S.No.

Name of Member and text of Amendment

Clause No. 3

SMT. NIRMALA SITHARAMAN:

1.

Page 20, after line 4, insert-

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‘(a) in clause (12A), for the words “in the written form or as print-outs of data stored in”, the words “in the written form or in electronic form or in digital form or as print-outs of data stored in such electronic form or in digital form or in’ shall be substituted; ‘.

2.

Page 21, after line 5, insert-

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(i) in clause (4D), in the Explanation, in clause (c), in sub-clause (i), in this item for the words "non-residents; or”, the following shall be substituted, namely: -

"non- residents:

Provided that the condition specified in this item shall not “apply where any unit holder or holders, being -non-resident during the previous year when such unit or units were issued, becomes resident under clause (1) or clause (1A) of section 6 in any previous year subsequent to that year, if the aggregate value and number of the units held by such resident unitholder or unitholders do not exceed five per cent of the total units issued and fulfill such other conditions as may be prescribed; or".

3.

Page 27, line 6, after “approved”, insert “or provisionally approved”.

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4.

Page 29 for line 34, substitute __

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“thereof for that previous year.

Explanation.- Where, on or after the 1st day of April, 2022, any fund or institution referred to in sub-clause (iv) or any 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) is notified under clause (46) of section 10; the approval or provisional approval granted to such fund or institution or trust or university or other educational institution or hospital or , other medical institution shall become inoperative from the date of notification of such fund or institution or trust or university or other educational institution or hospital or other medical institution, as the case may be, under clause (46) of the said section:”.

5.

Page 30, for line 11, substitute ‘section, be deemed to be the income of such fund or institution or trust or university or other educational institution or hospital or other medical institution of.

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6.

Page 40, after line 4, insert-

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`(ii) in sub-clause (c), after the proviso occurring after item (B) and before the Explanation, the following proviso shall be inserted with effect from the 1st day of April, 2023, namely:

“Provided further that clauses (VI) and (VII) of the first proviso shall not apply where any sum of money or any property has been received by any person referred to in sub-section (3) of section 13.”;’.

7.

Page 45, line 9, after “asset,”, insert “notwithstanding anything contained in any other provision of this Act,”.

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8.

Page 45, lines 19 and 20, for “(other than cost of acquisition)”, substitute “(other than cost of acquisition, if any)”.

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9.

Page 45, line 26, omit “other”.

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10.

Page 45, after line 29, insert-

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`(3) For the purposes of this section, the word “transfer” as defined in clause (47) of section 2, shall apply to any virtual digital asset, whether capital asset or not’.

11.

Page 45, line 38, for “specified income”, substitute “specified income, notwithstanding anything contained in any other provision of this Act”.

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12.

Page 52, line 33, for “two assessment years”, substitute “any assessment year”.

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13.

Page 53, for line 31, substitute-

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“regard:

Provided also that if any person has sustained a loss in any previous year and has furnished a return of loss in the prescribed form within the time allowed under sub-section (1) and verified in the prescribed manner and containing such other particulars as may be prescribed, he shall be allowed to furnish an updated return where such updated return is a return of income:

Provided also that if the loss or any part thereof carried forward under Chapter VI or unabsorbed depreciation carried forward under sub-section (2) of section 32 or tax credit carried forward under section 115JAA or under section 115JD is to be reduced for any subsequent previous year as a result of furnishing of return of income under this sub-section for a previous year, an updated return shall be furnished for each such subsequent previous year.”.

14.

Page 73, after line 31, insert __

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‘(a) in sub-section (1), for the second proviso, the following proviso shall be substituted and shall be deemed to have been substituted with effect from the 1^st day of April, 2021, namely:-

“Provided further that in respect of an order of assessment relating to the assessment year commencing on the–

(i) 1st day of April, 2019, the provisions of this sub-section shall have effect, as if for the words “twenty-one months”, the words “twelve months” had been substituted;

(ii) 1st day of April, 2020, the provisions of this sub-section shall have effect, as if for the words “twenty-one months”, the words “eighteen months” had been substituted:”;’.

15.

Page 75, after line 33, insert-

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`(a) in sub-section (1), after the fifth proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2021, namely:

“Provided also that in a case where the last of the authorisations for search under section 132 or requisition under section 132A was executed during the financial year commencing on the 1st day of April, 2020 or in case of other person referred to in section 153C, the books of account or document or assets seized or requisitioned were handed over under section 153C to the Assessing Officer having jurisdiction over such other person during the financial year commencing on the 1st day of April, 2020, the assessment in such cases for the assessment year commencing on the 1st day of April, 2021 shall be made on or before the 30^th day of September, 2022.”,’.

16.

Page 76, after line 20, insert-

49A (New)

‘49A. In section 155 of the Income-tax Act, after sub-section (17) and before the Explanation, the following sub-section shall be inserted, namely:-

`(18) Where any deduction in respect of any surcharge or cess, which is not allowable as deduction under section 40, has been claimed and allowed in the case of an assessee in any previous year, such claim shall be deemed to be under-reported income of the assessee for such previous year for the purposes of sub-section (3) of section 270A, notwithstanding anything contained in sub­-section (6) of section 270A, and the Assessing Officer shall recompute the total income of the assessee for such previous year and make necessary amendment; and the provisions of section 154 shall, so far as may be, apply thereto, the period of four years specified in sub-section (7) of section 154 being reckoned from the end of the previous year commencing on the 1st day of April 2021:

Provided that in a case where the assessee makes an application to the Assessing Officer in the prescribed form and within the prescribed time, requesting for recomputation of the total income of the previous year without allowing the claim for deduction of surcharge or cess and pays the amount due thereon within the specified time, such claim shall not be deemed to be under-reported income for the purposes of sub-section (3) of section 270A.’,’

Amendment of section 155.

17.

Page 77, line 30, after “sub-section (1)”, insert “, notwithstanding anything contained in sub-section (3) of section 253 or clause (a) of sub­-section (2) of section 260A”.

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18.

Page 77, for lines 33 to 36, substitute–

“prescribed within a period of one hundred and twenty days from the date of receipt of the order of the Commissioner (Appeals) or of the Appellate Tribunal, as the case may”.

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19.

Page 78, for lines 9 and 10,' substitute “Commissioner shall, notwithstanding anything contained in sub-section (3) of section 253 or clause (a) of sub-section (2) of section 260A, proceed in accordance with the provisions contained in sub-section (2) of section 253 or in clause (c) of.”.

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20.

Page 78, line 20, after “Part B “; insert “and Part CC”.

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21.

Page 78, line 23, after “sixty days”, insert “to the Appellate Tribunal or one hundred and twenty days to the High Court as the case may be,”.

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22.

Page 78, for lines 25 to 27, substitute -

“other case is communicated to the Principal Commissioner or the Commissioner (having jurisdiction over the relevant case), in accordance with the procedure specified by the Board in this behalf.”.

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23.

Page 78, for lines 37 to 41, substitute–

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“sections (1) and (2), where there is succession, the assessment or reassessment or any other proceedings, made or initiated on the predecessor during the course of pendency of such succession, shall be deemed to have been made or initiated on the successor and all the provisions of’.

24.

Page 79, for lines 1 to 9, substitute

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`Explanation.- For the purposes of this sub-section, the term “pendency” means the period commencing from the date of filing of application for such succession of business before the High Court or’.

25.

Page 79, for lines 33 to 35, substitute–

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`Explanation.- In this section, the expressions‑

(i) “business reorganisation” means the reorganisation of business involving the amalgamation or de-merger or merger of business of one or more persons;

(ii) “successor” means all resulting companies in a business reorganisation, whether or not the company was in existence prior to such business reorganisation. ‘.

26.

Page 80, line 18, for “194R”, substitute “194R(1)”.

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27.

Page 80, line 32, after “ensure that tax”, insert “required to be deducted”

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28.

Page 81, after line 5, insert–

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`(2) If any difficulty arises in giving effect to the provisions of this section, the Board may, with the previous approval of the Central Government, issue guidelines for the purpose of removing the difficulty.

(3) Every guideline issued by the Board under sub-section (2) shall, as soon as may be after it is issued, be laid before each House of Parliament, and shall be binding on the income-tax authorities and on the person providing any such benefit or perquisite.’

29.

Page 81, line 14, for “a resident”, substitute “any resident”.

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30.

Page 81, line 28, after “ensure that tax”, insert “required to be deducted”

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31.

Page 82, for lines 5 to 8, substitute –

`(4) Notwithstanding anything contained in section 194-0, in case of a transaction to which the provisions of the said section are also applicable along with the provisions of this section, then, tax shall be deducted under sub-section (1).”.

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32.

Page 82, omit lines 24 to 27.

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33.

Page 93, line 8, for “(a)”, substitute “(i)”.

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34.

Page 93, line 12, for “(b)”, substitute “(ii)”

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35.

Page 93, for lines 21 to 26, substitute-

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“135AA. (1) If a person publishes any information, that is furnished to customs by an exporter or importer under this Act, relating to the value or classification or quantity of goods entered for export from India, or import into India, along with the identity of the persons involved or in a manner that leads to disclosure of such identity, unless required so to do under any law for the time being in force or by specific authorisation of such exporter or importer, he shall be punishable with imprisonment”.

36.

Page 93, for lines 29 to 31, substitute-

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“(2) Nothing contained in this section shall apply to-

(a) any publication made by or on behalf of the Central Government;

(b) data sourced from any publication made by or on behalf of the Central Government for analysis of trends in India’s international trade and dissemination thereof”;

37.

Page 94, line 35, after “the Fourth Schedule shall”, insert “, with effect from the 1st May, 2022,”;

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38.

Page 114, for line 20, substitute-

THE FIRST SCHEDULE

“gains referred to in section 112A exceeding one Ian rupees”.

39.

Page 146, lines 19 and 20, after “2903 43 00”, insert “2903 44 00, 2903 45 00”.

THE THIRD SCHEDULE