" shall be substituted;306 in chapter  82, for the entry in column (3) occurring  against  all the tariff  items of headings 8205 and 8208, the entry "u" shall be substituted;7 in chapter  83, for the entry in column (3) occurring  against  all the tariff  items of heading 8301, the entry "u" shall be substituted;8 in chapter 84,–35(i)  for the entry  in column  (3) occurring  against  all the tariff items of headings 8405 and 8466,  the entry "u" shall be substituted;(ii)  in tariff items  8418 61 00,  8418  69 10,  8418  69 20,  8418 69 30,  8418  69 40, 8418 69 50, 8418 69 90, 8421 91 00,8421 99 00, 8432 80 10, 8432 80 20, 8432 80 90, 8432 90 10, 8432 90 90, 8473 30 10, 8473 30 20, 8473 30 30, 8473 30 40, 8473 30 91, 8473 30 92, 8473 30 99, 8473 40 10, 8473 40 90, 8473 50 00 and  8483 90 00,  for the entry in column (3) against each of them,  the entry "u" shall be substituted;409 in chapter 85,–(i)  for the entry in column  (3) occurring  against  all the tariff items  of heading 8503, 8529, 8532, 8533, 8534, 8535 and 8536, the entry "u" shall be substituted;(ii)  in tariff items  8517 70 10, 8518 90 00 and 8538 10 10, for the entry in column (3) against each of them, the entry "u" shall be substituted;(iii)  for the entry  in column  (3) occurring  against  all the tariff items  of heading 8544, the entry "m" shall be substituted;10 in chapter 90, in tariff items  9004 90 90, 9005 80 90, 9026 90 00, 9031 10 00, 9031 20 00, 9031 41 00, 9031 49 00 and9031 90 00, for the entry in column (3) against each of them, the entry "u" shall be substituted;11 in chapter 91, in tariff items 9110 12 00, 9110 19 00, 9110 90 00 and 9113 10 00 for the entry in column (3) against each of them, the entry "u" shall be substituted [see section 110 (b)]in the seventh schedule to the finance act, 2005,––(i) after tariff item 2106 90 20 and the entries relating thereto, the following sub-heading and entries shall be inserted, namely:–5| tariff item                                       | description of goods                                 | unit   | rate of duty   ||---------------------------------------------------|------------------------------------------------------|--------|----------------|| (1)                                               | (2)                                                  | (3)    | (4)            || "2202 10                                          | waters, including mineral waters and aerated waters, | l      | 5%";           || containing added sugar or other sweetening matter |                                                      |        |                || or flavoured:                                     |                                                      |        |                |10(ii) tariff item 2402 20 60 and the entries relating thereto shall be omitted statement of objects and reasonsthe object of the bill is to give effect to the financial proposals of the central government for the financial year 2014-2015  the notes on clauses explain the various provisions contained in the billarun jaitleynew delhi;the  7th july, 2014___________ president's recommendation under articles 117 and 274 of the constitution of india[copy of letter nof2(8)-b(d)/2014, dated the 7th july, 2014 from shri arun jaitley, minister of finance, to the secretary-general, lok sabha] the president, having been informed of the subject matter of the proposed bill, recommends, under clauses (1) and (3) of article 117, read with clause (1) of article 274, of the constitution of india, the introduction of the finance (no2) bill, 2014 to the lok sabha and also recommends to the lok sabha the consideration of the bill2the bill will be introduced in the lok sabha immediately after the presentation of the budget on the 10th july, 2014 income-taxclause 2, read with the first schedule to the bill, specifies the rates at which income-tax is to be levied on income chargeable to tax for the assessment year 2014-15  further, it lays down the rates at which tax is to be deducted at source during the financial year 2014-15 from income other than "salaries" subject to such deductions under the income-tax act; and the rates at which "advance tax" is to be paid, tax is to be deducted at source from, or paid on, income chargeable under the head "salaries" and tax is to be calculated and charged in special cases for the financial year 2014-15 rates of income-tax for the assessment year  2014-15part i of the first schedule to the bill specifies the rates at which income is liable to tax for the assessment year 2014-15 these rates are the same as those specified in part iii of the first schedule to the finance act,  2013, for the purposes of deduction of tax at source from "salaries", computation of "advance tax" and charging of income-tax in special cases during the financial year 2013-14 rates for deduction of tax at source during the financial year 2014-15 from income other than "salaries"part ii of the first schedule to the bill specifies the rates at which income-tax is to be deducted at source during the financial year 2014-15 from income other than "salaries" the rates are the same, as those specified in part ii of the first schedule to the finance act, 2013 for the purposes of deduction of incometax at source during the financial year 2013-14the amount of tax so deducted shall be increased by a surcharge in the case of––(i) every non-resident (other than a company) at the rate of ten per cent  where the income or the aggregate of income paid or likely to be paid and subject to deduction exceeds one crore rupees;(ii) every company other than a domestic company at the rate of two per cent where the income or the aggregate of income paid or likely to be paid and subject to deduction exceeds one crore rupees but does not exceed ten crore rupees;(iii) every company other than a domestic company at the rate of five per cent where the income or the aggregate of income paid or likely to be paid and subject to deduction exceeds ten crore rupeesrates for deduction of tax at source from "salaries", computation of "advance tax" and charging of income-tax in special cases during the financial year 2014-15part iii of the first schedule to the bill specifies the rates at which income-tax is to be deducted at source from, or paid on, income under the head "salaries" and also the rates at which "advance tax" is to be paid and income-tax is to be calculated or charged in special cases for the financial year 2014-15paragraph a of this part specifies the rates of income-tax as under:–(i) in the case of every individual [other than those specifically mentioned in sub-paras (ii) and (iii)] or hindu undivided family or every 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:–up to rs2,50,000nilrs   2,50,001 to rs 5,00,00010 per centrs 5,00,001 to rs 10,00,00020 per centabove rs 10,00,00030 per cent;(ii) in the case of every individual, being a resident in india, who is of the age of sixty years or more but less than the age of eighty years at any time during the previous year :–up to rs3,00,000 nilrs  3,00,001 to rs 5,00,00010 per centrs 5,00,001 to rs 10,00,00020 per centabove rs  10,00,00030 per cent;(iii)  in the case of every individual, being a resident in india, who is of the age of eighty years or more at any time during the previous year :–up to rs5,00,000    nilrs  5,00,001 to rs 10,00,00020 per centabove rs 10,00,00030 per centthe surcharge in cases of persons referred to in this paragraph, having income above one crore rupees, shall be levied at the rate of ten per cent marginal relief will be providedparagraph b of this part specifies the rates of income-tax in the case of every co-operative society  in such cases, the rates of tax will continue to be the same as those specified for  the assessment year 2014-15 the surcharge in cases of cooperative societies, having income above one crore rupees shall be levied at the rate of ten per cent marginal relief will be providedparagraph c of this part specifies the rate of income-tax in the case of every firm  in such cases, the rate of tax will continue to be the same as that specified for the assessment year 2014-15 the surcharge in cases of firms, having income above one crore rupees shall be levied at the rate of ten per cent marginal relief will be providedparagraph d of this part specifies the rate of income-tax in the case of every local authority  in such cases, the rate of tax will continue to be the same as that specified for the assessment year 2014-15 the surcharge in cases of local authorities, having income above one crore rupees shall be levied at the rate of ten per cent marginal relief will be providedparagraph e of this part specifies the rates of income-tax in the case of companies  in both the cases of domestic companies and companies other than domestic companies, the rate of tax will continue to be the same as that specified for the assessment year 2014-15surcharge in the case of domestic companies having total income above one crore rupees but not above ten crore rupees shall be levied at the rate of five per cent in the case of domestic companies having total income above ten crore rupees, surcharge shall be levied at the rate of ten per cent in the case of companies other than domestic companies having total income above one crore rupees but not above ten crore rupees,surcharge shall be levied at the rate of two per cent in the case of companies other than domestic companies having total income above ten crore rupees surcharge shall be levied at the rate of five per cent marginal relief will be providedin all other cases (including sections 115jb, 115-o, 115qa,115r, 115ta, etc)  the surcharge will be applicable at the rate of ten per cent"education cess" at the rate of two per cent and "secondary and higher education cess" at the rate of one per cent shall continue to be levied in all cases covered under part iii of the first schedule in the cases covered under part ii of the first schedule, there will be no levy of the education cess and secondary and higher education cess on tax deducted or collected at source in the case of domestic company and any other person who is resident in india both the cesses would continue to apply on tax deducted at source in the case of salary payments these would also continue to be levied in the cases of persons not resident in india and companies other than domestic companyclause 3 of the bill seeks to amend section 2 of the incometax act relating to definitionsit is proposed to amend the said section so as to insert a new clause (13a) to define "business trust" to mean a trust registered as an infrastructure investment trust or a real estate investment trust, the units of which are required to be listed on a recognised stock exchange, in accordance with the regulations made under the securities exchange board of india act, 1992 and notified by the central government in this behalfthis amendment will take effect from 1st october, 2014 the existing provisions of clause (14) of section 2 defines the term "capital asset"  the term is defined to include property of any kind held by an assessee whether or not connected with his business or profession but does not include any stock-in-trade or personal assets as provided in the definitionit is further proposed to amend the said clause (14) so as to provide that the term "capital asset" shall include any security held by a foreign institutional investor which has invested in such security in accordance with the regulations made under the securities and exchange board of india act, 1992this amendment will take effect from 1st april, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent yearsit is also proposed to amend section 2 so as to substitute the definitions of clause (15a), clause (16) and clause (21) relating to "chief commissioner", "commissioner" and "director general" or "director"  it is further proposed to insert clauses (34a), (34b), (34c) and (34d) so as to define the terms "principal chief commissioner of income-tax", "principal commissioner of income-tax", "principal director general of income-tax" and "principal director of income-tax" to mean a person appointed to be an income-tax authority under section 117 of the actthese amendments will take effect retrospectively from 1st june, 2013the existing provisions contained in clause (24) of  section 2defines the term "income"  it is proposed to amend the said clause (24) so as to include any sum of money referred to in clause (ix) of sub-section (2) of section 56 in the definition of incomethis amendment will take effect from 1st april, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent yearsthe existing provisions contained in clause (42a) of   section2 provide that short-term capital asset means a capital asset held by an assessee for not more than thirty-six months immediately preceding the date of its transfer  however, in the case of a share held in a company or any other security listed in a recognised stock exchange in india or a unit of the unit trust of india or a unit of a mutual fund or a zero coupon bond, the period of holding for qualifying it as short-term capital asset is twelve monthsit is proposed to amend the aforesaid clause so as to provide that in case of a share held in a company which is not listed in a recognised stock exchange, the period of holding for the purpose of its qualification as a short-term capital asset, shall  not be more than thirty-six months and for that purpose the words "a share held in a company or any other security listed in a recognised stock exchange in india" shall be substituted with the words "a security (other than a unit) listed in a recognised stock exchange in india"  further, in the case of a unit corresponding period of holding of twelve months, shall be limited to a unit of an equity oriented fundit is further proposed to insert an explanation to define the expression "equity oriented fund"this amendment will take effect from 1st  april, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent yearsit is also proposed to provide in clause (42a) of section 2 that in the case of capital asset being units of a business trust, allotted pursuant to transfer of share or shares as referred to in clause (xvii) of section 47, there shall be included the period for which such share or shares were held by the assesseethis amendment will take effect from 1st october, 2014 clause 4 of the bill seeks to make consequential amendments in the income-tax act in view of the amendments made in section 2 of the said act relating to definitions of the expressions "chief commissioner", "commissioner" and "director general or director"these amendments will take effect retrospectively from1st june, 2013clause 5 of the bill seeks to amend section 10 of the incometax act relating to incomes not included in total incomeunder the existing provisions contained in clause (23c) of the aforesaid section, exemption is provided in respect of income of university or other educational institutions, hospital or any other institution mentioned therein, if such university or other educational institution, hospital or any other institution are wholly or substantially financed by the governmentit is proposed to amend the aforesaid clause so as to insert an explanation to provide that any  university or other educational institution, hospital or other institution referred therein, shall be considered as being substantially financed by the government for any previous year, if the government grant to such university or other educational institution, hospital or other institution exceeds such percentage of the total receipts including any voluntary  contributions as may be prescribed, of such  university or other educational institution, hospital or other institution, as the case may be, during the relevant previous yearit is further proposed to amend the said clause to provide that where the fund or institution referred to in sub-clause (iv) or trust or institution referred to in sub-clause (v) or any university or other educational institution referred to in sub-clause (vi) or any hospital or other medical institution referred to in sub-clause(via), has been notified by the central government or approved by the prescribed authority and the notification or the approval is in force for any previous year, then nothing contained in any other provision of this section [other than clause (1) thereof] shall operate to exclude any income received on behalf of such fund or trust or institution or university or other educational institution or hospital or other medical institution, as the case may be, from the total income of the person in receipt thereof for that previous year it is also proposed to provide that income for the purposes of application shall be determined without any deduction or allowance by way of depreciation or otherwise in respect of any asset, acquisition of which has been claimed as an application of income under clause (23c) of  section 10 or section 11 in any previous year it is proposed to insert a new clause (23fc) in section 10 so as to provide that any income of   a business trust by way of interest   received or receivable from a special purpose vehicle would not be included in the total income of the trust it is further proposed to define the term "special purpose vehicle" to mean an indian company in which the business trust holds controlling interest and any specific percentage of  shareholding or interest, as may be required by the regulations under which such trust is granted registrationit is proposed to insert a new clause (23fd) in section 10 so as to provide that any distributed income, referred to in section 115ua, received by a unit holder from the business trust, not being that proportion of the income which is of the same nature as the income referred to in clause (23fc) of this section, shall not be included in the total income of such unit holderit is proposed to amend clause (38) of section 10 so as to provide that the provisions of the said clause shall also be applicable to units of a business trust as it is applicable to units of an equity oriented fund it is also proposed to provide that the provisions of this clause shall not apply in respect of any income arising from transfer of any units of a business trust which were acquired in consideration of a transfer referred to in clause (xvii) of section 47these amendments will take effect from 1st april, 2015 and will, accordingly, apply in relation to the assessment year 2015- 16 and subsequent yearsclause 6 of the bill seeks to amend section 10aa of the income-tax act, relating to special provision in respect of newly established units in special economic zones the existing provisions contained in aforesaid section 10aa, inter alia, provide for a deduction in respect of the profits and gains derived from the export of articles or things or from providing services  it is proposed to amend the said section 10aa by inserting a new sub-section (10) so as to provide that where deduction under section 10aa has been availed by any specified business for any assessment year, no deduction under section 35ad shall be allowed in relation to such specified business for the same or any other assessment yearthis amendment will take effect from 1st april, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent yearsclause 7 of the bill seeks to amend section 11 of the incometax act relating to income from property held for charitable or religious purposesthe existing provisions of the aforesaid section contain a primary condition that for grant of exemption in respect of income derived from property held under trust, such income should be applied for the charitable purposes in india, and where such income cannot be so applied during the previous year, it has to be accumulated in the prescribed modesit is proposed to insert sub-sections (6) and (7) in the said section so as to provide that––(i) where  any income is required to be applied or accumulated or set apart for application, then,  for such purposes  the  income  shall be determined without any deduction or allowance by way of depreciation or otherwise in respect of any asset,  acquisition of  which has been claimed as an application of income under this section  in any previous year, and(ii) where a trust or an institution has been granted registration under clause (b) of sub-section (1) of section12aa or has obtained registration at any time under section12a [as it stood before its amendment by the finance (no 2) act, 1996] and the said registration is in force for any previous year, then, nothing contained in section 10 [other than clause (1) and clause (23c) thereof] shall operate to exclude any income derived from the property held under trust from the total income of the person in receipt thereof for that previous yearthis amendment will take effect from 1st  april, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent yearsclause 8 of the bill seeks to amend section 12a of the incometax act relating to conditions for applicability of sections 11 and 12under the existing provisions of aforesaid section 12a, conditions to be fulfilled by a trust or an institution before it can claim exemption have been provided under sections 11 and 12 of the act it is provided that before any benefit of exemption is claimed, the trust or institution should apply for registration under section 12aa and only after such registration has been granted such trust or institution shall be eligible to claim the benefit of such exemption in case of trusts or institutions which apply for registration after the 1st day of june, 2007, the registration shall be effective only for the assessment years following the financial year in which application has been madeit is proposed to amend the said section so as to provide that once a registration under section 12aa is granted to a charitable organisation in a financial year, then, such registration would also entitle the entity for the benefits of sections 11 and 12 in cases for prior years where the  assessment proceedings are pending before the assessing officer on the date of registration, if the objects and the activities are the same which have been considered by the commissioner while granting registrationno action under section 147 shall be taken by the assessing officer in case of such trust or institution for any assessment year preceding first assessment year for which the registration applies, merely for the reason that such trust or institution has not obtained registration under section 12aa for the said assessment yearfurther, the above benefits would not be available where the registration to the trust or institution has been refused or cancelled by the commissioner at any timethese amendments will take effect from 1st october, 2014 clause 9 of the bill seeks to amend section 12aa of the income-tax act relating to procedure for registrationunder the existing provisions contained in sub-section (3) of the aforesaid section, where a trust or an institution has been granted registration and subsequently the commissioner is satisfied that the activities of such trust or institution are not genuine or are not being carried out in accordance with the objects of the trust or institution, as the case may be, then he shall pass an order in writing, cancelling the registration of such trust or institutionit is proposed to insert a new sub-section (4) in section 12aaso as to provide that where a trust or an institution has been granted registration and subsequently it is noticed that the activities of the trust or the institution are being carried out in a manner that the provisions of sections 11 and 12 do not apply to exclude either whole or any part of the income of such trust or institution due to operation of sub-section (1) of section 13, then the commissioner or principal commissioner may by order in writing cancel the registration of such trust or institution  however, the registration shall not be cancelled under the said subsection, if the aforesaid trust or institution proves that there was a reasonable cause for the activities to be carried out in the said mannerthis amendment will take effect from 1st october, 2014 clause 10 of the bill seeks to amend section 24 of the income-tax act relating to deductions from income from house propertythe existing provisions contained in section 24 provide that income chargeable under the head "income from house property" shall be computed after making a deduction of a sum equal to thirty per cent of the annual value and where the property is acquired with borrowed capital, the amount of any interest payable on such capital  the second proviso to clause (b) of the said section, inter alia, provides that in case of a self-occupied property where the acquisition or construction of the property is completed within three years from the end of financial year in which the capital is borrowed, the amount of deduction under that clause shall not exceed one lakh fifty thousand rupeesit is proposed to amend the second proviso to clause (b) of section 24, so as to increase the limit of deduction on account of interest in respect of property referred to in sub-section (2) of section 23 to two lakh rupeesthis amendment will take effect from 1st  april, 2015 and, will accordingly apply, in relation to the assessment year 2015-16 and subsequent yearsclause 11 of the bill seeks to amend section 32ac of the income-tax act relating to investment in new plant or machinerythe existing provisions contained in sub-section (1) of aforesaid section provide that where an assessee, being a company, engaged in the business of manufacture or production of any article or thing, acquires and installs new asset after the 31st day of march, 2013 but before the 1st day of april, 2015 and the aggregate amount of actual cost of such new assets exceeds one hundred crore rupees, then, there shall be allowed a deduction,— (a) for the assessment year commencing on the1st april, 2014, of a sum equal to fifteen per cent of the actual cost of new assets acquired and installed after the 31st march, 2013 but before the 1st april, 2014, if the aggregate amount of actual cost of such new assets exceeds one hundred crore rupees; and (b) for the assessment year commencing on the1st april, 2015, of a sum equal to fifteen per cent of the actual cost of new assets acquired and installed after the 31st march, 2013 but before the 1st april, 2015, as reduced by the amount of deduction allowed, if any, under clause (a)it is proposed to insert a new sub-section (1a) in section32ac so as to provide that where an assessee, being a company, engaged in the business of manufacture or production of any article or thing, acquires and installs new asset and the amount of actual cost of the new assets acquired and installed during any previous year exceeds twenty-five crore rupees, then, there shall be allowed a deduction of a sum equal to fifteen per cent of the actual cost of such new assets for the assessment year relevant to that previous yearit is further proposed to insert a proviso so as to provide that no deduction under sub-section (1a) shall be allowed for the assessment year beginning on the 1st day of april, 2015 to the assessee who is eligible to claim deduction under sub-section (1) of the said section for the said assessment yearit is also proposed to insert a new sub-section (1b) in the said section 32ac so as to provide that no deduction under subsection (1a) shall be allowed for any assessment year commencing on or after the 1st day of april, 2018sub-section (2) of the aforesaid section provides that if any new asset acquired and installed by the assessee is sold or otherwise transferred, except in connection with the amalgamation or demerger, within a period of five years from the date of its installation, the amount of deduction allowed under sub-section (1) in respect of such new asset shall be deemed to be the income of the assessee chargeable under the head "profits and gains of business or profession" of the previous year in which such new asset is sold or otherwise transferred, in addition to taxability of gains, arising on account of transfer of such new assetit is proposed to amend sub-section (2) of  section 32ac to make a reference to sub-section (1a) so as to bring the assessee under the said newly inserted sub-section into the purview of said sub-section (2)these amendments will take effect from 1st april, 2015 and will, accordingly, apply in relation to the assessment year 2015- 16 and subsequent yearsclause 12 of the bill seeks to amend section 35ad of the income-tax act relating to deduction in respect of expenditure on specified businessthe existing provisions contained in section 35ad, inter alia, provide a deduction in respect of any expenditure of capital nature incurred, other than expenditure incurred on the acquisition of any land or goodwill or financial instrument, wholly and exclusively for the purposes of any specified business carried on by the assessee during the previous year in which such expenditure is incurred   the said section also provides that deduction under the provisions of chapter vi-a under the heading "c––deductions in respect of certain incomes" shall not be available to any specified business which has claimed deduction under the said sectionit is proposed to amend sub-section (3) of the aforesaid section so as to provide that no deduction shall be allowed to the specified business under section 10aa for any assessment year if such specified business has claimed any deduction under section 35adit is further proposed to insert new clauses (ai) and (aj) in sub-section (5) of the aforesaid section to specify that the date of commencement of operation shall be on or after the 1st april, 2014 where the specified business is in the nature of laying and operating a slurry pipeline for the transportation of iron ore or in the nature of setting up and operating a semi-conductor wafer fabrication manufacturing unit and which is notified by the board in accordance with such guidelines as may be prescribedit is also proposed to insert a new sub-section (7a) in section35ad so as to provide that any asset in respect of which a deduction is claimed and allowed under this section shall be used only for the specified business, for a period of eight years beginning with the previous year in which such asset is acquired or constructed it is also proposed to insert a new sub-section (7b) in the aforesaid section so as to provide that where any asset, in respect of which a deduction is claimed and allowed under this section is used for a purpose other than the specified business during the period specified in sub-section (7a) otherwise than by way of a mode referred to in clause (vii) of section 28, the total amount of deduction so claimed and allowed in one or more previous years, as reduced by the amount of depreciation allowable in accordance with the provisions of section 32 as if no deduction under said section 35ad was allowed, shall be deemed to be the income of the assessee chargeable under the head "profits and gains of business or profession" of the previous year in which the asset is so usedit is also proposed to insert a new sub-section (7c) in the aforesaid section so as to provide that nothing contained in sub-section (7b) shall apply to a company which has become a sick industrial company under sub-section (1) of section 17 of the sick industrial companies (special provisions) act, 1985, during the period specified in sub-section (7a)it is also proposed to amend sub-section (8) of section 35adso as to include the following businesses as specified business for the purposes of deduction under this section,–(i) laying and operating a slurry pipeline for the transportation of iron ore;(ii)  setting up and operating a semi-conductor wafer fabrication manufacturing unit notified by the board in accordance with the prescribed guidelinesthese amendments will take effect from 1st april, 2015 and will, accordingly, apply in relation to the assessment year 2015- 16 and subsequent assessment yearsclause 13 of the bill seeks to amend section 37 of the income-tax act relating to general expenditurethe existing provisions contained in sub-section (1) of the aforesaid section provide that any expenditure (not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head "profits and gains of business or profession"it is proposed to insert a new explanation in sub-section (1)of section 37 so as to clarify that for the purposes of sub-section (1) of the said section, any expenditure incurred by an assessee on the activities relating to corporate social responsibility referred to in section 135 of the companies act, 2013 shall not be deemed to be an expenditure incurred by the assessee for the purposes of the business or professionthis amendment will take effect from 1st april, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent yearsclause  14  of the bill seeks to amend section 40 of the income-tax act relating to amounts not deductiblethe provisions of section 40 specify the amounts which shall not be deducted in computing the income chargeable under the head "profits and gains of business or profession"the existing provisions contained in sub-clause (i) of clause(a) of aforesaid section provide that payment of any sum by way of interest (not being interest on a loan issued for public subscription before the 1st day of april, 1938), royalty, fees for technical services or other sum chargeable under this act which are payable outside india or in india to a non-resident, not being a company or a foreign company on which tax is deductible under chapter xvii-b, shall be disallowed in case of nondeduction of tax or non-payment of tax after deduction during the previous year, or in the subsequent year before the expiry of time prescribed under sub-section (1) of section 200it is proposed to amend sub-clause (i) of clause (a) of aforesaid section to provide that disallowance under the said sub-clause will be attracted, if, after deduction of tax during the previous year, the same has not been paid on or before the due date of filing of return of income specified in sub-section (1) of section 139the existing proviso to the aforesaid sub-clause provides that where in respect of any such sum, tax has been deducted in any subsequent year or, has been deducted in the previous year but paid in any subsequent year after the expiry of the time prescribed under sub-section (1) of section 200, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paidit is proposed to substitute the said proviso so as to provide that where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted during the previous year but paid after the due date specified in sub-section (1) of section 139, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paidthe existing provisions contained in sub-clause (ia) of clause(a) of the aforesaid section provide that payment of any sum by way of interest, commission or brokerage, rent, royalty, fees for professional services or fees for technical services payable to a resident on which tax is deductible under chapter xvii-b, or amounts payable to a contractor or sub-contractor, being resident, for carrying out any work (including supply of labour for carrying out any work) on which tax is deductible under chapter xvii-b, shall be disallowed in case of non-deduction of tax or after deduction if the same is not paid on or before the due date of filing of return of income specified in sub-section (1) of section 139it is further proposed to amend sub-clause (ia) of clause (a)of aforesaid section to provide that disallowance under the said sub-clause shall be restricted to thirty per cent and the provisions of this section shall be applicable to all expenditure, which is payable to a resident, on which tax is deductible under the subheading "b-deduction at source" of chapter xviithe existing provisions contained in first proviso of sub-clause (ia) of clause (a) of aforesaid section provide that where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted during the previous year but paid after the due date specified in sub-section (1) of section 139, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paidit is also proposed to amend first proviso of sub-clause (ia)of clause (a) of aforesaid section to provide that where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted during the previous year but paid after the due date specified in sub-section (1) of section 139, thirty per cent of such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paidthese amendments will take effect from 1st april, 2015 and will, accordingly, apply in relation to the assessment year 2015- 16 and subsequent yearsclause 15 of the bill seeks to amend section 43 of the incometax act relating to definitions of certain terms relevant to income from profits and gains of business or professionthe existing provisions contained in clause (5) of section 43define the term speculative transaction  the proviso to the said clause (5) excludes certain category of transactions as speculative transactions  clause (e) of the said proviso provides that eligible transaction in respect of trading in commodity derivatives carried out in a recognised association shall not be considered to be a speculative transactionit is proposed to amend clause (e) of the said proviso so as to provide that eligible transaction in respect of trading in commodity derivatives carried out in a recognised association which is chargeable to commodities transaction tax under chapter vii of the finance act, 2013 shall not be considered to be a speculative transactionthis amendment will take effect retrospectively from 1st april,2014 and, will accordingly, apply in relation to the assessment year 2014-15 and subsequent assessment yearsclause 16 of the bill seeks to amend section 44ae of the income-tax act, relating to special provision for computing profits and gains of business of plying, hiring or leasing goods carriagesunder the existing provisions contained in sub-section (1) of the aforesaid section, in the case of an assessee, who owns not more than ten goods carriages and who is engaged in the business of plying, hiring or leasing such goods carriages, the income of such business chargeable to tax under the head "profits and gains of business or profession" is deemed to be the aggregate of the profits and gains from all the goods carriages owned by him in the previous year  sub-section (2) of the aforesaid section inter alia provides that in the case of heavy goods vehicles, the profits and gains from each such goods carriages shall be deemed to be an amount equal to five thousand rupees, and four thousand five hundred rupees in the case of vehicles other than heavy goods vehicles, for every month or part of a month during which the vehicles are owned by the assessee or an amount higher than the aforesaid amount as declared by him in his return of incomeit is proposed to substitute the said sub-section (2) so as to provide that for the purposes of sub-section (1) amount of profit and gains for all types of goods carriages shall be seven thousand five hundred rupees per month or part of a month for each goods carriage or the amount claimed to be actually earned by the assessee, whichever is higherit is further proposed to make consequential amendment in the explanation to said section to omit the reference to heavy goods vehiclethese amendments will take effect from 1st april, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent yearsclause 17 of the bill seeks to amend section 45 of the income-tax act relating to capital gainsthe existing provisions contained in section 45 provide for charging of any profits or gains arising from transfer of a capital asset  sub-section (5) provides for taxation of capital gains arising from transfer by way of compulsory acquisition, where the compensation is enhanced or further enhanced by a court, tribunal or other authority  clause (b) of the said sub-section provides that where the amount of compensation is enhanced by any court, tribunal or other authority, it shall be deemed to be income chargeable of the previous year in which amount is received by the assesseeit is proposed to insert a proviso to said clause (b) of sub-section (5) of the aforesaid section, so as to provide that any amount of compensation received in pursuance of an interim order of a court, tribunal or other authority shall be deemed to be income chargeable under the head "capital gains" of the previous year in which the final order of such court, tribunal or other authority is madethis amendment will take effect from 1st april, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent yearsclause 18 of the bill seeks to amend section 47 of the income-tax act relating to transactions not regarded as transferthe existing provision contained in section 47 provides that certain transactions shall not be considered as transfer for the purpose of charging capital gainsit is proposed to insert a new clause (viib) in the said section so as to provide that any transfer of a capital asset, being a government security carrying a periodic payment of interest, made outside india through an intermediary dealing in settlement of securities, by a non-resident to another non-resident shall not be considered as transfer for the purpose of charging capital gains  it is also proposed to define the term "government security"it is further proposed to amend the said section by inserting a new clause (vii) so as to provide that any transfer of a capital asset, being share of a special purpose vehicle, to a business trust in exchange of units allotted by that  trust to the transferor shall not be regarded as transfer for the purposes of section 45 the special purpose vehicle will have the same meaning as provided in explanation to clause (23fc) of section 10this amendment will take effect from 1st april, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent yearsclause 19 of the bill seeks to amend section 48 of the income-tax act relating to mode of computationthe existing provisions contained in section 48 prescribe the mode of computation of income chargeable under the head capital gains clause (v) of the explanation to the said section defines the term "cost inflation index" in relation to the previous year, means index as may be prescribed having regard to seventyfive per cent of average rise in the consumer price index for urban non-manual employees for the immediately preceding previous year to such previous yearit is proposed to amend the said clause so as to provide that"cost inflation index" in relation to the previous year, means index as may be prescribed having regard to seventy-five per cent of average rise in the consumer price index (urban) for the immediately preceding previous year to such previous yearthis amendment will take effect from 1st april, 2016 and will, accordingly, apply in relation to the assessment year 2016-17 and subsequent assessment yearsclause 20 of the bill seeks to amend section 49 of the incometax act relating to cost with reference to certain modes of acquisition the existing provisions of the aforesaid section provide for the ways of determining cost with reference to certain modes of acquisitionit is proposed to amend section 49 so as to provide that where the capital asset, being a unit of a business trust, became the property of the assessee in consideration of a transfer referred to in clause (xvii) of section 47, the cost of acquisition of the asset shall be deemed to be the cost of acquisition to him of the share referred to in the said clausethis amendment will take effect from 1st april, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent yearsclause 21 of the bill seeks to amend section 51 of the income-tax act relating to advance money receivedthe existing provisions contained in section 51 provide that where any capital asset was on any previous occasion the subject of negotiations for its transfer, any advance or other money received and retained by the assessee in respect of such negotiations shall be deducted from the cost for which the asset was acquired or the written down value or the fair market value, as the case may be, in computing the cost of acquisitionit is proposed to  insert a proviso in the said section, so as to provide that where any sum of money received as an advance or otherwise in the course of the negotiations for transfer of a capital asset has been included in the  total income of the assessee for any previous year in accordance with the provisions of clause (ix) of sub-section (2) of section 56, then, such sum shall not be deducted from the cost for which the asset was acquired or the written down value or the fair market value, as the case may be, in computing the cost of acquisitionthis amendment will take effect from 1st april, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent yearsclause 22 of the bill seeks to amend section 54 of the incometax act relating to profit on sale of property used for residencethe existing provisions contained in sub-section (1) of section 54 provide that where capital gain arises from the transfer of a long-term capital asset, being a residential house, and the assessee within a period of one year before or two years after the date of transfer purchases, or within a period of three years after the date of transfer constructs, a residential house then the amount of capital gains to the extent invested in the new residential house is exemptedit is proposed to amend the aforesaid sub-section so as to provide that the exemption is available, if the investment is made in purchase or construction of one residential house situated in indiathis amendment will take effect from 1st april, 2015 and will, accordingly, apply in relation to assessment year 2015-16 and subsequent yearsclause 23 of the bill seeks to amend section 54ec of the income-tax act relating to capital gain not to be charged on investment in certain bondsthe existing provisions contained in sub-section (1) of section 54ec provide that where capital gain arises from the transfer of a long-term capital asset and the assessee has within a period of six months invested the whole or part of capital gains in the long-term specified asset, the proportionate capital gains so invested in the long-term specified asset out of total capital gain shall not be charged to tax the proviso to the said sub-section provides that the investment made in the long-term specified asset during any financial year shall not exceed fifty lakh rupeesit is proposed to insert a proviso below first proviso in said sub-section (1) so as to provide that the investment made by an assessee in the long-term specified asset, from capital gains arising from transfer of one or more original assets, during the financial year in which the original asset or assets are transferred and in the subsequent financial year does not exceed fifty lakh rupeesthis amendment will take effect from 1st april, 2015 and will, accordingly, apply in relation to assessment year 2015-16 and subsequent yearsclause 24 of the bill seeks to amend section 54f of the income-tax act relating to capital gain on transfer of certain capital assets not to be charged in case of investment in residential housethe existing provisions contained in sub-section (1) of section 54f provide that  where capital gain arises from transfer of a long-term capital asset, not being a residential house, and the assessee within a period of one year before or two years after the date of transfer purchases, or within a period of three years after the date of transfer constructs, a residential house then the portion of capital gains in the ratio of cost of new asset to the net consideration received on transfer is exemptedit is proposed to amend the aforesaid sub-section so as to provide that the exemption is available if the investment is made in purchase or construction of one residential house situated in indiathis amendment will take effect from 1st april, 2015 and will, accordingly, apply in relation to assessment year 2015-16 and subsequent yearsclause 25 of the bill seeks to amend section 56 of the income-tax act relating to income from other sourcesit is proposed to insert a new clause (ix) in sub-section (2) of the aforesaid section so as to provide that where any sum of money, received as an advance or otherwise in the course of the negotiations for transfer of a capital asset, is forfeited and the negotiations do not result in transfer of such capital asset, then, such sum shall be chargeable to income-tax under the head "income from other sources"this amendment will take effect from 1st april, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent yearsclause 26 of the bill seeks to amend section 73 of the incometax act relating to losses in speculation businessthe existing provisions of section 73 provide that losses incurred in respect of a speculation business cannot be set off or carried forward and set off except against the profits of any other speculation business explanation to section 73 provides that in case of a company deriving its income mainly under the head business (other than a company whose principal business is business of banking or granting of loans and advances), and where any part of its business consists of purchase or sale of shares such business shall be deemed to be speculation business for the purpose of this sectionit is proposed to amend the said  explanation to section 73so as to provide that the provisions of the said explanation shall also not be applicable to a company the principal business of which is the business of trading in sharesthis amendment will take effect from 1st april, 2015 and will, accordingly, apply in relation to assessment year 2015-16 and subsequent yearsclause 27 of the bill seeks to amend section 80c of the income-tax act relating to deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etcthe existing provisions of sub-section (1) of section 80cprovide that in computing the total income of an assessee, being an individual or a hindu undivided family, there shall be deducted, in accordance with and subject to the provisions of the said section, the whole of the amount paid or deposited in the previous year, being the aggregate of the sums referred to in sub-section (2), as does not exceed one lakh rupeesit is proposed to amend sub-section (1) so as to raise the limit of deduction from one lakh rupees to one hundred and fifty thousand rupeesthis amendment will take effect from 1st april, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent yearsclause 28 of the bill seeks to amend section 80ccd of the income-tax act relating to deduction in respect of contribution to pension scheme of central governmentthe existing provisions contained in sub-section (1) of section 80ccd, inter alia, provide that in the case of an individual, employed by the central government or any other employer on or after 1st january, 2004, who has in the previous year paid or deposited any amount in his account under a pension scheme notified or as may be notified by the central government, a deduction of such amount not exceeding ten per cent of salary is allowed  this is subject to a limit of one lakh rupees provided under section 80cceit is proposed to amend sub-section (1) of the said section so as to provide that an individual employed by the central government on or after 1st january, 2004 or, being an individual employed by any other employer shall be allowed a deduction of the amount deposited by him in his account under a pension scheme notified or as may be notified by the central government to the extent it does not exceed ten per cent of his salaryit is further proposed to insert new sub-section (1a) so as to provide that the amount of deductions under sub-section (1) shall not exceed one hundred thousand rupeesthese amendments will take effect from 1st april, 2015 and will, accordingly, apply in relation to the assessment year 2015- 16 and subsequent yearsclause 29 of the bill seeks to amend section 80cce of the income-tax act relating to limit on deductions under sections80c, 80ccc and 80ccdthe existing provisions contained in the aforesaid section provide that the aggregate amount of deduction under section 80c, section 80ccc and section 80ccd shall not exceed one lakh rupeesit is proposed to amend section 80cce so as to raise the limit of deduction from one lakh rupees to one hundred and fifty thousand rupeesthis amendment will take effect from 1st april, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent yearsclause 30 of the bill seeks to amend section 80-ia of the income-tax act relating to deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc   the existing provisions contained in clause (iv) of sub-section (4) of section 80-ia provide that a deduction shall be allowed to an undertaking which,– (a) is set up in any part of india for the generation or generation and distribution of power if it begins to generate power at any time during the period beginning on 1st april, 1993 and ending on 31st march, 2014; (b) starts transmission or distribution by laying a network of new transmission or distribution lines at any time during the period beginning on 1st april, 1999 and ending on 31st march, 2014; (c)  undertakes substantial renovation and modernisation of the existing network of transmission or distribution lines at any time during the period  beginning on 1st april, 2004 and ending on 31st march, 2014  it is proposed to amend sub-clauses (a), (b) and (c) of  clause(iv) of the said sub-section so as to extend the time limit from 31st march, 2014 to 31st march, 2017  these amendments will take effect from 1st april, 2015 and will, accordingly, apply in relation to the assessment year 2015- 16 and subsequent yearsclause 31 of the bill seeks to amend section 92b of the income-tax act relating to meaning of international transactionthe existing provisions of section 92b provide for the meaning of "international transaction" for the purposes of applicability of transfer pricing regime sub-section (1) defines international transaction as a transaction between two or more associated enterprises, either or both of whom are non-residents, in the nature of purchase, sale or lease of tangible or intangible property or provision of services  or lending or borrowing of money or any transaction having a bearing on profits, income, losses or assets of such enterprisessub-section (2) of the said section provides for deeming of a transaction between an enterprise and unrelated third party as a transaction between two associated enterprises subject to the condition that there exists a prior agreement in relation to the relevant transaction between the third party and associated enterprise or the terms of the relevant transaction are determined in substance between such third party and the associated enterprise it is proposed to amend the said sub-section (2) so as to provide that the relevant transaction shall be deemed to be  an international transaction, where the enterprise or the associated enterprise or both of them are non-residents irrespective of whether such other person is a non-resident or notthis amendment will take effect from 1st  april, 2015 and will, accordingly, apply in relation to the assessment year 2015-16and subsequent yearsclause 32 of the bill seeks to amend section 92cc of the income-tax act relating to advance pricing agreementthe existing provisions of section 92cc empowers the board to enter into an advance pricing agreement, with the approval of the central government, with any person for determining arm's length price or specifying the manner in which arm's length price is to be determined in relation to an international transaction which is to be entered into by such person the agreement entered into is valid for a period, not exceeding five previous years, as may be mentioned in the agreement once the advance pricing agreement is entered into, the arm's length price of the international transaction, which is the subject matter of the same, is determined in accordance with such agreement sub-section (9) of the said section empowers the board to prescribe the scheme specifying therein the manner, form, procedure and any other matter generally in respect of advance pricing agreementit is proposed to insert a new sub-section (9a) in section92cc to provide that an advance pricing agreement may, subject to such conditions, procedure and manner as may be prescribed, provide for determining the arm's length price or specify the manner in which arm's length price shall be determined in relation to an international transaction entered into by the person during any period not exceeding four previous years preceding the first of the previous year for which the agreement applies in case of future transactions it is further provided that where such agreement provides for determination in respect of past transactions, the arm's length price of such transactions shall be determined in accordance with the agreementthis amendment will take effect from 1st october, 2014 clause 33 of the bill seeks to amend section 111a of the income-tax act relating to tax on short-term capital gains in certain cases the provisions of sub-section (1) of section 111a provide for the levy of tax at concessional rate of fifteen per cent in certain casesit is proposed to amend the said sub-section so as to provide that the concessional rate of tax shall apply to the transfer of a unit of a business trust as they apply in case of a unit of an equity oriented fund it is further proposed that the provisions of this sub-section shall not apply in respect of any income arising from transfer of units of a business trust which were acquired by the assessee in consideration of a transfer referred to in clause (xvii) of section 47this amendment will take effect from 1st april, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent yearsclause 34 of the bill seeks to amend section 112 of the income-tax act relating to tax on long-term capital gainsthe existing provisions contained in section 112 provide for tax payable in the case of income arising from the transfer of a long-term capital asset  the proviso to sub-section (1) provides that where the tax payable in respect of any income arising from transfer of a long-term capital asset, being listed securities or unit or zero coupon bond exceeds ten per cent of the amount of capital gains without indexation adjustment, such excess shall be ignoredit is proposed to amend the aforesaid proviso so as to provide that where the tax payable in respect of any income arising from transfer of a long-term capital asset being listed securities (other than a unit) or zero coupon bond exceeds ten per cent of the amount of capital gains without indexation adjustment, such excess shall be ignoredthis amendment will take effect from 1st  april, 2015 and will, accordingly, apply in relation to the assessment year 2015-16and subsequent yearsclause 35 of the bill seeks to amend section 115a of the income-tax act, relating to tax on dividends, royalty and technical service fees in the case of foreign companiesthe existing provisions of sub-section (1) of section 115aprovide the rates at which income-tax shall be payable, where a total income of non-resident (not being a company) or a foreign company, includes any income by way of dividends (other than dividends referred to in section 115-o); or interest received from government or an indian concern or monies borrowed or debt incurred by the government or the indian concern in foreign currency; or interest received from an infrastructure debt fund referred to in clause (47) of section 10; or income received in respect of units, purchased in foreign currency, of a mutual fund specified under clause (23d) of section 10 or the unit trust of indiait is proposed to amend clause (a) of sub-section (1) of section115a to insert a new sub-clause (iiac) so as to provide that where the total income of a non-resident (not being a company) or a foreign company includes distributed income being interest referred to in sub-section (2) of section194lba such income shall be taxable at the rate of five per centit is further proposed to make consequential amendments in item (ba) and item (d) of clause (a) of sub-section (1) of section 115athese amendments will take effect from 1st april, 2015 and will, accordingly, apply in relation to the assessment year 2015- 16 and subsequent yearsclause 36 of the bill seeks to amend section 115bbc of the income-tax act relating to anonymous donations to be taxed in certain casesthe existing provisions of section 115bbc of the income-tax act provide for computation of income-tax payable by an assessee, being a person in receipt of income on behalf of any university or other educational institution referred to in sub-clause (iiiad) or sub-clause (vi) or any hospital; or other institution referred to in sub-clause (iiiae) or sub-clause (via) or any fund or institution referred to in sub-clause (v) of clause (23c) of  section 10 or any trust or institution referred to in section 11, where such income includes any income by way of anonymous donationit is proposed to amend clause (ii) of the said section to provide that the income-tax payable shall be the aggregate of-(i) the amount of income-tax calculated at the rate of thirty per cent on the aggregate of anonymous donations received in excess of the higher of the following, namely:–(a) five per  cent of the total donations received by the assessee; or (b) one lakh rupees; and(ii) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the aggregate of the anonymous donations received in excess of the amount referred to in sub-clause (a) or sub-clause (b) of clause (i), as the case may bethis amendment will take effect from 1st april, 2015 and will, accordingly, apply in relation to the assessment year 2015-16and subsequent yearsclause 37 of the bill seeks to amend section 115bbd of the income-tax act relating to tax on certain dividends received from foreign companiesthe existing provisions of the aforesaid section provide that where the total income of an assessee, being an indian company, for the previous year relevant to the assessment year beginning on the 1st day of april, 2012 or beginning on the 1st day of april, 2013 or beginning on the 1st day of april, 2014, includes any income by way of dividends declared, distributed or paid by a specified foreign company, the income-tax payable shall be the aggregate of the amount of income-tax calculated on the income by way of such dividends at the rate of fifteen per cent and the amount of income-tax with which the assessee would have been chargeable had its total income been reduced by the amount of aforesaid income by way of dividends  it is further provided that no deductions in respect of any expenditure or allowance shall be allowed for computing its income by way of dividendit is proposed to amend section 115bbd to provide that the provisions of taxation of foreign dividends shall continue to apply to foreign dividends received during the financial year 2014-15 and subsequent yearsthis amendment will take effect from 1st april, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent yearsclause 38 of the bill seeks to amend section 115jc of the income-tax act relating to the provisions for payment of tax by certain persons other than a company the existing provisions of section 115jc provide that the total income shall be increased by deductions claimed under part c of chapter vi-a and deductions claimed under section 10aa to arrive at adjusted total income it is proposed to insert a new clause (iii) in sub-section (2)so that the total income shall be increased by the deduction claimed under section 35ad as reduced by the amount of depreciation allowable in accordance with the provisions of section 32 to arrive at adjusted total incomethese amendments will take effect from 1st april, 2015 and will, accordingly, apply in relation to the assessment year 2015- 16 and subsequent yearsclause 39 of the bill seeks to amend section 115jee of the income-tax act relating to application of the chapter xii-ba to certain persons the existing provisions of sub-section (1) of section 115jeeprovide that the chapter shall be applicable to any person who has claimed a deduction under part c of chapter vi-a or claimed a deduction under section 10aa  further the present provisions of sub-section (2) of section 115jee provide that the chapter shall not be applicable to an individual or an hindu undivided family or an association of persons or a body of individuals, whether incorporated or not, or an artificial juridical person, if the adjusted total income does not exceed twenty lakh rupees  it is proposed to insert a new clause (c) in sub-section (1)so as to apply the chapter to a person who has claimed deduction under section 35adit is further proposed to insert a new sub-section (3) in section115jee so as to provide that notwithstanding anything contained in sub-section (1) or sub-section (2), the credit for tax paid under section 115jc shall be allowed in accordance with the provisions of section 115jdthese amendments will take effect from 1st april, 2015 and will, accordingly, apply in relation to the assessment year 2015- 16 and subsequent yearsclause 40 of the bill seeks to amend section 115-o of the income-tax act relating to tax on distributed profits of domestic companiessub-section (1) of the said section provides that any amount declared, distributed or paid by a domestic company by way of dividends shall be charged to additional income-tax at the rate of fifteen per centit is proposed to amend the aforesaid section so as to provide that for the purposes of determining the tax on distributed profits payable in accordance with the said section, any amount by way of dividends referred to in sub-section (1) as reduced by the amount referred to in sub-section (1a) of the said section [referred to as net distributed profits], shall be increased to such amount as would, after reduction of the tax on such increased amount at the rate specified in sub-section (1), be equal to the net distributed profitsthis amendment will take effect from 1st october, 2014 clause 41 of the bill seeks to amend section 115r of the income-tax act relating to tax on distributed income to unit holderssub-section (2) of aforesaid section provides that  any amount of income distributed by the specified company or a mutual fund to its unit holder shall be charged to additional income-tax at the rate of twenty-five per cent, where the income is distributed to any person being an individual or a hindu undivided family, and at the rate of thirty per cent on income distributed to any person other than an individual or a hindu undivided family  it is further provided that an additional tax at the rate of five per cent shall be levied in case of income distributed by a mutual fund under an infrastructure debt fund scheme to a person who is nonresidentit is proposed to amend the said section to provide that for the purposes of determining the additional income-tax payable in accordance with said sub-section (2), the amount of distributed income, referred to therein, shall be increased to such amount as would, after reduction of the additional income-tax on such increased amount at the rate specified in sub-section (2), be equal to the amount of income distributed by the mutual fundthis amendment will take effect from 1st october, 2014 the existing provisions contained in sub-section (3a) of section 115r provide that the person responsible for making payment of the income distributed by the unit trust of india or a mutual fund and the unit trust of india or the mutual fund, as the case may be, shall on or before the 15th september in each year, furnish to the prescribed income-tax authority, a statement in the prescribed form and verified in the prescribed manner, giving the details of the amount of income distributed to unit holders during the previous year, the tax paid thereon and such other relevant details as may be prescribedit is proposed to omit sub-section (3a) of the aforesaid section115rthis amendment will take effect from 1st april, 2015 clause 42 of the bill seeks to amend section 115ta of the income-tax act relating to tax on distributed income to investorsthe existing provisions contained in sub-section (3) of section 115ta provides that the person responsible for making payment of the income distributed by the securitisation trust shall,  on or before the 15th september in each year, furnish to the prescribed income-tax authority, a statement in the prescribed form and verified in the prescribed manner, giving the details of the amount of income distributed to investors during the previous year, the tax paid thereon and such other relevant details as may be prescribedit is proposed to omit sub-section (3) of the aforesaid section115tathis amendment will take effect from 1st april, 2015 clause 43 of the bill seeks to insert a new chapter xii-fa in the income-tax act which deals with "special provisions relating to business trusts"the said chapter proposes–(a) to provide that the distributed income in the hands of the unit holders will be of the same nature and in the same proportion as the income in the hands of the trust;(b) to provide that the total income of the trust other than capital gain would be taxed in the hands of the trust at the maximum margin rate and capital gain would be taxed in accordance with sections 111a and 112;(c) to provide that any distributed income or part thereof received by a unit holder from the business trust  is of the same nature as the income referred to in clause (23fc) of section 10, then, such distributed income or part thereof shall be deemed to be the income of such unit holder and shall be charged to tax as income of the previous year;(d) to provide that the person responsible for making payment of income or any part thereof distributed on behalf of a business trust to a unit holder, shall provide a statement to the unit holder and the prescribed authority in such time and in the form and manner as may be prescribed this amendment will take effect from 1st april, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent yearsclause 44 of the bill seeks to amend section 116 of the income-tax act relating to income-tax authoritiessection 116 specifies the income-tax authorities it is proposed to include principal chief commissioners of income-tax, principal commissioners of income-tax, principal directors general of income-tax and principal directors of income-tax as income-tax authorities under the said section 116these amendments will take effect retrospectively from 1st june, 2013clause 45 of the bill seeks to amend section 133a of the income-tax act relating to power of surveythe existing provision contained in section 133a  empowers the income-tax authority to enter a premises in which business or profession is carried out for the purposes of surveyit is proposed to amend section 133a so as to insert subsection (2a) after sub-section (2) so as to provide that without prejudice to the provisions of sub-section (1), an income-tax authority acting under this sub-section may for the purpose of verifying that tax has been deducted or collected at source in accordance with the provisions under sub-heading b of chapter xvii or under sub-heading bb of chapter xvii, as the case may be, enter, after sunrise and before sunset, any office, or any other place where business or profession is carried on, within the limits of the area assigned to him, or any place in respect of which he is authorised for the purposes of this section by such income-tax authority who is assigned the area within which such place is situated, where books of account or documents are kept and require the deductor or the collector or any other person who may at that time and place be attending in any manner to such work,- (i)  to afford him the necessary facility to inspect such books of account or other documents as he may require and which may be available at such place, and(ii)  to furnish such information as he may require in relation to such matterunder the existing provisions of clause (b) of the proviso to clause (ia) of sub-section (3) of the aforesaid section 133a, an income-tax authority acting under the section may retain in his custody any such books of account or other documents only for a period of ten days (exclusive holidays) without obtaining the approval of the chief commissioner or director general therefor, as the case may beit is proposed to substitute the aforesaid clause (b) of the proviso to clause (ia) in sub-section (3) of aforesaid section133a so as to provide that an income-tax authority under the said section shall not retain in his custody any such books of account or other documents for a period exceeding fifteen days (exclusive of holidays) without obtaining the approval of the principal chief commissioner or chief commissioner or principal director general or director general or principal commissioner or commissioner or principal director or director therefor, as the case may beit is also proposed to insert a new proviso in sub-section (3)so as to provide that no action under clause (ia) or clause (ii) shall be taken by an income-tax authority acting under subsection (2a)these amendments will take effect from 1st october, 2014 clause 46   of the bill seeks to insert a new section 133c in the income-tax act relating to power to call for information by prescribed income-tax authorityit is proposed to insert a new section 133c so as to provide that for the purposes of verification of information in its possession relating to any person, prescribed income-tax authority, may, issue a notice to such person requiring him, on or before a date to be specified, to furnish information or documents, verified in the manner specified therein which may be useful for, or relevant to, any enquiry or proceeding under this actthis amendment will take effect from 1st october, 2014 clause 47 of the bill seeks to amend section 139 of the income-tax act relating to return of  incomethe existing provisions contained in sub-section (4c) of section 139, inter alia, provide for filing return of income by certain entities whose income is exempt under section 10 of the actit is proposed to amend sub-section (4c) of section 139 so as to provide that mutual fund referred to in clause (23d) of section 10 and securitisation trust referred to in clause (23da)of section 10 and venture capital company or venture capital fund referred to in clause (23fb) of section 10 shall, if the total income in respect of which such fund, trust or company is assessable, without giving effect to the provisions of section 10, exceeds the maximum amount which is not chargeable to income-tax, furnish a return of such income of the previous year in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed and all the provisions of the act, so far as may be, apply as if it were a return required to be furnished under sub-section (1) of the said section 139it is also proposed to insert a new sub-section (4e) in section139 so as to provide for filing of return of income by business trust which is not required to furnish return of income or loss under any other provision of the sectionthese amendments will take effect from 1st april, 2015 clause 48 of the bill seeks to amend section 140 of the income-tax act relating to return by whom to be signedsection 140 of the act relates to return by whom to be signed and verified  it is proposed to amend section 140 of the act, so as to dispense with the condition of signing the income-tax return and accordingly to omit the statutory requirement of signing such return  with this amendment, only the condition of verifying of the income-tax return will applythis amendment will take effect from 1st october, 2014 clause 49 of the bill seeks to substitute section 142a of the income-tax act relating to estimate by valuation officer in certain casesunder the existing provisions contained in the said section, the assessing officer may, for the purpose of making an assessment or reassessment, require the valuation officer to make an estimate of the value of any investment, any bullion, jewellery or fair market value of any property  on receipt of the report of the valuation officer, the assessing officer may after giving the assessee an opportunity of being heard take into account such report for the purposes of assessment or reassessmentit is proposed to substitute the said section 142a so as to provide that the assessing officer may, for the purposes of assessment or reassessment, make a reference  to a valuation officer to estimate the value, including fair market value, of any asset, property or investment and submit a copy of report to himsub-section (2) seeks to provide that the assessing officer may make a reference under sub-section (1) whether or not he is satisfied about the correctness or completeness of the accounts of the assesseesub-section (3) seeks to provide that the valuation officer, on a reference made under sub-section (1), shall, for the purpose of estimating the value of the asset, property or investment, have all the powers that he has under section 38a of the wealth-tax actsub-section (4) seeks to provide that the valuation officer shall, estimate the value of the asset, property or investment after taking into account the evidence produced by the assessee and any other evidence in his possession gathered, after giving an opportunity of being heard to the assesseesub-section (5) seeks to provide that the valuation officer may estimate the value of the asset, property or investment to the best of his judgment, if the assessee does not co-operate or comply with his directionsub-section (6) seeks to provide that the valuation officer shall send a copy of the report of the estimate made under subsection (4) or sub-section (5) to the assessing officer and the assessee, within a period of six months from the end of the month in which a reference is made under sub-section (1)sub-section (7) seeks to provide that the assessing officer on receipt of the report from the valuation officer may, after giving the assessee an opportunity of being heard, take into account such report in making the assessment or reassessmentexplanation occuring after the proposed sub-section (7)seeks to provide that the "valuation officer" shall have the same meaning as in clause (r) of section 2 of the wealth-tax actthis amendment will take effect from 1st october, 2014 clause 50 of the bill seeks to amend section 145 of the income-tax act relating to method of accountingthe existing provisions contained in sub-section (1) of the said section provide that income chargeable under the head "profits and gains of business or profession" or "income from other sources" shall, subject to the provisions of sub-section (2)of the said section, be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee the existing provisions contained in sub-section (2)of the said section provide that the central government may notify in the official gazette from time to time, the accounting standards to be followed by any class of assessees or in respect of any class of income the existing provision of sub-section (3) of the said section provides that where the assessing officer is not satisfied about the correctness or completeness of the accounts of the assessee, or where the method of accounting provided in sub-section (1) or accounting standards as notified under sub-section (2), have not been regularly followed by the assessee, the assessing officer may make an assessment in the manner provided in section 144it is proposed to amend sub-section (2) of section 145  to provide that the central government may notify in the official gazette from time to time income computation and disclosure standards to be followed by any class of assessees or in respect of any class of incomeit is also proposed to amend sub-section (3) of the aforesaid section to provide that where the assessing officer is not satisfied with the correctness or completeness of the accounts of the assessee, or where the method of accounting provided in sub-section (1), has not been regularly followed by the assessee, or income has not been computed in accordance with the standards notified under sub-section (2), the assessing officer may make an assessment in the manner provided in section 144these amendments will take effect from 1st april, 2015 and will, accordingly, apply in relation to the assessment year 2015- 16 and subsequent yearsclause 51 of the bill seeks to amend section 153 of the income-tax act relating to time limit for completion of assessments and reassessments the existing provisions contained in explanation 1 to section153 provide that certain periods specified therein are to be excluded while computing the period of limitation for the purposes of the said sectionit is proposed to insert a new clause (iv) in  explanation 1 so as to provide that the period commencing from the date on which the assessing officer makes a reference to valuation officer under sub-section (1) of section 142a and ending with the date on which the report of the valuation officer is received by the assessing officer shall be excluded in computing the period of limitation for the purposes of section 153this amendment will take effect from 1st october, 2014 clause 52 of the bill seeks to amend section 153b of the income-tax act relating to time limit for completion of assessment under section 153a the existing provisions contained in the explanation to section 153b provide that certain periods specified therein are to be excluded while computing the period of limitation laid down in the said section for completion of assessment under section 153ait is proposed to insert a new clause (iia) in the aforesaid explanation so as to provide that the period commencing from the date on which the assessing officer makes a reference to valuation officer under sub-section (1) of section 142a of the income-tax act and ending with the date on which the report of the valuation officer is received by the assessing officer shall be excluded in computing the period of limitation for the purposes of section 153bthis amendment will take effect from 1st october, 2014 clause 53 of the bill seeks to amend section 153c of the income-tax act relating to assessment of income of any other personthe existing provisions contained in sub-section (1) of the aforesaid section provide that notwithstanding anything contained in section 139, section 147, section 148, section 149, section 151 and section 153, where the assessing officer is satisfied that any money, bullion, jewellery or other valuable article or thing or books of account or documents seized or requisitioned belongs or belong to a person, other than the person referred to in section 153a, then the books of account or documents or assets seized or requisitioned shall be handed over to the assessing officer having jurisdiction over such other person and that assessing officer shall proceed against each such other person and issue such other person notice and assess or reassess income of such other person in accordance with the provisions of section 153ait is proposed to amend the said sub-section so as to provide that notwithstanding anything contained in section 139, section 147, section 148, section 149, section 151 and section 153, where the assessing officer is satisfied that any money, bullion, jewellery or other valuable article or thing or books of account or documents seized or requisitioned belongs or belong to a person, other than the person referred to in section 153a, then the books of account or documents or assets seized or requisitioned shall be handed over to the assessing officer having jurisdiction over such other person and that assessing officer shall proceed against each such other person and issue notice and assess or reassess the income of the other person in accordance with the provisions of section 153a, if, such assessing officer is satisfied that the books of account or documents or assets seized or requisitioned have a bearing on the determination of the total income of such other person for the relevant assessment year or years referred to in sub-section (1) of section 153athis amendment will take effect from 1st october, 2014 clause 54 of the bill seeks to amend  section 194a of the income-tax act relating to deduction of tax at source on interest other than "interest on securities"it is proposed to insert a new clause (xi) in sub-section (3) of section 194a so as to exempt from deduction of tax at source, the interest income payable by special purpose vehicle to a business trustthis amendment will take effect from 1st october, 2014 clause 55 of the bill seeks to insert a new section 194da in the income-tax act relating to payment in respect of life insurance policyit is proposed to insert a new section 194da so as to provide that any person responsible for paying to a resident any sum under a life insurance policy, including the sum allocated by way of bonus on such policy, other than the amount not includible   in the total income under clause (10d) of section 10, shall, at the time of payment thereof, deduct income-tax thereon at the rate of two per centit is further proposed to provide that no deduction shall be made where the amount of such payment or, as the case may be, the aggregate amount of such payments to the payee during the financial year is less than one hundred thousand rupeesthis amendment will take effect from 1st october, 2014 clause 56 of the bill seeks to insert a new section 194lba in the income-tax act which relates to certain income from business trustthe said new section proposes to provide for deduction of tax at the rate of five per cent in case of non-resident unit holders and at the rate of ten per cent in case of resident unit holders of business trust on that portion of distributed income of the trust which is taxable in the hands of unit holderthis amendment will take effect from 1st october, 2014 clause 57 of the bill seeks to amend section 194lc of the income-tax act  relating to income by way of interest from indian companyunder the existing provisions of the aforesaid section, the beneficial provision of lower rate of withholding tax is available on payment made by an indian company subject to the conditions provided thereinit is proposed to amend the said section to provide for the benefit of reduced withholding tax on interest income in case of external commercial borrowings by business trust, subject to the same conditions provided in the sectionthe existing provisions contained in sub-section (2) of section 194lc specify the interest eligible for lower withholding tax rate of five per cent  it shall be the interest income payable by the specified company on borrowings made by it in foreign currency from sources outside india by way of long-term infrastructure bonds or under a loan agreement subject to approval by the central government the sub-section further provides that the borrowing should be made at any time on or after the 1st day of july, 2012 but before the 1st day of july, 2015it is proposed to amend sub-section (2) of the aforesaid section to provide that the borrowings can be made before 1st july, 2017 instead of currently provided cut-off date of 1st july, 2015 it is further proposed to provide that the benefit of the section would be available to all long-term bonds including longterm infrastructure bondsthese amendments will take effect from 1st october, 2014 clause 58 of the bill seeks to amend section 200 of the income-tax act relating to duty of person deducting taxthe existing provisions contained in sub-section (3) of the aforesaid section provide that any person deducting any sum on or after 1st april, 2005 in accordance with the foregoing provisions of chapter xvii or, as the case may be, any person being an employer referred to in sub-section (1a) of section 192 shall, after paying the tax deducted to the credit of the central government within the prescribed time, prepare such statements for such period as may be prescribed and deliver or cause to be delivered to the prescribed income-tax authority or the person authorised by such authority such statement in such form and verified in such manner and setting forth such particulars and within such time as may be prescribedit is proposed to insert a proviso to the aforesaid sub-section so as to provide that the person who delivered statement under the aforesaid sub-section may also deliver to the prescribed authority a correction statement for rectification of any mistake or to add, delete or update the information furnished in the statement delivered under this sub-section in such form and verified in such manner as may be specified by the authoritythis amendment will take effect from 1st october, 2014 clause 59 of the bill seeks to amend section 200a of the income-tax act relating to processing of statements of tax deducted at sourcethe existing provisions contained in sub-section (1) of the aforesaid section provide that where a statement of tax deduction at source has been made by a person deducting any sum under section 200, such statement shall be processed in the manner provided in the said sub-sectionit is proposed to amend sub-section (1) of the aforesaid section so as to include the correction statement in addition to the statement of tax deduction at sourcethis amendment will take effect from 1st october, 2014 clause 60 of the bill seeks to amend section 201 of the income-tax act relating to consequences of failure to deduct or paythe existing provisions contained in sub-section (3) of section 201 provide that no order shall be made under subsection (1) deeming a person to be an assessee in default for failure to deduct the whole or any part of the tax from a person resident in india, at any time after the expiry of two years from the end of the financial year in a case where the statement referred to in section 200 has been filed, and in any other case six years from the end of the financial year in which payment is made or credit is givenit is proposed to substitute sub-section (3) of section 201 so as to provide that no order shall be made under sub-section (1) of the said section deeming a person to be an assessee in default for failure to deduct the whole or any part of the tax from a person resident in india, at any time after the expiry of seven years from the end of the financial year in which payment is made or credit is giventhis amendment will take effect from 1st october, 2014 clause 61 of the bill seeks to amend section 206aa of the income-tax act relating to requirement to furnish permanent account numberunder the existing provisions contained in sub-section (7) of the aforesaid section it is provided that section 206aa  shall not apply in respect of payment of interest on long-term infrastructure bonds referred to in section 194lc of the actit is proposed to amend sub-section (7) to provide that section206aa shall not apply in respect of payment of interest on longterm bonds referred to in section 194lc of the actthis amendment will take effect from 1st october, 2014 clause 62 of the bill seeks to amend section 220 of the income-tax act relating to when tax payable and when assesee deemed in defaultthe existing provision contained in sub-section (1) of the aforesaid section provides that any amount specified as payable in a notice of demand under section 156 shall be paid within thirty days of the service of notice at the place and to the person mentioned in the noticeit is proposed to insert a new sub-section in the said section so as to provide that where any notice of demand has been served upon an assessee and any appeal or other proceeding, as the case may be, is filed or initiated in respect of the amount specified in the said notice of demand, then, such demand shall be deemed to be valid till the disposal of the appeal by the last appellate authority or disposal of the proceedings, as the case may be, and any such notice of demand shall have the effect as specified in section 3 of the taxation laws (continuation and validation of recovery proceedings) act, 1964the first proviso to sub-section (2) of the said section provides that where as a result of an order under section 154, or section 155, or section 250, or section 254, or section 260, or section 262, or section 264 or an order of the settlement commission under sub-section (4) of section 245d, the amount on which interest was payable under this section had been reduced, the interest shall be reduced accordingly and the excess interest paid, if any, shall be refundedit is proposed to insert second proviso in the said section so as to provide that where as a  result of an order under sections specified in the first proviso, the amount on which interest was payable under this section had been reduced and subsequently as a result of an order under said sections or section 263, the amount on which interest was payable under this section is increased, the assessee shall be liable to pay interest under sub-section (2) from the day immediately following the end of the period mentioned in the first notice of demand, referred to in sub-section (1) and ending with the day on which the amount is paidthese amendments will take effect from the 1st october,2014clause 63  of the bill seeks to amend section 269ss of the income-tax act relating to mode of taking or accepting certain loans and depositsthe existing provisions of the aforesaid section provide that no person shall take from any other person any loan or deposit otherwise than by an account payee cheque or account payee bank draft, if the amount of such loan or deposit or aggregate of such loans or deposits is twenty thousand rupees or moreit is proposed to amend the aforesaid section so as to provide that no person shall take or accept from any other person any loan or deposit otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account if, the amount of such loan or deposit or the aggregate amount of such loans or deposits is twenty thousand rupees or morethis amendment will take effect from 1st april, 2015 and will, accordingly, apply in relation to assessment year 2015-16 and subsequent yearsclause 64 of the bill seeks to amend section 269t of the income-tax act relating to mode of repayment of certain loans and depositsthe existing provisions of the aforesaid section provide that no loan or deposit shall be repaid otherwise than by an account payee cheque or account payee bank draft, if the amount of such loan or deposit together with interest or the aggregate amount of such loans or deposits together with interest, if any payable thereon, is twenty thousand rupees or moreit is proposed to amend section 269t so as to provide that no person shall repay any loan or deposit made with it otherwise than by an account payee cheque or account payee bank draft drawn in the name of the person who has made the loan or deposit or by use of electronic clearing system through a bank account if, the amount of the loan or deposit together with interest or the aggregate amount of such loans or deposits together with interest, if any payable thereon, is twenty thousand rupees or morethis amendment will take effect from 1st april, 2015 and will, accordingly, apply in relation to assessment year 2015-16 and subsequent yearsclause 65 of the bill seeks to amend section 271fa of the income-tax act relating to penalty for failure to furnish annual information returnthe existing provisions of section 271fa provides for penalty for failure to furnish an annual information returnit is proposed to amend the said section so as to provide for penalty for failure to furnish statement of financial transaction or reportable accountthis amendment will take effect from 1st april, 2015 clause 66 of the bill seeks to insert a new section 271faa  in the income-tax act to provide for penalty for  furnishing inaccurate statement of financial transaction or reportable accountit is proposed to insert a new section 271faa so as to provide that if a person referred to in clause (k) of sub-section (1) of section 285ba, who is required to furnish a statement of financial transaction or reportable account, provides inaccurate information in the statement and where (a) the inaccuracy is due to a failure to comply with the due diligence requirement prescribed under sub-section (7) of section 285ba or is deliberate on the part of that person; or (b) the person knows of the inaccuracy at the time of furnishing the statement of financial transaction or reportable account, but does not inform the prescribed income-tax authority or such other authority or agency; or (c) the person discovers the inaccuracy after the statement of financial transaction or reportable account is furnished and fails to inform and furnish correct information within the time specified under sub-section (6) of section 285ba, then, the prescribed income-tax authority may direct that such person shall pay, by way of penalty, a sum of fifty thousand rupeesthis amendment will take effect from 1st april, 2015 clause 67 of the bill seeks to amend section 271g of the income-tax act relating to levy of penalty for failure to furnish information or document under section 92d of the actunder the existing provisions of section 271g, if any person who has entered into an international transaction or specified domestic transactions fails to furnish any such document or information as required by sub-section (3) of section 92d, then, such person shall be liable to a penalty of a sum equal to two per cent of the value of international transaction or specified domestic transaction for each failure the said section provides that the above penalty may be levied by the assessing officer or the commissioner (appeals)it is proposed to amend section 271g to include transfer pricing officer as referred to in section 92ca, as an authority competent to levy the penalty under the section 271g in addition to the assessing officer and the commissioner (appeals)this amendment will take effect from 1st october, 2014clause 68  of the bill seeks to amend section 271h of the income-tax act relating to penalty for failure to furnish statements, etcthe existing provisions contained in sub-section (1) of section 271h provide the circumstances in which the person shall be liable to pay penaltyit is proposed to amend sub-section (1) of  section 271h so as to provide that the penalty levied under section 271h shall be levied by the assessing officerthis amendment will take effect from 1st october, 2014 clause 69 of the bill seeks to amend section 276d of the income-tax act which relates to failure to produce accounts and documentsthe existing provisions of section 276d provide that if a person wilfully fails to produce accounts and documents as required in any notice issued under sub-section (1) of section 142 or wilfully fails to comply with a direction issued to him under sub-section(2a) of section 142, he shall be punishable with rigorous imprisonment for a term which may extend to one year or with fine equal to a sum calculated at a rate which shall not be less than four rupees or more than ten rupees for every day during which the default continues, or with bothit is proposed to amend section 276d, so as to provide that if a person wilfully fails to produce accounts and documents as required in any notice issued under sub-section (1) of section 142 or wilfully fails to comply with a direction issued to him under sub-section (2a) of section 142, he shall be punishable with rigorous imprisonment for a term which may extend to one year and with finethis amendment will take effect from 1st october, 2014 clause 70 of the bill seeks to amend section 281b of the income-tax act relating to provisional attachment to protect revenue in certain casesthe exiting provisions of sub-section (1) of the aforesaid section provide that the assessing officer, during the pendency of any proceeding for assessment or reassessment, in order to protect the interests of revenue may, with the previous approval of the chief commissioner or commissioner, attach provisionally any property belonging to the assessee in the manner provided in the second schedule  sub-section (2) of the said section provides that the provisional attachment shall cease to have effect after the expiry of six months provided that the chief commissioner or commissioner may extend the period upto a total period of two yearsit is proposed to amend sub-section (2) of the said section so as to provide that the provisional attachment shall cease to have effect after the expiry of six months provided that the chief commissioner or commissioner may extend the period up to a total period of two years or sixty days after the date of assessment or reassessment, whichever is laterthis amendment will take effect from 1st october, 2014 clause 71 of the bill seeks to substitute section 285ba of the income-tax act relating to obligation to furnish annual information return with a new sectionthe existing provisions of section 285ba provide for filing of an annual information return by specified persons in respect of specified financial transactions which is registered or recorded by them and which is relevant and required for the purposes of the act to the prescribed income-tax authorityit is proposed to amend the said section so as to provide for furnishing of statement of information by a prescribed reporting financial institution in respect of any specified financial transaction or reportable account to the prescribed income-tax authority it is further proposed that the statement of information shall be furnished for such period, within such time, in the form and manner as may be prescribedit is also proposed to provide that where any person, who has furnished a statement of information under sub-section (1), or in pursuance of a notice issued under sub-section (5), comes to know or discovers any inaccuracy in the information provided in the statement, then, he shall, within a period of ten days, inform the income-tax authority or other authority or agency referred to in sub-section (1) the inaccuracy in such statement and furnish the correct information in the manner as may be prescribedit is also proposed that the central government may, by rules, specify,––(a) the persons referred to in sub-section (1) to be registered with the prescribed income-tax authority;(b) the nature of information and the manner in which such information shall be maintained by the persons referred to in clause (a); and(c) the due diligence to be carried out by the persons for the purpose of identification of any reportable account referred to in sub-section (1)this amendment will take effect from 1st april, 2015 indirect taxes customsclause 72 of the bill seeks to amend the customs act so as to provide that a reference in the customs act to a chief commissioner of customs or a commissioner of customs may also include a reference to the principal chief commissioner of customs or the principal commissioner of customs, as the case may beclause 73 of the bill  seeks to amend section 3 of the customs act so as to provide for inclusion of principal chief commissioner of customs and principal commissioner of customs in the class of officers of customsclause 74 of the bill  seeks to amend section 15 of the customs act to insert the words "or the vehicle" so as to determine the date of presentation of bill of entry for determining the rate of duty and tariff valuation of imported goods arrived by vehicles also along with other means of transportationclause 75 of the bill  seeks to amend section 25 of the customs act so as to insert sub-sections (7) and (8) therein to provide that mineral oils including petroleum and natural gas extracted or produced in the continental shelf of india or the exclusive economic zone of india as referred to in section 6 and section 7, respectively, of the territorial waters, continental shelf, exclusive economic zone and other maritime zones act, 1976, which are imported prior to the 7th day of february, 2002 shall be deemed to be and shall be always deemed to have been exempted from duties of customs it further provides that notwithstanding anything contained in any judgment, decree or order of any court, tribunal or other authority, no suit or other proceedings shall be maintained or continued in any court, tribunal or other authority in respect of such mineral oils  it also provides that notwithstanding such exemption in respect of mineral oils specified therein, no refund of duties of customs paid in respect of such mineral oils shall be madeclause 76 of the bill  seeks to amend sub-section (3) of section 46 of the customs act so as to omit the first proviso and to amend the second proviso with a view to enable advance filing of import declarations at land customs stations to facilitate the advance risk assessment, processing and legitimate trade so as to bring the same at par with the practices at sea ports and airports and also to be in line with global standardsclause 77 of the bill  seeks to amend clause (f) of section127a of the customs act so as to substitute the words "customs, central excise and service tax" for the words "customs and central excise" with a view to rename the commissionclause 78 of the bill  seeks to amend clause (a) of the first proviso to sub-section (1) of section 127b of the customs act so as to include certain more documents therein for the purpose of enabling the applicant to make application before the settlement commission on the basis of such documents  it further seeks to amend clause (c) thereof to substitute the figures and letters "28aa", for the word, figures and letters "section 28ab" to align it with the existing provision on interest on delayed payment of duty it also seeks to omit sub-section (2) as the same has become redundant and leads to different interpretationsclause 79 of the bill  seeks to amend clause (i) of sub-section(1) of section 127l of the customs act so as to insert an explanation thereto to clarify that the concealment of particulars of duty liability relates to any such concealment made from the officer of customs, to avoid confusion as to whether the concealment is from officer of customs or settlement commission and making the provision clearclause 80 of the bill  seeks to substitute the words "rupees fifty thousand" with the words "rupees two lakhs" in the second proviso to sub-section (1) of section 129a of the customs act so as to enable the discretionary powers of the tribunal to refuse admission of appeal in cases up to rupees two lakhs  it also seeks to enable the board to constitute a committee by issuing an order instead of a notification to be published in the official gazetteclause 81 of the bill  seeks to amend section 129b to omit first, second and third proviso of sub-section (2a) of section 129b so as to make consequential changes in view of substitution of a new section for section 129eclause 82 of the bill  seeks to insert a proviso in sub-section(3) of section 129d of the customs act so as to vest with the board the power to extend the period, if it is satisfied that there is sufficient reason for not making an order within the period stipulated in the said sub-sectionclause 83 of the bill  seeks to substitute section 129e of the customs act so as to provide for deposit of certain percentage of duty demanded or penalty imposed or both before filing an appeal  it also seeks to provide that the provisions of this section shall not be applicable to stay applications and appeals pending before the appellate authorities prior to the enactment of the billclause 84 of the bill  seeks to insert the words "the commissioner (appeal)" in sub-section (4) of section 131ba of the customs act so as to enable the commissioner (appeal) hearing an appeal, application, revision or reference to take into consideration the circumstances under which the appeal, application, revision or reference was not filed by the commissioner of customs pursuant to the orders or instructions or directions issued under sub-section (1) thereofclause 85  of the bill seeks to amend notification issued under sub-section (1) of section 25 of the customs act bearing number gsr 185 (e), dated the 17th march, 2012 in the manner specified in the second schedule retrospectively with effect from 8th february, 2013 and up to 10th july, 2014 so as to exempt liquefied propane and butane mixture, liquefied propane, liquefied butane and liquefied petroleum gases (lpg) imported by the indian oil corporation limited, hindustan petroleum corporation limited or bharat petroleum corporation limited for supply to household domestic consumers or to non-domestic exempted category (ndec) customers customs tariffclause 86 of the bill seeks to amend sub-section (2a) of section 8b of the customs tariff act so as to align the provisions with sub-section (2a) of section 9a of the customs tariff actclause 87 of the bill seeks to amend the first schedule to the customs tariff act in the manner specified in the third schedule so as to,–(a) omit a tariff item;(b) revise the rate of customs duty on certain tariff items; and(c) amend units specified in column (3) in respect of certain goods exciseclause 88  of the bill seeks to amend the central excise act so that a reference in that act to a chief commissioner of central excise or a commissioner of central excise may also include a reference to the principal chief commissioner of central excise or the principal commissioner of central excise, as the case may beclause 89  of the bill seeks to amend clause (b) of section 2of the central excise act so as to provide for inclusion of principal chief commissioner of central excise and principal commissioner of central excise in the definition of the central excise officerclause 90 of the bill  seeks to insert a new section 15a in the central excise act so as to empower the central government to prescribe an authority or agency to whom the information return shall be filed by the specified persons such as income-tax authorities, state electricity boards, vat or sales tax authorities, registrar of companies information can be collected for the purposes of the act, such as, to identify tax evaders or recover confirmed dues  it also seeks to insert new section 15b which provides for imposition of penalty on failure to furnish  information returnclause 91  of the bill seeks to amend clause (g) of section 31of the central excise act so as to substitute the words "customs, central excise and service tax" for the words "customs and central excise" with a view to  rename the commissionclause 92 of the bill  seeks to amend sub-section (1) of section 32 of the central excise act with a view to make consequential changes in view of the amendments in clause (g) of section 31clause 93  of the bill seeks to amend sub-section (1) of section 32e of the central excise act by inserting a proviso therein so as to allow the settlement commission to entertain an application by the applicant where returns are not filed by him it further seeks to substitute the word, figures and letters "section 11aa" for the word, figures and letters "section 11ab" to align it with the existing provision on interest on delayed payment of duty it also seeks to omit sub-section (2) of that section as the same has become redundant and leads to different interpretationsclause 94  of the bill seeks to amend clause (i) of sub-section(1) of section 32-o of the central excise act so as to insert an explanation therein to clarify that the concealment of particulars of duty liability relates to any such concealment made from the central excise officer, to avoid confusion as to whether the concealment is from central excise officer or settlement commission and making the provision clearclause 95  of the bill seeks to amend section 35b of the central excise act so as to—(i) amend the second proviso to sub-section (1) to substitute the words "rupees fifty thousand" with the words "rupees two lakhs" so as to enable the discretionary powers of the tribunal to refuse admission of appeal in cases up to rupees two lakhs(ii) amend clause (i) of sub-section (1b) so as to enable the board to constitute committee by issuing an order instead of a notification to be published in the official gazetteclause 96  of the bill seeks to omit the first, second and third proviso to sub-section (2a) of section 35c of the central excise act so as to make consequential changes in view of substitution of section 35fclause 97  of the bill seeks to insert a proviso in sub-section(3) of section 35e of the central excise act so as to vest with the board the power to extend the period, if it is satisfied that  there is sufficient reason for not making an order within the period stipulated in the said sub-sectionclause 98 of the bill  seeks to substitute section 35f of the central excise act to provide for deposit of certain percentage of duty demanded or penalty imposed or both before filing an appeal  it also seeks to provide that the provisions of this section shall not be applicable to stay applications and appeals before the appellate authorities prior to the enactment of the billclause 99  of the bill seeks to insert a new sub-section (2) in section 35l of the central excise act so as to clarify that determination of disputes relating to taxability or excisability is covered under the expression "determination of any question having a relation to rate of duty"clause 100  of the bill seeks to insert the words "the commissioner (appeals)" in sub-section (4) of section 35r so as to enable the commissioner (appeals) hearing an appeal, application, revision or reference to take into consideration the circumstances under which the appeal, application, revision or reference was not filed by the commissioner of customs pursuant to the order, instruction or directions issued under subsection (1) thereofclause 101  of the bill seeks to amend rule 8 of the pan masala packing machines (capacity determination and collection of duty) rules, 2008, published vide number gsr127 (e), dated the 1st july, 2008 [no30/2008-central excise (nt), dated the 1st july, 2008] in the manner specified in the fourth schedule retrospectively with effect from 13th day of april, 2010 so as to substitute the first proviso to the said ruleclause 102  of the bill seeks to amend notification issued under sub-section (1) of section 5a of the central excise act published vide number gsr95 (e), dated the 1st march, 2006[no5/2006-central excise, dated the 1st march, 2006] in the manner specified in the fifth schedule retrospectively–(a) with effect from 29th june, 2010 to 16th march, 2012 so as to exempt duty of excise–(i) on polyester staple fibre/polyester filament yarn manufactured from plastic waste or scrap or plastic waste including waste polyethylene terephthalate bottles;(ii) on tow manufactured and captively consumed within the factory of its production for the manufacture of goods at (i) above;(b) with effect from 1st march, 2011 to 16th march, 2012 so as to exempt duty of excise on unbranded articles of precious metalsclause 103 of the bill  seeks to amend notification issued under sub-section (1) of section 5a of the central excise act vide number gsr 163 (e), dated the 17th march, 2012 in the manner specified in the sixth schedule, retrospectively–(i) with effect from 8th february, 2013 to 10th july, 2014 so as to exempt duty of excise on liquefied propane and butane mixture, liquefied butane and liquefied petroleum gases (lpg)for supply to non-domestic exempted category (ndec)customers by the indian oil corporation limited, hindustan petroleum corporation limited or bharat petroleum corporation limited;(ii) with effect from 17th march, 2012 to 7th may, 2012 so as to exempt duty of excise on polyester staple fibre/polyester filament yarn manufactured from plastic waste or scrap or plastic waste including waste polyethylene terephthalate bottles;(iii) with effect from 17th march, 2012 to 10th july, 2014 so as to exempt duty of excise on tow manufactured and consumed within the factory of production for the  manufacture of goods at (ii) aboveclause 104  of the bill seeks to amend the third schedule to the central excise act in the manner specified in the seventh schedule so as to insert and amend certain entries therein central excise tariffclause 105  of the bill seeks to amend the first schedule to the central excise tariff act in the manner specified in the eighth schedule so as to,–(a) revise the rate of excise duty on certain tariff items; (b) omit a tariff item; (c) incorporate changes in a tariff item; and(d) amend units specified in column (3) in respect of certain goods service taxclause 106  of the bill seeks to amend certain provisions in chapter v of the finance act, 1994, relating to service tax, in the following manner—sub-clause (a) seeks to amend clause (32) of section 65bso as to exclude radio taxi from the definition of "metered cab" and also to insert a new clause (39a) therein to provide for the definition of "print media", with effect from such date as the central government may, by notification, appointsub-clause (b) seeks to amend section 66d so as to,– (a) substitute clause (g) and specify sale of space for print media in the negative list of services;(b) omit "radio taxis" from sub-clause (vi) of clause (o) so as to provide for levy of service tax on services by radio taxis, with effect from such date as the central government may, by notification, appointsub-clause (c) seeks to amend section 67a so as to substitute the explanation defining the "rate of exchange", with effect from such date as the central government may, by notification, appointsub-clause (d) seeks to amend section 73 with a view to insert sub-section (4b) to specify a time limit for adjudication, as either six months or one year, depending on the nature of case, to be adhered to where it is possiblesub-clause (e) seeks to amend sub-section (1) of section 80so as to omit the reference to the first proviso to sub-section (1)of section 78sub-clause (f)  seeks to amend sub-section (1) of section82 so as to provide that where the joint commissioner of central excise or additional commissioner of central excise or such other central excise officer as may be notified by the board has reasons to believe that any documents or books or things, which in his opinion shall be useful for or relevant to any proceedings under this chapter, are secreted in any place, he may authorise in writing any central excise officer to search for and seize or may himself search and seize such documents or books or thingssub-clause (g) seeks to amend section 83 so as to include therein a reference to sub-section (2a) of section 5a, section 15a and section 15b of the central excise actsub-clause (h) seeks to amend clause (i) of sub-section(1a) of section 86 of the finance act, 1994 so as to enable the board to constitute a committee by issuing an order instead of a notification to be published in the official gazette  it also seeks to amend said section to omit the words "for grant of stay or" in clause (a) of sub-section (6a) thereofsub-clause (i) seeks to amend section 87 with a view to insert a proviso in clause (c), so as to provide for recovery of dues of a predecessor from the assets of a successorsub-clause (j) seeks to amend sub-section (2) of section 94relating to power to make rulessub-clause (k) seeks to amend section 95 of the said act so as to empower the central government to issue orders for removal of difficulty in case of certain provisions inserted by the proposed legislation in this chapter, up to one year from the date of enactment of the finance (no2) bill, 2014sub-clause (l) seeks to insert section 100 to provide for retrospective exemption in case of taxable services provided by the employees' state insurance corporation, prior to the 1st day of july, 2012 miscellaneousclause 107  of the bill seeks to amend the seventh schedule to the finance act, 2001 to omit tariff item 2402 20 60 and the entries relating theretoclause 108 of the bill seeks to amend section 13 of the unit trust of india (transfer of undertaking and repeal) act, 2002the existing provisions contained in sub-section (1) of section 13 of the aforesaid act provide that notwithstanding anything contained in the income-tax act, 1961, or any other enactment for the time being in force relating to tax or income, profits or gains, no income-tax or any other tax shall be payable business trust on the same line as are applicable to transactions in equity shares in a companyby the administrator up to the 31st day of march, 2014 in respect of any income, profits or gains derived, or any amount received in relation to the specified undertakingthis amendment will take effect from 1st october, 2014it is proposed to amend sub-section (1) of the said section so as to extend the income-tax exemption to the said undertaking from the period beginning on the 1st april, 2014 to 31st march,2019this amendment will take effect retrospectively from 1st april,2014clause 110  of the bill seeks to amend the marginal heading of section 85 of the finance act, 2005 and also the  seventh schedule thereto in the manner specified in the ninth schedule so as to impose a surcharge of 5 per cent on aerated waters and other waters containing added sugar and to omit the tariff item 2402 20 60 relating to filter cigarettesclause 109 of the bill seeks to amend chapter vii of the finance (no 2) act, 2004  which deals with levy of securities transaction tax on transaction of equity shares of a company on the stock exchangeclause 111 of the bill seeks to amend section 83 of the finance act, 2010 so as to expand the scope of the purposes of levy of the clean energy cess thereunderclause 112 of the bill seeks to repeal the finance act, 2014it is proposed to amend the said chapter in order to provide levy of securities transaction tax on transactions in units of a memorandum  regarding delegated legislationclause 5 of the bill seeks to amend clause (23c) of section10 of the income-tax act relating to incomes which do not form part of total incomethe proposed amendment seeks to insert an explanation in clause (23c) of the said section so as to provide that  for the purposes of sub-clauses (iiiab) and (iiiac) of the said clause, any university or other educational institution, hospital or other institution referred therein shall be considered as being substantially financed by the government for any previous year, if the government grant to such university or other educational institution, hospital or other institution exceeds such percentage of the total receipts including any voluntary  contributions, as may be prescribed, of such  university or other educational institution, hospital or other institution, as the case may be, during the relevant previous yearclause 12 of the bill seeks to amend section 35ad of the income-tax act which relates to deduction in respect of expenditure on "specified business"it is proposed to amend sub-section (5) and sub-section (8)of the said section so as to provide that the provisions of the said section shall apply to the specified business referred to in subsection (2) of the said section if it commences its operations on or after the 1st day of april, 2014, where the specified business is in the nature of setting up and operating a semi-conductor wafer fabrication manufacturing unit, and which is notified by the board in accordance with such guidelines as may be prescribedclause 32 of the bill seeks to insert a new sub-section (9a)in section 92cc of the income-tax act which relates to advance pricing agreementthe proposed new sub-section (9a) of the said section provides that the agreement referred to in sub-section (1), may, subject to such conditions, procedure and manner as may be prescribed, provide for determining the arm's length price or specify the manner in which arm's length price shall be determined in relation to an   international transaction entered into by the person during any period not exceeding four previous years preceding the first of the  previous year referred to in sub-section (4), and the arm's length price of such international transaction shall be determined in accordance with the said agreementclause 43 of the bill seeks to insert a new chapter xii-fawhich deals with special provisions relating to business trustssub-section (4) of  section 115ua of the said chapter relating to tax on income of unit holder and business trust, provides that any person responsible for making payment of the income distributed on behalf of a business trust to a unit holder shall furnish a statement to the unit holder and the prescribed authority, within such time and in such form and manner as may be prescribed, giving details of the nature of the income paid during the previous year and such other details as may be prescribedclause 46 of the bill seeks to insert a new section 133c in the income-tax act relating to power to call for information by prescribed income-tax authoritythe proposed new section provides that the income-tax authority, as may be prescribed, may, for the purposes of verification of information in its possession relating to any person, issue a notice to such person requiring him to furnish information or documents verified in the manner specified therein relevant to any enquiry or proceeding under the actclause 66 of the bill seeks to insert a new section 271faain the income-tax act relating to penalty for furnishing inaccurate statement of financial transaction or reportable accountthe proposed new section provides that if a person who is requried to furnish a statement provides inaccurate information in the statement and where the person knows of the inaccuracy but does not inform the income-tax authority as may be prescribed, then the prescribed income-tax authority may direct that such person shall pay, by way of penalty, a sum of fifty thousand rupeesclause 71 of the bill seeks to substitute a new section for section 285ba relating to obligation to furnish statement of financial transaction or reportable accountsub-section (1) of the proposed new section provides that any person including a prescribed reporting financial institution who is responsible for registering, or, maintaining books of account or other document containing a record of any specified financial transaction or any reportable account as may be prescribed under any law for the time being in force, shall furnish a statement in respect of such specified financial transaction or such reportable account which is registered or recorded or maintained by him and information relating to which is relevant and required for the purposes of this act, to the income-tax authority or such other authority or agency as may be prescribedsub-section (2) of the proposed new section provides that the statement referred to in sub-section (1) shall be furnished for such period, within such time and in the form and manner, as may be prescribedsub-section (3) of the proposed new section provides that"specified financial transaction" means any transaction, which may be prescribed  the proviso to said sub-section provides that the value or, as the case may be, the aggregate value of such transactions during a financial year so prescribed shall not be less than fifty thousand rupeessub-section (7) of the proposed new section provides that the central government, by rules made under this section, specify (a) the persons to be registered with prescribed income-tax authority, (b) the nature of information and the manner in which such information shall be maintained by the person referred to in clause (a) of this sub-section, and (c) the due diligence to be so as to empower the central government to make rules in carried out by the persons for the purpose of identification of any respect of certain mattersreportable account referred to in sub-section (1)sub-clause (k) of the said clause seeks to amend section clause 90 of the bill seeks to insert two new sections 15a95 of the said act so as to empower the central government to and 15b in the central excise act  section 15a empowers the issue order for removal of any difficulty which may arise in central government to make rules to prescribe the periods for implementing the amendments incorporated by the proposed which, the time within which, the form and manner in which, and legislation and that such power shall not be exercised beyond a the authority or agency to which,  the information return shall be period of one year from the date of the assent to the billfurnished by the persons specified in sub-section (1)2the matters in respect of which rules may be made or clause 106 of the bill seeks to amend chapter v of the notification or order may be issued in accordance with the finance act relating to service taxprovisions of the bill are matters of procedure and detail and it is not practicable to provide for them in the bill itselfsub-clause (c) of said clause seeks to substitute explanation in section 67a for empowering the central government to make3the delegation of legislative power is, therefore, of a normal rules to provide for determination of rate of exchangecharactersub-clause (j) of said clause seeks to amend section 94