Just a moment...

Top
Help
×

By creating an account you can:

Logo TaxTMI
>
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 News - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ----
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ----
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ----
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
RelevanceDefaultDate
    Union Finance Minister Chairs the Eighteenth Meeting of the Financial Stability and Development Council
    Issuance Calendar for Marketable Dated G-Sec and T-Bills for Q4 of 2017-18
    The Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley holds his 7th Pre-Budget Consultation Meeting with the representatives of the B...
    The Union Finance Minister Shri Arun Jaitley holds his 6th Pre-Budget Consultation Meeting with Stakeholders from IT (Hardware &Software) Group;Highli...
    Increase social security pension in budget: Experts to FM
    The Union Finance Minister Shri Arun Jaitley holds his 5th Pre-Budget Consultation Meeting with the leading Economists;
    FM holds his Fourth Pre Budget Consultation Meeting for Union Budget 2018-19 with the Stakeholders across Social Sector Organizations
    The Union Minister of Finance and Corporate Affairs Shri Arun Jaitley holds his 3rd Pre-Budget Consultation Meeting with representatives of Indian Tra...
    The Union Finance Minister Shri Arun Jaitley holds his 2nd Pre-Budget Consultation Meeting with the representatives of the different Trade Union Group...
    The Union Finance Minister Shri Arun Jaitley starts his Pre-Budget Consultations with stakeholders; Holds his First Pre-Budget Consultation Meeting wi...
    THE FINANCE BILL, 2017 - As passed by Lok Sabha
    Amendments to the FINANCE BILL, 2017 as proposed and Moved to Lok Sabha by the Finance Minister as on 21-3-2017
    New Benefits announced for NPS Subscribers in Union Budget 2017-18
    Budget offers tax balm, Sensex shoots up 486 points
    Union Budget 2017-18 provides renewed impetus to manufacturing and Make in India
    English rendering of the Prime Minister’s Statement on Union Budget- 2017-18
    Salient Features of Direct Tax Proposals in Union Budget 2017
    The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley presented the General Budget 2017-18 in Parliament today
    Budget’s thrust on stimulating growth, relief to Middle Class, Affordable Housing, Curbing Black Money, promoting Digital Economy, transparency of P...
    In order to make ,MSME companies more viable, income tax for smaller companies with annual turnover upto ₹ 50 Crore is reduced to 25%
❯❯
MaximizeMaximizeMaximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

    +

    Are you sure you want to delete "My most important" ?

    NOTE:

    News
    Showing Results for :
    Reset Filters
    Results Found:
    Show All SummariesHide All Summaries
    December 30, 2017
    Show AI Summary
    Financial sector pre-Budget consultation urges detailed examination of regulators' proposals for inclusion in the Union Budget.
    Pre-Budget consultations by the Financial Stability and Development Council convened under the Union Finance Minister to solicit sectoral regulatory development proposals. Key financial regulators and senior government officers presented proposals; the Council deliberated and advised concerned Ministries and Departments to examine the proposals in detail for appropriate further decision-making.
    December 27, 2017
    Show AI Summary
    Government borrowing adjustment: reduce short term T bills and offset with targeted dated security auctions to keep net borrowings neutral.
    The Government will run down T bill stocks to a lower level by fiscal year end and undertake limited additional dated government security issuance so that there is no net increase in overall borrowings; the revised calendar specifies equal weekly dated security auctions across five weeks with allocations by maturity buckets and a multi week T bill auction schedule allocating across 91 , 182 and 364 day instruments, with tables showing aggregate raises, repayments and net issuance for the quarter.
    December 16, 2017
    Show AI Summary
    Bank recapitalization to restore capital adequacy and spur credit growth, alongside tax and regulatory reform proposals.
    The Central Government announced a front-loaded Bank Recapitalization programme for Public Sector Banks using budgetary provision, recapitalisation bonds and market capital raising to restore capital adequacy and support credit growth and employment. Stakeholders proposed raising the TDS threshold on bank interest, a Credit Guarantee Fund for agriculture, tax reliefs for insurance and housing, parity for Farmer Producer Organizations, DBT for crop insurance and interest subvention, alignment of bad-debt recognition timelines, annual rather than monthly bank reporting to tax authorities, promotion of digital transactions, and extension of Masala bond TDS timing.
    December 11, 2017
    Show AI Summary
    Electronics manufacturing promotion urged: tariff rationalization, tax incentives and protection against foreign protectionist measures to boost domestic industry.
    Stakeholders urged fiscal and trade measures to strengthen domestic electronics and telecom manufacturing: extend differential excise duty dispensation to mobile handsets, tablets and specified equipment; rationalize tariff structure; continue and enhance incentive schemes; impose customs duty measures on non-ITA-1 products; provide depreciation and tax incentives to support Make in India and component-hub development; lower GST on telecom services; facilitate telecom funding; and keep the electronics sector out of RCEP.
    December 11, 2017
    Show AI Summary
    Increase social security pension to expand coverage and strengthen social protection while maintaining fiscal targets.
    Experts urged raising the social security pension and expanding coverage, arguing the current benefit is inadequate and fiscal impact would be minimal; they also called for full implementation of pending maternity entitlements and stressed maintaining fiscal deficit and revenue deficit targets while pursuing customs and exim duty reform, consideration of a long term capital gains tax on equity, and measures to address rural distress and interest rate transmission.
    December 11, 2017
    Show AI Summary
    Fiscal consolidation paired with tax reform and targeted incentives to boost infrastructure, SMEs, and social protection.
    The consultations emphasised continuation of fiscal consolidation and clear treatment of any fiscal shortfalls, coupled with revenue and expenditure reforms such as expenditure rationalisation, wider Direct Benefit Transfer use, PSUs disinvestment, issuance of long term bonds for infrastructure and pensions, and administrative measures to maximise revenue. A tax reform agenda was urged - including a roadmap for tax reform and GST convergence, lowering statutory corporate tax by removing exemptions, taxing long term capital gains, reducing MAT, and making tax administration more taxpayer friendly - alongside targeted incentives for infrastructure, SMEs, labour intensive sectors, and rural non farm activities.
    December 6, 2017
    Show AI Summary
    Administrative release of welfare funds prioritized to beneficiaries, with reforms for transparency and targeted social sector funding.
    Pre budget consultations urged prioritisation of administrative release of welfare scheme funds to beneficiaries and enhanced cost effective utilisation across social sector ministries. Stakeholders sought targeted increases and reforms for child protection, nutrition security, school quality benchmarks, elderly healthcare, working mothers' employment incentives, vocational training for employment, and labour transparency through paperless, presence less and cashless employer interactions.
    December 6, 2017
    Show AI Summary
    Infrastructure investment urged to boost growth and jobs; proposals include NIIF, land monetization and tax and GST reforms.
    Investment in infrastructure is promoted as central to growth and job creation, with private, public and foreign capital complementary; proposals include strengthening long-term finance via the National Investment and Infrastructure Fund (NIIF), permitting public and institutional purchase of bank recapitalization bonds, enabling bank loan securitisation and sale, and establishing a Land Bank Corporation to monetise government lands. Concurrently, tax and regulatory reforms are urged: broad tax rate reductions, Dividend Distribution Tax cut, GST simplification and clarity on anti-profiteering, MAT exemption on write-backs under IBC, improvements to Patent Box and R&D incentives, and creation of Regulation Free Zones and a National Innovation Fund.
    December 6, 2017
    Show AI Summary
    Minimum wages enforcement: government urged to ensure compliance and adopt 'same wages for same work' protections.
    The Government reaffirmed commitment to protect workers, insisting on strict compliance with statutory minimum wages and raising labour issues in pre budget consultations. Trade unions submitted a 12 point memorandum seeking increased social sector allocations, progressive taxation, measures against tax evasion and dumping, fixation of minimum wages linked to the Consumer Price Index, resolution of pay commission matters, price controls, ban on speculative trading, halt to PSU disinvestment, investment to generate employment, regulation of imports, expansion of MGNREGA, prohibition of perennial contractual deployment with regularisation and adoption of 'Same wages for same work', restrictions on FDI and privatisation in critical sectors, ratification of ILO Convention 189, creation of a National Fund for unorganised workers, withdrawal of the New Pension Scheme and a guaranteed minimum pension, and enhancement of gratuity and rail allocations.
    December 5, 2017
    Show AI Summary
    Agriculture policy reform to secure farmer prices and shift subsidies to direct transfers, boosting storage, processing and R&D.
    Consultations urged water conservation, expanded cold chains and agro processing, and promotion of high value agriculture to boost farm incomes; recommended immediate Price Deficiency Payment where procurement is infeasible, a nationwide debt relief package with state matching, expansion of low interest small loans with unique beneficiary identification, and migration of subsidies to Direct Benefit Transfer. Proposals also included an Agricultural Inputs Regulatory Authority, increased R&D funding, differentiated state level policies, mechanisation support, and transport and storage subventions for horticulture.
    March 23, 2017
    Show AI Summary
    Finance Bill 2017: income tax rates and surcharges revised; new withholding, transfer pricing and compliance measures introduced.
    The Finance Bill, 2017 prescribes income tax rates and surcharges for assessment year 2017 18, adds education cesses, and clarifies treatment of net agricultural income. It enacts broad amendments to the Income tax Act including new sections on valuation of unquoted shares (50CA), secondary transfer pricing adjustments (92CE), limitation of interest deduction to 30% EBITDA for related party debt (94B), tax on carbon credit transfers at 10% (115BBG), expanded TDS/TCS and withholding obligations (including sections 194 IB, 194 IC and 206CC), Aadhaar quoting for PAN/returns (139AA), restrictions on large cash receipts (269ST) and penalties for non compliance, while also reforming procedural timelines, Authority for Advance Rulings jurisdiction and customs/excise/service tax provisions.
    March 22, 2017
    Show AI Summary
    Finance Bill, 2017: Aadhaar PAN linkage; new transfer pricing secondary adjustment and interest deduction limits; tribunal merger and service rule framework.
    The Finance Bill, 2017 proposes extensive amendments across direct and indirect tax law and numerous statutes: key operative measures include new identification requirements linking Aadhaar to PAN (section 139AA), transfer pricing secondary adjustments (section 92CE), limitation on interest deduction to associated non residents (section 94B), deeming rules for share valuation on transfers (section 50CA), revisions to capital gains, gift valuation and acquisition cost rules, adjustments for companies adopting Indian Accounting Standards, and a structural reform merging tribunals with section 179 empowering rule making for qualifications, tenure and service conditions of tribunal chairpersons and members, together with transitional and consequential provisions.
    February 2, 2017
    Show AI Summary
    NPS partial withdrawal exemption expands tax relief and increases self employed contribution deduction for better retirement planning.
    A new partial withdrawal exemption is introduced for NPS subscribers for withdrawals up to a specified proportion of employee contributions, governed by PFRDA rules and effective after the stated date; annuity purchase requirements and tax treatment of annuity amounts at normal exit remain. The primary deduction limit for self employed contributors is increased to align with salaried employees for contributions made after the stated date, while the separate additional NPS deduction remains unchanged.
    February 2, 2017
    Show AI Summary
    FPI tax exemption spurs investor confidence as budget maintains capital gains rates and funds bank recapitalisation
    Budget preserves existing long term and short term capital gains regimes, proposes exemption of category I and II FPIs from taxation on indirect transfers, commits government funds to recapitalise public sector banks, grants infrastructure status to affordable housing, provides tax relief for developers with completed unsold inventory, and expands agricultural credit to support farm income growth.
    February 2, 2017
    Show AI Summary
    Manufacturing and export incentives: fiscal, tax and policy measures to boost domestic production and MSME competitiveness.
    Union Budget 2017-18 advances manufacturing and exports by introducing a reduced corporate tax rate for companies with turnover up to Rs. 50 crore, revising start-up tax exemption and loss carryforward conditions, proposing abolition of the FIPB with further FDI liberalisation, extending MAT credit carry forward to 15 years, increasing incentives for electronics manufacturing, correcting inverted duties across sectors, launching the Trade Infrastructure for Export Scheme (TIES), and allocating capital for multimodal logistics, station modernisation, tourism zones and skills schemes.
    February 1, 2017
    Show AI Summary
    Tax reform and industry tax relief aim to boost competitiveness and formal employment following the new budget measures.
    The statement endorses the Union Budget 2017-18 as a development-oriented fiscal plan prioritising agriculture, rural development, and infrastructure investment to raise farmer incomes and generate employment; it notes the merger of the Railway budget for integrated transport planning and the establishment of a Railway Safety Fund, highlights enhanced allocations for skill development, housing, health and education, presents a digital-economy package to curb tax evasion, and describes tax reforms and changes to small industry taxation intended to relieve the middle class and improve competitiveness.
    February 1, 2017
    Show AI Summary
    Direct tax reforms: reduced rates for lower incomes and measures to boost housing, startups, digital payments, and transparency.
    Direct tax proposals revise Affordable Housing rules and capital gains treatment by redefining carpet area, extending completion timelines, deferring notional rental taxation, reducing the holding period for long-term capital gains, shifting the cost base year, expanding reinvestment options, and fixing tax timing for joint development. Complementary measures include start-up reliefs, corporate tax reductions for smaller firms, extended carry-forward of MAT/AMT credits, digital-economy incentives under presumptive taxation, tightened cash transaction limits, and enhanced transparency in electoral funding through donation limits and electoral bonds.
    February 1, 2017
    Show AI Summary
    Union budget 2017-18 advances fiscal, institutional and digital reforms with sectoral allocations and regulatory changes announced.
    The budget sets fiscal targets-fiscal deficit at 3.2% of GDP and revenue deficit at 1.9%-and allocates Rs. 21.47 lakh crores for 2017-18 with specified transfers to States and sectoral funding. It announces institutional reforms including abolition of the Foreign Investment Promotion Board, time bound listing mechanisms and a new ETF for CPSEs, permitting Security Receipt trading, expanded QIB status to systemically important NBFCs, a Payments Regulatory Board, a financial-sector CERT, bank recapitalisation funding, and legislative amendments for arbitration and illicit deposit schemes. Digitisation, rural, infrastructure, and social-sector programmes receive targeted allocations and new schemes.
    February 1, 2017
    Show AI Summary
    Income tax rate reduction for lower-income individuals reduces liabilities while adjusting rebates and adding a high-income surcharge.
    Budgetary measures reduce personal income tax rates for lower-income individuals while adjusting rebate provisions and levying a surcharge on higher-income individuals; extend MAT credit carryforward and reduce corporate tax for smaller companies; shorten holding period for immovable property and revise indexation for capital gains; cut customs duties on key inputs and grant concessions for renewable-energy and digital-payment devices; restrict large-cash transactions and cap deductible cash expenditures; and introduce electoral funding reforms including limits on cash donations and issuance of redeemable electoral bonds.
    February 1, 2017
    Show AI Summary
    Corporate tax reduction for smaller companies to boost MSME viability and encourage migration to corporate form.
    Reduction of corporate tax for smaller companies aims to enhance MSME viability and incentivise migration to company form by lowering the tax rate for qualifying smaller companies, with most companies expected to benefit and an estimated annual revenue forgone. MAT rules are amended to extend carryforward of MAT credit, preserving MAT as an advance levy while increasing the carryforward period. Complementary measures include a concessional withholding rate on foreign interest income, relaxed start-up loss carryforward conditions, increased NPA provisioning allowances and taxation on receipt for certain cooperative banks, and a reduced basic customs duty on LNG to promote domestic value addition.

    News

    Back

    All News

    Showing Results for :
    Reset Filters
      No Records Found

      News

      Back

      All News

      whatsappJoin Channel
      Showing Results for : Reset Filters

      Amendments to the FINANCE BILL, 2017 as proposed and Moved to Lok Sabha by the Finance Minister as on 21-3-2017

      March 22, 2017

      Contents
      Rules & Regulations
      Plus +
      Summary
      Note

      Note

      -

      Bookmark

      Print

      Print

       

      Finance Bill, 2017 (PDF) - Original

      Finance Bill, 2017 (PDF) - (As passed by the Lok Sabha)

      (Clause by Clause - original) THE FINANCE BILL, 2017

      LOK SABHA

      FINANCE BILL, 2017

      [As introduced in Lok Sabha] Notice of Amendments

      SHRI ARUN JAITLEY:

      SI. No.

      Name of Member and text of Amendment

      Clause No.

      16.

      Page 6, for line 4, substitute-

      3

       

      '3. In section 2 of the Income-tax Act, -

      (I) in clause (24), after sub-clause (xvii), the following sub-clause shall be inserted, namely: -

      "(xviia) any sum of money or value of property referred to in clause (x) of sub-section (2) of section 56;";

      (II) in clause (42A),-'.

       

      17.

      Page 6, for lines 21 to 29, substitute-   

      4

      'Amendment

      4. In section 9 of the Income-tax Act, in sub-section (1), in clause (i), of section in Explanation 5 -

      (i) the following proviso shall be inserted and shall be deemed to have been inserted with effect from theist day of April, 2012, namely. -

      "Provided that nothing contained in this Explanation shall apply to an asset or capital asset, which is held by a non-resident by way of investment, directly or indirectly, in a Foreign Institutional Investor as referred to in clause (a) of the Explanation to section 115AD for an assessment year commencing on or after the 1st day of April, 2012 but before the 1st day of April, 2015:";

      (ii) after the first proviso as so inserted, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2015, namely: -

      "Provided further that nothing contained in this Explanation shall apply to an asset or capital asset, which is held by a non-resident by way of investment, directly or indirectly, in Category-I or Category-II foreign portfolio investor under the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014, made under the Securities and Exchange Board of India Act, 1992.". (15 of 1992.'.)

       

      18.

      Page 13-

      29

       

      (i) in line 1, after "under", insert "section 12A or";

      (ii) in line 7, after "section 47", insert "or";

      (iii) after line 7, insert-

      "(X) from an individual by a trust created or established solely for the benefit of relative of the individual.".

       

      19.

      Page 14, in line 34, for "any explanation", substitute "explanation, if any,".

      39

      20.

      Page 14, in line 41, for "any explanation", substitute "explanation, if any,".

      40

      21.

      Page 15, in line 29, for "pays interest or similar consideration", substitute "incurs any expenditure by way of interest or of similar nature".

      43

      22.

      Page 16, in line 19, after "under", insert "section 12A or".

      44

      23.

      Page 18, in line 1, omit "equity component of compound financial instruments,".

      47

      24.

      Page 20, after line 4, insert-

      55A(NEW)

       

      55A. After section 139A of the Income-tax Act, the following section of shall be inserted, namely:-

       
       

      Insertion of new section 139AA.

       
       

      Quoting of Aadhaar Number 139AA. (1) Every person who is eligible to obtain Aadhaar number on or after the 1st day of July 2017, quote Aadhaar number-number.

      (i) in the application form for allotment of permanent account number;

      (ii) in the return of income:

      Provided that where the person does not possess the Aadhaar Number, the Enrolment ID of Aadhaar application form issued to him at the time of enrolment shall be quoted in the application for permanent account number or. as the case may be. in the return of income furnished by him.

      (2) Every person who has been allotted permanent account number as on the 1st day of July, 2017, and who is eligible to obtain Aadhaar number, shall intimate his Aadhaar number to such authority in such form and manner as may be prescribed, on or before a date to be notified by the Central Government in the Official Gazette:

      Provided that in case of failure to intimate the Aadhaar number, the permanent account number allotted to the person shall be deemed to be invalid and the other provisions of this Act shall apply, as if the person had not applied for allotment of permanent account number.

      (3) The provisions of this section shall not apply to such person or class or classes of persons or any State or part of any State, as may be notified by the Central Government in this behalf, in the Official Gazette.

      Explanation.-For the purposes of this section, the expressions-

      (i) "Aadhaar number", "Enrolment" and "resident" shall have the same meanings respectively assigned to them in clauses (a), (m) and (v) of section 2 of the Aadhaar (Targeted Delivery of Financial and other Subsidies, Benefits and Services) Act, 18 of 2016. 2016;

      (ii) "Enrolment ID" means a 28 digit Enrolment Identification Number issued to a resident at the time of enrolment.'.

       

      25.

      Page 20, after line 27, insert-

      57

      '(c) in sub-section (3), for the portion beginning with the words, "On the day specified in the notice" and ending with the words, brackets and letters "issued under clause (ii) of, the words "On the day specified in the notice issued under" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of June, 2016.'.

      26.

      Page 23 for lines 50 to 54 substitute-

      71

       

      '(a) sub-section (1D) shall be omitted;

      (b) sub-section (1E) shall be omitted;

      (c) in sub-sections (2), (3), (3A) and sub-section (9), the words, brackets, figure and letter "or sub-section (1D)" wherever they occur, shall be omitted;

      (d) in sub-section (6A), in the first proviso, the words, brackets, figure and letter ", other than a person referred to in sub-section (1D),"shall ne omitted;

      (e) in sub-section (7), in the proviso, the words, brackets, figure and letter", other than a person referred to in sub-section (1D)," shall be omitted;'.

       

      27.

      Page 24, in line 1, for "(c)", substitute "(f) "

      71

      28.

      Page 24, for lines 3 and 4, substitute-

      sub-clause (ii) shall be omitted;".

      71

      29.

      Page 24, after line 12, insert-

      71

      "(C) in clause (c), for the words, brackets, figures and letters "or sub section (1D) are sold or services referred to in sub-section (1D) are provided", the words "are sold" shall be substituted.".

      30.

      Page 26, line 39, for "three", substitute "two".

      83

      31.

      Page 31, for lines 4-9, substitute-

      106

      "106. In the Customs Act, in section 127C, after sub-section (5), the following sub-section shall be inserted, namely:-".

       

      32.

      Page 31, line 11, omit "may".

      106

      33.

      Page 31, lines 13-14, omit "or Principal Additional Director General of Revenue Intelligence or Additional Director General of Revenue Intelligence".

      106

      34.

      Page 31, lines 19-20, omit "or Principal Additional Director General of Revenue Intelligence or Additional Director General of Revenue Intelligence".

      106

      35.

      Page 32, for lines 9-13, substitute-

      117

      "(i) in sub-section (1), the words, brackets and figure "sub-section (1) of shall be omitted;".

      36.

      Page 32, lines 18-19, omit "or Principal Additional Director General of Central Excise Intelligence or Additional Director General of Central Excise Intelligence".

      117

      37.

      Page 32, lines 24-25, omit "or Principal Additional Director General of Central Excise Intelligence or Additional Director General of Central Excise Intelligence".

      117

      38.

      Page 33, line 23, for "2016", substitute "2017".

      127

      39.

      Page 34, after line 39, insert-

      Insertion of new Part IV-A in Chapter VI.

      'PART IV-A AMENDMENT TO THE SECURITIES CONTRACTS (REGULATION) ACT, 1956

       

      Amendment of section 23J. 136A. In the Securities Contracts (Regulation) 42 of Act, 1956, 42 of 1956 in section 23J, the following 1956. Explanation shall be inserted, namely:-

      136A (New)

      "Explanation.- For the removal of doubts, it is clarified that the power of an adjudicating officer to adjudge the quantum of penalty under sections 23A to 23C shall be and shall always be deemed to have been exercised under the provisions of this section.".'.       

      40.

      Page 36, after line 3, insert-

      144A(NEW)

       

      Amendment of section 15J.

      144A. In section 15J of the principal Act, the following Explanation shall be inserted, namely:-

       

      "Explanation.-For the removal of doubts, it is clarified that the power of an adjudicating officer to adjudge the quantum of penalty under sections 15A to 15E, clauses (b) and (c) of section 15F, 15G, 15H and 151-IA shall be and shall always be deemed to have been exercised under the provisions of this section.".'.

      41.

      Page 38, after line 32, insert-

      Insertion of new Part VII-A in Chapter VI.

       

      PART VII-A AMENDMENT TO THE DEPOSITORIES ACT, 1996

       

      Amendment of section 19-I,

      145A. In the Depositories Act, 1996, (22 of 1956) in section 19-I of the following Explanation shall be inserted, 1956. Namely:-

      145A (NEW)

      "Explanation.- For the removal of doubts, it is clarified that the power of an adjudicating officer to adjudge the quantum of penalty under sections 19A to 19F shall be and shall always be deemed to have been exercised under the provisions of this section.".'.

      42.

      Page 39, after line 12, insert-

      Insertion of New Part in Chapter VI.

       

      "PART IX-A

      AMENDMENTS TO THE COMPANIES ACT, 2013

       

      Amendment of Section 182

      149A. In the Companies Act, 2013, (18 of 2013) in section 182-

      149A (NEW)

      (i) in sub-section (1),-

      (a) first proviso shall be omitted;

      (b) in the second proviso, -

      (A) the word "further" shall be omitted;

      (B) the words "and the acceptance" shall be omitted;

      (ii) for sub-section (3), the following shall be substituted, namely:-

      "(3) Every company shall disclose in its profit and loss account the total amount contributed by it under this section during the financial year to which the account relates.

      (3 A) Notwithstanding anything contained in subsection (1), the contribution under this section shall not be made except by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank account:

      Provided that a company may make contribution through any instrument, issued pursuant to any scheme notified under any law for the time being in force, for contribution to the political parties.".

      43

      Page 39, after line 20, insert-

      New Part

      'PART XI

      AMENDMENTS TO CERTAIN ACTS TO PROVIDE FOR MERGER OF TRIBUNALS AND OTHER AUTHORITIES AND CONDITIONS OF SERVICE OF CHAIRPERSONS, MEMBERS, ETC.

      A.- PRELIMINARY

      151 (New)

      Commencement of this Part

      151. The provisions shall come into 151 of this Part, force on such date as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different provisions of this Part and any reference in any provision to the commencement of this Part shall be construed as a reference to the coming into force of that provision.

       

      Definitions

      152. In this Part, unless the context otherwise requires,-

      (a) "appointed day", in relation to any provision of this Part, means such date as the Central Government may, by notification in the Official Gazette, appoint;

      (b) "Authority" means the Authority, other than Tribunals and Appellate Tribunals, specified in the Eighth Schedule or Ninth Schedule, as the case may be;

      (c) "notification" means a notification published in the Official Gazette;

      (d) "Schedule" means the Eighth Schedule and Ninth Schedule appended to this Act.

      152 (NEW)

       

      B -AMENDMENTS TO THE INDUSTRIAL DISPUTES ACT 1947 AND THE EMPLOYEES' PROVIDENT FUNDS AND MISCELLANEOUS PROVISIONS ACT, 1952.

       

      Amendment of Act 14 of 1947.

      153. In the Industrial Disputes Act, 1947,-

      153 (NEW)

       

      (a) in section 7A, after sub-section (1), the following sub-section shall be inserted, namely:-

      "(1A) The Industrial Tribunal constituted by the Central Government under sub-section (1) shall also exercise, on and from the commencement of Part XI of Chapter VI of the Finance Act, 2017, the jurisdiction, powers and authority conferred on the Tribunal referred to in section 7D of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952.";

      (b) after section 7C, the following section shall be inserted, namely:-

       

      Qualifications, terms and conditions of service of Presiding Officer.

      "7D. Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation and removal and other terms and conditions of service of the Presiding Officer of the Industrial Tribunal appointed by the Central Government under subsection (1) of section 7A, shall, after the commencement of Part XI of Chapter VI of the Finance Act, 2017, be governed by the provisions of section 179 of that Act:

      Provided that the Presiding Officer appointed before the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act, and the rules made thereunder as if the provisions of section 179 of the Finance Act, 2017 had not come into force.".

       

      Amendment

      154. In the Employees' Provident Funds and Miscellaneous Provisions Act, 1952,( 19 of 1952.)-

      (a) in section 2, for clause (m), the following clause shall be substituted, namely:-

      '(m) "Tribunal" means the Industrial Tribunal referred to in section 7 D;';

      (b) for section 7D, the following section shall be substituted, namely:-

      154 (NEW)

      Tribunal

      "7D. The Industrial Tribunal constituted by the Central Government under sub-section (1) of section 7A of the Industrial Disputes Act, 1947 (14 of 1947.) shall, on and from the commencement of Part XI of Chapter VI of the Finance Act, 2017, be the Tribunal for the purposes of this Act and the said Tribunal shall exercise the jurisdiction, powers and authority conferred on it by or under this Act.",;

      (c) sections 7E, 7F, 7G ,7H, 7M and 7N shall be omitted;

      (d) for section 18A, the following section shall be substituted, namely:-

       

      Authorities and inspector to be public servant.

      "18A.The authorities referred to in section 7A and every inspector shall be deemed to be a public servant within the meaning of section 21 of the Indian Penal Code. 45 of 1860. ";

      (e) in section 21, in sub-section (2), clause (a) shall be omitted.

       
       

      C-AMENDMENTS TO THE COPYRIGHT ACT, 1957 AND THE TRADE MARKS ACT, 1999.

       

      Amendment of 155

      155. In the Copy Right Act, 1957 (14 of 1957).-

      (a) for the words "Copyright Board", wherever they occur, the words "Appellate Board" shall be substituted;

      (b) in section 2, after clause (a), the following clause shall be inserted, namely:-

      '(aa) "Appellate Board" means the Appellate Board referred to in section 11';

      (c) for section 11, the following section shall be substituted, namely:-

      155 (NEW)

      Appellate Board.

      "11. The Appellate Board established under section 83 of the Trade Marks Act, 1999 (of Act 47 of 1999.) shall, on and from the commencement of Part XI of Chapter VI of the Finance Act, 2017, be the Appellate Board for the purposes of this Act and the said Appellate Board shall exercise the jurisdiction, powers and authority conferred on it by or under this Act.";

      (d) in section 12, sub-sections (3) and (4) shall be omitted;

      (e) in section 78, in sub-section (2), clause (a) shall be omitted.".

       

      Amendment of 156.

      156. In the Trade Marks Act, 1999,(of Act 47 of 1999.) -

      156 (NEW)

       

      (a) for the word "Chairman" or "Vice-Chairman", wherever it occurs, the word "Chairperson" or "Vice-Chairperson" shall be substituted;

      (b) in section 83, after the words "under this Act", the words and figures "and under the Copyright Act, 1957" shall be inserted;

      (c) after section 89, the following section shall be inserted, namely:-

       

      Qualifications, terms and conditions of service of Chairperson, Vice-Chairperson and Member.

      "89A. Notwithstanding anything in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and other terms and conditions of service of the Chairperson, Vice-Chairperson and other Members of the Appellate Board appointed after the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 179 of that Act:

      Provided that the Chairperson, Vice-Chairperson and other Members appointed before the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act, and the rules made thereunder as if the provisions of section 179 of the Finance Act, 2017, had not come into force.".

       
       

      D-AMENDMENTS TO THE RAILWAY CLAIMS TRIBUNAL ACT, 1987 AND THE RAILWAYS ACT, 1989.

       

      Amendment of 157

      157. In the Railway Claims Tribunal Act 1987,(Act 54 of 1987.) -

      (a) in section 3, after the words "under this Act", the words, letters and figures "and under Chapter VII of the Railways Act, 1989" (24 of 1989.) shall be inserted;

      (b) after section 9, the following section shall be substituted, namely:-

      157 (NEW)

      Qualifications, terms and conditions of service of Chairman, Vice- Chairman and Member.

      "9A. Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and other terms and conditions of service of the Chairman, Vice-Chairman and other Members of the Tribunal appointed after the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 179 of that Act:

      Provided that the Chairman, Vice-Chairman and Members appointed before the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act, and the rules made thereunder as if the provisions of section 179 of the Finance Act, 2017, had not come into force.";

      (c) in section 13, after sub-section (IA), the following sub-section shall be inserted, namely:-

      "(IB) The Claims Tribunal shall also exercise, on and from the commencement of Part XI of Chapter VI of the Finance Act, 2017, the jurisdiction, powers and authority conferred on the Tribunal under Chapter VII of the Railways Act, 1989."; (24 of 1989)

      (d) in section 15, for the words, brackets, figures and letter "sub-sections (1) and (1 A)", the words, brackets, Figures and letters "sub-sections (1), (IA) and (IB)" shall be substituted;

      (e) in section 24, in sub-section (1), for the words, brackets, figure and letter "or, as the case may be, the date of commencement of the provisions of sub-section (1 A)", at both the places where they occur, the words, brackets, figures and letters "or the date of commencement of the provisions of sub-section (IA), or, as the case may be, the date of commencement of the provisions of sub-section (IB)" shall be substituted.

       

      Amendment of 158

      158. In the Railways Act, 1989, (24 of 1989) -

      (a) in section 2, for clause (40), the following clause shall be substituted, namely:-

      '(40) "Tribunal" means the Tribunal referred to in section 33;';

      (b) in Chapter VII, for the heading, the following heading shall be substituted, namely:-

      158 (NEW)

       

      "TRIBUNAL";

      (c) for section 33, the following section shall be substituted, namely:-

       

      Tribunal.

      "33. The Railway Claims Tribunal established under section 3 of the Railway Claims Tribunal Act, 1987 (54 of 1987) shall, on and from the commencement of Part XI of Chapter VI of the Finance Act, 2017, be the Tribunal for the purposes of this Act and the said Tribunal shall exercise the jurisdiction, authority and powers conferred on it by or under this Act.";

      (d) sections 34 and 35 shall be omitted;

      (e) in section 48, in sub-section (2), clause (a) shall be omitted.

       
       

      E-AMENDMENTS TO THE SMUGGLERS AND FOREIGN EXCHANGE MANIPULA TORS (FORFEITURE OF PROPERTY) ACT, 1976 AND THE FOREIGN EXCHANGE MANAGEMENT ACT, 1999.

       

      Amendment of 159 Act 13 of 1976.

      159. In the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976,-

      159 (NEW)

       

      (a) in section 12, in sub-section (1), after clause (c), the following clause shall be inserted, namely:-

      "(d) by the Adjudicating Authorities, Competent Authorities and the Qualifications, Special Director (Appeals) under the Foreign Exchange Management Act, 1999."; (42 of 1999.)

      (b) after section 12, the following section shall be inserted, namely:-

       

      Qualifications, terms and conditions of service of Chairperson and Member.

      " 12A. Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the Chairperson and other members of the Appellate Tribunal appointed after the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 179 of that Act:

      Provided that the Chairperson and other members appointed before the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act, and the rules made thereunder as if the provisions of section 179 of the Finance Act, 2017 had not come into force.".

       

      Amendment of 160

      160. In the Foreign Exchange Management Act, 1999 (42 of 1999.)-

      (a) in section 2,-

      (i) for clause (b), the following clause shall be substituted, namely:-

      '(b) "Appellate Tribunal" means the Appellate Tribunal referred to in section 18;';

      (ii) in clause (zc), for the word and figures "section 18", the word and figures "section 17" shall be substituted;

      (b) for section 18, the following section shall be substituted, namely:-

      160 (NEW)

      Appellate Tribunal.

      "18. The Appellate Tribunal constituted under sub-section (1) of section 12 of the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976, (13 of 1976.) shall, on and from the commencement of Part XI of Chapter VI of the Finance Act, 2017, be the Appellate Tribunal for the purposes of this Act and the said Appellate Tribunal shall exercise the jurisdiction, powers and authority conferred on it by or under this Act.";

      (c) section 20 shall be omitted;

      (d) for section 21, the following section shall be substituted, namely:-

       

      Qualifications for appointment of Special Director (Appeals).

      "21. A person shall not be qualified for appointment as a Special Director (Appeals) unless he-

      (a) has been a member of the Indian Legal Service and has held a post in Grade I of that Service; or

      (b) has been a member of the Indian Revenue Service and has held a post equivalent to a Joint Secretary to the Government of India.";

      (e) section 22 shall be omitted;

      (f) for section 23, the following section shall be substituted, namely:-

       

      Terms and conditions of service of Special Director (Appeals).

      "23. The salary and allowances payable to and the other terms and conditions of service of the Special Director (Appeals) shall be such as may be prescribed.";

      (g) sections 24,25 and 26 shall be omitted;

      (h) for section 27, the following section shall be substituted, namely:-

       

      Staff of Special Director (Appeals).

      "27. (1) The Central Government shall provide the office of the Special Director (Appeals) with such officers and employees as it may deem fit.   

      (2) The officers and employees of the office of the Special Director (Appeals) shall discharge their functions under the general superintendence of the Special Director (Appeals).

      (3) The salaries and allowances and other terms and conditions of service of the officers and employees of the office of the Special Director (Appeals) shall be such as may be prescribed.";

      (i) sections 29,30 and 31 shall be omitted;

      (j) in section 32,-

      (i) for the words and brackets "Appellate Tribunal or the Special Director (Appeals), as the case may be", at both the places where they occur, the words and brackets "Special Director (Appeals)" shall be substituted;

      (ii) in sub-section (1), for the words and brackets "Appellate Tribunal or the Special Director (Appeals)", the words and brackets "Special Director (Appeals)" shall be substituted;

      (k) for section 33, the following section shall be substituted, namely:-

       

      Officers and employees, etc. to be public servant.

      "33. The Adjudicating Authority, Competent Authority and the Special Director (Appeals) and other officers and employees of the Special Director (Appeals) shall be deemed to be public servants within the meaning of section 21 of the Indian Penal Code."; (45 of I860.)

      (1) in section 46, in sub-section (2),-

      (i) in clause (e), for the words and brackets "Chairperson and other Members of the Appellate Tribunal and the Special Director (Appeals)", the words and brackets "Special Director (Appeals)" shall be substituted;

      (ii) in clause (f), for the words and brackets "Appellate Tribunal and the office of the Special Director (Appeals)", the words and brackets "office of the Special Director (Appeals)" shall be substituted.

       
       

      F-AMENDMENTS TO THE AIRPORTS A UTHORITY OF INDIA ACT, 1994 AND THE CONTROL OF NATIONAL HIGHWAYS (LAND AND TRAFFIC) ACT, 2002.

       

      Amendment of 161

      161. In the Airports Authority of India Act, 1994, (Act 55 of 1994.)-

      (a) in section 28-1, in sub-section (1), after the words "under this Act", the words, brackets and figures "and the Control of National Highways (Land and Traffic) Act, 2002" shall be inserted;

      (b) after section 28J, the following section shall be inserted, namely:-

      161 (NEW)

      Qualifications, terms and conditions of service of Chairperson.     

      "28JA. Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the Chairperson of the Tribunal appointed after the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 179 of that Act:

      Provided that the Chairperson appointed before the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act and the rules made thereunder as if the provisions of section 179 of the Finance Act, 2017 had not come into force.".

       

      Amendment of 162

      162. In the Control of National Highways (Land and Traffic) Act, 2002 (Act 13 of 2003).-

      (a) in section 2, for clause (1), the following clause shall be substituted, namely:-

      '(1) "Tribunal" means the Airport Appellate Tribunal referred to in sub section (1) of section 5;';

      (b) in Chapter II, for the heading, the following heading shall be substituted, namely:-

      "HIGHWAYS ADMINISTRATION AND TRIBUNALS, ETC.";

      (c) in section 5,-

      (i) for sub-section (1), the following sub-section shall be substituted, namely:-

      "(1) The Airport Appellate Tribunal established under section 284 of the Airports Authority of India Act, 1994 (55 of 1994.) shall, on and from the commencement of Part XI of Chapter VI of the Finance Act, 2017, be the Tribunal for the purposes of this Act and the said Tribunal shall exercise the jurisdiction, powers and authority conferred on it by or under this Act.";

      (ii) in sub-section (2), for the words, brackets and figure "shall also specify, in the notification referred to in sub-section (1)", the words "shall specify, by notification in the Official Gazette", shall be substituted;

      (d) sections 6,7,8,9,10,11,12 and 13 shall be omitted;

      (e) for section 44, the following section shall be substituted, namely:-

      162 (NEW)

      Officers of Highways Administration to be public servant.              

      "44. The officer or officers constituting the Highways Administration and any other officer authorised by such Administration under this Act, shall be deemed, when acting or purporting to act in pursuance of any of the provisions of this Act, to be public servants within the meaning of section 21 of the Indian Penal Code."; (45 of 1860.)

      (f) in section 45, for the words "the Presiding Officer of the Tribunal or any other officer of the Central Government or an officer or employee of the Tribunal", the words "any other officer of the Central Government" shall be substituted;

      (g) in section 50, in sub-section (2), clauses (b), (c), (d) and (e) shall be omitted.       

       
       

      G-AMENDMENTS TO THE TELECOM REGULATORY AUTHORITY OF INDIA ACT, 1997, THE IN FORMA TION TECHNOLOGY ACT, 2000 AND THE AIRPORTS ECONOMIC REGULATORYAUTHORITY OF INDIA ACT, 2008.

       

      Amendment 24 of 1997

      163. In the Telecom Regulatory Authority of India Act, 1997 -

      (a) in section 14, after clause (b), the following clause shall be inserted, namely:-

      "(c) exercise jurisdiction, powers and authority conferred on-

      (i) the Appellate Tribunal under the Information Technology Qualifications, Act, 2000; (21 of 2000.) and

      (ii) the Appellate Tribunal under the Airports Economic Regulatory Authority of India Act, 2008."; (27 of 2008.)

      (b) after section 14G, the following section shall be substituted, namely:-

      Qualifications, terms and conditions of service of Chairperson and Member.

      "14GA. Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the Chairperson and other Members of the Appellate Tribunal appointed after the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 179 of that Act:

      Provided that the Chairperson and Member appointed before the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act and the rules made thereunder as if the provisions of section 179 of the Finance Act, 2017 had not come into force.".

      163 (NEW)

      Amendment of Act 21 of 2000

      164. In the Information Technology Act, 2000,-

      (a) for the words "Cyber Appellate Tribunal", wherever they occur, the words "Appellate Tribunal" shall be substituted;

      (b) in section 2, in sub-section (1),-

      (i) after clause (d), the following clause shall be inserted, namely:-

      '(da) "Appellate Tribunal" means the Appellate Tribunal referred to in sub-section (1) of section 48;';       

      (ii) clause (n) shall be omitted;

      (c) in section 48.-

      (i) for the marginal heading, the following marginal heading snail be substituted, namely:-

      "Appellate Tribunal";

      (ii) for sub-section (1), the following sub-section shall be substituted, namely:-

      "(1) The Telecom Disputes Settlement and Appellate Tribunal established under section 14 of the Telecom Regulatory Authority of India Act, 1997 shall, on and from the commencement of Part XI of Chapter VI of the Finance Act, 2017, be the Appellate Tribunal for the purposes of this Act and the said Appellate Tribunal shall exercise the jurisdiction, powers and authority conferred on it by or under this Act.".

      (iii) in sub-section (2), for the words, brackets and figure "shall also specify, in the notification referred io in sub-section (1)", the words "shall specify, by notification" shall be substituted;

      (d) sections 49,50,51,52,52A, 52B, 52C, 53,54 and 56, shall be omitted;

      (e) for section 82, the following section shall be substituted, namely:-

      Controller, Deputy Controller and Assistant Controller to be public servants.

      "82. The Controller, the Deputy Controller and the Assistant Controllers shall be deemed to be public servants within the meaning of section 21 of the Indian Penal Code."; (45 of 1860.)

      (f) in section 84, for the words "the Chairperson, Members, adjudicating officers and the staff of the Cyber Appellate Tribunal", the words "and adjudicating officers" shall be substituted;

      (g) in section 87, in sub-section (2), clauses (r), (s) and (t) shall be omitted.

      164 (NEW)

      Amendment of Act 27 of 2008.

      165. In the Airports Economic Regulatory Authority of India Act, 2008,-

      (a) in the long title, the words "and also to establish Appellate Tribunal to adjudicate disputes and dispose of appeals" shall be omitted;

      (b) in section 2, for clause (d), the following clause shall be substituted, namely:-

      '(d) "Appellate Tribunal" means the Telecom Disputes Settlement and Appellate Tribunal referred to in section 17;';

      (c) in section 17,-

      (i) for the marginal heading, the following marginal heading shall be substituted, namely:-

      "APPELLATE TRIBUNAL"

      (ii) for the portion beginning with the words "The Central Government" and ending with words "Appellate Tribunal", the words and figures "The Telecom Disputes Settlement and Appellate Tribunal established under section 14 of the Telecom Regulatory Authority of India Act, 1997 (24 of 1997.) shall, on and from the commencement of Part XI of Chapter VI of the Finance Act, 2017, be the Appellate Tribunal for the purposes of this Act and the said Appellate Tribunal shall exercise the jurisdiction, powers and authority conferred on it by or under this Act" shall be substituted;

      (d) sections 19,20,21,22,23,24,25,26 and 27 shall be omitted;

      (e) in section 51, in sub-section (2), clauses (i), (j) and (k) shall be omitted.

      165 (NEW)

       

      H-AMENDMENTS TO THE COMPETITION ACT, 2002 AND THE COMPANIES ACT, 2013.

       

      Amendment of Act 12 of 2003.

      166. In the Competition Act, 2002,-

      (a) in section 2, for clause (ba), the following clause shall be substituted, namely:-

      '(ba) "Appellate Tribunal" means the, National Company Law Appellate Tribunal referred to in sub-section (1) of section 53 A;';

      (b) in Chapter VIII A, for the heading, the following heading shall be substituted, namely:-

      "APPELLATE TRIBUNAL";

      (c) for section 53 A, the following section shall be substituted, namely:-

      166 (NEW)

      Appellate Tribunal.

      "53A. The National Company Law Appellate Tribunal constituted under section 410 of the Companies Act, 2013 (18 of 2013.) shall, on and from the commencement of Part XI of Chapter VI of the Finance Act, 2017, be the Appellate Tribunal for the purposes of this Act and the said Appellate Tribunal shall-

      (a) hear and dispose of appeals against any direction issued or decision made or order passed by the Commission under sub-sections (2) and (6) of section 26, section 27, section 28, section 31, section 32, section 33, section 38, section 39, section 43, section 43A, section 44, section 45 or section 46 of this Act; and           

      (b) adjudicate on claim for compensation that may arise from the findings of the Commission or the orders of the Appellate Tribunal in an appeal against any finding of the Commission or under section 42A or under sub-section (2) of section 53Q of this Act, and pass orders for the recovery of compensation under section 53N of this Act.";

      (d) sections 53C, 53D, 53E, 53F, 53G, 53 H, 53-1,53J, 53K, 53L, 53M and 53R shall be omitted,

      (e) in section 63, in sub-section (2), clauses (mb), (mc) and (md) shall be omitted.

       

      Amendment of Act 18 of 2013.

      167. In the Companies Act, 2013,-

      (a) in section 410, for the words "for hearing appeals against the orders of the Tribunal", the terms and following shall be substituted, conditions of namely:-

      "for hearing appeals against,-

      (a) the order of the Tribunal under this Act; and

      (b) any direction, decision or order referred to in section 53N of the Competition Act, 2002 (12 of 2003.) in accordance with the provisions of that Act.";

      (b) after section 417, the following section shall be inserted, namely: -

      167 (NEW)

      Qualifications, terms and conditions of service of Chairperson and Members.

      "417A. Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and other terms and conditions of service of the Chairperson and other Members of the Appellate Tribunal appointed after the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 179 of that Act:

      Provided that the Chairperson and Member appointed before the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act and the rules made thereunder as if the provisions of section 179 of the Finance Act, 2017 had not come into force.".

       
       

      I.-AMENDMENT TO THE CINEMATOGRAPH ACT, 1952

       

      Amendment of Act 37 of 1952.

      168. In the Cinematograph Act, 1952, after section 5D, the following 1952. section shall be inserted, namely:-

      168 (NEW)

      Qualifications, terms and conditions of service of Chairman and Members.

      "5E. Notwithstanding anything contained in this Act, the qualifications, appointment, term of office. salaries and allowances, resignation, removal and the other terms and conditions of service of the Chairman and other members of the Appellate Tribunal appointed after the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 179 of that Act:

      Provided that the Chairman and member appointed before the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act and the rules made thereunder as if the provisions of section 179 of the Finance Act, 2017 had not come into force.".

       
       

      J.-AMENDMENTS TO THE INCOME TAX ACT, 1961

       

      Amendment of Act 43 of 1961.

      169. In the Income Tax Act-      

      (a) after section 245-0, the following section be inserted, namely:-

      Qualifications, terms and conditions of service of Chairman, Vice-Chairman and Members.

      "245-OA. Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the Chairman, Vice-Chairman and other Members of the Authority appointed after the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 179 of that Act:

      Provided that the Chairman, Vice-Chairman and Member appointed before the commencement of Part XI of Chapter VI of the Finance Act. 2017, shall continue to be governed by the provisions of this Act and the rules made thereunder as if the provisions of section 179 of the Finance Act. 2017 had not come into force.";

      (b) after section 252, the following section shall be inserted, namely:-

      Qualifications, terms and conditions of service of President, Vice- President and Member.

      "252A. Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation. removal and the other terms and conditions of service of the President, Vice-President and other Members of the Appellate Tribunal appointed after the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 179 of that Act:

      Provided that the President. Vice-President and Member appointed before the commencement of Part XI of Chapter VI of the Finance Act. 2017, shall continue to be governed by the provisions of this Act, and the rules made thereunder as if the provisions of section 179 of the Finance Act, 2017 had not come into force.";

      169 (NEW)

      K-AMENDMENT TO THE CUSTOMS ACT, 1962

       

      Amendment of Act 52 of 1962.

      170. In the Customs Act, 1962, in section 129, after sub-section (6), the following sub-section shall be inserted, namely:-

      "(7) Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the President, Vice-President or other Members of the Appellate Tribunal appointed after the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 179 of that Act:

      Provided that the President. Vice-President and Member appointed before the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act, and the rules made thereunder as if the provisions of section 179 of the Finance Act, 2017 had not come into force.".

      170 (NEW)

      L. -AMENDMENT TO THE ADMINISTRATIVE TRIBUNALS ACT, 1985

      Amendment of Act 13 of 1985.

      171. In the Administrative Tribunals Act, 1985, after section 10A, the following section shall be inserted, namely:-

      Qualifications, terms and conditions of service of Chairman and Member.

      "10B. Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other cerms and conditions of service of the Chairman and other Members of the Tribunal appointed after the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 179 of that Act:

      Provided that the Chairman and Member appointed before the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act, and the rules made thereunder as if the provisions of section 179 of the Finance Act, 2017 had not come into force.".           

      171 (NEW)

      M-AMENDMENT TO THE CONSUMER PROTECTION ACT, 1986

      Amendment of Act 68 of 1986.

      172. In the Consumer Protection Act, 1986, after section 22D, the following section shall be inserted, namely:-

      Qualifications, terms and conditions of service of President and member.

      "22E. Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the President and other members of the National Commission appointed after the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 179 of that Act:

      Provided that the President and member appointed before the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act, and the rules made thereunder as if the provisions of section 179 of the Finance Act, 2017 had not come into force.".

      172 (NEW)

      N-AMENDMENT TO THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

      Amendment of Act 15 of 1992.

      173. In the Securities and Exchange Board of India Act, 1992, after section 15Q, the following section shall be inserted, namely:-

      Qualifications, terms and conditions of service of Presiding Officer and Member.

       "15QA. Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other Member, terms and conditions of service of the Presiding Officer and other Members of the Appellate Tribunal appointed after the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 179 of that Act:

      Provided that the Presiding Officer and Member appointed before the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act and the rules made thereunder as if the provisions of section 179 of the Finance Act, 2017 had not come into force.".   

      173 (NEW)

      O-AMENDMENTS TO THE RECOVERY OF DEBTS DUE TO BANKS AND FINANCIAL INSTITUTIONS ACT, 1993

      Amendment of Act 51 of 1993.

      174. In the Recovery of Debts due to Banks and Financial Institutions Act, 1993,-

      (a) after section 6, the following section shall be inserted, namely:-

      Qualifications, terms and conditions of service of Presiding Officer.

      "6A. Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the Presiding Officer of the Tribunal appointed after the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 179 of that Act:

      Provided that the Presiding Officer appointed before the terms and commencement of Part XI of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act, and the rules made thereunder as if the provisions of section 179 of the Finance Act, 2017 had not come into force.";

      (b) after section 15, the following section shall be inserted, namely:-

      Qualifications, terms and conditions of service of Chairperson.

      "15 A. Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the terms and conditions of service of the Chairperson of the Appellate Tribunal appointed after the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 179 of that Act:

      Provided that the Chairperson appointed before the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act, and the rules made thereunder as if the provisions of section 179 of the Finance Act, 2017 had not come into force.".

      174 (NEW)

      P.-AMENDMENT TO THE ELECTRICITY ACT, 2003

      Amendment of Act 36 of 2003.

      175. In the Electricity Act, 2003, after section 117, the following section shall be inserted, namely:-

      Qualifications, terms and conditions of service of Chairperson and Member.          

      "117A. Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the Chairperson and other Members of the Appellate Tribunal appointed after the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 179 of that Act:

      Provided that the Chairperson and Member appointed before the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act, and the rules made thereunder as if the provisions of section 179 of the Finance Act, 2017 had not come into force.".

      175 (NEW)

      Q.-AMENDMENTTO THE ARMED FORCES TRIBUNAL ACT, 2007

      Amendment of Act 55 of 2007.

      176. In the Armed Force Tribunal Act, 2007, after section 9, the following section shall be inserted, namely: -

      Qualifications, terms and conditions of service of Chairperson and Member

      "9A. Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and terms and conditions of service of the Chairperson and other Members of the Appellate Tribunal appointed after the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 179 of that Act:

      Provided that the Chairperson and Member appointed before the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act, and the rules made thereunder as if the provisions of section 179 of the Finance Act, 2017 had not come into force.".

      176 (NEW)

      R-AMENDMENT TO THE NATIONAL GREEN TRIBUNAL ACT, 2010

      Amendment of Act 19 of 2010.

      177. In the National Green Tribunal I 77 Act, 2010, after section 10, the following section shall be inserted, namely:-

      Qualifications, terms and conditions of service of Chairperson, Judicial Member and Expert Member.

      "10A.Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and other terms and conditions of service of the Chairperson, Judicial Member and Expert Member of the Tribunal appointed after the commencement of Part XI of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 179 of that Act:

      Provided that the Chairperson, Judicial Member and Expert Member appointed before the commencement of Part XI of Chapter VI of the Finance Act. 2017. shall continue to be governed by the provisions of this Act, and the rules made thereunder as if the provisions of section 179 of the Finance Act, 2017 had not come into force.".

      177 (NEW)

      S-CONDITIONS OF SERVICE OF CHAIRPERSON AND MEMBERS OF TRIBUNALS, APPELLATE TRIBUNALS AND OTHER AUTHORITIES

      Application of section 179.

      178. Notwithstanding anything to the contrary contained in the provisions of the Acts specified in column (3) of the Eighth Schedule, on and from the appointed day, provisions of section 179 shall apply to - the Chairperson,-Vice-Chairperson, Chairman, Vice- Chairman, President, Vice- President, Presiding Officer or Member of the Tribunal, Appellate Tribunal or, as the case may be, other Authorities as specified in column (2) of the said Schedule:

      Provided that the provisions of section 179 shall not apply to the Chairperson, Vice-Chairperson, Chairman, Vice-Chairman, President, Vice-President, Presiding Officer or, as the case may be, Member holding such office as such immediately before the appointed day.

      178 (NEW)

      Qualifications, appoint term and conditions of service, salary and allowances, etc. of Chairperson, Vice-Chairperson, and Members etc., of the Tribunal, Appellate Tribunal and other Authorities.

      179. (1) The Central Government may, by notification, make rules to provide for qualifications, appointment, term of office, salaries and allowances registration, removal and the other terms and conditions of service of the Chairperson, Vice-Chairperson, Chairman Vice-Chairman, President, Vice-President, Presiding Officer or Member of the Tribunal, Appellate Tribunal or, as the case may be, other Authorities as specified in column (2) of the Eighth other Schedule:

      Provided that the Chairperson, Vice-Chairperson, Chairman, Vice-Chairman, President, Vice-president, Presiding Officer or Member of the Tribunal, Appellate Tribunal or other Authority shall hold office for such term as-specified in the rules made by the Central Government but not exceeding five years from the date on which he enters upon his office and shall be eligible for reappointment:

      Provided further that no Chairperson, Vice-Chairperson, Chairman, Vice-Chairman, President, Vice-President, Presiding Officer or Member shall hold office as such after he has attained such age as specified in the rules made by the Central Government which shall not exceed,-

      (a) in the case of Chairperson, Chairman or President, the age of seventy years;       

      (b) in the case of Vice-Chairperson, Vice-Chairman, Vice-President, Presiding Officer or any other Member, the age of sixty-seven years:

      (2) Neither the salary and allowances nor the other terms and conditions of service of Chairperson, Vice-Chairperson, Chairman, Vice-Chairman, President, Vice-President, Presiding Officer or Member of the Tribunal, Appellate Tribunal or, as the case may be, other Authority may be varied to his disadvantage after his appointment.

      179 (NEW)

      T-MISCELLANEOUS

      Transitional provisions.

      180. (1) Any person appointed as the Chairperson or Chairman, President or Vice-Chairperson or Vice-Chairman, Vice-President or Presiding Officer or Member of the Tribunals, Appellate Tribunals, or as the case may be, other Authorities specified in column (2) of the Ninth Schedule and holding office as such immediately before the appointed day, shall on and from the appointed day, cease to hold such office and such Chairperson or Chairman, President, Vice-Chairperson or Vice-Chairman, Vice-President or Presiding officer or Member shall be entitled to claim compensation not exceeding three months' pay and allowances for the premature termination of term of their office or of any contract of service.

      (2) The officers and other employees of the Tribunals, Appellate Tribunals and other Authorised specified in column (2) of the Ninth Schedule appointed on deputation, before the appointed day, shall, on and from the appointed day, stand reverted to their parent cadre. Ministry or Department.

      (3) Every officer or other employee of the Tribunal, Appellate Tribunal and other Authorities specified in column (2) of the Ninth Schedule employed on regular basis, by such Tribunal, Appellate Tribunal or other Authorities shall become, on and from the appointed day, the officer and other employee, of the corresponding Tribunal, Appellate Tribunal or other Authorities specified in column (3) of the said Schedule with same rights and privileges as to pension, gratuity and other like benefits as would have been admissible to him if he had continued to serve the Tribunal, Appellate Tribunal or other Authorities specified in column (2) of the said Schedule until his employment is duly terminated or until his remuneration, terms and conditions of employment are duly altered by such corresponding Tribunal, Appellate Tribunal or other Authorities, as the case may be, specified in column (3) of the Ninth Schedule or until the expiry of a period of one year from the appointed day if such officer or other employee opts not to continue to be the officer or other employee of such Tribunal, Appellate Tribunal or other Authorities within such period.

      (4) Any appeal, application or proceeding pending before the Tribunal, Appellate Tribunal or other Authorities specified in column (2) of the Ninth Schedule, before the appointed day. shall stand transferred to the corresponding Tribunal, Appellate Tribunal or other Authorities specified in column (3) of the said Schedule and the said Tribunal, Appellate Tribunal or other Authority shall, on and from the appointed day, deal with de novo or from the stage at which such appeal, application or proceeding stood before the date of their transfer and shall dispose them in accordance with the provisions of the Act specified in column (2) of the said Schedule.

      (5) The balance of all monies received by, or advanced to the Tribunal, Appellate Tribunal or other Authorities specified in column (2) of the Ninth Schedule and not spent by it before the appointed day, shall, on and from the appointed day, stand transferred to an vest in the Central Government which shall be utilised for the purposes stated in sub-section (7).

      (6) All property of whatever kind owned by, or vested in, the Tribunal, Appellate Tribunal or other Authorities specified in column (2) of the Ninth Schedule before the appointed day, shall stand transferred to, on and from the appointed day, and shall vest in the Central Government.

      (7) All liabilities and obligations of whatever kind incurred by the Tribunal, Appellate Tribunal or other Authorities specified in column (2) of the Ninth Schedule and subsisting immediately before the appointed day, shall, on and from the appointed day, be deemed to be the liabilities or obligations, as the case may be, of the corresponding Tribunal, Appellate Tribunal or other Authorities specified in column (3) of the Ninth Schedule; and any proceeding or cause of action, pending or existing immediately before the appointed day by or against the Tribunal, Appellate Tribunal or other Authorities specified in column (2) of the Ninth Schedule in relation to such liability or obligation may, on and from the appointed day, be continued or enforced by or against the corresponding Tribunal, Appellate Tribunal or other Authority specified in column (3) of the Ninth Schedule.

      180 (NEW)

      General Power to make rules.

      181. Without prejudice to any other power to make rules contained elsewhere in this Part, the Central Government may, by notification, make rules generally to carry out the provisions of this Part.

      181 (NEW)

      Power to amend Eighth Schedule.

      182. (1) If the Central Government is satisfied that it is necessary or expedient so to do, it may by notification published in the Official Gazette, amend the Eighth Schedule and thereupon the said Schedule shall be deemed to have been amended accordingly.

      (2) A copy of every notification issued under subsection (1) shall be laid before each House of Parliament as soon as may be after it is issued.

      182 (NEW)

      Rules to be laid before Parliament.

      183. Every rule made under this Part shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.

      183 (NEW)

      Removal of difficulties.

      184. (1) If any difficulty arises in giving effect to the provisions of this Part, the Central Government, may by general or special order published in the Official Gazette, make such provisions not inconsistent with the provisions of this Part as appear to it to be necessary or expedient for removing the difficulty.

      (2) No order under sub-section (I) shall be made after the expiry of three years from the appointed day.

      (3) Every order made under this section shall, as soon as may be after it is made, be laid before each Houses of Parliament.'.      

      184 (NEW)

       

       

      SCHEDULE

      S.No.

      Name of Member and text of the Amendment

      Clause No.

      44.

      44. Page 57, after line 11, insert-

      Eight Schedule (NEW)

       

      "THE EIGHTH SCHEDULE

      [See sections 178 and 179]

      S.No.

      Tribunal/Appellate Tribunal/Board/Authority

      Acts

      (1)

      (2)

      (3)

      1.

      Industrial Tribunal constituted by the Central Government.

      The Industrial Disputes Act, 1947 (14 of 1947)

      2.

      Income-Tax Appellate Tribunal

      Income -Tax Act, 1961 (43 of 1961)

      3.

      Customs, Excise and Service Tax Appellate Tribunal

      The Customs Act, 1962 (52 of 1962)

      4.

      Appellate Tribunal.

      The Smugglers and Foreign Exchange Manipulators (Forfeiture of Property Act, 1976 (13 of 1976)

      5.

      Central Administrative Tribunal

      The Administrative Tribunals Act, 1985 (13 of 1985)

      6.

      Railway Claims Tribunal

      The Railway Claims Tribunal Act, 1987 (54 of 1987)

      7.

      Securities Appellate Tribunal

      The Securities and Exchange Board of India Act, 1992 (15 of 1992)

      8.

      Debts Recovery Tribunal

      The Recovery of Debts due to Banks and Financial Institutions Act, 1993 (51 of 1993)

      9.

      Debts Recovery Appellate Tribunal

      The Recovery of Debts due to Banks and Financial Institutions Act, 1993 (51 of 1993)

      10.

      Airport Appellate Tribunal

      The Airport Authority of India Act, 1994 (55 of 1994)

      11.

      Telecom Disputes Settlement and Appellate Tribunal.

      The Telecom Regulatory Authority of India Act, 1997 (24 of 1997)

      12.

      Appellate Board.

      The Trade Marks Act, 1999 (47 of 1999)

      13.

      National Company Law Appellate Tribunal

      The Companies Act, 2013 (18 of 20I3)

      14.

      Authority for Advance Ruling

      The Income Tax Act, 1961 (43of 1961)

      15.

      Film Certification Appellate Tribunal

      The Cinematograph Act, 1952(37 of 1952)

      16.

      National Consumer Disputes Redressal Commission

      The Consumer Protection Act, 1986 (68 of 1986)

      17.

      Appellate Tribunal for Electricity

      The Electricity Act, 2003 (36 of2003)

      18.

      Armed Force Tribunal

      The Armed Force Act, 2007 (55 of 2007)

      19.

      National Green Tribunal

      The National Green Tribunal Act, 2010 (19 of 2010).

      THE NINTH SCHEDULE

      [See section 180]

      S.No.

      Tribunal/Appellate Tribunal under the Acts

      Tribunal/ Appellate Tribunal/Tribunal/ Authority to exercise the jurisdiction under the Acts.

      (1)

      (2)

      (3)

      1.

      The Employees Provident Fund Appellate Tribunal under the Employees Provident Funds and Miscellaneous Provisions Act, 1952.

      The Industrial Tribunal constituted by the Central Government under the Industrial Disputes Act, 1947.

      2.

      The Copyright Board under the Copyright Act, 1957.

      The Intellectual Property Appellate Board under the Trade Marks Act,

      3.

      The Railway Rates Tribunal under the Railways Act, 1989.

      The Railway Claims Tribunal under the Railway Claims Tribunal Act, 1987.

      4.

      The Appellate Tribunal for Foreign Exchange The under the Foreign Exchange Management Act, 1999.

      The Appellate Tribunal under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976.

      5.

      The National Highways Tribunal under the Control of National Highways (Land Appellate and Traffic) Act, 2002

      The Airport Tribunal under the Airport Authority of India Act, 1994.

      6.

      (A) The Cyber Appellate Tribunal under The Information Technology Act, 2000;

      Telecom the Disputes

       

      (B) The Airports Economic Regulatory Authority Appellate Tribunal under the Airports Economic Regulatory Authority Tribunal of India Act, 2008.

      Settlement and Appellate under the Telecom Regulatory Authority of India Act, 1997.

      7.

      The Competition Appellate Tribunal under Competition Act, 2002.

      The National Company Law Appellate Tribunal under the Companies Act, 2013.".

       

      Finance Bill, 2017 (PDF) - Original

      Finance Bill, 2017 (PDF) - (As passed by the Lok Sabha)

      (Clause by Clause - original) THE FINANCE BILL, 2017

      Topics

      ActsIncome Tax