Sponsored
    Follow Us:
  2. Income Tax
  3. Articles

Amendments to Finance (NO.2) Bill 2014 -As introduced in Lok Sabha

Sponsored

List No. 2

LOK SABHA

FINANCE (NO.2) BILL 2014

(As introduced in Lok Sabha)

Notice of Amendments

Sl. No. Name of Member and Text of Amendments Clause No.
SHRI ARUN JAITLEY:
5. Page 6, after line 48, insert-

‘(AA) after the proviso, but before Explanation 1, the following proviso shall be inserted with effect from the 1st day of April, 2015, namely:-

“Provided further that in case of a share of company (not being a share listed in a recognised stock exchange) or a unit of a Mutual Fund specified under clause (23D) of section 10, which is transferred during the period beginning on the 1st day of April, 2014 and ending on the 10th day of July, 2014, the provisions of this clause shall have effect as if for the words “thirty-six months”, the words “twelve months” had been substituted.”.’.

 3
6. Page 12, after line 7, insert- 31A (New)
Amendment of Section 92C. ’31A. In section 92C of the Income Tax Act, in sub-section (2), after the second proviso, but before the Explanation, the following proviso shall be inserted with effect from the 1st day of April, 2015, namely:-

“Provided also that where more than one price is determined by the most appropriate method, the arm’s length price in relation to an international transaction or specified domestic transaction undertaken on or after the 1st day of April, 2014, shall be computed in such manner as may be prescribed and accordingly the first and second proviso shall not apply.”.’.
7. Page 12, for line 28, substitute-

‘(b) after the proviso occurring after clause (d), the following proviso shall be inserted, namely:-

“Provided further that where the tax payable in respect of any income arising from the transfer of a long-term capital asset, being a unit of a Mutual Fund specified under clause (23D) of section 10, during the period beginning on the 1st day of April, 2014 and ending on the 10th day of July, 2014, exceeds ten percent of the amount of capital gains before giving effect to the provisions of the second proviso to section 48, then, such excess shall be ignored for the purpose of computing the tax payable by the assessee.”;

(c) in the Explanation, clause (b) shall be omitted,’.

 34
8. Page 14, after Line 8, insert – 44A New)
Amendment of section 119. 44A. In section 119 of the Income tax Act, in sub-section (2), in clause (a), after the figures and letter “234C”, the figures and letter “234E” shall be inserted with effect from the 1st day of October, 2014
9. Page 17, after line 30, insert – 62A(New)
Amendment of Section 243A.

’62A. In section 245A of the income tax Act, in clause (b), with effect from the 1st day of October, 2014,-

(A) the proviso shall be omitted;

(B) in the Explanation,-

(a) in clause (i) for the words, brackets and figure “referred to in clause (i) of the proviso”, the words and figures “under section 147” shall be substituted:

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

“(iii) a proceeding for making fresh assessment in pursuance of an order under section 254 or section 263 or section 264, setting aside or cancelling an assessment shall be deemed to have been commenced from the date on which such order, setting aside or cancelling an assessment was passed;”.

(c) in clause (iv), for the words, brackets, figures and letter “clause (i) or clause (iv) of the proviso or clause (iiia) of the Explanation”, the words, brackets, figures and letter “clause (i) or clause (iii) or clause (iiia)” shall be substituted.”
10. Page 17 after line 30, insert – 62B(New)
Amendment of section 245N. ’62B In section 245N of the income tax act, with effect from the 1st day of October, 2014.-

(A) in clause (a),-

(i) in sub-clause (ii), at the end, the word “or” shall be inserted

(ii) after sub-clause (ii) and before long line, the following sub-clause shall be inserted, namely:-

“(iia) a determination by the Authority in relation to the tax liability of a resident applicant, arising out of a transaction which has been undertaken or is proposed to be undertaken by such applicant,”

(B) in clause(b), after sub-clause (ii), the following sub-clause shall be inserted, namely:-

“(iia) is a resident referred to in sub-clause (iia) of clause (a) falling within any such class or category of persons as the Central Government may, by notification in the Official Gazette, specify; or”;

(C) for clause (f), the following clauses shall be substituted, namely:-

(f) “Member” means a Member of the Authority and includes the Chairman and Vice-chairman;

(g) “Vice-chairman” means the Vice-chairman of the Authority.’.’.
11. Page 17 after line 30 insert- 62C (New)

Amendment of section 245-O.

’62C. In section 245-O of the Income tax Act, for sub-sections (2), (3), (4) and (5), the following sub-sections shall be substituted with effect from the 1st day of October, 2014, namely:-

“(2) The Authority shall consist of a Chairman and such number of Vice-chairman, revenue Members and law Members as the Central Government may, be notification, appoint.

(3) A person shall be qualified for appointment as-

(a) Chairman, who has been a Judge of the Supreme Court;

(b) Vice-chairman, who has been judge of a High Court;

(c) a revenue Member from the Indian Revenue Service, who is a Principal Chief Commissioner or Principal Director, General or Chief Commissioner or Director General;

(d) a law Member from the Indian Legal Service, who is an Additional Secretary to the Government of India.

(4) The terms and conditions of service and the salaries and allowances payable to the Members shall be such as may be prescribed.

(5) The Central Government shall provide to the Authority with such officers and employees, as may be necessary, for the efficient discharge of the functions of the Authority under this Act.

(6) The powers and functions of the Authority may be discharged by its Benches as may be constituted by the Chairman from amongst the Member thereof.

(7) A Bench shall consist of the Chairman or the Vice-chairman and one revenue Member and one law Member.

(8) The Authority shall be located in the National Capital Territory of Delhi and its Benches shall be located at such places as the Central Government may, by notification specify.”.’
12. Page 19, after line 51, the following shall be inserted, namely:- 71A (New)

Amendment of Act 27 of 1957

“Wealth-tax

’71A. In section 22A of the Wealth-tax Act, in clause (b), with effect from the 1st day of October, 2014, –

(A) the proviso shall be omitted;

(B) in the Explanation,-

(a) in clause (i), for the words, brackets and figures “clause (i) of the proviso shall, in case where a notice under section 17”, the words and figures “section 17 shall, in case where a notice under the said section” shall be substituted;

(b) for clause (ii), the following clause shall be substituted, namely : –

“(ii) a proceeding for making fresh assessment in pursuance of an order under section 23A or section 24 or section 25, setting aside or cancelling an assessment shall be deemed to have been commenced from the date on which such order, setting aside or cancelling an assessment was passed;”;

(c) in clause (iv), for the words, brackets and figures “clause (i) or clause (ii) or the proviso or clause (iii) of the Explanation : the words, brackets and figures “clause (i) or clause (ii) or clause (iii)” shall be substituted.’.
13. Page 21, after line 19, insert –

“(iii) in sub-section (7), in clause (a), the words “for grant of stay or” shall be omitted.”.

 80
14. Page 21, line 30, for “duty demanded or penalty imposed or both” substitute –

“duty, in case where duty or duty and penalty are in dispute, or penalty, where such penalty is in dispute”.

 83
15. Page 21, lines 33 and 34, for “duty demanded or penalty imposed or both”, substitute –

“duty, in case where duty or duty and penalty are in dispute, or penalty, where such penalty is in dispute, or penalty, where such penalty is in dispute”.

 83
16. Page 21, lines 36 and 37, for “duty demanded or penalty imposed or both”, substitute-

“duty, in case where duty or duty and penalty are in dispute, or penalty, where such penalty is in dispute”.

 83
17. Page 21, after line 42, insert – 83A (New)
Substitution of new section for section 129EE. “83A. In the Customs Act, for section 129EE, the following section shall be substituted, namely : –
Interest on delayed refund of amount deposited under section 129E.

“129EE. Where an amount deposited by the appellant under section 129E is required to be refund consequent upon the order of the appellate authority, there shall be paid to the appellant interest at such rate, not below five per cent and not exceeding thirty six per cent. per annum as is for the time bering fixed by the Central Government, by notification in the Official Gazette, on such amount from the date of payment of the amount till, the date of refund of such amount:

Provided that the amount deposited under section 129E, prior to the commencement of the Finance (No. 2) Act, 2014, shall continue to be governed by the Provisions of section 129EE as it stood before the commencement of the said Act.”.’.
18. Page 24, after line 15, insert-

“(c) in sub-section (7), in clause (a), the words “for grant of stay or” shall be omitted”.

 95
19. Page 24, line 26, for “duty demanded or penalty imposed or both”, substitute-

“duty, in case where duty or duty and penalty are in dispute, or penalty, where such penalty is in dispute”.

 98
20. Page 24, lines 29 and 30, for “duty demanded or penalty imposed or both”, substitute-

“duty, in case where duty or duty and penalty are in dispute, or penalty, where such penalty is in dispute”.

 98
21. Page 24, lines 32 and 33, for “duty demanded or penalty imposed or both”, substitute-

“duty, in case where duty or duty and penalty are in dispute, or penalty, where such penalty is in dispute”.

 98
22. Page 24, after line 43, insert- 98A (New)
Substitution of new section for section 35FF. ’98A. In the Central Excise Act, for section 35FF, the following section shall be substituted, namely:-
Interest on delayed refund of amount deposited under section 35F.

“35FF. Where an amount deposited by the appellant under section 35F is required to be refunded consequent upon the order of the appellate authority, there shall be paid to the appellant interest at such rate, not below five per cent. and not exceeding thirty six per cent. per annum as is for the time being fixed by the Central Excise Government, by notification in the Official Gazette, on such amount for the date of payment of the amount till, the date of refund of such amount.

Provided that the amount deposited under section 35F, prior to be commencement of the Finance (No.2) Act, 2014, shall continue to be governed by the provisions of section 35FF as it stood before the commencement of the said Act.”.’.

List No 3

LOK SABHA

FINANCE (NO.2) BILL, 2014

(As introduced in Lok Sabha)

Notice of Morions under Rule 388

Sl. No.
Name of Member and text of Motion
Clause No.
SHRI ARUN JAITLEY:
23. “That this House do suspend clause (i) of rule 80 of Rules of Procedure and Conduct of Business in Lok Sabha in so far as it requires that an amendment shall be within the scope of the Bill and relevant to the subject matter of the clause to which it relates, in its application to the government amendment No. 6* to the Finance (No.2) Bill, 2014 and that this amendment may be allowed to be moved.” 31A (New)
24. “That this House do suspend clause (i) of rule 80 of Rules of Procedure and Conduct of Business in Lok Sabha in so far as it required that an amendment shall be within the scope of the Bill and relevant to the subject matter of the clause to which it relates, in its application to the Government amendment No. 8* to the Finance (No.2) Bill, 2014 and that this amendment may be allowed to be moved.” 44A (New)
25. “That this House do suspend clause (i) of rule 80 of Rules of Procedure and Conduct of Business in Lok Sabha in so far as it requires that an amendment shall be within the scope of the Bill and relevant to the subject mater of the clause to which it relates, in its application to the Government amendment No.9* to the Finance (No.2) Bill, 2014. 62A (New)
26. “That this House do suspend clause (i) of rule 80 of Rules of Procedure and Conduct of Business in Lok Sabha in so far as it requires that an amendment shall be within the scope of the Bill and relevant to the subject matter of the clause to which it relates, in its application to the Government amendment No. 10* to the Finance (No.2) Bill, 2014 and that this amendment may be allowed to be moved.” 62 B (New)
27. “That this House do suspend clause (i) of rule 80 of Rules of Procedure and Conduct of Business in Lok Sabha in so far as it requires that an amendment shall be within the scope of the Bill and relevant to the subject matter of the clause to which it relates, in its application to the Government amendment No. 11* to the Finance (No.2) Bill, 2014 and that this amendment may be allowed to be moved.” 62C (New)
28. “That this House do suspend clause (i) of rule 80 of Rules of Procedure and Conduct of Business in Lok Sabha in so far as it requires that an amendment shall be within the scope of the Bill and relevant to the subject matter of the clause to which it relates, in its application to the Government amendment No.12* to the Finance (No.2) Bill, 2014 and that this amendment may be allowed to be moved.” 71A (New)
29. “That this House do suspend clause (i) of rule 80 of Rules of Procedure and Conduct of Business in Lok Sabha in so far as it requires that an amendment shall be within the scope of the Bill and relevant to the subject matter of the clause to which it relates, in its application to the Government amendment No.17* to the Finance (No.2) Bill, 2014 and that this amendment may be allowed to be move.” 83A (New)
30. “That this House do suspend clause (i) of rule 80 of Rules of Procedure and Conduct of Business in Lok Sabha in so far as it requires that an amendment shall be within the scope of the Bill and relevant to the subject matter of the clause to which it relates, in its application to the Government amendment No.22* the the Finance (No.2) Bill, 2014 and that this amendment may be allowed to be moved.” 98A (New)

New Delhi
Dated: July 24, 2014

(P Sreedharan)
Secretary-General

 

Sponsored

Tags:

Kindly Refer to Privacy Policy & Complete Terms of Use and Disclaimer.

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

0 Comments

Leave a Comment

Your email address will not be published. Required fields are marked *

Sponsored

Latest Posts

View All Posts
Sponsored

Featured Posts

View All Featured Posts
Sponsored

Popular Posts

Search Post by Date
November 2024
M T W T F S S
 123
45678910
11121314151617
18192021222324
252627282930