TaxTMI 
TaxTMI 
Finance Act, 2025 + Union Budget 2025-26 (Full)
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....inance Act, 2025 + Union Budget 2025-26 (Full) <br>Budget<br>Dated:- 1-2-2025<br><BR>Finance Act, 2025 Section by Section [Chapter wise] [Received the assent of the President on the 29th March, 2025] Finance Bill, 2025 (as introduced) By Clause + Chapter wise Explanatory Notes List of Government Amendments to the Finance Bill, 2025 which were considered and adopted while Passing the Bill as on 25-3-2025 Budget Speech THE FINANCE BILL, 2025 (PDF) Budget News Economic Survey - Highlights Budget 2025-26 - Customs and Central Excise Notifications CBID Circular / Clarifications D.O.F.No.334/3/2025-TRU - 1-2-2025 Union Budget 2025:- Proposes substantial amendments to the Customs Act, Central Excise Act, and CGST Act, including revisions to customs duties, exemptions, and GST provisions CBDT Clarifications (FAQ) FAQ - 1-2-2025 - Personal Income-tax reforms with special focus on middle class - FAQ FAQ - 25-3-2025 - Supplementary FAQs for the Finance Bill 2025 Previous: &nb....
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....sp; Next: Budget 2024-25 (no.2) Budget 2026-27 Implementation of Budget Announcements 2024-2025 (Status as on 1-2-2025) ============= Document 1 BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES CHAPTER I PRELIMINARY CLAUSES 1. Short title and commencement. CHAPTER II RATES OF INCOME-TAX 2. Income-tax. 3. Amendment of section 2. 4. Amendment of section 9. 5. Amendment of section 9A. 6. Amendment of section 10. 7. Amendment of section 12AB. CHAPTER III DIRECT TAXES Income-tax 8. Amendment of section 13. 9. Amendment of section17. 10. Amendment of section 23. 11. Insertion of new section 44BBD. 12. Amendment of section 45. 13. Amendment of section 47. 14. Amendment of section 72A. 15. Amendment of section 72AA. 16. Amendment of section 80CCA. 17. Amendment of section 80CCD. 18. Amendment of ....
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....section 80-IAC. 19. Amendment of section 80LA. 20. Amendment of section 87A. 21. Amendment of section 92CA. 22. Amendment of section 112A. 23. Amendment of section 115AD. 24. Amendment of section 115BAC. CLAUSES 25. Amendment of section 115UA. 26. Amendment of section 115V. 27. Amendment of section 115VB. 28. Amendment of section 115VD. 29. Amendment of section 115VG. 30. Amendment of section 115V-I. 31. Amendment of section 115VK. 32. Amendment of section 115VP. 33. Amendment of section 115VT. 34. Amendment of section 115VV. 35. Amendment of section 115VX. 36. Amendment of section 115VZA. 37. Amendment of section 132. 38. Amendment of section 132B. 39. Amendment of section 139. 40. Amendment of section 140B. 41. Amendment of section 144BA. 42. Amendment of section 144C. 43. Amendment of section 153. 44. Amendment of section 153B. 45. Amendment of section 155. 46. Amendment of section 158B. 47. Amendment of section 158BA. 48. Amendment of section 158BB. 49. Amendment of section 158BE. 50. Amendment of section 158BFA. 51. Amendment of section 193. 52. Amendment of section 194. 53. Amendment of section 194A. 54. Amendment of section 194B. 55. Ame....
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....ndment of section 194BB. 56. Amendment of section 194D. 57. Amendment of section 194G. 58. Amendment of section 194H. 59. Amendment of section 194-I. 60. Amendment of section 194J. 61. Amendment of section 194K. 62. Amendment of section 194LA. 63. Amendment of section 194LBC. 64. Amendment of section 194Q. 65. Amendment of section 194S. 66. Omission of section 206AB. 67. Amendment of section 206C. 68. Omission of section 206CCA. 69. Amendment of section 246A. ii iii CLAUSES 70. Amendment of section 253. 71. Amendment of section 255. 72. Amendment of section 263. 73. Amendment of section 264. 74. Amendment of section 270AA. 75. Amendment of section 271AAB. 76. Omission of section 271BB. 77. Amendment of section 271C. 78. Amendment of section 271CA. 79. Amendment of section 271D. 80. Amendment of section 271DA. 81. Amendment of section 271DB. 82. Amendment of section 271E. 83. Substitution of new section for section 275. 84. Amendment of section 276BB. 85. Insertion of new section 285BAA. 86. Amendment of rule 68B of the Second Schedule. CHAPTER IV INDIRECT TAXES 87. Amendment of section 18. 88. Insertion of new section 18A. 89. Amendment of sec....
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....tion 27. 90. Amendment of section 28. 91. Amendment of section 127A. 92. Amendment of section 127B. 93. Amendment of section 127C. 94. Amendment of section 127D. 95. Amendment of section 127F. 96. Amendment of section 127G. 97. Amendment of section 127H. Customs Customs Tariff 98. Amendment of First Schedule. 99. Amendment of section 31. 100. Insertion of new section 31A. 101. Amendment of section 32. 102. Amendment of section 32A. 103. Amendment of section 32B. Central Excise CLAUSES 104. Amendment of section 32C. 105. Amendment of section 32D. 106. Amendment of section 32E. 107. Amendment of section 32F. 108. Amendment of section 32G. 109. Amendment of section 32-I. 110. Amendment of section 32J. 111. Amendment of section 32K. 112. Amendment of section 32L. 113. Amendment of section 32M. 114. Amendment of section 32-0. 115. Amendment of section 32P. iv Central Goods and Services Tax 116. Amendment of section 2. 117. Amendment of section 12. 118. Amendment of section 13. 119. Amendment of section 17. 120. Amendment of section 20. 121. Amendment of section 34. 122. Amendment of section 38. 123. Amendment of section 39. 124. Amendment of sect....
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....ion 107. 125. Amendment of section 112. 126. Insertion of new section 122B. 127. Insertion of new section 148A. 128. Amendment of Schedule III. 129. No refund of tax collected. Service Tax 130. Special provision for retrospective exemption from service tax in certain cases relating to reinsurance services provided by insurance companies under Weather Based Crop Insurance Scheme and Modified National Agricultural Insurance Scheme. CHAPTER V MISCELLANEOUS PART I ACT, 2002 AMENDMENT TO THE UNIT TRUST OF INDIA (TRANSFER OF UNDERTAKING AND REPEAL) 131. Amendment of Act 58 of 2002. CLAUSES V PART II AMENDMENTS TO THE GOVERNMENT SECURITIES ACT, 2006 132. Application of this Part. 133. Amendment of preamble. 134. Amendment of section 1. 135. Amendment of section 2. 136. Amendment of section 3. 137. Amendment of section 5. 138. Amendment of section 31. 139. Amendment of section 32. 140. Repeal of Act 18 of 1944 and savings. THE FIRST SCHEDULE. THE SECOND SCHEDULE. THE THIRD SCHEDULE. AS INTRODUCED IN LOK SABHA ON 1ST FEBRUARY, 2025 Bill No. 14 of 2025 THE FINANCE BILL, 2025 A BILL to give effect to the financial proposals of the Central Government for....
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.... the financial year 2025-2026. BE it enacted by Parliament in the Seventy-sixth Year of the Republic of India as follows:- CHAPTER I PRELIMINARY 1. (1) This Act may be called the Finance Act, 2025. (2) Save as otherwise provided in this Act,― (a) sections 2 to 86, 99 to 115, 120 and 131 shall come into force on the 1st day of April, 2025; (b) sections 116 to 119 and sections 121 to 129 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint. CHAPTER II RATES OF INCOME-TAX Short title and commencement. 2. (1) Subject to the provisions of sub-sections (2) and (3), Income-tax. for the assessment year commencing on the 1st April, 2025, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax shall be increased by a surcharge, for the purposes of the Union, calculated in each case in the manner provided therein. 2 43 of 1961. (2) In the cases to which Paragraph A of Part I of the First Schedule applies, or in the cases where income is chargeable to tax under sub-section (1A) of section 115BAC of the Income- tax Act, 1961 (hereinafter referred to as the Inco....
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....me-tax Act) and, where the assessee has, in the previous year, any net agricultural income exceeding five thousand rupees, in addition to total income, and the total income exceeds two lakh fifty thousand rupees, then,― (a) the net agricultural income shall be taken into account, in the manner provided in clause (b) (that is to say, as if the net agricultural income were comprised in the total income after the first two lakh fifty thousand rupees of the total income but without being liable to tax), only for the purpose of charging income-tax in respect of the total income; and (b) the income-tax chargeable shall be computed as follows:- (i) the total income and the net agricultural income shall be aggregated and the amount of income-tax shall be determined in respect of the aggregate income at the rates specified in the said Paragraph A or sub-section (1A) of section 115BAC, as if such aggregate income were the total income; (ii) the net agricultural income shall be increased by a sum of two lakh fifty thousand rupees, and the amount of income-tax shall be determined in respect of the net agricultural income as so increased at the rates specified in ....
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....the said Paragraph A or sub-section (1A) of section 115BAC, as if the net agricultural income as so increased were the total income; (iii) the amount of income-tax determined as per sub- clause (i) shall be reduced by the amount of income-tax determined as per sub-clause (ii) and the sum so arrived at shall be the income-tax in respect of the total income: Provided that in the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year, referred to in item (II) of Paragraph A of Part I of the First Schedule, the provisions of this sub-section shall have effect as if for the words "two lakh fifty thousand rupees", the words "three lakh rupees†had been substituted: Provided further that in the case of every individual, being a resident in India, who is of the age of eighty years or 3 more at any time during the previous year, referred to in item (III) of Paragraph A of Part I of the First Schedule, the provisions of this sub-section shall have effect as if for the words "two lakh fifty thousand rupees", the words "five lakh rupees" had been substituted: Provi....
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....ded also that in the cases where income is chargeable to tax under sub-section (1A) of section 115BAC of the Income-tax Act, the provisions of this sub-section shall have effect as if for the words “two lakh fifty thousand rupees", the words "three lakh rupees" had been substituted. (3) In cases to which the provisions of Chapter XII or Chapter XII-A or section 115JB or section 115JC or Chapter XII-FA or Chapter XII-FB or sub-section (1A) of section 161 or section 164 or section 164A or section 167B of the Income- tax Act apply, the tax chargeable shall be determined as provided in that Chapter or that section, and with reference to the rates imposed by sub-section (1) or the rates as specified in that Chapter or section, as the case may be: Provided that the amount of income-tax computed as per the provisions of section 111A or section 112 or section 112A of the Income-tax Act shall be increased by a surcharge, for the purposes of the Union, as provided in Paragraph A, B, C, D or E, as the case may be, of Part I of the First Schedule, except in case of a domestic company whose income is chargeable to tax under section 115BAA or section 115BAB of the Income....
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....-tax Act or in case of an individual or Hindu undivided family or association of persons, or body of individuals, whether incorporated or not, or an artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act whose income is chargeable to tax under sub-section (1A) of section 115BAC of the Income-tax Act, or in case of co- operative society resident in India, whose income is chargeable to tax under section 115BAD or 115BAE of the Income-tax Act: Provided further that in respect of any income chargeable to tax under sections 115A, 115AB, 115AC, 115ACA, 115AD, 115B, 115BA, 115BB, 115BBA, 115BBC, 115BBF, 115BBG, 115BBH, 115BBI, 115BBJ, 115E, 115JB or 115JC of the Income-tax Act, the amount of income-tax computed under this sub-section shall be increased by a surcharge, for the purposes of the Union, calculated,― (a) in the case of every individual or Hindu undivided family or association of persons except in a case of an association of persons consisting of only companies as its members, or body of individuals, whether incorporated or 4 not, or every artificial juridical person referred to in sub- clause (....
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....vii) of clause (31) of section 2 of the Income-tax Act, not having any income under section 115AD of the Income- tax Act, and not having any income chargeable to tax under sub-section (1A) of section 115BAC of the Income-tax Act,- (i) having a total income exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten per cent. of such income-tax; (ii) having a total income exceeding one crore rupees, but not exceeding two crore rupees, at the rate of fifteen per cent. of such income-tax; (iii) having a total income exceeding two crore rupees, but not exceeding five crore rupees, at the rate of twenty- five per cent. of such income-tax; and (iv) having a total income exceeding five crore rupees, at the rate of thirty-seven per cent. of such income-tax; (b) in the case of every individual or association of persons, except in a case of an association of persons consisting of only companies as its members or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, having income under section 115AD of the Income-tax Act, and not havi....
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....ng any income chargeable to tax under sub-section (14) of section 115BAC of the Income-tax Act,― (i) having a total income exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten per cent. of such income-tax; (ii) having a total income exceeding one crore rupees, but not exceeding two crore rupees, at the rate of fifteen per cent. of such income-tax; (iii) having a total income [excluding the income by way of dividend or income of the nature referred to in clause (b) of sub-section (1) of section 115AD of the Income-tax Act] exceeding two crore rupees but not exceeding five crore rupees, at the rate of twenty-five per cent. of such income-tax; (iv) having a total income [excluding the income by way of dividend or income of the nature referred to in clause (b) of sub-section (1) of section 115AD of the 5 Income-tax Act] exceeding five crore rupees, at the rate of thirty-seven per cent. of such income-tax; and (v) having a total income [including the income by way of dividend or income of the nature referred to in clause (b) of sub-section (1) of section 115AD of the Income-tax Act] exceeding two crore rupees, but is not cove....
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....red in sub-clauses (iii) and (iv), at the rate of fifteen per cent. of such income-tax: Provided that in case where the total income includes any income by way of dividend or income chargeable under clause (b) of sub-section (1) of section 115AD of the Income-tax Act, the rate of surcharge on the income-tax calculated on that part of income shall not exceed fifteen per cent.: (c) in the case of an association of persons consisting of only companies as its members,— (i) at the rate of ten per cent. of such income-tax, where the total income exceeds fifty lakh rupees but does not exceed one crore rupees; (ii) at the rate of fifteen per cent. of such income-tax, where the total income exceeds one crore rupees; (d) in the case of every co-operative society except a co- operative society whose income is chargeable to tax under section 115BAD or section 115BAE of the Income-tax Act,― (i) at the rate of seven per cent. of such income-tax, where the total income exceeds one crore rupees but does not exceed ten crore rupees; (ii) at the rate of twelve per cent. of such income- tax, where the total income exceeds ten crore rupees; (e) in the case of ever....
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....y firm or local authority, at the rate of twelve per cent. of such income-tax, where the total income exceeds one crore rupees; (f) in the case of every domestic company except such domestic company whose income is chargeable to tax under section 115BAA or section 115BAB of the Income-tax Act,― 6 (i) at the rate of seven per cent. of such income-tax, where the total income exceeds one crore rupees but does not exceed ten crore rupees; (ii) at the rate of twelve per cent. of such income-tax, where the total income exceeds ten crore rupees; (g) in the case of every company, other than a domestic company,― (i) at the rate of two per cent. of such income-tax, where the total income exceeds one crore rupees but does not exceed ten crore rupees; (ii) at the rate of five per cent. of such income-tax, where the total income exceeds ten crore rupees: Provided also that in the case of persons mentioned in (a) and (b) above, having total income chargeable to tax under section 115JC of the Income-tax Act, and such income exceeds,― (i) fifty lakh rupees but does not exceed one crore rupees, the total amount payable as income-tax and surcharge there....
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....on shall not exceed the total amount payable as income- tax on a total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees; (ii) one crore rupees but does not exceed two crore rupees, the total amount payable as income-tax and surcharge thereon shall not exceed the total amount payable as income-tax and surcharge on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees; (iii) two crore rupees but does not exceed five crore rupees, the total amount payable as income-tax and surcharge thereon shall not exceed the total amount payable as income-tax and surcharge on a total income of two crore rupees by more than the amount of income that exceeds two crore rupees; (iv) five crore rupees, the total amount payable as income-tax and surcharge thereon shall not exceed the total amount payable as income-tax and surcharge on a total income of five crore rupees by more than the amount of income that exceeds five crore rupees: 7 Provided also that in the case of association of persons mentioned in (c) above, having total income chargeable to tax under section 115JC of the Income-tax Act....
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.... exceeds,― (i) fifty lakh rupees but does not exceed one crore rupees, the total amount payable as income-tax and surcharge thereon shall not exceed the total amount payable as income- tax on a total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees; (ii) one crore rupees, the total amount payable as income- tax and surcharge thereon shall not exceed the total amount payable as income-tax and surcharge on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: Provided also that in the case of a co-operative society mentioned in (d) above, having total income chargeable to tax under section 115JC of the Income-tax Act, and such income exceeds,― (i) one crore rupees but does not exceed ten crore rupees, the total amount payable as income-tax and surcharge thereon shall not exceed the total amount payable as income- tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees; (ii) ten crore rupees, the total amount payable as income- tax and surcharge thereon shall not exceed the total amount payable as income-tax and....
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.... surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees: Provided also that in the case of persons mentioned in (e) above, having total income chargeable to tax under section 115JC of the Income-tax Act, and such income exceeds one crore rupees, the total amount payable as income-tax on such income and surcharge thereon shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: Provided also that in the case of every company having total income chargeable to tax under section 115JB of the Income-tax Act, and such income exceeds one crore rupees but does not exceed ten crore rupees, the total amount payable as income-tax on such income and surcharge thereon, shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: 8 Provided also that in the case of every company having total income chargeable to tax under section 115JB of the Income-tax Act, and such income exceeds ten crore rupees, the total amount payab....
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....le as income-tax on such income and surcharge thereon, shall not exceed the total amount payable as income-tax and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees: Provided also that in respect of any income chargeable to tax under clause (i) of sub-section (1) of section 115BBE of the Income-tax Act, the amount of income-tax computed under this sub-section shall be increased by a surcharge, for the purposes of the Union, calculated at the rate of twenty-five per cent. of such income-tax: Provided also that in case of every domestic company whose income is chargeable to tax under section 115BAA or section 115BAB of the Income-tax Act, the income-tax computed under this sub-section shall be increased by a surcharge, for the purposes of the Union, calculated at the rate of ten per cent. of such income-tax: Provided also that in respect of income chargeable to tax under sub-section (14) of section 115BAC of the Income-tax Act, the income-tax computed under this sub-section shall be increased by a surcharge, for the purposes of the Union, calculated, in the case of an individual or Hindu undivided fam....
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....ily or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income tax Act, (i) having a total income (including the income by way of dividend or income under the provisions of sections 111A, 112 and 112A of the Income-tax Act) exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten per cent. of such income-tax; (ii) having a total income (including the income by way of dividend or income under the provisions of sections 111A, 112 and 112A of the Income-tax Act) exceeding one crore rupees but not exceeding two crore rupees, at the rate of fifteen per cent. of such income-tax; (iii) having a total income (excluding the income by way of dividend or income under the provisions of sections 111A, 112 and 112A of the Income-tax Act) exceeding two 9 crore rupees, at the rate of twenty-five per cent. of such income-tax; and (iv) having a total income (including the income by way of dividend or income under the provisions of sections 111A, 112 and 112A of the Income-tax Act) exceeding two crore rupees, but is not cov....
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....ered under clause (iii) above, at the rate of fifteen per cent. of such income-tax: Provided also that in case where the provisions of sub- section (1A) of section 115BAC are applicable and the total income includes any income by way of dividend or income chargeable under sections 111A, 112 and 112A of the Income- tax Act, the rate of surcharge on the income-tax in respect of that part of income shall not exceed fifteen per cent.: Provided also that in case of an association of persons consisting of only companies as its members, and having its income chargeable to tax under sub-section (1A) of section 115BAC, the rate of surcharge on the income-tax shall not exceed fifteen per cent.: Provided also that in case of every individual or Hindu undivided family or association of persons, or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, having total income chargeable to tax under sub-section (14) of section 115BAC of the Income-tax Act, and such income exceeds,― (i) fifty lakh rupees but does not exceed one crore rupees, the total amount ....
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....payable as income-tax on such income and surcharge thereon shall not exceed the total amount payable as income-tax on a total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees; (ii) one crore rupees but does not exceed two crore rupees, the total amount payable as income-tax on such income and surcharge thereon shall not exceed the total amount payable as income-tax and surcharge on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees; (iii) two crore rupees, the total amount payable as income-tax on such income and surcharge thereon shall not exceed the total amount payable as income-tax and surcharge on a total income of two crore rupees by more than the amount of income that exceeds two crore rupees: 10 Provided also that in case of every co-operative society resident in India, whose income is chargeable to tax under section 115BAD or section 115BAE of the Income-tax Act, the income-tax computed under this sub-section shall be increased by a surcharge, for the purposes of the Union, calculated at the rate of ten per cent. of such income-tax. Provided also that in the ca....
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....se of a specified fund, referred to in clause (c) of the Explanation to clause (4D) of section 10 of the Income-tax Act, whose income includes any income under clause (a) of sub-section (1) of section 115AD of the Income- tax Act, the income-tax computed on that part of income shall not be increased by any surcharge. (4) In cases in which tax has to be charged and paid under sub-section (2A) of section 92CE or section 115QA or section 115TD of the Income-tax Act, the tax shall be charged and paid at the rates as specified in those sections and shall be increased by a surcharge, for the purposes of the Union, calculated at the rate of twelve per cent. of such tax. (5) In cases in which tax has to be deducted under sections 193, 194A, 194B, 194BA, 194BB, 194D, 194LBA, 194LBB, 194LBC and 195 of the Income-tax Act, at the rates in force, the deductions shall be made at the rates specified in Part II of the First Schedule and shall be increased by a surcharge, for the purposes of the Union, calculated in cases wherever prescribed, in the manner provided therein. (6) In cases in which tax has to be deducted under sections 192A, 194, 194C, 194DA, 194E, 194EE, 194G, 194....
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....H, 194-I, 194-IA, 194-IB, 194-IC, 194J, 194LA, 194LB, 194LBA, 194LBB, 194LBC, 194LC, 194LD, 194K, 194M, 194N, 194- O, 194Q, 194R, 194S, 194T, 196A, 196B, 196C and 196D of the Income-tax Act, the deductions shall be made at the rates specified in those sections and shall be increased by a surcharge, for the purposes of the Union,― (a) in the case of every individual or Hindu undivided family or association of persons, except in case of an association of persons consisting of only companies as its members, or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub- clause (vii) of clause (31) of section 2 of the Income-tax Act, being a non-resident except in case of deduction on income by way of dividend under section 196D of the Income-tax Act, calculated,― (i) at the rate of ten per cent. of such tax, where the income or the aggregate of such incomes paid or likely 11 to be paid and subject to the deduction exceeds fifty lakh rupees but does not exceed one crore rupees; (ii) at the rate of fifteen per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid a....
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....nd subject to the deduction exceeds one crore rupees but does not exceed two crore rupees; (iii) at the rate of twenty-five per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds two crore rupees but does not exceed five crore rupees; (iv) at the rate of thirty-seven per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds five crore rupees: Provided that where the income of such person is chargeable to tax under sub-section (1A) of section 115BAC of the Income-tax Act, the rate of surcharge shall not exceed twenty-five per cent.; (b) in the case of every individual or Hindu undivided family or association of persons except in case of association of persons consisting of only companies as its members, or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, being a non- resident, in case of deduction on income by way of dividend under section 196D of the Act, calculated, — (i) at th....
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....e rate of ten per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds fifty lakh rupees but does not exceed one crore rupees; (ii) at the rate of fifteen per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees; (c) in the case of an association of persons being a non- resident, and consisting of only companies as its members, calculated,― (i) at the rate of ten per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds fifty lakh rupees but does not exceed one crore rupees; 12 (ii) at the rate of fifteen per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees; (d) in the case of every co-operative society, being a non- resident, calculated,— (i) at the rate of seven per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds ....
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.... one crore rupees but does not exceed ten crore rupees; (ii) at the rate of twelve per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds ten crore rupees; (e) in the case of every firm, being a non-resident, calculated at the rate of twelve per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees; (f) in the case of every company, other than a domestic company, calculated,— (i) at the rate of two per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees but does not exceed ten crore rupees; (ii) at the rate of five per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds ten crore rupees. (7) In cases in which tax has to be collected under the proviso to section 194B of the Income-tax Act, the collection shall be made at the rates specified in Part II of the First Schedule, and shall be increased by a surch....
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....arge, for the purposes of the Union, calculated, in cases wherever prescribed, in the manner provided therein. (8) In cases in which tax has to be collected under section 206C of the Income-tax Act, the collection shall be made at the rates specified in that section and shall be increased by a surcharge, for the purposes of the Union,― 13 (a) in the case of every individual or Hindu undivided family or association of persons, except in case of an association of persons consisting of only companies as its members, or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub- clause (vii) of clause (31) of section 2 of the Income-tax Act, being a non-resident, calculated,― (i) at the rate of ten per cent. of such tax, where the amount or the aggregate of such amounts collected or likely to be collected and subject to the collection exceeds fifty lakh rupees but does not exceed one crore rupees; (ii) at the rate of fifteen per cent. of such tax, where the amount or the aggregate of such amounts collected or likely to be collected and subject to the collection exceeds one crore rupees but does not exce....
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....ed two crore rupees; (iii) at the rate of twenty-five per cent. of such tax, where the amount or the aggregate of such amounts collected or likely to be collected and subject to the collection exceeds two crore rupees but does not exceed five crore rupees; (iv) at the rate of thirty-seven per cent. of such tax, where the amount or the aggregate of such amounts collected or likely to be collected and subject to the collection exceeds five crore rupees: Provided that where the income of such person is chargeable to tax under sub-section (14) of section 115BAC of the Income-tax Act, the rate of surcharge shall not exceed twenty-five per cent.; (b) in the case of an association of persons, being a non- resident, and consisting of only companies as its members, calculated, (i) at the rate of ten per cent. of such tax, where the amount or the aggregate of such amounts collected or likely to be collected and subject to the collection exceeds fifty lakh rupees but does not exceed one crore rupees; (ii) at the rate of fifteen per cent. of such tax, where the amount or the aggregate of such amounts collected or likely to be collected and subject to the collection ex....
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....ceeds one crore rupees; 14 (c) in the case of every co-operative society, being a non- resident, calculated,― (i) at the rate of seven per cent. of such tax, where the amount or the aggregate of such amounts collected or likely to be collected and subject to the collection exceeds one crore rupees but does not exceed ten crore rupees; (ii) at the rate of twelve per cent. of such tax, where the amount or the aggregate of such amounts collected or likely to be collected and subject to the collection exceeds ten crore rupees; (d) in the case of every firm, being a non-resident, calculated at the rate of twelve per cent. of such tax, where the amount or the aggregate of such amounts collected or likely to be collected and subject to the collection exceeds one crore rupees; (e) in the case of every company, other than a domestic company, calculated,— (i) at the rate of two per cent. of such tax, where the amount or the aggregate of such amounts collected or likely to be collected and subject to the collection exceeds one crore rupees but does not exceed ten crore rupees; (ii) at the rate of five per cent. of such tax, where the amount or the aggre....
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....gate of such amounts collected or likely to be collected and subject to the collection exceeds ten crore rupees. (9) Subject to the provisions of sub-section (10), in cases in which income-tax has to be charged under sub-section (4) of section 172 or sub-section (2) of section 174 or section 174A or section 175 or sub-section (2) of section 176 of the Income-tax Act or deducted from, or paid on, income chargeable under the head "Salaries" under section 192 of the said Act or deducted under section 194P of the said Act or in which the "advance tax" payable under Chapter XVII-C of the said Act has to be computed at the rate or rates in force, such income-tax or, as the case may be, "advance tax†shall be charged, deducted or computed at the rate or rates specified in Part III of the First Schedule and such tax shall be increased by a surcharge, for the purposes of the Union, calculated in such cases and in such manner as provided therein: 15 Provided that in cases to which the provisions of Chapter XII or Chapter XII-A or section 115JB or section 115JC or Chapter XII-FA or Chapter XII-FB or sub-section (14) of section 161 or section 164 or section 164A or s....
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....ection 167B of the Income- tax Act apply, "advance tax†shall be computed with reference to the rates imposed by this sub-section or the rates as specified in that Chapter or section, as the case may be: Provided further that the amount of “advance tax†computed as per the provisions of section 111A or section 112 or section 112A of the Income-tax Act shall be increased by a surcharge, for the purposes of the Union, as provided in Paragraph A, B, C, D or E, as the case may be, of Part III of the First Schedule except in case of a domestic company whose income is chargeable to tax under section 115BAA or section 115BAB of the Income-tax Act or in case of an individual or Hindu undivided family or association of persons, or body of individuals, whether incorporated or not, or an artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act whose income is chargeable to tax under sub-section (1A) of section 115BAC of the Income- tax Act, or in case of a co-operative society resident in India whose income is chargeable to tax under section 115BAD or 115BAE of the Income-tax Act: Provided also that in ....
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....respect of any income chargeable to tax under sections 115A, 115AB, 115AC, 115ACA, 115AD, 115B, 115BA, 115BB, 115BBA, 115BBC, 115BBF, 115BBG, 115BBH, 115BBI, 115BBJ, 115E, 115JB or 115JC of the Income-tax Act, “advance tax†computed as per the first proviso shall be increased by a surcharge, for the purposes of the Union, calculated,― (a) in the case of every individual or Hindu undivided family or association of persons, except in a case of an association of persons consisting of only companies as its members, or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub- clause (vii) of clause (31) of section 2 of the Income-tax Act, not having any income under section 115AD of the Income- tax Act, and not having any income chargeable to tax under sub-section (1A) of section 115BAC of the Income-tax Act,― (i) at the rate of ten per cent. of such "advance tax", where the total income exceeds fifty lakh rupees but does not exceed one crore rupees; 16 (ii) at the rate of fifteen per cent. of such "advance tax", where the total income exceeds one crore rupees but does not exceed two crore ....
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....rupees; (iii) at the rate of twenty-five per cent. of such "advance tax", where the total income exceeds two crore rupees but does not exceed five crore rupees; (iv) at the rate of thirty-seven per cent. of such "advance tax", where the total income exceeds five crore rupees; (b) in the case of every individual or association of persons, except in case of an association of persons consisting of only companies as its members, or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, having income under section 115AD of the Income-tax Act, and not having any income chargeable to tax under sub-section (1A) of section 115BAC of the Income-tax Act,— (i) at the rate of ten per cent. of such “advance tax", where the total income exceeds fifty lakh rupees, but does not exceed one crore rupees; (ii) at the rate of fifteen per cent. of such "advance tax", where the total income exceeds one crore rupees but does not exceed two crore rupees; (iii) at the rate of twenty-five per cent. of such "advance tax", where the total income [excluding the ....
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....income by way of dividend and income of the nature referred to in clause (b) of sub-section (1) of section 115AD of the Income-tax Act] exceeds two crore rupees but does not exceed five crore rupees; (iv) at the rate of thirty-seven per cent. of such "advance tax", where the total income [excluding the income by way of dividend or income of the nature referred to in clause (b) of sub-section (1) of section 115AD of the Income-tax Act] exceeds five crore rupees; (v) at the rate of fifteen per cent. of such "advance tax", where the total income [including the income by way of dividend or income of the nature referred to in clause (b) of sub-section (1) of section 115AD of the Income-tax Act] exceeds two crore rupees but is not covered in sub-clauses (iii) and (iv): 17 Provided that in case where the total income includes any income by way of dividend or income chargeable under clause (b) of sub-section (1) of section 115AD of the Income-tax Act, the rate of surcharge on the advance tax computed on that part of income shall not exceed fifteen per cent.; (c) in the case of an association of persons consisting of only companies as its members,— (i) at the....
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.... rate of ten per cent. of such “advance taxâ€, where the total income exceeds fifty lakh rupees but does not exceed one crore rupees; (ii) at the rate of fifteen per cent. of such "advance tax", where the total income exceeds one crore rupees; (d) in the case of every co-operative society except such co-operative society whose income is chargeable to tax under section 115BAD or section 115BAE of the Income- tax Act,- (i) at the rate of seven per cent. of such "advance tax", where the total income exceeds one crore rupees but does not exceed ten crore rupees; (ii) at the rate of twelve per cent. of such "advance tax", where the total income exceeds ten crore rupees; (e) in the case of every firm or local authority at the rate of twelve per cent. of such "advance tax", where the total income exceeds one crore rupees; (f) in the case of every domestic company except such domestic company whose income is chargeable to tax under section 115BAA or section 115BAB of the Income-tax Act, (i) at the rate of seven per cent. of such "advance tax", where the total income exceeds one crore rupees but does not exceed ten crore rupees; (ii) at the rate of twelve ....
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....per cent. of such "advance tax", where the total income exceeds ten crore rupees; (g) in the case of every company, other than a domestic company, 18 (i) at the rate of two per cent. of such "advance tax", where the total income exceeds one crore rupees but does not exceed ten crore rupees; (ii) at the rate of five per cent. of such "advance tax", where the total income exceeds ten crore rupees: Provided also that in the case of persons mentioned in (a) and (b) above, having total income chargeable to tax under section 115JC of the Income-tax Act, and such income exceeds,― (i) fifty lakh rupees but does not exceed one crore rupees, the total amount payable as "advance tax" on such income and surcharge thereon shall not exceed the total amount payable as “advance tax†on a total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees; (ii) one crore rupees but does not exceed two crore rupees, the total amount payable as "advance tax†on such income and surcharge thereon shall not exceed the total amount payable as “advance tax†and surcharge on a total income of one crore rupees by mor....
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....e than the amount of income that exceeds one crore rupees; (iii) two crore rupees but does not exceed five crore rupees, the total amount payable as “advance tax" on such income and surcharge thereon shall not exceed the total amount payable as “advance tax†and surcharge on a total income of two crore rupees by more than the amount of income that exceeds two crore rupees; (iv) five crore rupees, the total amount payable as "advance tax" on such income and surcharge thereon shall not exceed the total amount payable as “advance tax†and surcharge on a total income of five crore rupees by more than the amount of income that exceeds five crore rupees: Provided also that in the case of association of persons mentioned in (c) above, having total income chargeable to tax under section 115JC of the Income-tax Act, and such income exceeds,― (i) fifty lakh rupees, but does not exceed one crore rupees, the total amount payable as "advance tax" on such income and surcharge thereon shall not exceed the total amount payable as “advance tax†on a total income of fifty lakh rupees by more than the amount of income that exceeds....
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.... fifty lakh rupees; 19 (ii) one crore rupees, the total amount payable as "advance tax" on such income and surcharge thereon shall not exceed the total amount payable as “advance tax†and surcharge on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: Provided also that in the case of a co-operative society mentioned in (d) above, having total income chargeable to tax under section 115JC of the Income-tax Act, and such income exceeds,― (i) one crore rupees, but does not exceed ten crore rupees, the total amount payable as "advance tax" on such income and surcharge thereon, shall not exceed the total amount payable as “advance tax†on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees; (ii) ten crore rupees, the total amount payable as "advance tax" on such income and surcharge thereon, shall not exceed the total amount payable as “advance tax†and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees: Provided also that in the case of persons mentioned in (e) above....
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...., having total income chargeable to tax under section 115JC of the Income-tax Act, and such income exceeds one crore rupees, the total amount payable as "advance tax" on such income and surcharge thereon, shall not exceed the total amount payable as "advance tax†on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: Provided also that in the case of every company having total income chargeable to tax under section 115JB of the Income-tax Act, and such income exceeds one crore rupees but does not exceed ten crore rupees, the total amount payable as "advance tax" on such income and surcharge thereon, shall not exceed the total amount payable as "advance tax" on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: Provided also that in the case of every company having total income chargeable to tax under section 115JB of the Income-tax Act, and such income exceeds ten crore rupees, the total amount payable as "advance tax" on such income and surcharge thereon, shall not exceed the total amount payable as "advance tax†and surcharge on a total income 20 of ....
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....ten crore rupees by more than the amount of income that exceeds ten crore rupees: Provided also that in respect of any income chargeable to tax under clause (i) of sub-section (1) of section 115BBE of the Income-tax Act, the "advance tax" computed as per the first proviso shall be increased by a surcharge, for the purposes of the Union, calculated at the rate of twenty-five per cent. of such "advance tax": Provided also that in case of every domestic company whose income is chargeable to tax under section 115BAA or section 115BAB of the Income-tax Act, the "advance tax" computed as per the first proviso shall be increased by a surcharge, for the purposes of the Union, calculated at the rate of ten per cent. of such "advance tax": Provided also that in respect of income chargeable to tax under sub-section (1A) of section 115BAC of the Income- tax Act, the "advance tax" computed as per the first proviso shall be increased by a surcharge, for the purposes of the Union, calculated, in the case of an individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in ....
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....sub-clause (vii) of clause (31) of section 2 of the Income-tax Act,― (i) having a total income (including the income by way of dividend or income under the provisions of sections 111A, 112 and 112A of the Income-tax Act) exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten per cent. of such "advance-tax"; (ii) having a total income (including the income by way of dividend or income under the provisions of sections 111A, 112 and 112A of the Income-tax Act) exceeding one crore rupees but not exceeding two crore rupees, at the rate of fifteen per cent. of such “advance- tax"; (iii) having a total income (excluding the income by way of dividend or income under the provisions of sections 111A, 112 and 112A of the Income-tax Act) exceeding two crore rupees, at the rate of twenty-five per cent. of such "advance-tax"; and (iv) having a total income (including the income by way of dividend or income under the provisions of sections 111A, 112 and 112A of the Income-tax Act) exceeding two crore rupees, but is not covered under 21 clause (iii) above, at the rate of fifteen per cent. of such "advance-tax": Provided also that in....
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.... case where the provisions of sub- section (14) of section 115BAC are applicable and the total income includes any income by way of dividend or income chargeable under sections 111A, 112 and 112A of the Income-tax Act, the rate of surcharge on the “advance-tax" in respect of that part of income shall not exceed fifteen per cent.: Provided also that in case an association of persons consisting of only companies as its members, and having its income chargeable to tax under sub-section (1A) of section 115BAC, the rate of surcharge on the “advance tax†shall not exceed fifteen per cent.: Provided also that in case of every individual or Hindu undivided family or association of persons, or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, whose income is chargeable to tax under sub-section (1A) of section 115BAC of the Income-tax Act having total income exceeding,— (i) fifty lakh rupees but does not exceed one crore rupees, the total amount payable as “advance tax" on such income and surcharge thereon shall not exceed....
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.... the total amount payable as “advance tax†on a total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees; (ii) one crore rupees but does not exceed two crore rupees, the total amount payable as "advance tax" on such income and surcharge thereon shall not exceed the total amount payable as "advance tax" and surcharge on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees; (iii) two crore rupees, the total amount payable as "advance tax" on such income and surcharge thereon shall not exceed the total amount payable as "advance tax" and surcharge on a total income of two crore rupees by more than the amount of income that exceeds two crore rupees: Provided also that in case of every co-operative society resident in India whose income is chargeable to tax under section 115BAD or section 115BAE of the Income-tax Act, the "advance tax" computed as per the first proviso shall be 22 22 increased by a surcharge, for the purposes of the Union, calculated at the rate of ten per cent. of such “advance tax": Provided also that in the case of a specified fund, refer....
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....red to in clause (c) of the Explanation to clause (4D) of section 10 of the Income-tax Act, whose income includes any income under clause (a) of sub-section (1) of section 115AD of the Income-tax Act, the advance tax computed on that part of income shall not be increased by any surcharge. (10) In cases to which Paragraph A of Part III of the First Schedule applies, or in cases where income is chargeable to tax under sub-section (14) of section 115BAC of the Income-tax Act, where the assessee has, in the previous year or, if by virtue of any provision of the Income-tax Act, income-tax is to be charged in respect of the income of a period other than the previous year, in such other period, any net agricultural income exceeding five thousand rupees, in addition to total income and the total income exceeds two lakh fifty thousand rupees, then, in charging income-tax under sub-section (2) of section 174 or section 174A or section 175 or sub-section (2) of section 176 of the said Act or in computing the “advance tax" payable under Chapter XVII-C of the said Act, at the rate or rates in force,― (a) the net agricultural income shall be taken into account, in....
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.... the manner provided in clause (b) that is to say, as if the net agricultural income were comprised in the total income after the first two lakh fifty thousand rupees of the total income but without being liable to tax, only for the purpose of charging or computing such income-tax or, as the case may be, "advance tax†in respect of the total income; and (b) such income-tax or, as the case may be, "advance tax" shall be so charged or computed as follows:- (i) the total income and the net agricultural income shall be aggregated and the amount of income-tax or "advance tax" shall be determined in respect of the aggregate income at the rates specified in the said Paragraph A, or sub-section (14) of section 115BAC, as if such aggregate income were the total income; (ii) the net agricultural income shall be increased by a sum of two lakh fifty thousand rupees, and the amount of income-tax or “advance tax†shall be determined in respect of the net agricultural income as so increased at the rates specified in the said Paragraph A, or sub-section (1A) of section 115BAC, as if the net agricultural income were the total income; 23 (iii) the amount of i....
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....ncome-tax or "advance tax" determined as per sub-clause (i) shall be reduced by the amount of income-tax or, as the case may be, “advance tax" determined as per sub-clause (ii) and the sum so arrived at shall be the income-tax or, as the case may be, "advance tax" in respect of the total income: Provided that in the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year, referred to in item (II) of Paragraph A of Part III of the First Schedule, the provisions of this sub-section shall have effect as if for the words "two lakh fifty thousand rupees", the words "three lakh rupees" had been substituted: Provided further that in the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year, referred to in item (III) of Paragraph A of Part III of the First Schedule, the provisions of this sub-section shall have effect as if for the words "two lakh fifty thousand rupeesâ€, the words “five lakh rupees†had been substituted: Provided also that in the cases where income is c....
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....hargeable to tax under sub-section (1A) of section 115BAC of the Income- tax Act, the provisions of this sub-section shall have effect as if for the words "two lakh fifty thousand rupeesâ€, the words "four lakh rupees" had been substituted: Provided also that the amount of income-tax or "advance tax" so arrived at, shall be increased by a surcharge for the purposes of the Union, calculated in each case, in the manner provided in this section. (11) The amount of income-tax as specified in sub-sections (1) to (3) and as increased by the applicable surcharge, for the purposes of the Union, calculated in the manner provided therein, shall be further increased by an additional surcharge, for the purposes of the Union, to be called the "Health and Education Cess on income-taxâ€, calculated at the rate of four per cent. of such income-tax and surcharge so as to fulfil the commitment of the Government to provide and finance quality health services and universalised quality basic education and secondary and higher education. (12) The amount of income-tax as specified in sub-sections (4) to (10) and as increased by the applicable surcharge, for the purposes of ....
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....the Union, calculated in the manner provided therein, shall be further increased by an additional surcharge, 24 for the purposes of the Union, to be called the "Health and Education Cess on income-tax", calculated at the rate of four per cent. of such income-tax and surcharge so as to fulfil the commitment of the Government to provide and finance quality health services and universalised quality basic education and secondary and higher education: Provided that nothing contained in this sub-section shall apply to cases in which tax is to be deducted or collected under the sections of the Income-tax Act mentioned in sub-sections (5), (6), (7) and (8), if the income subjected to deduction of tax at source or collection of tax at source is paid to a domestic company and any other person who is resident in India: Provided further that nothing contained in this sub-section shall apply in respect of income-tax as specified in sub-section (9), calculated on income, referred to in clause (a) of sub- section (1) of section 115AD of the Income-tax Act, of specified fund referred to in clause (c) of the Explanation to clause (4D) of section 10 of the Income-tax Act. (13) F....
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....or the purposes of this section and the First Schedule,― (a) “domestic company†means an Indian company or any other company which, in respect of its income liable to income-tax under the Income-tax Act, for the assessment year commencing on the 1st April, 2025, has made the prescribed arrangements for the declaration and payment within India of the dividends (including dividends on preference shares) payable out of such income; (b) "insurance commission†means any remuneration or reward, whether by way of commission or otherwise, for soliciting or procuring insurance business (including business relating to the continuance, renewal or revival of policies of insurance); (c) "net agricultural income†in relation to a person, means the total amount of agricultural income, from whatever source derived, of that person computed as per the rules contained in Part IV of the First Schedule; (d) all other words and expressions used in this section and the First Schedule but not defined in this sub-section and defined in the Income-tax Act shall have the meanings, respectively, assigned to them in that Act. 25 50 of 2019. CHAPTER III DI....
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....RECT TAXES Income-tax 3. In section 2 of the Income-tax Act,― (a) in clause (14), with effect from the 1st April, 2026,- (i) in sub-clause (b), after the words "Foreign Institutional Investor", the words, brackets, letters and figures “or held by an investment fund specified in clause (a) of Explanation 1 to section 115UB†shall be inserted; (ii) in sub-clause (c), the words "on account of the applicability of the fourth and fifth provisos thereof" shall be omitted; (b) in clause (22),— (i) in the long line, after sub-clause (ii), the following sub-clause shall be inserted, namely:― ‘(iia) any advance or loan between two group entities, where,― (A) one of the group entity is a "Finance company†or a “Finance unitâ€; and (B) the parent entity or principal entity of such group is listed on stock exchange in a country or territory outside India other than the country or territory outside India as may be specified by the Board in this behalf;'; (ii) in Explanation 3, after clause (b), the following clauses shall be inserted, namely:― (c) "Finance Company†and “Finance Unit†....
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.... shall have the same meaning as assigned respectively to them in clauses (e) and (f) of sub-regulation (1) of regulation 2 of the International Financial Services Centres Authority (Finance Company) Regulations, 2021 made under the International Financial Services Centres Authority Act, 2019: Provided that such Finance Company or Finance Unit, is set up as a global or regional corporate treasury centre for undertaking treasury activities or Amendment of section 2. 26 treasury services as per the relevant regulations made by the International Financial Services Centres Authority established under section 4 of the said Act; (d) "group entity", "parent entity" and "principal entity†shall be such entities which satisfy such conditions as prescribed in this behalf.’; (c) in clause (474), after sub-clause (c) and before the proviso, the following sub-clause shall be inserted with effect from the 1st April, 2026, namely:— "(d) any crypto-asset being a digital representation of value that relies on a cryptographically secured distributed ledger or a similar technology to validate and secure transactions, whether or not such asset is included in....
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.... sub-clause (a) or sub-clause (b) or sub-clause (c):". 4. In section 9 of the Income-tax Act, in sub-section (1), Amendment of with effect from the 1st April, 2026,— (a) in clause (i), in Explanation 2A, after the first proviso, the following proviso shall be inserted, namely:— "Provided further that the transactions or activities which are confined to the purchase of goods in India for the purpose of export shall not constitute significant economic presence in India:"; (b) in the second proviso, for the words "Provided further", the words "Provided also" shall be substituted. 5. In section 9A of the Income-tax Act,- (a) in sub-section (3), in clause (c),— (i) after the words "the corpus of the fund", the words, figures and letters “as on the first day of April and the first day of October of the previous year†shall be inserted; (ii) after the proviso, the following proviso shall be inserted, namely:― "Provided further that where the said aggregate participation or investment in the fund exceeds five per cent. on the first day of April or the first day of October of the previous year, the condition mentioned in this cl....
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....ause shall be deemed to be satisfied, if it is satisfied within four months of the section 9. Amendment of section 9A. 27 15 of 1992. first day of April or the first day of October of such previous year, as the case may be;â€; (b) in sub-section (84),— (i) after the words, brackets and letters “in clauses (a) to (m)", the brackets, words and letter “[other than clause (c)]" shall be inserted; (ii) for the figures "2024â€, the figures "2030†shall be substituted. 6. In section 10 of the Income-tax Act,- (a) in clause (4D), in the Explanation, in clause (aa), for the figures "2025â€, the figures "2030†shall be substituted; (b) in clause (4E), with effect from the 1st April, 2026,– (i) in the long line, after the word, figures and letters "section 80LA", the words "or any Foreign Portfolio Investor being a unit of an International Financial Services Centre" shall be inserted; (ii) the following Explanation shall be inserted, namely:- ‘Explanation.—For the purposes of this clause, "Foreign Portfolio Investor†means a person registered under the Securities and Exchange Board of India (Fo....
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....reign Portfolio Investors) Regulations, 2019 made under the Securities and Exchange Board of India Act, 1992;'; (c) in clause (4F), for the figures "2025", the figures "2030" shall be substituted; (d) in clause (4H),— (i) in the opening portion,― (A) for the word "aircraft" at both the places where it occurs, the words “aircraft or a ship†shall be substituted; (B) for the figures "2026", the figures "2030" shall be substituted; (ii) for the Explanation, the following Explanation shall be substituted, namely:― Amendment of section 10. 28 50 of 2019. 23 of 2013. 'Explanation. For the purposes of this clause,- (a) "aircraft" means an aircraft or a helicopter, or an engine of an aircraft or a helicopter, or any part thereof; (b) "ship" means a ship or an ocean vessel, engine of a ship or ocean vessel, or any part thereof;'; (e) in clause (10D), for the eighth proviso, the following proviso shall be substituted, namely:— 'Provided also that the provisions of the fourth, fifth, sixth and seventh provisos shall not apply to any sum received (a) on the death of a person; or (b) under a life insurance policy issued by t....
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....he International Financial Services Centre insurance intermediary office, including the sum allocated by way of bonus on such policy. Explanation. For the purposes of this proviso, "International Financial Services Centre insurance intermediary office" shall have the same meaning as assigned to it in clause (s) of sub-regulation (1) of regulation 3 of the International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021, made under the International Financial Services Centres Authority Act, 2019;'; (f) after clause (12B), the following clause shall be inserted with effect from the 1st April, 2026, namely:― "(12BA) any payment from the National Pension System Trust to an assessee, being the parent or guardian of a minor, under the pension scheme referred to in section 80CCD, on partial withdrawal made out of the account of the minor, as per the terms and conditions, specified under the Pension Fund Regulatory and Development Authority Act, 2013 and the regulations made thereunder, to the extent it does not exceed twenty- five per cent. of the amount of contributions made by him;"; (g) in clause (23FE),— 28 of 2005. ....
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....29 (i) in the opening portion, after the words “long-term capital gainsâ€, the brackets, words, figures and letters "(whether or not such capital gains are deemed as short- term capital gains under section 50AA)" shall be inserted; (ii) in sub-clause (i), for the figures "2025", the figures "2030" shall be substituted; (h) in clause (34B),— (i) for the word “aircraft" at both the places where it occurs, the words “aircraft or a ship†shall be substituted; (ii) for the Explanation, the following Explanation shall be substituted, namely:— 'Explanation. For the purposes of this clause,— (a) "aircraft" means an aircraft or a helicopter, or an engine of an aircraft or a helicopter, or any part thereof; (b) "International Financial Services Centre" shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005; (c) "ship" means a ship or an ocean vessel, engine of a ship or ocean vessel, or any part thereof;'. 7. In section 12AB of the Income-tax Act, (a) in sub-section (1), the following proviso shall be inserted, namely:― ‘Provided that where an app....
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....lication is made under sub-clauses (i) to (v) of the said clause, and the total income of such trust or institution, without giving effect to the provisions of sections 11 and 12, does not exceed rupees five crores during each of the two previous years, preceding the previous year in which such application is made, the provisions of this sub-section shall have effect as if for the words “five yearsâ€, the words “ten years" had been substituted.'; (b) in sub-section (4), in the Explanation, in clause (g), the words "is not complete or it†shall be omitted. Amendment of section 12AB. 30 8. In section 13 of the Income-tax Act, in sub-section (3),- Amendment of (i) for clause (b), the following clause shall be substituted, namely:― "(b) any person whose total contribution to the trust or institution, during the relevant previous year exceeds one lakh rupees, or, in aggregate up to the end of the relevant previous year exceeds ten lakh rupees, as the case may be;"; (ii) in clause (d), the word "person,†shall be omitted; (iii) in clause (e), the brackets and letter "(b)," shall be omitted. section 13. 9. In section 17 of the ....
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....Income-tax Act, in clause (2), with Amendment of effect from the 1st April, 2026,— (a) in sub-clause (iii), in paragraph (c), for the words "fifty thousand rupeesâ€, the words “such amount as may be prescribed" shall be substituted; (b) in the proviso occurring after sub-clause (viii), in clause (vi), in the long line, in clause (B), for the words "two lakh rupees", the words "such amount as may be prescribed" shall be substituted. section 17. 10. In section 23 of the Income-tax Act, for sub-section (2), Amendment of the following sub-section shall be substituted, namely:— "(2) The annual value of the property consisting of a house or any part thereof shall be taken as nil, if the owner occupies it for his own residence or cannot actually occupy it due to any reason.". 11. After section 44BBC of the Income-tax Act, the following section shall be inserted, with effect from the 1st April, 2026, namely:— ‘44BBD. (1) Notwithstanding anything to the contrary contained in sections 28 to 43A, where an assessee, being a non-resident, engaged in the business of providing services or technology in India, for the purposes of setting ....
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....up an electronics manufacturing facility or in connection with manufacturing or producing electronic goods, article or thing in India— section 23. Insertion of new section 44BBD. Special provision for computing profits and gains of non- residents engaged in business of providing services or technology for setting up an 31 a (a) to a resident company which is establishing or operating electronics manufacturing facility or connected facility for manufacturing or producing electronic goods, article or thing in India, under a scheme notified by the Central Government in the Ministry of Electronics and Information Technology; and (b) the resident company satisfies the conditions prescribed in this behalf, a sum equal to twenty-five per cent. of the aggregate of the amounts specified in sub-section (2) shall be deemed to be the profits and gains of such business of the non-resident assessee chargeable to tax under the head "Profits and gains of business or profession". (2) The amounts referred to in sub-section (1) shall be the following: (a) the amount paid or payable to the non-resident assessee or to any person on his behalf on account of ....
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.... providing services or technology; and (b) the amount received or deemed to be received by the non-resident assessee or on behalf of non-resident assessee on account of providing services or technology. (3) Notwithstanding anything in sub-section (2) of section 32 and sub-section (1) of section 72, where a non- resident assessee declares profits and gains of business for any previous year under sub-section (1), no set off of unabsorbed depreciation and brought forward loss shall be allowed to the assessee for such previous year.'. electronics manufacturing facility or in connection with manufacturing or producing electronic goods, article or thing in India. Amendment of 12. In section 45 of the Income-tax Act, in sub-section (IB), the words "on account of the applicability of the fourth section 45. and fifth provisos thereof" shall be omitted with effect from the 1st April, 2026. 13. In section 47 of the Income-tax Act, in clause (viiad), Amendment of in the Explanation,— (i) for clause (c), the following clause shall be substituted with effect from the 1st April, 2026, namely:— ‘(c) "resultant fund†means a fund established or....
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.... incorporated in India in the form of a trust or a company or a limited liability partnership, which is located in an section 47. 32 15 of 1992. 50 of 2019. International Financial Services Centre as referred to in sub-section (1A) of section 80LA, and has been granted— (i) a certificate of registration as a Category I or Category II or Category III Alternative Investment Fund, and is regulated under the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 made under the Securities and Exchange Board of India Act, 1992 or regulated under the International Financial Services Centres Authority (Fund Management) Regulations, 2022 made under the International Financial Services Centres Authority Act, 2019; or (ii) a certificate as a retail scheme or an Exchange Traded Fund as per item (b) of sub-clause (I) of clause (c) of the Explanation to clause (4D) of section 10 which fulfils the conditions specified in the said clause (4D).'; (ii) in clause (b), for the figures "2025", the figures "2030" shall be substituted. 14. In section 72A of the Income-tax Act, with effect from Amendment of section 72A. the 1st April, 202....
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....6,— (i) after sub-section (64), the following sub-section shall be inserted, namely:― "(6B) Where any amalgamation or business reorganisation, as the case may be, is effected on or after the 1st April, 2025, any loss forming part of the accumulated loss of the predecessor entity under sub- section (1), (6) or (64), being― (a) the amalgamating company; or (b) the firm or proprietary concern; or (c) the private company or unlisted public company, as the case may be, which is deemed to be the loss of the successor entity, being— (i) the amalgamated company; or (ii) the successor company; or (iii) the successor limited liability partnership, 33 as the case may be, shall be carried forward in the hands of the successor entity for not more than eight assessment years immediately succeeding the assessment year for which such loss was first computed for original predecessor entity."; (ii) in sub-section (7), after clause (aa), the following clause shall be inserted, namely:― "(ab) "original predecessor entity" means predecessor entity in respect of the first amalgamation under sub-section (1) or first business reorganisation und....
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....er sub-section (6) or (64).'. 15. In section 72AA of the Income-tax Act, with effect Amendment of from the 1st April, 2026,—― (i) the following proviso shall be inserted, namely:— "Provided that where any scheme of such amalgamation is brought into force on or after the 1st April, 2025, any loss forming part of the accumulated loss of the predecessor entity, being— (a) the banking company or companies; or (b) the amalgamating corresponding new bank or banks; or (c) the amalgamating Government company or companies, as the case may be, which is deemed to be the loss of the successor entity, being— (i) the banking institution or company; or (ii) the amalgamated corresponding new bank or banks; or (iii) the amalgamated Government company or companies, as the case may be, shall be carried forward in the hands of the successor entity for not more than eight assessment years immediately succeeding the assessment year for which such loss was first computed for original predecessor entity.â€; section 72AA. 34 (ii) in the Explanation, after clause (vii), the following clause shall be inserted, namely: means ‘(viii) ....
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....€œoriginal predecessor entity" predecessor entity in respect of the first amalgamation.'. 16. In section 80CCA of the Income-tax Act, in sub- section (2), after the first proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 29th August, 2024, namely:― "Provided further that the amount referred to in clause (a) which is withdrawn on or after the 29th August, 2024, shall not be charged to tax in the case of an assessee, being an individual.". Amendment of section 80CCA. 17. In section 80CCD of the Income-tax Act, with effect Amendment of section 80CCD. from the 1st April, 2026, (a) in sub-section (1B), after the proviso, the following proviso shall be inserted, namely:— "Provided further that the deduction under this sub- section shall also be allowed, where any payment or deposit is made to the account of a minor under the pension scheme referred to in the said sub-section, by the assessee, being the parent or guardian of such minor, subject to the condition that the aggregate amount of deduction under this sub-section shall not exceed fifty thousand rupees."; (b) in sub-section (3)....
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....,— (i) in the opening portion, for the words "in his account", the words "or a minor, in his account or the account of a minor, as the case may be,†shall be substituted; (ii) after the proviso, the following proviso shall be inserted, namely:— "Provided further that the amount received by a person, being the parent or guardian or nominee of a minor, on account of closure of the pension scheme referred to in sub-section (1B) due to the death of the minor, shall not be deemed to be the income of such person."; (c) in sub-section (4), in the opening portion, after the words "Where any amount paid or deposited by the 35 assessee", the words "in his account or the account of a minor" shall be inserted. 18. In section 80-IAC of the Income-tax Act, in the Explanation, in clause (ii), in sub-clause (a), for the figures "2025", the figures "2030†shall be substituted. 19. In section 80LA of the Income-tax Act, in sub-section (2), in clause (d), for the figures “2025", the figures "2030" shall be substituted. 20. In section 87A of the Income-tax Act, with effect from the 1st April, 2026,— (a) in first proviso, (i) in clause (....
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....a),— (1) for the words "seven hundred thousand rupees", the words "twelve hundred thousand rupees" shall be substituted; (II) for the words "twenty-five thousand rupees", the words "sixty thousand rupees" shall be substituted; (ii) in clause (b), for the words “seven hundred thousand rupees" at both the places where they occur, the words "twelve hundred thousand rupees†shall be substituted; (b) after the proviso, the following proviso shall be inserted, namely:― "Provided further that the deduction under the first proviso, shall not exceed the amount of income-tax payable as per the rates provided in sub-section (1A) of section 115BAC.". 21. In section 92CA of the Income-tax Act,- (a) with effect from the 1st April, 2026,— (i) in sub-section (1), the following provisos shall be inserted, namely:―— "Provided that no reference for computation of the arm's length price in relation to an international transaction or a specified domestic transaction shall be made, if the Transfer Pricing Officer has declared Amendment of section 80-IAC. Amendment of section 80LA. Amendment of section 87A. Amendment of sectio....
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....n 92CA. 36 that option exercised by the assessee in sub-section (3B) in relation to such transaction is valid for such previous year: Provided further that if any reference for an international transaction or a specified domestic transaction, in respect of a previous year, for which the option is declared valid under sub-section (3B) is made before or after such declaration by the Transfer Pricing Officer, the provisions of this sub-section shall have the effect as if no reference is made for such transaction."; (ii) after sub-section (34), the following sub-section shall be inserted, namely:— "(3B) The arm's length price, being determined in relation to the international transaction or the specified domestic transaction under sub-section (3) for any previous year shall apply to similar international transaction or specified domestic transaction for the two consecutive previous years immediately following such previous year, on fulfilment of the following conditions, namely:- (a) the assesee exercises an option or options to the above effect for the said two consecutive previous years; (b) such option or options are exercised in such form, manner a....
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....nd within such period as prescribed; and, (c) the Transfer Pricing Officer shall, within one month from the end of the month in which such option or options are exercised, by an order in writing, declare that such option or options are valid subject to the conditions, as prescribed: Provided that the provisions of this sub- section shall not apply to any proceedings under Chapter XIV-B."; (iii) after sub-section (4), the following sub-section shall be inserted, namely:— “(4A) Notwithstanding anything contained in sub-section (4), where the Transfer Pricing Officer has declared an option exercised by the assessee as valid option under sub-section (3B), he shall examine 37 and determine the arm's length price in relation to such similar transaction for two consecutive previous years immediately following such previous year, in the order referred to in sub-section (3) and on receipt of such order, the Assessing Officer shall proceed to recompute the total income of the assessee for the said two consecutive previous years as per the provisions of sub-section (21) of section 155."; (b) in sub-section (9), the proviso shall be omitted; (c) after sub....
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....-section (10), the following sub-sections shall be inserted with effect from the 1st April, 2026, namely:― "(11) If any difficulty arises in giving effect to the provisions of sub-sections (3B) and (4A), the Board may, with the previous approval of the Central Government, issue guidelines for the purpose of removing such difficulty: Provided that no such guideline shall be made after the expiration of two years from the 1st April, 2026. (12) Every guideline issued by the Board under sub-section (11) shall be laid 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 session aforesaid, both houses agree in making any modification in such guideline or both Houses agree that the guideline, should not be issued, the guideline 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 gu....
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....ideline.â€. 22. In section 112A of the Income-tax Act, in the Explanation, in clause (a), with effect from the 1st April, 2026,- (a) in the opening portion, the words “on account of the applicability of the fourth and fifth provisos thereof" shall be omitted; (b) in the second proviso, the words "on account of the applicability of the fourth and fifth provisos thereof" shall be omitted. Amendment of section 112A. 38 23. In section 115AD of the Income-tax Act, in sub-section Amendment of (1), in clause (iii), in the long line, for the words "ten per cent.", section 115AD. the words "twelve and one-half per cent.†shall be substituted with effect from the 1st April, 2026. 24. In section 115BAC of the Income-tax Act, in sub- Amendment of section (14), with effect from the 1st April, 2026,- (a) in clause (ii), the words “or after†shall be omitted; (b) after clause (ii), the following clause shall be inserted, namely:― "(iii) for any previous year relevant to the assessment year beginning on or after the 1st April, 2026, shall be computed at the rate of tax given in the following Table, namely:― section 115BAC. TAB....
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....LE S. No. Total income Rate of tax (1) (2) (3) 1. Upto Rs. 4,00,000 Nil 2. From Rs. 4,00,001 to 5 per cent. Rs. 8,00,000 3. From Rs. 8,00,001 to 10 per cent. Rs. 12,00,000 4. From Rs. 12,00,001 to 15 per cent. Rs. 16,00,000 5. From Rs. 16,00,001 to 20 per cent. Rs. 20,00,000 6. From Rs. 20,00,001 to 25 per cent. Rs. 24,00,000 7. Above Rs. 24,00,000 30 per cent.". 25. In section 115UA of the Income-tax Act, in sub-section (2), for the words, figures and letter "section 111A and section 112", the words, figures and letters “sections 111A, 112 and 112A" shall be substituted with effect from the 1st April, 2026. Amendment of section 115UA. 26. In section 115V of the Income-tax Act, with effect Amendment of section 115V. from the 1st April, 2026,— 39 24 of 2021. 44 of 1958. 24 of 2021. (i) in clauses (a), (b), (f) and (h), for the word “ship", the words "ship or inland vessel, as the case may be," shall be substituted; (ii) after clause (e), the following clause shall be inserted, namely:― "(ea) "inland vessel" shall have the same meaning as assigned to it in clause (9) of section 3 of the Inland Vessels Act,....
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.... 2021;". 27. In section 115VB of the Income-tax Act, with effect Amendment of from the 1st April, 2026,― (a) after the words “any ship", the words "or inland vessel, as the case may be,†shall be inserted; (b) after the words “the shipâ€, the words “or inland vessel, as the case maybe," shall be inserted; (c) in the proviso, after the words “a shipâ€, the words “or inland vessel, as the case may be,†shall be inserted. section 115VB. 28. In section 115VD of the Income-tax Act, with effect Amendment of section 115VD. from the 1st April, 2026,— (i) after the words “Chapter, a shipâ€, the words “or inland vessel, as the case may be,†shall be inserted; (ii) in clause (a), after the words “or vesselâ€, the words ", or inland vessel, as the case may be,†shall be inserted; (iii) in clause (b), after the words and figures “section 407 of the Merchant Shipping Act, 1958", the words and figures “or an inland vessel registered under the Inland Vessels Act, 2021, as the case may be,†shall be inserted; (iv) in clause (c), after the words “such....
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.... ship", the words “or inland vessel, as the case may be,†shall be inserted; (v) after the long line, in clause (i), after the words "or vessel", the words "or inland vessel, as the case may be," shall be inserted. Amendment of 29. In section 115VG of the Income-tax Act, in sub-section (4), after the words "a ship", the words "or inland vessel, as the section 115VG. case may be," shall be inserted with effect from the 1st April, 2026. 40 30. In section 115V-I of the Income-tax Act, with effect Amendment of section 115V-I. from the 1st April, 2026,― (a) in sub-section (2), in clause (ii),— (i) for the words “other ship-related activitiesâ€, the words "other ship-related or inland vessel related activities, as the case may be,†shall be substituted; (ii) in sub-clause (4), in the Explanation, in clause (a), after the words “more ships", the words "or inland vessels, as the case may be,†shall be inserted; (b) in sub-section (6), after the words "any ship", the words "or inland vessel, as the case may be,†shall be inserted. 31. In section 115VK of the Income-tax Act, in sub-section (2), after the wo....
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....rds “being shipsâ€, the words “or inland vessels, as the case may be" shall be inserted with effect from the 1st April, 2026. 32. In section 115VP of the Income-tax Act, after sub- section (4), the following proviso shall be inserted, namely:— "Provided that for an application received under sub- section (1) on or after the 1st April, 2025, order under sub- section (3) shall be passed before the expiry of three months from the end of the quarter in which such application was received.". Amendment of section 115VK. Amendment of section 115VP. 33. In section 115VT of the Income-tax Act, with effect Amendment of section 115VT. from the 1st April, 2026,― (i) in sub-section (3), after the words “new ship" at both the places where they occur, the words “or new inland vessel, as the case may be†shall be inserted; (ii) in sub-section (4), in clause (c), for the words, brackets, letter and figure “as specified in clause (a) of sub- section (3), but such ship", the words, brackets, letter and figure, "or new inland vessel, as the case may be, as specified in clause (a) of sub-section (3), but such ship or inland....
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.... vessel, as the case may be,†shall be substituted; (iii) in the Explanation, for the words “section, “new ship" includes', the words 'section, “new ship or new inland vesselâ€, as the case may be, includes' shall be substituted. 24 of 2021. 41 34. In section 115VV of the Income-tax Act, with effect Amendment of section 115VV. from the 1st April, 2026,— (a) in sub-section (4), for the words “chartered in", the words "or inland vessels, as the case may be, chartered in" shall be substituted; (b) in the Explanation, after the words “a shipâ€, the words "or inland vessel, as the case may be," shall be inserted. 35. In section 115VX of the Income-tax Act, in sub-section (1), with effect from the 1st April, 2026,― (i) in clause (a), after the words “a shipâ€, the words "or inland vessel, as the case may be,†shall be inserted; (ii) in clause (b), after sub-clause (ii), the following sub- clause shall be inserted, namely:― "(iii) in case of inland vessel registered in India, a certificate issued under the Inland Vessels Act, 2021.". Amendment of section 115VX. 36. In section 115V....
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....ZA of the Income-tax Act, in sub- Amendment of section (2), with effect from the 1st April, 2026,- (a) after the words “a ship", the words “or inland vessel, as the case may be," shall be inserted; (b) after the words "such ship", the words “or inland vessel, as the case may be,†shall be inserted. 37. In section 132 of the Income-tax Act,— or (a) in sub-section (8), for the words "thirty days from the date of the order of assessment or reassessment recomputation", the words "one month from the end of the quarter in which the order of assessment or reassessment or recomputation is made" shall be substituted; (b) in Explanation 1, in clause (a), for the word "authorisation", the word “authorisations" shall be substituted. 38. In section 132B of the Income-tax Act, in the Explanation 1, in clause (ii), for the words, figures and letters "Explanation 2 to section 158BEâ€, the words, figures and letter "Explanation to section 158B†shall be substituted. section 115VZA. Amendment of section 132. Amendment of section 132B. 42 39. In section 139 of the Income-tax Act, in sub-section Amendment of section 139. (8A)....
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....,― (a) for the words “twenty-four months", the words "forty-eight months" shall be substituted; (b) after the third proviso, the following provisos shall be inserted, namely:― "Provided also that no updated return shall be furnished by any person where any notice to show-cause under section 148A has been issued in his case after thirty-six months from the end of the relevant assessment year: Provided also that the fourth proviso shall not apply where an order is passed under sub-section (3) of section 148A determining that it is not a fit case to issue notice under section 148.". 40. In section 140B of the Income-tax Act, in sub-section (3), after clause (ii), the following clauses shall be inserted, namely:- "(iii) sixty per cent. of aggregate of tax and interest payable, as determined in sub-section (1) or sub-section (2), as the case may be, if such return is furnished after the expiry of twenty-four months from the end of the relevant assessment year but before completion of the period of thirty-six months from the end of the relevant assessment year; or (iv) seventy per cent. of aggregate of tax and interest payable, as determined i....
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....n sub-section (1) or sub-section (2), as the case may be, if such return is furnished after the expiry of thirty-six months from the end of the relevant assessment year but before completion of the period of forty-eight months from the end of the relevant assessment year.". Amendment of section 140B. Amendment of 41. In section 144BA of the Income-tax Act, in the Explanation, for clause (ii), the following clause shall be section 144BA. substituted, namely:― "(ii) the period commencing on the date on which stay on the proceeding of the Approving Panel was granted by an order or injunction of any court and ending on the date on which certified copy of the order vacating the stay was received by the Approving Panel:â€. 43 42. In section 144C of the Income-tax Act, in sub-section (14C), the proviso shall be omitted. 43. In section 153 of the Income-tax Act, in Explanation 1, for clause (ii), the following clause shall be substituted, namely:― "(ii) the period commencing on the date on which stay on the assessment proceeding was granted by an order or injunction of any court and ending on the date on which certified copy of the order vacating....
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.... the stay was received by the jurisdictional Principal Commissioner or Commissioner; or". 44. In section 153B of the Income-tax Act, in the Explanation, for clause (i), the following clause shall be substituted, namely:― "(i) the period commencing on the date on which stay on the assessment proceeding was granted by an order or injunction of any court and ending on the date on which certified copy of the order vacating the stay was received by the jurisdictional Principal Commissioner or Commissioner; or". Amendment of section 144C. Amendment of section 153. Amendment of section 153B. Amendment of 45. In section 155 of the Income-tax Act, after sub-section (20), the following sub-section shall be inserted with effect section 155. from the 1st April, 2026, namely:— “(21) Where the arm's length price is determined in relation to an international transaction or a specified domestic transaction under sub-section (3) of section 92CA for any previous year and the Transfer Pricing Officer has declared that an option exercised by the assessee is valid under sub-section (3B) of the said section in respect of such transaction for two consecutiv....
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....e previous years immediately following such previous year, the Assessing Officer shall proceed to recompute the total income of the assessee for the said two consecutive previous years, by amending the order of assessment or any intimation or deemed intimation under sub-section (1) of section 143, as the case may be,— (a) in conformity with the arm's length price so determined by the Transfer Pricing Officer under sub- section (4A) of the said section in respect of such transaction; and (b) taking into account the directions issued under sub- section (5) of section 144C, if any, for such previous year, 44 within three months from the end of the month in which the assessment is completed in the case of the assessee for such previous year, and the first and second provisos to sub- section (4) of section 92C shall apply thereto: Provided that where the order of assessment or any intimation or deemed intimation under sub-section (1) of section 143, for the said two consecutive previous years is not made within the said three months, such recomputation shall be made within three months from the end of the month in which such order of assessment or any intima....
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....tion or deemed intimation under sub-section (1) of section 143, as the case may be, is made.". 46. In section 158B of the Income-tax Act, in clause (b), after the words "money, bullion, jewellery†at both the places where they occur, the words “, virtual digital asset†shall be inserted and shall be deemed to have been inserted with effect from the 1st February, 2025. Amendment of section 158B. 47. In section 158BA of the Income-tax Act, with effect Amendment of from the 1st February, 2025,— (a) in sub-section (4), for the word "pending", the words "required to be made†shall be substituted and shall be deemed to have been substituted; (b) in sub-section (5), for the words "the assessment or reassessment relating to any assessment yearâ€, the words "the assessment or reassessment or recomputation or reference or order relating to any assessment year†shall be substituted and shall be deemed to have been substituted. section 158BA. 48. In section 158BB of the Income-tax Act, with effect Amendment of section 158BB. from the 1st February, 2025,— (a) for sub-section (1), the following sub-section shall be substit....
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....uted and shall be deemed to have been substituted, namely:― "(1) The total income referred to in sub-section (1) of section 158BA of the block period shall be the aggregate of the following:— (i) undisclosed income declared in the return furnished under section 158BC; (ii) income assessed under sub-section (3) of section 143 or section 144 or section 147 or section 153A or section 153C prior to the date of initiation of 45 the search or the date of requisition, as the case may be; (iii) income declared in the return of income filed under section 139 or in response to a notice under sub- section (1) of section 142 or section 148 prior to the date of initiation of the search or the date of requisition, and not covered under clause (i) or clause (ii); (iv) income determined— (a) in respect of a previous year, where such previous year has ended and the due date for furnishing the return for such year has not expired prior to the date of initiation of the search or the date of requisition, on the basis of entries relating to such income or transactions as recorded in the books of account and other documents maintained in the normal course b....
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....efore the date of initiation of search or the date of requisition; (b) in respect of period commencing from 1st day of April of the previous year in which the search is initiated or requisition is made and ending on the day immediately preceding the date of initiation of search or requisition, on the basis of entries relating to such income or transactions as recorded in the books of account and other documents maintained in the normal course for such period on or before the day immediately preceding the date of initiation of search or the date of requisition; (c) in respect of period commencing from the date of initiation of the search or the date of requisition and ending on the date of the execution of the last of the authorisations for search or requisition, on the basis of entries relating to such income or transactions as recorded in the books of account and other documents maintained in the normal course for such period on or before the date of the execution of the last of the authorisations; (v) undisclosed income determined by the Assessing Officer under sub-section (2)."; (b) for sub-section (3), the following sub-section shall be substituted and ....
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....shall be deemed to have been substituted, namely:― 46 "(3) Where any income required to be determined as a result of search or requisition of books of account or other documents and any other material or information as are either available with the Assessing Officer or come to his notice during the course of proceedings under this Chapter, or determined on the basis of entries relating to such income or transactions as recorded in books of account and other documents maintained in the normal course on or before the date of the execution of the last of the authorisations, relates to any international transaction or specified domestic transaction referred to in section 92CA, pertaining to the period beginning from the 1st day of April of the previous year in which last of the authorisations was executed and ending with the date on which last of the authorisations was executed, such income shall not be considered for the purposes of determining the total income of the block period and such income shall be considered in the assessment made under the other provisions of this Act."; (c) in sub-section (6), for the words “disclosed incomeâ€, the wo....
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....rds “undisclosed income declared†shall be substituted and shall be deemed to have been substituted. 49. In section 158BE of the Income-tax Act,— (a) in sub-section (1), for the words "from the end of the monthâ€, the words “from the end of the quarter†shall be substituted and shall be deemed to have been substituted with effect from the 1st February, 2025; (b) in sub-section (3), for the words "from the end of the month", the words “from the end of the quarter†shall be substituted and shall be deemed to have been substituted with effect from the 1st February, 2025; (c) in sub-section (4), for clause (i), the following clause shall be substituted, namely:- "(i) the period commencing on the date on which stay on assessment proceedings was granted by an order or injunction of any court and ending on the date on which certified copy of the order vacating the stay was received by the jurisdictional Principal Commissioner Commissioner; orâ€. or 50. In section 158BFA of the Income-tax Act, in sub- section (4), for clause (ii), the following clause shall be substituted, namely:― Amendment of section 158B....
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....E. Amendment of section 158BFA. 47 "(ii) the period commencing on the date on which stay on the proceeding under sub-section (2) was granted by an order or injunction of any court and ending on the date on which certified copy of the order vacating the stay was received by the jurisdictional Principal Commissioner or Commissioner;â€. 51. In section 193 of the Income-tax Act,— (a) after the words "whichever is earlier,â€, the words "being the amount or the aggregate of amounts exceeding ten thousand rupees during the financial year," shall be inserted; (b) in the proviso, in clause (v), in sub-clause (a), for the words "five thousand rupees", the words "ten thousand rupees" shall be substituted. 52. In section 194 of the Income-tax Act, in the first proviso, in clause (b), for the words "five thousand rupees", the words "ten thousand rupees†shall be substituted. (3),- 53. In section 194A of the Income-tax Act, in sub-section (a) in clause (i), - (i) for the words, “forty thousand rupees", wherever they occur, the words "fifty thousand rupees†shall be substituted; (ii) in sub-clause (d), for the words "five thousand ru....
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....pees", the words "ten thousand rupees†shall be substituted; (iii) in the third proviso, (A) for the words "forty thousand rupees", the words "fifty thousand rupees†shall be substituted; (B) for the words "fifty thousand rupees", the words "one lakh rupees†shall be substituted; (b) in the proviso occurring after clause (xi), in clause (b),— (i) for the words, “fifty thousand rupees", the words "one lakh rupees†shall be substituted; Amendment of section 193. Amendment of section 194. Amendment of section 194A. 48 (ii) for the words "forty thousand rupees", the words "fifty thousand rupees" shall be substituted. 54. In section 194B of the Income-tax Act,- (a) for the words "or the aggregate of amounts", the words "in respect of a single transaction" shall be substituted; (b) the words “during the financial year†shall be omitted. 55. In section 194BB of the Income-tax Act, (a) for the words “or aggregate of amounts", the words "in respect of a single transaction" shall be substituted; (b) the words "“during the financial year†shall be omitted. Amendment of section 194B. Amendment o....
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....f section 194BB. section 194D. 56. In section 194D of the Income-tax Act, in the second Amendment of proviso, for the words "fifteen thousand rupees", the words "twenty thousand rupees" shall be substituted. 57. In section 194G of the Income-tax Act, in sub-section (1), for the words “fifteen thousand rupees", the words "twenty thousand rupees" shall be substituted. 58. In section 194H of the Income-tax Act, in the first proviso, for the words "fifteen thousand rupees", the words "twenty thousand rupees" shall be substituted. Amendment of section 194G. Amendment of section 194H. 59. In section 194-1 of the Income-tax Act, for the first Amendment of proviso, the following proviso shall be substituted, namely:― "Provided that no deduction shall be made under this section, where the income by way of rent credited or paid for a month or part of a month by such person to the account of, or to, the payee, does not exceed fifty thousand rupees:â€. section 194-1 Amendment of 60. In section 194J of the Income-tax Act, in sub-section (1), in the first proviso, in clause (B), for the words "thirty section 194J. thousand rupees†wherever they o....
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....ccur, the words "fifty thousand rupees†shall be substituted. section 194K. 61. In section 194K of the Income-tax Act, in the proviso, Amendment of in clause (i), for the words "five thousand rupees", the words "ten thousand rupees†shall be substituted. 49 62. In section 194LA of the Income-tax Act, in the first proviso, for the words "two lakh and fifty thousand rupees", the words "five lakh rupees†shall be substituted. Amendment of section 194LA. 63. In section 194LBC of the Income-tax Act, in sub- Amendment of section section (1), for the portion beginning with the words "at the rate 194LBC. of" and ending with the words “payee is any other personâ€, the words "at the rate of ten per cent." shall be substituted. 64. In section 194Q of the Income-tax Act, in sub-section (5), in clause (b), the words, brackets, figures and letters “other than a transaction to which sub-section (1H) of section 206C applies" shall be omitted. 65. In section 194S of the Income-tax Act, in sub-section (2), for the words, figures and letters “sections 203A and 206AB", the word, figures and letter “section 203A" shall be substitut....
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....ed. Amendment of section 194Q. Amendment of section 194S. 66. Section 206AB of the Income-tax Act shall be omitted. Omission of 67. In section 206C of the Income-tax Act, section 206AB. Amendment of section 206C. (a) in sub-section (1),— (i) in the Table,— (A) against serial number (iii),— (1) in column (2), for the word "Timberâ€, the words and brackets “Timber or any other forest produce (not being tendu leaves)" shall be substituted; (II) in column (3), for the words "two and one- half per cent.â€, the words "two per cent.†shall be substituted; (B) against serial number (iv), in column (3), for the words "two and one-half per cent.", the words "two per cent." shall be substituted; (C) serial number (v) and the entries relating thereto shall be omitted; (ii) after the proviso, the following Explanation shall be inserted, namely:― Explanation. For the purposes of this sub-section, “forest produce†shall have the same meaning as defined 50 16 of 1927. in any State Act for the time being in force, or in the Indian Forest Act, 1927.'; (b) in sub-section (1G),— (i) in the first, sec....
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....ond and fourth provisos, for the words "seven lakh rupees†wherever they occur, the words “ten lakh rupees†shall be substituted; (ii) for the third proviso, the following proviso shall be substituted, namely:— "Provided also that the authorised dealer shall not collect the sum if the amount being remitted out is a loan obtained from any financial institution as defined in clause (b) of sub-section (3) of section 80E, for the purpose of pursuing any education:"; (c) in sub-section (1H), after the second proviso, the following proviso shall be inserted, namely:— "Provided also that nothing contained in the provisions of this sub-section shall apply from the 1st day of April, 2025."; (d) in sub-section (74), the following proviso shall be inserted, with effect from the 1st April, 2025, namely:— "Provided that the provisions of sub-sections (3), (5) and (6) of section 153 and Explanation 1 thereof shall, so far as may be, apply to the time limit specified in this sub-section."; (e) in sub-section (9), for the words, brackets, figures and letters“, sub-section (1C) or sub-section (1H)" at both the places where they occ....
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....ur, the words, brackets, figure and letter "or sub-section (1C)" shall be substituted; (f) in sub-section (10A), for the brackets, figures, letters and word "(1C), (1F) or (IH)â€, the brackets, figures, letters and word "(1C) or (IF)" shall be substituted. 68. Section 206CCA of the Income-tax Act shall be Omission of omitted. section 206CCA. 69. In section 246A of the Income-tax Act, in sub-section Amendment of section 246A. (1),— 51 (i) in clause (ja), for the word, brackets, figure and letter, "sub-section (1A)", the word, brackets and figure, “sub- section (2)" shall be substituted; (ii) in clause (n), the words "made by a Deputy Commissioner†shall be omitted. 70. In section 253 of the Income-tax Act, in sub-section Amendment of section 253. (9), the proviso shall be omitted. 71. In section 255 of the Income-tax Act, in sub-section Amendment of section 255. (8), the proviso shall be omitted. section 263. 72. In section 263 of the Income-tax Act, in the Amendment of Explanation, occurring after sub-section (3), for the words "any period during which any proceeding under this section is stayed by an order or injunction of any c....
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....ourt", the words “the period commencing on the date on which stay on any proceeding under this section was granted by an order or injunction of any court and ending on the date on which certified copy of the order vacating the stay was received by the jurisdictional Principal Commissioner or Commissioner†shall be substituted. 73. In section 264 of the Income-tax Act, in sub-section (6), in the Explanation, for the words “any period during which any proceeding under this section is stayed by an order or injunction of any courtâ€, the words "the period commencing on the date on which stay on any proceeding under this section was granted by an order or injunction of any court and ending on the date on which certified copy of the order vacating the stay was received by the jurisdictional Principal Commissioner or Commissioner†shall be substituted. 74. In section 270AA of the Income-tax Act, in sub-section (4), for the words “one monthâ€, the words "three months†shall be substituted. 75. In section 271AAB of the Income-tax Act, in sub- section (14), in the opening portion, after the words "the assent of the Presidentâ....
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....€, the words, figures and letters "but before the 1st day of September, 2024†shall be inserted and shall be deemed to have been inserted with effect from the 1st September, 2024. Amendment of section 264. Amendment of section 270AA. Amendment of section 271AAB. 76. Section 271BB of the Income-tax Act shall be omitted. Omission of 77. In section 271C of the Income-tax Act, in sub-section (2), the following proviso shall be inserted, namely:— section 271BB. Amendment of section 271C. 52 "Provided that any penalty under sub-section (1) on or after the 1st day of April, 2025, shall be imposed by the Assessing Officer.â€. 78. In section 271CA of the Income-tax Act, in sub-section Amendment of (2), the following proviso shall be inserted, namely:— "Provided that any penalty under sub-section (1), on or after the 1st day of April, 2025, shall be imposed by the Assessing Officer.". 79. In section 271D of the Income-tax Act, in sub-section (2), the following proviso shall be inserted, namely:― "Provided that any penalty under sub-section (1), on or after the 1st day of April, 2025, shall be imposed by the Assessing Officer."....
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..... section 271CA. Amendment of section 271D. 80. In section 271DA of the Income-tax Act, in sub-section Amendment of (2), the following proviso shall be inserted, namely:— "Provided that any penalty under sub-section (1) on or after the 1st day of April, 2025, shall be imposed by the Assessing Officer.". 81. In section 271DB of the Income-tax Act, in sub-section (2), the following proviso shall be inserted, namely:— "Provided that any penalty under sub-section (1) on or after the 1st day of April, 2025, shall be imposed by the Assessing Officer.â€. 82. In section 271E of the Income-tax Act, in sub-section (2), the following proviso shall be inserted, namely:— “Provided that any penalty under sub-section (1) on or after the 1st day of April, 2025, shall be imposed by the Assessing Officer.". section 271DA. Amendment of section 271DB. Amendment of section 271E. 83. For section 275 of the Income-tax Act, the following Substitution of section shall be substituted, namely:― “275. (1) No order imposing a penalty under this Chapter shall be passed after the expiry of six months from the end of the quarter in which,â....
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....” (a) the proceedings, in the course of which action for the imposition of penalty has been initiated, are completed, if the relevant assessment or other order is not the subject new section for section 275. Bar of limitation for imposing penalties. 53 matter of an appeal under section 246 or section 246A or section 253; (b) the order of revision under section 263 or section 264 is passed, if the relevant assessment or other order is the subject matter of revision under the said sections; (c) the order of appeal under section 246 or section 246A is received by the jurisdictional Principal Commissioner or Commissioner, if the relevant assessment or other order is the subject matter of an appeal under the said sections and no further appeal has been filed under section 253; or (d) the order of appeal under section 253 is received by the jurisdictional Principal Commissioner Commissioner, if the relevant assessment or other order is the subject matter of an appeal under the said section; (e) notice for imposition of penalty is issued, in any other case. (2) The order imposing or enhancing or reducing or cancelling penalty or dropping the proceedings f....
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....or the imposition of penalty may be revised on the basis of assessment as revised by giving effect to the order passed under section 246 or section 246A or section 253 or section 260A or section 261 or revision under section 263 or section 264, where the relevant assessment or other order is the subject matter of an appeal or a revision under the said sections. (3) No order imposing or enhancing or reducing or cancelling penalty or dropping the proceedings for the imposition of penalty under sub-section (2) shall be passed (a) unless the assessee has been heard, or has been given a reasonable opportunity of being heard; (b) after the expiry of six months from the end of the quarter in which the order passed under section 246 or section 246A or section 253 or section 260A or section 261 is received by the jurisdictional Principal Commissioner or Commissioner, or the order of revision under section 263 or section 264 is passed. (4) The provisions of sub-section (2) of section 274 shall apply to the order imposing or enhancing or reducing penalty under sub-section (2). 54 (5) In computing the period of limitation for the purposes of this section, the following....
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.... period shall be excluded:- (a) the time taken in giving an opportunity to the assessee to be reheard under the proviso to section 129; (b) the period commencing on the date on which stay on proceeding for levy of penalty was granted by an order or injunction of any court and ending on the date on which certified copy of the order vacating the stay was received by the jurisdictional Principal Commissioner Commissioner.â€. or 84. In section 276BB of the Income-tax Act, the following Amendment of proviso shall be inserted, namely:- "Provided that the provisions of this section shall not apply if the payment of the tax collected at source has been made to the credit of the Central Government at any time on or before the time prescribed for filing the statement under the proviso to sub-section (3) of section 206C in respect of such payment.". 85. After section 285BA of the Income-tax Act, the following section shall be inserted with effect from the 1st April, 2026, namely:― '285BAA. (1) Any person, being a reporting entity, as prescribed, in respect of a crypto-asset, shall furnish information in respect of a transaction of such crypto-asset in a st....
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....atement, for such period, within such time, in such form and manner and to such income-tax authority, as prescribed. (2) Where the prescribed income-tax authority considers that the statement furnished under sub-section (1) is defective, he may intimate the defect to the person who has furnished such statement and give him an opportunity of rectifying the defect within thirty days from the date of such intimation or such further period as may be allowed, and if the defect is not rectified within such period, the provisions of this Act shall apply as if such person had furnished inaccurate information in the statement. (3) Where a person who is required to furnish a statement under sub-section (1) has not furnished the same within the specified time, the prescribed income-tax authority may serve upon such person a notice requiring him to furnish such section 276BB. Insertion of new section 285BAA. Obligation to furnish information on transaction of crypto-asset. 55 statement within a period not exceeding thirty days from the date of service of such notice and he shall furnish the statement within the time specified in the notice. (4) If any person, havin....
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....g furnished a statement under sub-section (1), or in pursuance of a notice issued under sub- section (3), comes to know or discovers any inaccuracy in the information provided in the statement, he shall within ten days inform the prescribed income-tax authority, the inaccuracy in such statement and furnish the correct information in such manner as prescribed. (5) The Central Government may, by rules prescribe- (a) the persons referred to in sub-section (1) to be registered with the prescribed income-tax authority; (b) the nature of information and the manner in which such information shall be maintained by the persons referred to in clause (a); and (c) the due diligence to be carried out by the persons referred to in sub-section (1) for the purpose of identification of any crypto-asset user or owner. (6) In this section, “crypto-asset" shall have the meaning assigned to it in sub-clause (d) of clause (474) of section 2.'. 86. In the Second Schedule to the Income-tax Act, in rule 68B, in sub-rule (2), for clauses (i) and (ii), the following clauses shall be substituted, namely:― "(i) commencing on the date on which stay on levy of the said tax, int....
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....erest, fine, penalty or another sum was granted by an order or injunction of any court and ending on the date on which certified copy of the order vacating the stay was received by the jurisdictional Principal Commissioner or Commissioner; or (ii) commencing on the date on which stay on the proceeding of attachment or sale of the immovable property was granted by an order or injunction of any court and ending on the date on which certified copy of the order vacating the stay was received by the jurisdictional Principal Commissioner or Commissioner; or". Amendment of rule 68B of the Second Schedule. 52 of 1962. 56 CHAPTER IV INDIRECT TAXES Customs 87. In the Customs Act, 1962 (hereinafter referred to as the Customs Act), in section 18,— (a) in sub-section (1), for the words "the proper officer may direct that the duty leviable on such goods, be assessed provisionally", the following shall be substituted, namely:― "the proper officer may assess the duty leviable on such goods, provisionally,"; (b) in sub-section (1A), for the words "within such time and in such mannerâ€, the words “in such manner†shall be substituted; (c)....
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.... after sub-section (1A), the following sub-sections shall be inserted, namely:― "(IB) The proper officer shall finalise the duty provisionally assessed, within two years from the date of such assessment under sub-section (1): Provided that the Principal Commissioner of Customs or the Commissioner of Customs may, on sufficient cause being shown and for reasons to be recorded in writing, extend the said period to a further period of one year: Provided further that in respect of any provisional assessment pending under sub-section (1) as on the date on which the Finance Bill, 2025 receives the assent of the President, the said period of two years shall be reckoned from the date on which the said Finance Bill receives the assent of the President. (1C) Where the proper officer is unable to assess the duty finally within the time specified under sub-section (1B) for the reason that— (a) an information is being sought from an authority outside India through a legal process; or Amendment of section 18. 57 (b) an appeal in a similar matter of the same person or any other person is pending before the Appellate Tribunal or the High Court or the Supreme ....
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....Court; or (c) an interim order of stay has been issued by the Appellate Tribunal or the High Court or the Supreme Court; or (d) the Board has, in a similar matter, issued specific direction or order to keep such matter pending; or (e) the importer or exporter has a pending application before the Settlement Commission or the Interim Board, the proper officer shall inform the importer or exporter concerned, the reason for non-finalisation of the provisional assessment and in such case, the time specified in sub-section (1B) shall apply not from the date of the provisional assessment but from the date when such reason ceases to exist.". 88. After section 18 of the Customs Act, the following Insertion of new section shall be inserted, namely:― section 18A. revision of entry, clearance. post "18A. (1) Notwithstanding anything contained in section Voluntary 149, the importer or exporter of the goods, after the clearance, may revise an entry already made in relation to the goods, in such form and manner, within such time and subject to such conditions as may be prescribed. (2) On revising the entry under sub-section (1), the importer or exporter of the....
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.... goods shall self-assess the duty. (3) Where the revised entry and self-assessment made under sub-sections (1) and (2) results in- (a) any duty short-levied, not levied, short-paid or not paid, then the same may be paid voluntarily by the importer or exporter of such goods along with the interest under section 28AA; (b) duty paid in excess of that payable on such goods or whole of the duty paid, requiring refund, then, such revised entry shall be deemed to be a claim for refund under section 27. (4) The proper officer may,- 58 (a) verify the revised entry and self-assessment made under sub-sections (1) and (2) in cases selected primarily on the basis of risk evaluation through appropriate selection criteria; (b) re-assess the duty leviable on such goods in cases where the self-assessment under sub-section (2) is not done correctly. (5) No revision of entry shall be made under this section in the following cases, namely:- (a) cases where any audit under Chapter XIIA or search, seizure or summons under Chapter XIII has been initiated and intimated to the importer or the exporter concerned; (b) cases requiring refund where the proper officer has re-assessed ....
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....the duty under section 17 or assessed the duty under section 18 or under section 84; (c) any other case which the Board may specify by notification in the Official Gazette.". 89. In section 27 of the Customs Act, in sub-section (1), the Explanation shall be numbered as Explanation 1 thereof, and after Explanation 1 as so numbered, the following Explanation shall be inserted, namely:— "Explanation 2.- For the removal of doubts, it is hereby clarified that the period of limitation of one year in case of claim of refund under clause (b) of sub-section (3) of section 18A or amendment of documents under section 149, shall be computed from the date of payment of such duty or interest.". 90. In section 28 of the Customs Act, in Explanation 1, after clause (b), the following clause shall be inserted, namely:― "(ba) in a case where duty is paid under clause (a) of sub-section (3) of section 18A, the date of payment of duty or interest;". 91. In section 127A of the Customs Act,— (i) after clause (d), the following clause shall be inserted, namely:― Amendment of section 27. Amendment of section 28. Amendment of section 127A. 59 1 of 19....
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....94. "(da) "Interim Board" means the Interim Board for Settlement constituted under section 31A of the Central Excise Act, 1944;’; (ii) after clause (e), the following clause shall be inserted, namely:―— "(ea) "pending application" means an application filed under section 127B before the 1st day of April, 2025 and fulfils the following conditions, namely:— (i) it has been allowed under section 127C; and (ii) no order under sub-section (5) of section 127C was issued on or before the 31st day of March, 2025 with respect to such application;'. 92. In section 127B of the Customs Act, after sub-section (5), the following provisos shall be inserted, namely:— “Provided that no application shall be made under this section on or after the 1st day of April, 2025: Provided further that on and from the date of the constitution of the Interim Board, every pending application shall be dealt by it from the stage at which such pending application stood immediately before its constitution.". 93. In section 127C of the Customs Act, after sub-section (10), the following sub-sections shall be inserted, namely:— “(11) On and fr....
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....om the 1st day of April, 2025,— (a) the provisions of sub-sections (2), (3), (4), (5), (5A), (7), (8) and (84) shall apply to pending applications with the modification that for the words "Settlement Commission", wherever they occur, the words "Interim Board" shall be substituted; (b) in sub-section (3), for the words "seven days from the date of orderâ€, the words “seven days from the date of receipt of the order†shall be substituted; (c) in sub-section (7), for the word "Bench", the words "Interim Board" shall be substituted; (d) the provisions of sub-section (10) shall have effect as if for the words "Settlement Commission", the words "Settlement Commission or the Interim Board" had been substituted. Amendment of section 127B. Amendment of section 127C. 60 1 of 1944. 51 of 1975. (12) Notwithstanding anything contained in this section, the Interim Board may, within three months from the date of its constitution under section 31A of the Central Excise Act, 1944, for the reasons to be recorded in writing, extend the time limit referred to in sub-section (84), by such further period not exceeding twelve months from the date of such....
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.... constitution.'. 94. In section 127D of the Customs Act, after sub-section (2), the following sub-section shall be inserted, namely:― "(3) On and from the 1st day of April, 2025, the power of the Settlement Commission under this section shall be exercised by the Interim Board and the provisions of this section shall mutatis mutandis apply to the Interim Board as they apply to the Settlement Commission.". 95. In section 127F of the Customs Act, after sub-section (4), the following sub-section shall be inserted, namely:— "(5) On and from the 1st day of April, 2025, the powers and functions of the Settlement Commission under this section shall be exercised by the Interim Board and the provisions of this section shall mutatis mutandis apply to the Interim Board as they apply to the Settlement Commission.". 96. In section 127G of the Customs Act, after the first proviso, the following proviso shall be inserted, namely:— "Provided further that on and from the 1st day of April, 2025, the functions of the Settlement Commission under this section shall be performed by the Interim Board and the provisions of this section shall mutatis mutandis apply....
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.... to the Interim Board as they apply to the Settlement Commission.". Amendment of section 127D. Amendment of section 127F. Amendment of section 127G. 97. In section 127H of the Customs Act, after sub-section Amendment of (3), the following sub-section shall be inserted, namely:— "(4) On and from the 1st day of April, 2025, the power of the Settlement Commission under this section shall be exercised by the Interim Board and the provisions of this section shall mutatis mutandis apply to the Interim Board as they apply to the Settlement Commission.". Customs Tariff 98. In the Customs Tariff Act, 1975 (hereinafter referred to as the Customs Tariff Act), the First Schedule shall,— section 127H. Amendment of First Schedule. 1 of 1944. 61 (a) be amended in the manner specified in the Second Schedule; (b) with effect from the 1st May, 2025, be amended in the manner specified in the Third Schedule. Central Excise 99. In section 31 of the Central Excise Act, 1944 Amendment of section 31. (hereinafter referred to as the Central Excise Act),— (i) after clause (e), the following clause shall be inserted, namely:― "(ea) "Interim Board" ....
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....means the Interim Board for Settlement constituted under section 31A;'; (ii) after clause (f), the following clause shall be inserted, namely:― "(fa) "pending application†means an application filed under section 32E before the 1st day of April, 2025 and fulfils the following conditions, namely:— (i) it has been allowed under sub-section (1) of section 32F; and (ii) no order under sub-section (5) of section 32F was issued on or before the 31st day of March, 2025 with respect to such application;'. 100. After section 31 of the Central Excise Act, the Insertion of new following section shall be inserted, namely:— "31A. (1) The Central Government shall, by notification, constitute one or more Interim Boards for Settlement, as may be necessary, for the settlement of pending applications: Provided that on and from the date of the constitution of the Interim Board, every pending application shall be dealt by it from the stage at which such pending application stood immediately before its constitution. (2) Every Interim Board shall consist of three members, each being an officer of the rank of Chief Commissioner or above, as may be nomina....
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....ted by the Central Board of Indirect Taxes and Customs. section 31A. Interim Board for Settlement. 62 (3) If the Members of the Interim Board differ in opinion on any point, the point shall be decided according to the opinion of the majority. (4) The Interim Board shall be assisted by such Central Excise Officers, to be nominated by the Central Board of Indirect Taxes and Customs.". 101. In section 32 of the Central Excise Act, after sub- Amendment of section (3), the following proviso shall be inserted, namely:— "Provided that the Settlement Commission so constituted under this section shall cease to operate on or after the 1st day of April, 2025.". 102. In section 32A of the Central Excise Act, after sub- section (8), the following proviso shall be inserted, namely:— “Provided that the provisions of this section shall not apply on or after the 1st day of April, 2025.". section 32. Amendment of section 32A. 103. In section 32B of the Central Excise Act, after sub- Amendment of section (2), the following proviso shall be inserted, namely:— “Provided that the provisions of this section shall not apply on or after the 1st da....
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....y of April, 2025.". section 32B. 104. In section 32C of the Central Excise Act, the Amendment of following proviso shall be inserted, namely:― "Provided that the provisions of this section shall not apply on or after the 1st day of April, 2025.". 105. In section 32D of the Central Excise Act, the following proviso shall be inserted, namely:― "Provided that the provisions of this section shall not apply on or after the 1st day of April, 2025."â€. 106. In section 32E of the Central Excise Act, after sub- section (5), the following proviso shall be inserted, namely:— "Provided that no application shall be made under this section on or after the 1st day of April, 2025.â€. 107. In section 32F of the Central Excise Act, after sub- section (10), the following sub-sections shall be inserted, namely:― '(11) On and from the 1st day of April, 2025,— section 32C. Amendment of section 32D. Amendment of section 32E. Amendment of section 32F. 63 (a) the provisions of sub-sections (2), (3), (4), (5), (54), (6), (7), and (8) shall apply to pending applications with the modification that for the words "Settlement Commission", ....
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....wherever they occur, the words "Interim Board" shall be substituted; (b) in sub-section (3), for the words "seven days from the date of orderâ€, the words “seven days from the date of receipt of the order†shall be substituted; (c) in sub-section (7), for the word “Benchâ€, the words "Interim Board" shall be substituted; (d) the provisions of sub-section (10) shall have effect as if for the words "Settlement Commission", the words "Settlement Commission or Interim Board" had been substituted. (12) Notwithstanding anything contained in this section, the Interim Board may, within three months from the date of its constitution under section 31A, for the reasons to be recorded in writing, extend the time limit referred to in sub- section (6), by such further period not exceeding twelve months from the date of such constitution.'. 108. In section 32G of the Central Excise Act, after sub- section (2), the following sub-section shall be inserted, namely:― "(3) On and from the 1st day of April, 2025, the power of the Settlement Commission under this section shall be exercised by the Interim Board and the provisions of this section s....
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....hall mutatis mutandis apply to the Interim Board as they apply to the Settlement Commission.". 109. In section 32-I of the Central Excise Act, after sub- section (4), the following sub-section shall be inserted, namely:― "(5) On and from the 1st day of April, 2025, the powers and functions of the Settlement Commission under this section shall be exercised or performed by the Interim Board and the provisions of this section shall mutatis mutandis apply to the Interim Board as they apply to the Settlement Commission.". Amendment of section 32G. Amendment of section 32-1. 110. In section 32J of the Central Excise Act, after the first Amendment of proviso, the following proviso shall be inserted, namely:— section 32J. 64 64 "Provided further that on and from the 1st day of April, 2025, the functions of the Settlement Commission under this section shall be performed by the Interim Board and the provisions of this section shall mutatis mutandis apply to the Interim Board as they apply to the Settlement Commission.". 111. In section 32K of the Central Excise Act, after sub- section (3), the following sub-section shall be inserted, namely:- "(4) O....
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....n and from the 1st day of April, 2025, the power of the Settlement Commission under this section shall be exercised by the Interim Board and the provisions of this section shall mutatis mutandis apply to the Interim Board as they apply to the Settlement Commission.". 112. In section 32L of the Central Excise Act, after sub- section (3), the following sub-section shall be inserted, namely:― "(4) On and from the 1st day of April, 2025, the power of the Settlement Commission under this section shall be exercised by the Interim Board and the provisions of this section shall mutatis mutandis apply to the Interim Board as they apply to the Settlement Commission.". Amendment of section 32K. Amendment of section 32L. 113. In section 32M of the Central Excise Act, the Amendment of following proviso shall be inserted, namely:— “Provided that on and from the 1st day of April, 2025, the provisions of this section shall mutatis mutandis apply to the Interim Board as they apply to the Settlement Commission.". section 32M. 114. In section 32-0 of the Central Excise Act, the Amendment of following proviso shall be inserted, namely:— "Provided th....
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....at on and from the 1st day of April, 2025, the provisions of this section shall mutatis mutandis apply to the Interim Board as they apply to the Settlement Commission.". section 32-0. 115. In section 32P of the Central Excise Act, the Amendment of section 32P. following proviso shall be inserted, namely:— “Provided that on and from the 1st day of April, 2025, the provisions of this section shall mutatis mutandis apply to the Interim Board as they apply to the Settlement Commission.". 65 12 of 2017. 13 of 2017. Central Goods and Services Tax 116. In the Central Goods and Services Tax Act, 2017 (hereinafter referred as the Central Goods and Services Tax Act), in section 2,― (i) in clause (61), after the word and figure “section 9", the words, brackets and figures "of this Act or under sub- section (3) or sub-section (4) of section 5 of the Integrated Goods and Services Tax Act, 2017†shall be inserted with effect from the 1st day of April, 2025; (ii) in clause (69),— (a) in sub-clause (c), after the words “management of a municipal", the word "fund" shall be inserted; (b) after sub-clause (c), the following Expla....
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....nation shall be inserted, namely:— 'Explanation. For the purposes of this sub-clause- (a) “local fund†means any fund under the control or management of an authority of a local self- government established for discharging civic functions in relation to a Panchayat area and vested by law with the powers to levy, collect and appropriate any tax, duty, toll, cess or fee, by whatever name called; (b) "municipal fund†means any fund under the control or management of an authority of a local self- government established for discharging civic functions in relation to a Metropolitan area or Municipal area and vested by law with the powers to levy, collect and appropriate any tax, duty, toll, cess or fee, by whatever name called.'; (iii) after clause (116), the following clause shall be inserted, namely:― "(1164) "unique identification marking" means the unique identification marking referred to in clause (b) of sub-section (2) of section 148A and includes a digital stamp, digital mark or any other similar marking, which is unique, secure and non-removable;'; 117. In section 12 of the Central Goods and Services Tax Act, sub-section (4....
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....) shall be omitted. Amendment of section 2. Amendment of section 12. 66 13 of 2017. 118. In section 13 of the Central Goods and Services Tax Amendment of section 13. Act, sub-section (4) shall be omitted. 119. In section 17 of the Central Goods and Services Tax Amendment of section 17. Act, in sub-section (5), in clause (d),— (i) for the words “plant or machineryâ€, the words “plant and machinery" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of July, 2017; (ii) the Explanation shall be numbered as Explanation 1 thereof, and after Explanation 1 as so numbered, the following Explanation shall be inserted, namely:― 'Explanation 2. For the purposes of clause (d), it is hereby clarified that notwithstanding anything to the contrary contained in any judgment, decree or order of any court, tribunal, or other authority, any reference to "plant or machinery" shall be construed and shall always be deemed to have been construed as a reference to "plant and machinery".". 120. In section 20 of the Central Goods and Services Tax Act, with effect from the 1st day of April, 2025,— (....
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....i) in sub-section (1), after the word and figure “section 9", the words, brackets and figures "of this Act or under sub- section (3) or sub-section (4) of section 5 of the Integrated Goods and Services Tax Act, 2017†shall be inserted; (ii) in sub-section (2), after the word and figure "section 9", the words, brackets and figures "of this Act or under sub- section (3) or sub-section (4) of section 5 of the Integrated Goods and Services Tax Act, 2017,†shall be inserted. 121. In section 34 of the Central Goods and Services Tax Amendment of section 20. Amendment of Act, in sub-section (2), for the proviso, the following proviso section 34. shall be substituted, namely:— "Provided that no reduction in output tax liability of the supplier shall be permitted, if the— (i) input tax credit as is attributable to such a credit note, if availed, has not been reversed by the recipient, where such recipient is a registered person; or (ii) incidence of tax on such supply has been passed on to any other person, in other cases.". 67 122. In section 38 of the Central Goods and Services Tax Amendment of section 38. Act,― (i) in sub-sec....
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....tion (1), for the words "an auto-generated statement", the words “a statement†shall be substituted; (ii) in sub-section (2),— (a) for the words “auto-generated statement underâ€, the words "statement referred in†shall be substituted; (b) in clause (a), the word "and" shall be omitted; (c) in clause (b), after the words “by the recipient,â€, the word “including†shall be inserted; (d) after clause (b), the following clause shall be inserted, namely:― "(c) such other details as may be prescribed.â€. 123. In section 39 of the Central Goods and Services Tax Act, in sub-section (1), for the words “and within such timeâ€, the words "within such time, and subject to such conditions and restrictions" shall be substituted. 124. In section 107 of the Central Goods and Services Act, in sub-section (6), for the proviso, the following proviso shall be substituted, namely:— "Provided that in case of any order demanding penalty without involving demand of any tax, no appeal shall be filed against such order unless a sum equal to ten per cent. of the said penalty has been paid by the app....
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....ellant.â€. 125. In section 112 of the Central Goods and Services Act, in sub-section (8), the following proviso shall be inserted, namely:― "Provided that in case of any order demanding penalty without involving demand of any tax, no appeal shall be filed against such order unless a sum equal to ten per cent. of the said penalty, in addition to the amount payable under the proviso to sub-section (6) of section 107 has been paid by the appellant.". 126. After section 122A of the Central Goods and Services Act, the following section shall be inserted, namely:- Amendment of section 39. Amendment of section 107. Amendment of section 112. Insertion of new section 122B. "122B. Notwithstanding anything contained in this Act, Penalty for where any person referred to in clause (b) of sub-section (1) failure to 68 of section 148A acts in contravention of the provisions of the said section, he shall, in addition to any penalty under Chapter XV or the provisions of this Chapter, be liable to pay a penalty equal to an amount of one lakh rupees or ten per cent. of the tax payable on such goods, whichever is higher.". 127. After section 148 of the Centr....
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....al Goods and Services Act, the following section shall be inserted, namely:— may, on the "148A. (1) The Government recommendations of the Council, by notification, specify,— (a) the goods; (b) persons or class of persons who are in possession or deal with such goods, to which the provisions of this section shall apply. (2) The Government may, in respect of the goods referred to in clause (a) of sub-section (1),— (a) provide a system for enabling affixation of unique identification marking and for electronic storage and access of information contained therein, through such persons, as may be prescribed; and (b) prescribe the unique identification marking for such goods, including the information to be recorded therein. (3) The persons referred to in sub-section (1), shall,— (a) affix on the said goods or packages thereof, a unique identification marking, containing such information and in such manner; (b) furnish such information and details within such time and maintain such records or documents, in such form and manner; (c) furnish details of the machinery installed in the place of business of manufacture of such goods, includ....
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....ing the identification, capacity, duration of operation and such other details or information, within such time and in such form and manner; (d) pay such amount in relation to the system referred to in sub-section (2), with comply track and trace mechanism. Insertion of new section 148A. Track and trace mechanism for certain goods. 69 28 of 2005. as may be prescribed.". 128. In Schedule III of the Central Goods and Services Amendment of Schedule III. Act,― (i) in paragraph 8, after clause (a), the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of July, 2017, namely:― "(aa) Supply of goods warehoused in a Special Economic Zone or in a Free Trade Warehousing Zone to any person before clearance for exports or to the Domestic Tariff Area;"; (ii) in Explanation 2, after the words “For the purposes of", the words, brackets and letter "clause (a) of" shall be inserted and shall be deemed to have been inserted with effect from the 1st day of July, 2017; (iii) after Explanation 2, the following Explanation shall be inserted and shall be deemed to have been inserted with effect fro....
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....m the 1st day of July, 2017, namely:― “Explanation 3.— For the purposes of clause (aa) of paragraph 8, the expressions "Special Economic Zone", "Free Trade Warehousing Zone†and “Domestic Tariff Area" shall have the same meanings respectively as assigned to them in section 2 of the Special Economic Zones Act, 2005.". 129. No refund shall be made of all such tax which has been collected, but which would not have been so collected, had section 128 been in force at all material times. No refund of tax collected. 32 of 1994. 12 of 2017. Service tax Special provision for retrospective exemption from certain cases relating to reinsurance 130. (1) Notwithstanding anything contained in section 66 of Chapter V of the Finance Act, 1994, as it stood prior to the 1st day of July, 2012, or in section 66B of the said Chapter of the said Act, as it stood prior to the omission of the said Chapter service tax in vide section 173 of the Central Goods and Services Tax Act, 2017, no service tax shall be levied or collected in respect of taxable services provided or agreed to be provided by insurance companies by way of reinsurance under the ....
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....Weather Based Crop Insurance Scheme and the Modified National Agricultural Insurance Scheme during the period commencing from the 1st day of April, 2011 and ending with the 30th day of June, 2017 (both days inclusive). services provided by insurance companies under Weather Based Crop Insurance Scheme and 70 (2) Refund shall be made of all such service tax which has been collected, but which would not have been so collected, had sub-section (1) been in force at all material times: Provided that an application for the claim of refund of service tax shall be made within a period of six months from the date on which the Finance Bill, 2025 receives the assent of the President. (3) Notwithstanding the omission of the said Chapter, the provisions of the said Chapter shall apply for refund under this section retrospectively as if the said Chapter had been in force at all material times. Modified National Agricultural Insurance Scheme. CHAPTER V MISCELLANEOUS PART I AMENDMENT TO THE UNIT TRUST OF INDIA (TRANSFER OF UNDERTAKING AND REPEAL) ACT, 2002 Amendment of 131. In the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002, in section 13....
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...., in sub-section (1), for the figures Act 58 of "2025", the figures “2027†shall be substituted. 2002. PART II AMENDMENTS TO THE GOVERNMENT SECURITIES ACT, 2006 WHEREAS it is expedient to amend the law relating to Government securities and its management by the Reserve Bank of India; AND WHEREAS the subject matter of “Public debt of the State" falls within the ambit of State List of the Seventh Schedule to the Constitution; AND WHEREAS in pursuance of clause (1) of article 252 of the Constitution, resolutions have been passed by the Houses of the Legislatures of the States of Andhra Pradesh, Chhattisgarh, Haryana, Nagaland, Punjab, Uttarakhand, Uttar Pradesh and West Bengal that the subject matter aforesaid should be regulated in those States by Parliament by law. 38 of 2006. 71 132. (1) This Part shall apply in the first instance to the Application of whole of the States of Andhra Pradesh, Chhattisgarh, Haryana, this Part. Nagaland, Punjab, Uttarakhand, Uttar Pradesh and West Bengal and the Union territories; and it shall also apply to such other State which adopts this Part by resolution passed in that behalf under clause (1) of article ....
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....252 of the Constitution. (2) It shall come into force at once in the States of Andhra Pradesh, Chhattisgarh, Haryana, Nagaland, Punjab, Uttarakhand, Uttar Pradesh and West Bengal and in the Union territories and in any other State which adopts this Act under clause (1) of article 252 of the Constitution, on the date of such adoption; and, save as otherwise provided in this Part, any reference in this Part to the commencement of this Part shall, in relation to any State, mean the date on which this part comes into force in such State. 133. In the Government Securities Act, 2006 (hereinafter Amendment of referred to as the principal Act), in the preamble, in paragraph preamble. 3, for the words "except the Legislature of the State of Jammu and Kashmir, to the effect that the matters aforesaid should be regulated in those States", the words "to the effect that the matters aforesaid should be regulated in those States" shall be substituted. 134. In section 1 of the principal Act,— (a) in sub-section (3), for the words “in the first instance to whole of the States, except the State of Jammu and Kashmir, and to all the Union territories and it shall also ....
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....apply to the State of Jammu and Kashmir which adopts this Act by resolution passed in that behalf under clause (1) of article 252 of the Constitution", the words "to all the States and Union territories" shall be substituted; (b) in sub-section (4),— (i) the words “except the State of Jammu and Kashmir" shall be omitted; (ii) the words "and in the State of Jammu and Kashmir which adopts this Act under clause (1) of article 252 of the Constitution, on such adoption†shall be omitted. 135. In section 2 of the principal Act, in clause (f),— (i) after the words "any other purpose", the words “and subject to such terms and conditions†shall be inserted; (ii) the words and figure “and having one of the forms mentioned in section 3†shall be omitted. Amendment of section 1. Amendment of section 2. 72 38 of 2006. 38 of 2006. 136. In section 3 of the principal Act, the words ", subject to such terms and conditions as may be specified," shall be omitted. Amendment of section 3. section 5. 137. In section 5 of the principal Act, in sub-section (4), Amendment of after the words “upon the Bankâ€, the word....
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....s, brackets, letter and figure “or shall be construed to affect any restriction on transferability of Government securities contained in any notification issued under clause (f) of section 2 in respect of such securities" shall be inserted. 138. In section 31 of the principal Act, sub-sections (1) and Amendment of (2) shall be omitted. section 31. section 32. 139. In section 32 of the principal Act, in sub-section (2), in Amendment of clause (a), the words “and the terms and conditions subject to which" shall be omitted. 140. (1) The Public Debt Act, 1944 is hereby repealed. (2) Notwithstanding such repeal anything done or any action taken in the exercise of any power conferred by or under the repealed Act shall be deemed to have been done or taken in the exercise of the powers conferred by or under the Government Securities Act, 2006 as amended by this Part as if the said Act was in force on the day on which such thing was done or action was taken. (3) The rules made by the Central Government under the repealed Act as in force immediately before the commencement of this Part, shall be deemed to be the regulations made by the Bank under the Govern....
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....ment Securities Act, 2006. Repeal of Act 18 of 1944 and savings. 50 of 2023. Declaration under the Provisional Collection of Taxes Act, 2023 It is hereby declared that it is expedient in the public interest that the provisions of sub-clause (a) of clause 98 of this Bill shall have immediate effect under the Provisional Collection of Taxes Act, 2023. 73 THE FIRST SCHEDULE (See section 2) PART I INCOME-TAX Paragraph A (1) In the case of every individual other than the individual referred to in items (II) and (III) of this Paragraph or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, not being a case to which any other Paragraph of this Part applies,— Rates of income-tax (1) where the total income Nil; does not exceed Rs. 2,50,000 (2) where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000 (3) where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 (4) where the total income exceeds Rs. 10,00,000 5 per cent. of the amount by whi....
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....ch the total income exceeds Rs. 2,50,000; Rs.12,500 plus 20 per cent. of the amount by which the total income exceeds Rs. 5,00,000; Rs. 1,12,500 plus 30 per cent. of the amount by which the total income exceeds Rs.10,00,000. (II) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,― Rates of income-tax (1) where the total income Nil; does not exceed Rs. 3,00,000 74 (2) where the total income 5 per cent. of the amount by which the total income exceeds Rs. 3,00,000; exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000 (3) where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 (4) where the total income exceeds Rs. 10,00,000 Rs.10,000 plus 20 per cent. of the amount by which the total income exceeds Rs. 5,00,000; Rs. 1,10,000 plus 30 per cent. of the amount by which the total income exceeds Rs.10,00,000. (III) In the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year,― Rates of income-tax (1) where the total income ....
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....Nil; does not exceed Rs. 5,00,000 (2) where the total income 20 per cent. of the amount exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 (3) where the total income exceeds Rs. 10,00,000 by which the total income exceeds Rs. 5,00,000; Rs. 1,00,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 10,00,000. Surcharge on income-tax The amount of income-tax computed as per the preceding provisions of this Paragraph, or the provisions of section 111A or 112 or 112A of the Income-tax Act, shall be increased by a surcharge for the purposes of the Union, calculated, in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act,- 75 (a) having a total income (including the income by way of dividend or income under the provisions of sections 111A, 112 and 112A of the Income-tax Act) exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten per cent. of such income-tax; (b) having a total income (including the income by ....
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....way of dividend or income under the provisions of sections 111A, 112 and 112A of the Income-tax Act) exceeding one crore rupees, but not exceeding two crore rupees, at the rate of fifteen per cent. of such income-tax; (c) having a total income (excluding the income by way of dividend or income under the provisions of sections 111A, 112 and 112A of the Income-tax Act) exceeding two crore rupees but not exceeding five crore rupees, at the rate of twenty-five per cent. of such income-tax; (d) having a total income (excluding the income by way of dividend or income under the provisions of sections 111A, 112 and 112A of the Income-tax Act) exceeding five crore rupees, at the rate of thirty-seven per cent. of such income-tax; and (e) having a total income (including the income by way of dividend or income under the provisions of sections 111A, 112 and 112A of the Income-tax Act) exceeding two crore rupees but is not covered under clauses (c) and (d), at the rate of fifteen per cent. of such income-tax: Provided that in case where the total income includes any income by way of dividend or income under the provisions of sections 111A, 112 and 112A of the Income- tax ....
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....Act, the rate of surcharge on the amount of income-tax computed in respect of that part of income shall not exceed fifteen per cent.: Provided further that in case of an association of persons consisting of only companies as its members, the rate of surcharge on the amount of income-tax shall not exceed fifteen per cent.: Provided also that in the case of persons mentioned above having total income exceeding,— (a) fifty lakh rupees but not exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of fifty 76 lakh rupees by more than the amount of income that exceeds fifty lakh rupees; (b) one crore rupees but does not exceed two crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees; (c) two crore rupees but does not exceed five crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount pa....
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....yable as income-tax and surcharge on a total income of two crore rupees by more than the amount of income that exceeds two crore rupees; (d) five crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of five crore rupees by more than the amount of income that exceeds five crore rupees. Paragraph B In the case of every co-operative society,― Rates of income-tax (1) where the total income 10 per cent. of the total does not exceed Rs.10,000 (2) where the total income exceeds Rs.10,000 but does not exceed Rs. 20,000 (3) where the total income exceeds Rs. 20,000 income; Rs. 1,000 plus 20 per cent. of the amount by which the total income exceeds Rs. 10,000; Rs. 3,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 20,000. Surcharge on income-tax The amount of income-tax computed as per the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 or section 112A of the Income-tax Act, 77 shall, be increased by a surcharge for the purposes of the Union, calculated in the case of eve....
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....ry co-operative society,― (a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of seven per cent. of such income-tax; (b) having a total income exceeding ten crore rupees, at the rate of twelve per cent. of such income-tax: Provided that in the case of every co-operative society having total income exceeding one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: Provided further that in the case of every co- operative society having a total income exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees. Paragraph C In the case of every firm,― Rate of income-tax On the whole of the total income Surcharge on income-tax 30 per cent. The amount of income-tax computed as ....
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....per the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 or section 112A of the Income- tax Act, shall, in the case of every firm, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of twelve per cent. of such income-tax: Provided that in the case of every firm mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income- tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. 78 78 Paragraph D In the case of every local authority,— Rate of income-tax On the whole of the total income Surcharge on income-tax 30 per cent. The amount of income-tax computed as per the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 or section 112A of the Income-tax Act, shall, in the case of every local authority, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rat....
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....e of twelve per cent. of such income-tax: Provided that in the case of every local authority mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. Paragraph E In the case of a company,- Rates of income-tax I. In the case of a domestic company,— (i) where its total turnover 25 per cent. of the total or the gross receipt in the income; previous year 2022-23 does not exceed four hundred crore rupees (ii) other than that referred 30 per cent. of the total to in item (i) income. II. In the case of a company other than a domestic company,― (i) on so much of the total income 50 per cent.; as consists of, 79 (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st March, 1961 but before the 1st April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance ....
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....of an agreement made by it with the Government or the Indian concern after the 29th February, 1964 but before the 1st April, 1976, and where such agreement has, in either case, been approved by the Central Government (ii) on the balance, if any, of the 35 per cent. total income Surcharge on income-tax The amount of income-tax computed as per the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 or section 112A of the Income-tax Act, shall, be increased by a surcharge for the purposes of the Union calculated,— (i) in the case of every domestic company,― (a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of seven per cent. of such income-tax; and (b) having a total income exceeding ten crore rupees, at the rate of twelve per cent. of such income-tax; (ii) in the case of every company other than a domestic company,- (a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of two per cent. of such income-tax; and 80 (b) having a total income exceeding ten crore rupees, at the rate of five per cent. of such incom....
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....e-tax: Provided that in the case of every company having a total income exceeding one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: Provided further that in the case of every company having a total income exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees. PART II RATES FOR DEDUCTION OF TAX AT SOURCE IN CERTAIN CASES In every case in which under the provisions of sections 193, 194A, 194B, 194BA, 194BB, 194D, 194LBA, 194LBB, 194LBC and 195 of the Income-tax Act, tax is to be deducted at the rates in force, deduction shall be made from the income subject to the deduction at the following rates:- Rate of income-tax 1. In the case of a person other than a company (a) where the person is resident in India (i) on income ....
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....by way of interest 10 per cent.; other than "Interest on securities" (ii) on income by way of winnings 30 per cent.; from lotteries, puzzles, card games and other games of any sort (other than winnings from online games) (iii) on income by way of winnings 30 per cent.; from horse races (iv) on income by way of net 30 per cent.; winnings from online games 81 (v) on income by way of insurance 2 per cent.; commission (vi) on income by way of interest 10 per cent.; payable on- (A) any debentures or securities for money issued by or on behalf of any local authority or a corporation established by a Central Act, State Act or Provincial Act; (B) any debentures issued by a company where such debentures are listed on a recognised stock exchange in India as per the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and the rules made thereunder; (C) any security of the Central Government or State Government; (vii) on any other income (b) where the person is not resident in India― (i) in the case of a non-resident Indian- 10 per cent.; (A) on any investment income 20 per cent.; (B) on income by way of long- 12.5 per cent.; term capital ga....
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....ins referred to in section 115E or sub-clause (iii) of clause (c) of sub-section (1) of section 112 (C) on income by way of long- 12.5 per cent.; term capital gains referred to in section 112A exceeding one lakh twenty-five thousand rupees, (D) on other income by way of 12.5 per cent., long-term capital gains [not being 82 long-term capital gains referred to in clauses (33) and (36) of section 10] (E) on income by way of short- 20 per cent.; term capital gains referred to in section 111A (F) on income by way of interest 20 per cent.; payable by Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency (not being income by way of interest referred to in section 194LB or section 194LC) (G) on income by way of royalty 20 per cent.; payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject referred to in the first proviso to sub-section (1A) of section 115A o....
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....f the Income- tax Act, to the Indian concern, or in respect of any computer software referred to in the second proviso to sub-section (14) of section 115A of the Income-tax Act, to a person resident in India (H) on income by way of royalty 20 per cent.; [not being royalty of the nature referred to in sub-item (b)(i)(G)] payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the 83 agreement is in accordance with that policy (I) on income by way of fees for 20 per cent.; technical services payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in....
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.... accordance with that policy (✓) on income by way of 30 per cent.; winnings from lotteries, crossword puzzles, card games and other games of any sort (other than winnings from online games) (K) on income by way of 30 per cent.; winnings from horse races (L) on income by way of net 30 per cent.; winnings from online games (M) on the income by way of 10 per cent.; dividend, referred to in the proviso to sub-clause (A) of clause (a) of sub-section (1) of section 115A (N) on income by way of 20 per cent.; dividend other than the income referred to in sub-item (b)(i)(M) (O) on the whole of the other 30 per cent.; income (ii) in the case of any other person (A) on income by way of interest 20 per cent.; payable by Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency 84 (not being income by way of interest referred to in section 194LB or section 194LC) (B) on income by way of royalty 20 per cent.; payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern where such royalty is in consideration for the transfer ....
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....of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject referred to in the first proviso to sub-section (1A) of section 115A of the Income- tax Act, to the Indian concern, in respect of any computer software referred to in the second proviso to sub-section (14) of section 115A of the Income-tax Act, to a person resident in India (C) on income by way of royalty 20 per cent.; [not being royalty of the nature referred to in sub-item (b)(ii)(B)] payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy (D) on income by way of fees for 20 per cent.; technical services payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approv....
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....ed by the Central Government or where it relates to a matter included in the 85 industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy (E) on income by way of 30 per cent.; winnings from lotteries, crossword puzzles, card games and other games of any sort (other than winnings from online games) (F) on income by way of 30 per cent.; winnings from horse races (G) on income by way of net 30 per cent.; winnings from online games (H) on income by way of short- 20 per cent.; term capital gains referred to in section 111A (I) on income by way of long- 12.5 per cent.; term capital gains referred to in sub- clause (iii) of clause (c) of sub- section (1) of section 112 (J) on income by way of long- term capital gains referred to in section 112A exceeding one lakh twenty-five thousand rupees 12.5 per cent., (K) on income by way of other 12.5 per cent., long-term capital gains [not being long-term capital gains referred to in clauses (33) and (36) of section 10], (L) on income by way of 10 per cent.; dividend, referred to in the proviso to sub-clause (A) of clause (a) of sub-section (1) of....
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.... section 115A (M) on income by way of 20 per cent.; dividend other than the income referred to in sub-item (b)(ii)(L) (N) on the whole of the other 30 per cent. income 2. In the case of a company- 86 (a) where the company is a domestic company― (i) on income by way of interest 10 per cent.; other than "Interest on securities" (ii) on income by way of 30 per cent.; winnings from lotteries, puzzles, card games and other games of any sort (other than winnings from online games) (iii) on income by way of 30 per cent.; winnings from horse races (iv) on income by way of net 30 per cent.; winnings from online games (v) on any other income (b) where the company is not a domestic company― 10 per cent.; (i) on income by way of 30 per cent.; winnings from lotteries, crossword puzzles, card games and other games of any sort (other than winnings from online games) (ii) on income by way of 30 per cent.; winnings from horse races (iii) on income by way of net 30 per cent.; winnings from online games (iv) on income by way of interest 20 per cent.; payable by Government or an Indian concern on moneys borrowed or debt incurred by Government or the ....
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....Indian concern in foreign currency (not being income by way of interest referred to in section 194LB or section 194LC) (v) on income by way of royalty 20 per cent.; payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st March, 1976 where 87 such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject referred to in the first proviso to sub-section (1A) of section 115A of the Income-tax Act, to the Indian concern, or in respect of any computer software referred to in the second proviso to sub-section (1A) of section 115A of the Income- tax Act, to a person resident in India (vi) on income by way of royalty [not being royalty of the nature referred to in item (b)(v)] payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time b....
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....eing in force, of the Government of India, the agreement is in accordance with that policy (A) where the agreement is 50 per cent.; made after the 31st March, 1961 but before the 1st April, 1976 (B) where the agreement is 20 per cent.; made after the 31st March, 1976 (vii) on income by way of fees for technical services payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy 88 (A) where the agreement is 50 per cent.; made after the 29th February, 1964 but before the 1st April, 1976 (B) where the agreement is 20 per cent.; made after the 31st March, 1976 (viii) on income by way of short- 20 per cent.; term capital gains referred to in section 111A (ix) on income by way of long- 12.5 per cent.; term capital gains referred to in sub- clause (iii) of clause (c) of sub- section (1) of section 112 (x) on income ....
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....by way of long- 12.5 per cent., term capital gains referred to in section 112A exceeding one lakh twenty-five thousand rupees (xi) on income by way of other 12.5 per cent.; long-term capital gains [not being long-term capital gains referred to in clauses (33) and (36) of section 10] (xii) on income by way of 10 per cent.; dividend, referred to in the proviso to sub-clause (A) of clause (a) of sub- section (1) of section 115A (xiii) on income by way of 20 per cent.; dividend other than the income referred to in item (b)(xii) (xiv) on any other income 35 per cent. Explanation. For the purposes of item 1(b)(i) of this Part, "investment income" and "non-resident Indian" shall have the meanings respectively assigned to them in Chapter XII-A of the Income-tax Act. of- Surcharge on income-tax The amount of income-tax deducted as per the provisions 89 (i) item 1 of this Part, shall be increased by a surcharge, for the purposes of the Union,― (a) in the case of every individual or Hindu undivided family or association of persons, except in case of an association of persons consisting of only companies as its members, or body of individuals, whether inco....
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....rporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, being a non-resident, calculated,— I. at the rate of ten per cent. of such tax, where the income or the aggregate of such incomes (including the income by way of dividend or income under the provisions of sections 111A, 112 and 112A of the Income-tax Act) paid or likely to be paid and subject to the deduction exceeds fifty lakh rupees but does not exceed one crore rupees; II. at the rate of fifteen per cent. of such tax, where the income or the aggregate of such incomes (including the income by way of dividend or income under the provisions of sections 111A, 112 and 112A of the Income-tax Act) paid or likely to be paid and subject to the deduction exceeds one crore rupees but does not exceed two crore rupees; III. at the rate of twenty-five per cent. of such tax, where the income or the aggregate of such incomes (excluding the income by way of dividend or income under the provisions of sections 111A, 112 and 112A of the Income-tax Act) paid or likely to be paid and subject to the deduction exceeds two crore rupees ....
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....but does not exceed five crore rupees; IV. at the rate of thirty-seven per cent. of such tax, where the income or the aggregate of such incomes (excluding the income by way of dividend or income under the provisions of sections 111A, 112 and 112A of the Income-tax Act) paid or likely to be paid and subject to the deduction exceeds five crore rupees; and V. at the rate of fifteen per cent. of such tax, where the income or the aggregate of such incomes (including the income by way of 90 dividend or income under the provisions of sections 111A, 112 and 112A of the Income-tax Act) paid or likely to be paid and subject to the deduction exceeds two crore rupees, but is not covered under sub-clauses III and IV: Provided that in case where the total income includes any income by way of dividend or income under the provisions of sections 111A, 112 and 112A of the Income-tax Act, the rate of surcharge on the amount of Income-tax deducted in respect of that part of income shall not exceed fifteen per cent.: Provided further that where the income of such person is chargeable to tax under sub-section (1A) of section 115BAC of the Income-tax Act, the rate of surcharge ....
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....shall not exceed twenty-five per cent.; (b) in the case of every co-operative society, being a non-resident, calculated,— I. at the rate of seven per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees but does not exceed ten crore rupees; II. at the rate of twelve per cent. where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds ten crore rupees; (c) in the case of an association of persons being a non-resident, and consisting of only companies as its members, calculated,― I. at the rate of ten per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds fifty lakh rupees but does not exceed one crore rupees; II. at the rate of fifteen per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees; (d) in the case of every firm, being a non-resident, calculated at the rate of twelve per cent., where the income or the aggregate o....
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....f such incomes paid or 91 likely to be paid and subject to the deduction exceeds one crore rupees; (ii) item 2 of this Part shall be increased by a surcharge, for the purposes of the Union, in the case of every company other than a domestic company, calculated,― (a) at the rate of two per cent. of such tax where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees but does not exceed ten crore rupees; and (b) at the rate of five per cent. of such tax where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds ten crore rupees. PART III RATES FOR CHARGING INCOME-TAX IN CERTAIN CASES, DEDUCTING INCOME-TAX FROM INCOME CHARGEABLE UNDER THE HEAD “SALARIES†AND COMPUTING "ADVANCE TAX" In cases in which income-tax has to be charged under sub-section (4) of section 172 of the Income-tax Act or sub- section (2) of section 174 or section 174A or section 175 or sub-section (2) of section 176 of the said Act or deducted from, or paid on, from income chargeable under the head "Salaries" under section 192 of the said Act or dedu....
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....cted under section 194P of the said Act or in which the "advance tax" payable under Chapter XVII-C of the said Act has to be computed at the rate or rates in force, such income-tax or, as the case may be, “advance tax†[not being “advance tax†in respect of any income chargeable to tax under Chapter XII or Chapter XII-A or income chargeable to tax under section 115JB or 115JC or Chapter XII-FA or Chapter XII-FB or sub- section (1A) of section 161 or section 164 or section 164A or section 167B of the said Act at the rates as specified in that Chapter or section or surcharge, wherever applicable, on such "advance tax" in respect of any income chargeable to tax under section 115A or section 115AB or section 115AC or section 115ACA or section 115AD or section 115B or section 115BA or section 115BAA or section 115BAB or section 115BAC or section 115BAD or section 115BAE or section 115BB or section 115BBA or section 115BBC or section 115BBE or section 115BBF or section 115BBG or section 92 115BBH or section 115BBI or section 115BBJ or section 115E or section 115JB or section 115JC] shall be charged, deducted or computed at the following rate o....
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....r rates: — Paragraph A (1) In the case of every individual other than the individual referred to in items (II) and (III) of this Paragraph or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, not being a case to which any other Paragraph of this Part applies,― Rates of income-tax (1) where the total income Nil; does not exceed Rs. 2,50,000 (2) where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000 (3) where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 (4) where the total income exceeds Rs. 10,00,000 5 per cent. of the amount by which the total income exceeds Rs. 2,50,000; Rs. 12,500 plus 20 per cent. of the amount by which the total income exceeds Rs. 5,00,000; Rs. 1,12,500 plus 30 per cent. of the amount by which the total income exceeds Rs.10,00,000. (II) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous y....
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....ear,- Rates of income-tax (1) where the total income Nil; does not exceed Rs. 3,00,000 (2) where the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000 5 per cent. of the amount by which the total income exceeds Rs.3,00,000; 93 (3) where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 (4) where the total income Rs. 10,00,000 exceeds Rs. 10,000 plus 20 per cent. of the amount by which the total income exceeds Rs.5,00,000; Rs. 1,10,000 plus 30 per cent. of the amount by which the total income exceeds Rs.10,00,000; (III) In the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year,― Rates of income-tax (1) where the total income Nil; does not exceed Rs. 5,00,000 (2) where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 (3) where the total income exceeds Rs.10,00,000 20 per cent. of the amount by which the total income exceeds Rs. 5,00,000; Rs. 1,00,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 10,00,000; Surcharge on income-tax The amount of income-tax computed in....
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.... accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 or section 112A of the Income- tax Act, shall be increased by a surcharge for the purposes of the Union, calculated, in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, (a) having a total income (including the income by way of dividend or income under the provisions of section 111A, section 112 and section 112A of the Income-tax Act) exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten per cent. of such income- tax; (b) having a total income (including the income by way of dividend or income under the provisions of section 94 24 111A, section 112 and section 112A of the Income-tax Act) exceeding one crore rupees but not exceeding two crore rupees, at the rate of fifteen per cent. of such income- tax; (c) having a total income (excluding the income by way of dividend or income under the provisions of section 111A, secti....
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....on 112 and section 112A of the Income-tax Act) exceeding two crore rupees but not exceeding five crore rupees, at the rate of twenty-five per cent. of such income-tax; (d) having a total income (excluding the income by way of dividend or income under the provisions of section 111A, section 112 and section 112A of the Income-tax Act) exceeding five crore rupees, at the rate of thirty-seven per cent. of such income-tax; and (e) having a total income (including the income by way of dividend or income under the provisions of section 111A, section 112 and section 112A of the Income-tax Act) exceeding two crore rupees, but is not covered under clauses (c) and (d), shall be applicable at the rate of fifteen per cent. of such income-tax: Provided that in case where the total income includes any income by way of dividend or income under the provisions of section 111A, section 112 and section 112A of the Income-tax Act, the rate of surcharge on the amount of Income-tax computed in respect of that part of income shall not exceed fifteen per cent.: Provided further that in case of an association of persons consisting of only companies as its members, the rate of surcharg....
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....e on the amount of Income-tax shall not exceed fifteen per cent.: Provided also that in the case of persons mentioned above having total income exceeding,― (a) fifty lakh rupees but not exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees; (b) one crore rupees but does not exceed two crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total 95 income of one crore rupees by more than the amount of income that exceeds one crore rupees; (c) two crore rupees but does not exceed five crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of two crore rupees by more than the amount of income that exceeds two crore rupees; (d) five crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amou....
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....nt payable as income-tax and surcharge on a total income of five crore rupees by more than the amount of income that exceeds five crore rupees; Paragraph B In the case of every co-operative society,― Rates of income-tax (1) where the total income 10 per cent. of the total does not exceed Rs. 10,000 (2) where the total income exceeds Rs.10,000 but does not exceed Rs. 20,000 (3) where the total income exceeds Rs. 20,000 income; Rs. 1,000 plus 20 per cent. of the amount by which the total income exceeds Rs. 10,000; Rs. 3,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 20,000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 or section 112A of the Income- tax Act, shall, be increased by a surcharge for the purpose of the Union, calculated in the case of every co-operative society,― (a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of seven per cent. of such income-tax; (b) having a total income exceeding ten crore rupees, at the rate of twelve p....
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....er cent. of such income-tax: 96 Provided that in the case of every co-operative society having total income exceeding one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: Provided further that in the case of every co-operative society having total income exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income- tax and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees. Paragraph C In the case of every firm,- Rate of income-tax On the whole of the total income Surcharge on income-tax 30 per cent. The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 or section 112A of the Income-tax Act, shall, in the case of every firm, having a total income exceeding one crore rupees, be increased by a surch....
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....arge for the purposes of the Union calculated at the rate of twelve per cent. of such income-tax: Provided that in the case of every firm mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. Paragraph D In the case of every local authority,― Rate of income-tax On the whole of the total income 30 per cent. 97 Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 or section 112A of the Income-tax Act, shall, in the case of every local authority, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of twelve per cent. of such income-tax: Provided that in the case of every local authority mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not ex....
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....ceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. Paragraph E In the case of a company,- Rates of income-tax (1) In the case of a domestic company, = (i) where its total turnover or 25 per cent. of the total the gross receipt in the income; previous year 2023-2024 does not exceed four hundred crore rupees; (ii) other than that referred 30 per cent. of the total to in item (i) income. (II) In the case of a company other than a domestic company, (i) on so much of the total income as consists of,— 50 per cent., (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or 88 98 (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, by the Central Government; (i....
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....i) on the balance, if any, of the total income been approved 35 per cent. Surcharge on income-tax The amount of income-tax computed as per the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 or section 112A of the Income- tax Act, shall, be increased by a surcharge for the purposes of the Union, calculated,― (i) in the case of every domestic company,- (a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of seven per cent. of such income-tax; and (b) having a total income exceeding ten crore rupees, at the rate of twelve per cent. of such income- tax; (ii) in the case of every company other than a domestic company,- (a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of two per cent. of such income-tax; and (b) having a total income exceeding ten crore rupees, at the rate of five per cent. of such income-tax: Provided that in the case of every company having a total income exceeding one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exc....
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....eed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: 99 99 Provided further that in the case of every company having a total income exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees. PART IV [See section 2(13)(c)] RULES FOR COMPUTATION OF NET AGRICULTURAL INCOME Rule 1. Agricultural income of the nature referred to in sub-clause (a) of clause (1A) of section 2 of the Income-tax Act shall be computed as if it were income chargeable to income-tax under that Act under the head “Income from other sources" and the provisions of sections 57 to 59 of that Act shall, so far as may be, apply accordingly: Provided that sub-section (2) of section 58 shall apply subject to the modification that the reference to section 40A therein shall be construed as not including a reference to sub- sections (3), (3A) and (4) of section 40A. Rule 2. Agricultural income o....
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....f the nature referred to in sub-clause (b) or sub-clause (c) of clause (1A) of section 2 of the Income-tax Act [other than income derived from any building required as a dwelling-house by the receiver of the rent or revenue of the cultivator or the receiver of rent-in-kind referred to in the said sub-clause (c)] shall be computed as if it were income chargeable to income-tax under that Act under the head "Profits and gains of business or profession" and the provisions of sections 30, 31, 32, 36, 37, 38, 40, 40A [other than sub-sections (3), (3A) and (4) thereof], 41, 43, 43A, 43B and 43C of the Income-tax Act shall, so far as may be, apply accordingly. Rule 3. Agricultural income of the nature referred to in sub-clause (c) of clause (1A) of section 2 of the Income-tax Act, being income derived from any building required as a dwelling-house by the receiver of the rent or revenue or the cultivator or the receiver of rent-in-kind referred to in the said sub-clause (c) shall be computed as if it were income chargeable to income-tax under that Act under the head "Income from house property" and the provisions of sections 23 to 27 of that Act shall, so far as may be, ....
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....apply accordingly. 100 Rule 4.—Irrespective of anything contained in any other provisions of these rules, in a case- (a) where the assessee derives income from sale of tea grown and manufactured by him in India, such income shall be computed as per rule 8 of the Income-tax Rules, 1962, and sixty per cent. of such income shall be regarded as the agricultural income of the assessee; (b) where the assessee derives income from sale of centrifuged latex or cenex or latex based crepes (such as pale latex crepe) or brown crepes (such as estate brown crepe, re-milled crepe, smoked blanket crepe or flat bark crepe) or technically specified block rubbers manufactured or processed by him from rubber plants grown by him in India, such income shall be computed as per rule 7A of the Income-tax Rules, 1962, and sixty-five per cent. of such income shall be regarded as the agricultural income of the assessee; (c) where the assessee derives income from sale of coffee grown and manufactured by him in India, such income shall be computed as per rule 7B of the Income- tax Rules, 1962, and sixty per cent. or seventy-five per cent., as the case may be, of such income shall b....
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....e regarded as the agricultural income of the assessee. Rule 5. Where the assessee is a member of an association of persons or a body of individuals (other than a Hindu undivided family, a company or a firm) which in the previous year has either no income chargeable to tax under the Income-tax Act or has total income not exceeding the maximum amount not chargeable to tax in the case of an association of persons or a body of individuals (other than a Hindu undivided family, a company or a firm) but has any agricultural income then, the agricultural income or loss of the association or body shall be computed in accordance with these rules and the share of the assessee in the agricultural income or loss so computed shall be regarded as the agricultural income or loss of the assessee. Rule 6. Where the result of the computation for the previous year in respect of any source of agricultural income is a loss, such loss shall be set off against the income of the assessee, if any, for that previous year from any other source of agricultural income: Provided that where the assessee is a member of an association of persons or a body of individuals and the share of the as....
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....sessee in the agricultural income of the association or 101 body, as the case may be, is a loss, such loss shall not be set off against any income of the assessee from any other source of agricultural income. Rule 7. Any sum payable by the assessee on account of any tax levied by the State Government on the agricultural income shall be deducted in computing the agricultural income. Rule 8. (1) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st April, 2025, any agricultural income and the net result of the computation of the agricultural income of the assessee for any one or more of the previous years relevant to the assessment years commencing on the 1st April, 2017 or the 1st April, 2018 or the 1st April, 2019 or the 1st April, 2020 or the 1st April, 2021 or the 1st April, 2022, or the 1st April, 2023, or the 1st April, 2024, is a loss, then, for the purposes of sub- section (2) of section 2 of this Act,— (i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st April, 2017, to the extent, if any, such loss has not been set off against the agricultural income for....
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.... the previous year relevant to the assessment year commencing on the 1st April, 2018 or the 1st April, 2019 or the 1st April, 2020 or the 1st April, 2021 or the 1st April, 2022 or the 1st April, 2023, or the 1st April, 2024; (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st April, 2018, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st April, 2019 or the 1st April, 2020 or the 1st April, 2021 or the 1st April, 2022 or the 1st April, 2023, or the 1st April, 2024; (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st April, 2019, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st April, 2020 or the 1st April, 2021 or the 1st April, 2022 or the 1st April, 2023, or the 1st April, 2024; (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st April, 2020, to the extent, if any, such loss has not been s....
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....et off against the agricultural income for the previous 102 year relevant to the assessment year commencing on the 1st April, 2021 or the 1st April, 2022 or the 1st April, 2023, or the 1st April, 2024; (v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st April, 2021, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st April, 2022 or the 1st April, 2023, or the 1st April, 2024; (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st April, 2022, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st April, 2023, or the 1st April, 2024; (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st April, 2023, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st April, 2024; (viii) the loss so computed for t....
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....he previous year relevant to the assessment year commencing on the 1st April, 2024, shall be set off against the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st April, 2025. (2) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st April, 2026, or, if by virtue of any provision of the Income-tax Act, income-tax is to be charged in respect of the income of a period other than the previous year, in such other period, any agricultural income and the net result of the computation of the agricultural income of the assessee for any one or more of the previous years relevant to the assessment years commencing on the 1st April, 2018 or the 1st April, 2019 or the 1st April, 2020 or the 1st April, 2021 or the 1st April, 2022 or the 1st April, 2023 or the 1st April, 2024, or the 1st April, 2025, is a loss, then, for the purposes of sub-section (10) of section 2 of this Act,— (i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st April, 103 2018, to the extent, if any, such loss has not been set off against the ....
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....agricultural income for the previous year relevant to the assessment year commencing on the 1st April, 2019 or the 1st April, 2020 or the 1st April, 2021 or the 1st April, 2022 or the 1st April, 2023 or the 1st April, 2024, or the 1st April, 2025; (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st April, 2019, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st April, 2020 or the 1st April, 2021 or the 1st April, 2022 or the 1st April, 2023 or the 1st April, 2024, or the 1st April, 2025; (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st April, 2020, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st April, 2021 or the 1st April, 2022 or the 1st April, 2023 or the 1st April, 2024, or the 1st April, 2025; (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st April, 2021, to the extent, if any, su....
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....ch loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st April, 2022 or the 1st April, 2023 or the 1st April, 2024, or the 1st April, 2025; (v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st April, 2022, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st April, 2023 or the 1st April, 2024, or the 1st April, 2025; (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st April, 2023, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st April, 2024, or the 1st April, 2025; (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st April, 2024, to the extent, if any, such loss has not been set off against the agricultural income for the previous 104 year relevant to the assessment year commencing on the 1st April, 2025; (viii) the ....
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....loss so computed for the previous year relevant to the assessment year commencing on the 1st April, 2025, shall be set off against the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st April, 2026. (3) Where any person deriving any agricultural income from any source has been succeeded in such capacity by another person, otherwise than by inheritance, nothing in sub-rule (1) or sub-rule (2) shall entitle any person, other than the person incurring the loss, to have it set off under sub-rule (1) or, as the case may be, sub-rule (2). (4) Irrespective of anything contained in this rule, no loss which has not been determined by the Assessing Officer under the provisions of these rules or the rules contained in the First Schedule to the Finance Act, 2017 (7 of 2017) or the First Schedule to the Finance Act, 2018 (13 of 2018) or the First Schedule to the Finance (No. 2) Act, 2019 (23 of 2019) or the First Schedule to the Finance Act, 2020 (12 of 2020) or the First Schedule to the Finance Act, 2021 (13 of 2021) or the First Schedule to the Finance Act, 2022 (6 of 2022) or the First Schedule to the Finance A....
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....ct, 2023 (8 of 2023) or the First Schedule to the Finance (No.2) Act, 2024 (15 of 2024) shall be set off under sub-rule (1) or, as the case may be, sub-rule (2). Rule 9. Where the net result of the computation made as per these rules is a loss, the loss so computed shall be ignored and the net agricultural income shall be deemed to be nil. Rule 10. The provisions of the Income-tax Act relating to procedure for assessment (including the provisions of section 288A relating to rounding off of income) shall, with the necessary modifications, apply in relation to the computation of the net agricultural income of the assessee as they apply in relation to the assessment of the total income. Rule 11. For the purposes of computing the net agricultural income of the assessee, the Assessing Officer shall have the same powers as he has under the Income-tax Act for the purposes of assessment of the total income. 51 of 1975. 105 THE SECOND SCHEDULE [See section 98(a)] In the First Schedule to the Customs Tariff Act,— (i) in Chapter 60, for the entry in column (4) occurring against tariff items 6004 10 00, 6004 90 00, 6006 22 00, 6006 31 00, 6006 32 00, 6006 33 00....
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...., 6006 34 00, 6006 42 00 and 6006 90 00, the entry "20% or Rs. 115 per kg, whichever is higher" shall be substituted; (ii) in Chapter 85, for the entry in column (4) occurring against tariff item 8528 59 00, the entry "20%" shall be substituted; Amendment to First Schedule. 106 THE THIRD SCHEDULE [See section 98(b)] In the First Schedule to the Customs Tariff Act,— Description of goods Tariff Item (1) (2) (1) in Chapter 10,- Unit Rate of duty Standard (3) (4) Preferential (5) (i) after Sub-heading Note, the following Supplementary Note shall be inserted, namely:— 'Supplementary Note: 1. For the purposes of tariff items 1006 30 11 and 1006 30 91, “Rice, GI recognised" refers to the rice varieties defined and recognised by the Geographical Indications (GI) Registry under the Geographical Indications of Goods (Registration and Protection) Act, 1999 (48 of 1999).'; (ii) "1006 30 in heading 1006, for sub-heading 1006 30, tariff items 1006 30 10 to 1006 30 90 and the entries relating thereto, the following shall be substituted, namely:— 1006 30 11 1006 30 12 1006 30 19 1006 30 91 not polished or glazed : Parboiled: Rice....
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...., GI recognised Basmati rice Semi-milled or wholly milled rice, whether or kg. 70% kg. 70% kg. 70% --- Other: Rice, GI recognised Basmati rice Other kg. 70% kg. 70% kg. 70% 1006 30 92 1006 30 99 ---- Other (2) in Chapter 15, for the entry in column (4) occurring against tariff item 1520 00 00, the entry "20%" shall be substituted; (3) in Chapter 20,- 107 (i) after Sub-heading Notes, the following Supplementary Note shall be inserted, namely:― 'Supplementary Note: 1. For the purposes of tariff items 2008 19 21 to 2008 19 29, the term “makhana†means the seed of plant Euryale ferox Salisb. and also commonly known as gorgon nut or fox nut.'; (ii) in heading 2008, for tariff items 2008 19 20 to 2008 19 90 and the entries relating thereto, the following shall be substituted, namely:— 66 2008 19 21 Makhana: Popped kg. 150% 2008 19 22 Flour and powder kg. 150% 2008 19 29 Other Other: kg. 150% 2008 19 91 Other roasted nuts and seeds kg. 150% 2008 19 92 2008 19 93 2008 19 99 1111 Other nuts, otherwise prepared or preserved Other roasted and fried vegetable products Other kg. 150% kg. 30% kg. 30% (4....
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....) in Chapter 25, for the entry in column (4) occurring against tariff items 2515 11 00, 2515 12 10, 2515 12 20, 2515 12 90, 2516 11 00 and 2516 12 00, the entry "20%" shall be substituted; (5) in Chapter 26,— (i) for the entry in column (4) occurring against tariff item 2603 00 00, the entry “Free†shall be substituted; (ii) for the entry in column (4) occurring against tariff item 2605 00 00, the entry "Free" shall be substituted; (iii) for the entry in column (4) occurring against tariff item 2609 00 00, the entry "Free" shall be substituted; (iv) for the entry in column (4) occurring against tariff item 2611 00 00, the entry "Free" shall be substituted; (v) for the entry in column (4) occurring against all the tariff items of heading 2613, the entry "Free" shall be substituted; (6) (7) (8) 108 (vi) for the entry in column (4) occurring against all the tariff items of heading 2615, the entry "Free" shall be substituted; (vii) for the entry in column (4) occurring against tariff item 2617 10 00, the entry "Free" shall be substituted; in Chapter 27,— (i) in heading 2710, for tariff item 2710 91 00 and the entries relating thereto, the....
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.... following shall be substituted, namely:― "2710 91 Containing polychlorinated biphenyls (PCBs), polychlorinated terphenyls (PCTs) or polybrominated biphenyls (PBBs) : 2710 91 10 2710 91 20 Containing polychlorinated biphenyls (PCBs) kg. at a concentration level of 50 mg/kg or more Other, containing polychlorinated terphenyls (PCTs) or polybrominated biphenyls (PBBs), whether or not also containing polychlorinated biphenyls (PCBs) at a concentration level of less than 50 mg/kg 5% kg. 5% kg. 5% 2710 91 90 Other (ii) for the entry in column (4) occurring against tariff items 2711 12 00 and 2711 13 00, the entry "2.5%" shall be substituted; (iii) for the entry in column (4) occurring against all the tariff items of sub-heading 2711 19, the entry "5%" shall be substituted; in Chapter 28, (i) for the entry in column (4) occurring against tariff item 2809 20 10, the entry “7.5%†shall be substituted; (ii) for the entry in column (4) occurring against tariff item 2810 00 20, the entry "7.5%" shall be substituted; (iii) in heading 2812, for the entry in column (2) occurring against tariff item 2812 19 30, the entry "--- Arsenic trichloride"....
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.... shall be substituted; (iv) in heading 2813, after tariff item 2813 90 20 and the entries relating thereto, the following shall be inserted, namely:— "2813 90 30 Lime sulphur kg. 7.5% (v) in heading 2853, after tariff item 2853 90 40 and the entries relating thereto, the following shall be inserted, namely:— "2853 90 50 in Chapter 29,- Magnesium phosphide plates, zinc phosphide kg. 7.5% (i) for the Supplementary Note, the following Supplementary Notes shall be substituted, namely:― 'Supplementary Notes: 109 1. For the purposes of the tariff item 2906 11 10, the term “Natural Menthol†means an organic compound (C10H20O) which is obtained from the distillation of the Japanese type oil of mint or menthol mint known as Mentha arvensis but does not include those made synthetically through any chemical routes. 2. Tariff item 2916 39 70 covers one of the following goods of sub-heading 2916 39 : Alphanaphthyl acetic acid, cyclanilide, kresoxim methyl, metofluthrin, permethrin, renofluthrin, transfluthrin. 3. Tariff item 2918 99 30 covers one of the following goods of sub-heading 2918 99 : 2,4-D amine salt, 2,4-D- ethyl ester, 2,4-D....
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.... sodium salt, 2,4-dichlorophenoxy acetic acid, prohexadione calcium, s-bioallethrin, sodium acifluorfen. 4. Tariff item 2924 19 10 covers one of the following goods of sub-heading 2924 19: Bendiocarb, carboxin, chlorpropham, fenobucarb (BPMC), fluazaindolizine, methomyl, metolachlor, propamocarb hydrochloride, thiodicarb. 5. Tariff item 2924 21 40 covers one of the following goods of sub-heading 2924 21: Bifenazate, carbosulfan, cyflufenamide, fenoxanil, flufenoxuron, ipfencarbazone, lufenuron, metaflumizone, metsulfuron methyl, novaluron, orthosulfamuron, pencycuron, sulfosulfuron, teflubenzuron, triafamone, triasulfuron, trifloxysulfuron sodium. 6. Tariff item 2924 29 70 covers one of the following goods of sub-heading 2924 29 : Pretilachlor (ISO), anilophos, benalaxyl, benalaxyl M, broflanilide, butachlor, carpropamid, cyclaniliprole, diflubenzuron, dimethenamid-P, diuron, fluxametamide, iprovalicarb, mandipropamid, metalaxyl-M, propanil, propoxur, pydiflumetofen. 7. Tariff item 2926 90 10 covers one of the following goods of sub-heading 2926 90 : Alphacypermethrin, beta cyfluthrin, chlorothalonil, cyflumetofen, cyfluthrin, cyhalofop- butyl, cymoxanil, cyphenot....
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....hrin, deltamethrin (decamethrin), dithianon, fenpropathrin, fenvalerate, fluvalinate, hydrogen cyanamide, lambdacyhalothrin, myclobutanil. 8. Tariff item 2930 20 10 covers one of the following goods of sub-heading 2930 20: Cartap hydrochloride (ISO), mancozeb, metiram, propineb, thiobencarb (benthiocarb), triallate, ziram. 9. Tariff item 2930 90 92 covers one of the following goods of sub-heading 2930 90 : Acephate (ISO), phorate (ISO), captan, clethodim, diafenthiuron, ethion, malathion, oxydemeton-methyl, phenthoate, profenophos, temephos, thiophanate-methyl. 10. Tariff item 2932 20 30 covers one of the following goods of sub-heading 2932 20: Brodifacoum, bromadiolone, coumachlor, coumatetralyl, flocoumafen, milbemectin, spiromesifen. 11. Tariff item 2933 19 92 covers one of the following goods of sub-heading 2933 19: Cyenopyrafen, fenpyroximate, fipronil, fluxapyroxad, penflufen, pyraclostrobin, pyroxasulfon, tetraniliprole, tolfenpyrad, topramezone. 12. Tariff item 2933 29 60 covers one of the following goods of sub-heading 2933 29: Imidacloprid (ISO), fenamidone, imazamox, imiprothrin, iprodione, prochloraz. 110 13. Tariff item 2933 31 10 covers one of th....
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....e following goods of sub-heading 2933 31 : Florpyrauxifen benzyl, fluroxypyr meptyl, halauxifen-methyl, haloxyfop-R-methyl, paraquat dichloride, pyrifluquinazon, triclopyr acid, triclopyr butotyl ester. 14. Tariff item 2933 39 23 covers one of the following goods of sub-heading 2933 39: Afidopyropen, boscalid, chlorpyriphos, chlorpyriphos methyl, clodinafop-propargyl, cyantraniliprole, flonicamid, florpyrauxifen-benzyl, fluazifop-P-butyl, fluopicolide, fluopyram and its metabolite, forchlorfenuron, haloxyfop-P-methyl, picoxystrobin, pyridalyl, pyriofenone, pyriproxyfen, sulfoxaflor. 15. Tariff item 2933 59 50 covers one of the following goods of sub-heading 2933 59: Bispyribac-sodium (ISO), ametroctradin, azoxystrobin, benzpyrimoxam, buprimate, florasulam, polyoxin D zinc salt, primiphos-methyl, pyribenzoxim, pyriftalid, pyrithiobac sodium, triflumezopyrim. 16. Tariff item 2933 69 60 covers one of the following goods of sub-heading 2933 69 : Ametryn, atrazine, carfentrazone ethyl, cyproconazole, difenoconazole, flusilazole, hexaconazole, hexazinone, indaziflam, iodosulfuron methyl sodium, mefentrifluaconazole, metamitron, metribuzin, paclobutrazol, propiconazole, p....
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....ymetrozin (FI), TIM, tebuconazole, tetraconazole, triadimefon, tricyclazole, triticonazole. 17. Tariff item 2933 99 20 covers one of the following goods of sub-heading 2933 99: Carbendazim (ISO), bitertanol, chlorfenopyr, chlorfluazuron, fenoxaprop-P-ethyl, flufenzine, flupyradifurone, penconazole, propaquizafop, quizalofop-P-tefuryl, triazophos. 18. Tariff item 2934 99 40 covers one of the following goods of sub-heading 2934 99 : Bentazone, bixlozone, clomazone, dazomet, dimethomorph, etoxazole, fluensulfone, flufenacet, flumioxazin, hexythiazox, indoxacarb, isocycloseram, oxadiargyl, oxadiazon, phosalone, pinoxaden, thiacloprid, thiocyclam hydrogen oxalate, valifenalate. 19. Tariff item 2935 90 40 covers one of the following goods of sub-heading 2935 90 : Amisulbrom, azimsulfuron, bensulfuron methyl, chlorimuron ethyl, cyazofamid, cyzofamide, diclosulam, flucetosulfuron, helosulfuron methyl, mesosulfuron methyl, penoxsulam, pyrazosulfuron ethyl, pyroxsulam, sulfentrazone, sulfosulfuron, triafamone, triasulfuron.'; (ii) in heading 2902, after tariff item 2902 19 10 and the entries relating thereto, the following shall be inserted, namely:― "2902 19 20 --- ....
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.... 1-methyl cyclopropene kg. 2.5% (iii) in heading 2903,― (a) for tariff item 2903 19 20 and the entries relating thereto, the following shall be substituted, namely:― 16-- Trichloroethane: 111 2903 19 21 1,1,1-Trichloroethane (methyl chloroform) kg. 5% 2903 19 29 Other kg. 5% 2903 19 40 Ethylene dichloride and carbon tetrachloride kg. mixture 5% (b) for tariff item 2903 29 00 and the entries relating thereto, the following shall be substituted, namely:― "2903 29 -- Other: 2903 29 10 Dichloropropene and dichloropropane kg. 5% mixture (DD mixture) 2903 29 90 --- Other kg. 5% (c) for tariff item 2903 79 00 and the entries relating thereto, the following shall be substituted, namely:― "2903 79 2903 79 10 2903 79 20 Other: Chlorotetrafluoroethanes Other derivatives of methane, ethane or propane halogenated only with fluorine and chlorine kg. 7.5% kg. 7.5% 2903 79 30 2903 79 90 Derivatives of methane, ethane or propane halogenated only with fluorine and bromine Other kg. 7.5% kg. 7.5% (d) for tariff item 2903 89 00 and the entries relating thereto, the following shall be substituted, namely:― "2....
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....903 89 Other: 2903 89 10 Hexabromocyclododecanes (HBCDs) kg. 7.5% 2903 89 90 Other kg. 7.5% (iv) in heading 2905,— 66 (a) for the entry in column (2) occurring against tariff item 2905 19 10, the entry 3,3- Dimethylbutan-2-ol (pinacolyl alcohol)" shall be substituted; (b) after tariff item 2905 19 10 and the entries relating thereto, the following shall be inserted, namely:— "2905 19 20 --- Triacontanol kg. 7.5% (v) in heading 2906, after tariff item 2906 29 20 and the entries relating thereto, the following shall be inserted, namely:— "2906 29 30 Dicofol kg. 7.5% (vi) in heading 2907, after tariff item 2907 29 30 and the entries relating thereto, the following shall be inserted, namely:― 112 "2907 29 40 --- Acequinocyl, metamifop kg. 7.5% (vii) in heading 2908, after tariff item 2908 99 20 and the entries relating thereto, the following shall be inserted, namely:― "2908 99 30 Dinocap, meptyldiinocop, sodium paranitrophinolate kg. 7.5% (viii) in heading 2909,― (a) after tariff item 2909 30 12 and the entries relating thereto, the following shall be inserted, namely:― "2909 30 13 Ethoxysulfuro....
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....n, famoxadone kg. 7.5% (b) after tariff item 2909 30 30 and the entries relating thereto, the following shall be inserted, namely:― "2909 30 40 2909 30 50 Decabromodiphenyl ether kg. 7.5% Ethofenprox (etofenprox), fomesafen, oxyfluorfen kg. 7.5% (c) for tariff item 2909 60 00 and the entries relating thereto, the following shall be substituted, namely:- "2909 60 - Alcohol peroxides, ether peroxides, acetal and hemiacetal peroxides, ketone peroxides and their halogenated, sulphonated, nitrated or nitrosated derivatives: 2909 60 10 MCPA, amine salt 2909 60 90 --- Other kg. 7.5% kg. 7.5% (ix) in heading 2910, for tariff item 2910 90 00 and the entries relating thereto, the following shall be substituted, namely:― "2910 90 2910 90 10 --- 2910 90 90 - Other: Epoxyconazole Other kg. 7.5% kg. 7.5% (x) in heading 2912, for tariff item 2912 50 00 and the entries relating thereto, the following shall be substituted, namely:- "2912 50 2912 50 10 Cyclic polymers of aldehydes : Metaldehyde kg. 7.5% 2912 50 90 --- Other kg. 7.5% (xi) in heading 2914,— 113 (a) after tariff item 2914 29 50 and the entries relating ther....
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....eto, the following shall be inserted, namely:― "2914 29 60 Pyridaben kg. 7.5% (b) after tariff item 2914 39 40 and the entries relating thereto, the following shall be inserted, namely:― "2914 39 50 --- Mesotrione, metrafenone kg. 7.5% (c) after tariff item 2914 69 20 and the entries relating thereto, the following shall be inserted, namely:― "2914 69 30 --- Spinetoram, spinosad kg. 7.5% (d) after tariff item 2914 79 50 and the entries relating thereto, the following shall be inserted, namely:― "2914 79 60 --- Tembotrione kg. 7.5% (xii) in heading 2915, after tariff item 2915 90 70 and the entries relating thereto, the following shall be inserted, namely:― "2915 90 80 --- Perfluorooctanoic acids and their salts kg. 7.5% (xiii) in heading 2916,— (a) for tariff item 2916 19 50 and the entries relating thereto, the following shall be substituted, namely:- 2916 19 51 2916 19 59 Esters of unsaturated acyclic monoacids not elsewhere specified : Gossyplure Other kg. 7.5% kg. 7.5% (b) for the entry in column (2) occurring against tariff item 2916 20 20, the entry Bifenthrin (ISO), prallethrin†shall....
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.... be substituted; 66- (c) after tariff item 2916 31 60 and the entries relating thereto, the following shall be inserted, namely:― "2916 31 70 Dicamba kg. 7.5% (d) after tariff item 2916 39 60 and the entries relating thereto, the following shall be inserted, namely:― "2916 39 70 Goods specified in Supplementary Note 2 to this Chapter kg. 7.5% 114 (xiv) in heading 2917, after tariff item 2917 19 70 and the entries relating thereto, the following shall be inserted, namely:— "2917 19 80 Isoprothiolane kg. 7.5% (xv) in heading 2918,― (a) after tariff item 2918 30 50 and the entries relating thereto, the following shall be inserted, namely:― "2918 30 60 --- Diclofop-methyl, D-trans allethrin, pyrethrin (pyrethrum) kg. 7.5% Goods specified in Supplementary Note 3 to this Chapter (b) after tariff item 2918 99 20 and the entries relating thereto, the following shall be inserted, namely:― "2918 99 30 kg. 7.5% (xvi) in heading 2920,— (a) after tariff item 2920 19 20 and the entries relating thereto, the following shall be inserted, namely:― "2920 19 30 --- Edifenphos, fenitrothion, iprobenfos (ki....
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....tazin) kg. 7.5% (b) for tariff item 2920 90 00 and the entries relating thereto, the following shall be substituted, namely:― "2920 90 2920 90 10 2920 90 90 --- Other: Propergite Other (xvii) in heading 2921,— kg. 7.5% kg. 7.5% (a) in sub-heading 2921 19, for tariff items 2921 19 10 and 2921 19 20 and the entries relating thereto, the following shall be substituted, namely:― 2921 19 11 2921 19 12 2921 19 19 2921 19 30 1111 --- N,N-Dialkyl (methyl, ethyl, n-propyl or isopropyl) -2-chloroethylamines and their protonated salts: 2-Chloro N,N-Diisopropyl ethylamine 2-Chloro N,N-Dimethyl ethanamine Other Chlormequat chloride (CCC) kg. 7.5% kg. 7.5% kg. 7.5% kg. 7.5% (b) after tariff item 2921 41 20 and the entries relating thereto, the following shall be inserted, namely:― "2921 41 30 6-Benzyladenine, beflubutamid kg. 7.5% 115 (c) after tariff item 2921 42 36 and the entries relating thereto, the following shall be inserted, namely:― "2921 42 50 --- Fluchloralin, pendimethalin, trifluralin kg. 7.5% (d) for tariff item 2921 43 90 and the entries relating thereto, the following shall be substituted, namely:â....
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....€” 66 Other: 2921 43 91 2921 43 99 Ethafluralin Other kg. 7.5% kg. 7.5% (xviii) in heading 2922, for tariff item 2922 19 10 and the entries relating thereto, the following shall be substituted, namely:― 16- N,N-Dialkyl (methyl, ethyl, n-propyl or isopropyl) -2-aminoethanols and their protonated salts: 2922 19 11 2922 19 12 ---- N,N-Dimethyl-2-aminoethanol and its protonated kg. 7.5% salts N,N-Diethyl-2-aminoethanol and its protonated kg. 7.5% salts 2922 19 13 2-Hydroxy N,N-Diisopropyl ethylamine kg. 7.5% 2922 19 19 Other kg. 7.5% (xix) in heading 2924,― (a) for tariff item 2924 19 00 and the entries relating thereto, the following shall be substituted, namely:― "2924 19 Other: 2924 19 10 Goods specified in Supplementary Note 4 to this Chapter kg. 7.5% 2924 19 90 Other kg. 7.5% (b) after tariff item 2924 21 30 and the entries relating thereto, the following shall be inserted, namely:- "2924 21 40 Goods specified in Supplementary Note 5 to this Chapter kg. 7.5% 66 --- (c) for the entry in column (2) occurring against tariff item 2924 29 70, the entry Goods specified in Supplementary Note 6 to this Chapterâ....
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.... shall be substituted; (xx) in heading 2925, after tariff item 2925 29 10 and the entries relating thereto, the following shall be inserted, namely:— "2925 29 20 --- Dodine kg. 7.5% (xxi) in heading 2926, for tariff item 2926 90 00 and the entries relating thereto, the following shall be substituted, namely:- 116 "2926 90 Other: 2926 90 10 Goods specified in Supplementary Note 7 to this Chapter kg. 7.5% 2926 90 90 Other kg. 7.5% (xxii) in heading 2928, after tariff item 2928 00 10 and the entries relating thereto, the following shall be inserted, namely:― "2928 00 20 Chromafenozide, methoxyfenazide, trifloxystrobin kg. 7.5% (xxiii) in heading 2929, for tariff items 2929 90 10 to 2929 90 90 and the entries relating thereto, the following shall be substituted, namely:— 66-- N,N-Dialkyl (methyl, ethyl, n-propyl or isopropyl) phosphoramidic dihalides: 2929 90 11 N,N-Diethylphosphoramidic dichloride kg. 7.5% 2929 90 12 N,N-Diisopropylphosphoramidic dichloride kg. 7.5% 2929 90 13 N,N-Dipropylphosphoramidic dichloride kg. 7.5% 2929 90 14 N,N-Dimethylphosphoramidic dichloride kg. 7.5% 2929 90 19 Other kg. 7.5% Dialkyl ....
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....(methyl, ethyl, n-propyl or isopropyl) N,N-dialkyl (methyl, ethyl, n-propyl or isopropyl) phosphoramidates : 2929 90 21 2929 90 29 2929 90 60 2929 90 70 Diethyl N,N-Dimethylphosphoramidate kg. 7.5% Other kg. 7.5% Phosphoramidic acid, diethyl, dimethylester N-(1-(Dialkyl (≤C10, incl. cycloalkyl) kg. 7.5% kg. 7.5% amino))alkylidene (H or ≤C10, incl. cycloalkyl) phosphonamidic fluorides and corresponding alkylated or protonated salts 2929 90 80 --- O-Alkyl (H or ≤ C10, incl. cycloalkyl) N-(1- kg. 7.5% (dialkyl (C10, incl. cycloalkyl) amino))alkylidene (H or ≤ C10, incl. cycloalkyl) phosphoramidofluoridates and corresponding alkylated or protonated salts 2929 90 91 2929 90 99 Other: Propetamphos Other kg. 7.5% kg. 7.5% (xxiv) in heading 2930,— 66 (a) for the entry in column (2) occurring against tariff item 2930 20 10, the entry Goods specified in Supplementary Note 8 to this Chapter†shall be substituted; (b) for tariff items 2930 90 10 to 2930 90 97 and the entries relating thereto, the following shall be substituted, namely:- 66_ Thiourea (sulphourea), Calcium salts of methionine, Thio sulphonic acid, L-c....
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....ystine 117 (alpha-amino beta-thiopropionic acid)-sulphur containing amino acid, Sulphinic acid, Sulphoxide, Mercaptan, Allyl isothiocyanate: 2930 90 11 Thiourea (sulphourea) kg. 7.5% 2930 90 12 Calcium salts of methionine kg. 7.5% 2930 90 13 Thio sulphonic acid kg. 7.5% 2930 90 14 L-cystine (alpha-amino beta-thiopropionic kg. 7.5% acid)-sulphur containing amino acid 2930 90 15 Sulphinic acid kg. 7.5% 2930 90 16 Sulphoxide kg. 7.5% 2930 90 17 Mercaptan kg. 7.5% 2930 90 18 Allyl isothiocyanate kg. 7.5% O,O-Diethyl S-[2- (diethylamino)ethyl]phosphorothioate and its alkylated or protonated salts: 2930 90 21 Phosphorothioic acid, S[2-(diethyl amino) kg. 7.5% ethyl] O, O-Diethyl ester 2930 90 29 kg. 7.5% Other N,N-Dialkyl (methyl, ethyl, n-propyl or isopropyl) aminoethane-2-thiols and their protonated salts, except for 2-(N,N- dimethylamino)ethanethiol and 2-(N,N- diethylamino)ethanethiol : 2930 90 31 2930 90 32 Di-methyl amino ethanethiol hydrochloride Di-ethyl amino ethanethiol hydrochloride kg. 7.5% kg. 7.5% 2930 90 39 Other kg. 7.5% Other: 2930 90 91 Ethanol, 2,2'-thiobis- kg. 7.5% 2930 90 92 Goods specified in Supplementary ....
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....Note 9 to this Chapter kg. 7.5% 2930 90 94 Containing a phosphorus atom to which one kg. 7.5% 2930 90 96 methyl, ethyl, n-propyl or isopropyl group is bonded but no further carbon atoms O-Ethyl S-phenyl kg. 7.5% ethylphosphonothiolothionate (fonofos) (xxv) in heading 2931,— 66 (a) for the entry in column (2) occurring against tariff item 2931 49 30, the entry Glyphosate (ISO), fosetyl-al, glufosinate ammonium, glyphosate potassium salt†shall be substituted; (b) for tariff item 2931 49 90 and the entries relating thereto, the following shall be substituted, namely:― "2931 49 40 2931 49 50 --- Butyl methylphosphinate kg. 7.5% Bis(1-methylpentyl) methylphosphonate kg. 7.5% Other: 118 2931 49 91 2931 49 99 Containing a phosphorus atom to which one methyl, ethyl, n-propyl or isopropyl group is bonded but no further carbon atoms Other kg. 7.5% kg. 7.5% (c) for tariff item 2931 59 00 and the entries relating thereto, the following shall be substituted, namely:— "2931 59 2931 59 10 2931 59 20 2931 59 31 2931 59 39 2931 59 90 (xxvi) -- Other: P-Alkyl (C10, incl. cycloalkyl) N-(1-(dialkyl (C10, incl. cycloalkyl) ami....
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....no))alkylidene (H or<BR> News - Press release - PIB....