Executive summary of Finance Bill 2017: Customs & Central Excise Duty

This Article is Exhaustive analysis of Amendment related to Central Excise Duty and Custom Duty proposed to be carried out by Finance Act 2017 or Union Budget 2017 in a Tabular Format of both Tariff and Non-Tariff Amendment. Article explain in simple Language Relevant Clause of Finance Bill 2017 as Presented in Lok Sabha, Nature of Amendment, Date of Applicability of Amendment and a Brief on amendment in Simple Language for easy understanding of Our Readers.

EXECUTIVE SUMMARY OF FINANCE BILL,2017–CENTRAL EXCISE- NON- TARIFF

Particulars Of Amendment	Clause(S) Of F. Bill, 2017	Section	Amended / Newly Inserted	Applicable W.E.F.	Brief Of Amendment
Substitute the Advance Ruling Authority with Advance Ruling Authority under Income Tax Act	111	23A	Amendment	Date of enactment	New clause is being inserted to appoint Advance Ruling Authority constituted under Income Tax Act, as advance Ruling Authority under Central Excise Act
Consequential change due to change in Advance Ruling Authority	112	23B	Omission	Date of enactment	Omission of section regarding Non-invalidate of proceedings on vacancy in advance ruling
Increase in Fees for seeking Advance Ruling	113	23C	Amendment	Date of enactment	Section 23C is being amended so as to increase the application fee for seeking advance ruling from rupees two thousand five hundred to rupees ten thousand on the lines of the Income-tax Act.
Time limit for passing Advance Ruling order	114	23D	Amendment	Date of enactment	Section 23D is being amended so as to provide time of limit of six months (earlier 90 days) by which Authority shall pronounce its ruling on the lines of the Income-tax Act.
Transfer of all pending cases of Advance Ruling	115	23-I	New insertion	Date of enactment	A new section 23-I is being inserted so as to provide for transferring the pending applications before the Authority for Advance Rulings (Central Excise, Customs and Service Tax) to the Authority constituted under section 245-O of the Income-tax Act from the stage at which such proceedings stood as on the date on which the Finance Bill, 2017 receives the assent of the President.
Application to settlement commission	116	32E	Amendment	Date of enactment	Section 32E is being amended so as to insert a new sub-section (5) therein to enable any person, other than assessee, referred to in sub-section (1) to make an application to the Settlement Commission.
Rectification of mistake apparent from records	117	32F	Amendment	Date of enactment	Section 32F is being amended so as to substitute certain words therein. It further seeks to insert a new sub-section (5A) therein to enable the Settlement Commission to amend the order passed by it under sub-section (5), to rectify any error apparent on the face of record.
Remission of duty on goods lost or destroyed due to natural causes	Central Excise Rules, 2002 (No-5/2017)	21	Amendment		Sub-rule (2) is being inserted in rule 21 of Central Excise Rules, 2002 so as to provide for a time limit of three months [further extendable by 6 months] for granting remission of duty under the said rule 21 read with section 5 of the Central Excise Act, 1944.
Cenvat Credit for transfer of credit on shifting, sale, merger of factory	CENVAT Credit Rules, 2004 (No-5/2017)	10	Amendment		Sub-rule (4) is being inserted in rule 10 of CENVAT Credit Rules, 2004 so as to provide for a time limit of three months [further extendable by 6 months] for approval of requests regarding transfer of CENVAT credit on shifting, sale, merger, etc. of the factory.

EXECUTIVE SUMMARY OF FINANCE BILL,2017–CUSTOMS- NON- TARIFF

Particulars Of Amendment	Clause(S) Of F. Bill, 2017	Section	Amended / Newly Inserted	Applicable W.E.F.	Brief Of Amendment
To insert new clause  defining beneficial owner and seeks to make consequential changes in other clauses.	88	2	Insert and amendment	Date of enactment	Amendment to : (a)  insert new clause (3A) to define a beneficial owner as any person on whose behalf the goods are being imported or exported or who exercises effective control over the goods being imported or exported; (b) Clause 13 to include Foreign Post Office and International Courier Terminal as Customs Station; (c)  Clause 20 to includes the beneficial owner in definition of exporter; (d)  Clause 26 to include the beneficial owner in definition of importer; (e)  define Foreign Post Office in clause 20A and International Courier Terminal in clause 28A
Empower the Board to notify Foreign Post Offices and International Courier Terminals.	89	7	Amendment	Date of enactment	Amendment in section 7 to accommodate the amendment to appoint foreign post office and International Courier Terminal as custom stations.
Amendment to simply the production of information/documents	90	17	Amendment	Date of enactment	Section 17 is being amended to rationalize the requirement of documents for verification of self- assessment.
Amendment to refund of claim of duty paid in excess evident from bill of entry	91	27	Amendment		Sub-section (2) of section 27 is being amended so as to keep outside the ambit of unjust enrichment, the refund of duty paid in excess by the importer before an order permitting clearance of goods for home consumption is made, where- (i)  such excess payment is evident from the bill of entry in the case of self- assessed bill of entry or (ii)  the duty actually payable is reflected in the reassessed bill of entry in the case of reassessment. Meaning thereby the person claiming refund need to proof of passing of tax burden & unjust enrichment.
Amendment to appoint Advance Ruling Authority as constituted under Income Tax Act, to be Advance Ruling Authority under Custom Act.	92, 93& 94	28E & 28F	Section 28E, 28F are being amended and section 28G is being omitted to give effect in change Advance Ruling Authority.		Section 28E & 28F are being amended so as to provide that the authority for Advance Ruling constituted under section 245- O of the Income-tax Act, 1961, shall be the authority for giving advance rulings for the purpose of Customs Act. It is to abolish the advance ruling authority under Customs and transfer all power, pending cases to Advance Ruling Authority constituted under Income Tax Act,
Increase the fees for filing the Advance Ruling application.	95	28H	Amendment	Date of enactment	Section 28H is being amended so as to increase the application fee for seeking advance ruling from Rs. 2,500/- to Rs. 10,000/- on the lines of the Income-tax Act. This is to synchronize the Advance Ruling procedure as per Income Tax Act.
Increase in period for pronounce advance ruling to 6 months	96	28I	Amendment	Date of enactment	Sub-section (6) of section 28I is being amended so as to provide time of limit of 6 months (earlier 90 days) by which Authority shall pronounce its ruling on the lines of the Income-tax Act. This is to synchronize the Advance Ruling procedure as per Income Tax Act.
Declaration of information by conveyance coming outside India	97	30A	New Section	Date of enactment	A new section 30A is being introduced so as to make it obligatory on the person-in- charge of a conveyance that enters India from any place outside India or any other person as may be specified by the Central Government by notification in the Official Gazette, –        to deliver to the proper officer the passenger and crew arrival manifest before arrival in the case of an aircraft or a vessel –        and upon arrival in the case of a vehicle; and –        passenger name record information of arriving passengers in prescribed form and time The section also intends to provide for imposition of a penalty not exceeding Rs. 50,000/- as may be prescribed, in the case of delay in delivering the information.
Requirement to furnish passenger details by conveyance going outside India	98	41A	New Insertion	Date of enactment	A new section 41A is being introduced so as to make it obligatory on the person-in- charge of a conveyance that departs from India to a place outside India or any other person as may be specified by the Central Government by notification in the Official Gazette, –        to deliver to the proper officer the passenger and crew departure manifest and passenger name record information of departing passengers before the departure of the conveyance in prescribed form and time. The section also intends to provide for a penalty not exceeding Rs. 50,000/- as may be prescribed in the case of delay in delivering the information.
Mandatory to file bill of entry before end of next day	99	46	Amendment	Date of enactment	Section 46 is being substituted so as to make it mandatory to file the bill of entry before the end of the next day following the day (excluding holidays) on which the vessel or aircraft or vehicle carrying the goods arrives at a customs station at which such goods are to be cleared for home consumption or warehousing and to provide for imposition of such charges for late presentation of the bill of entry as may be prescribed. This is to avoid unwanted storage of goods due to delay in filing bill of entry.
Consequential change for payment of Import duty on filing of bill of entry or otherwise	100	47	Amendment		Section 47 is being amended so as to provide the manner of payment of duty and interest thereon in the case of self-assessed bills of entry or, as the case may be, assessed, reassessed or provisionally assessed bills of entry.
Providing the time limit for storage	101	49	Amendment	Date of enactment	Section 49 is being amended to extend the facility of storage under section 49 to imported goods entered for warehousing before their removal. Also providing time limit of 30 days to such storage.
Clearance of warehoused Goods	102	69	Amendment	Date of enactment	Section 69 relating to clearance of warehoused goods for exportation is being amended to align it with the proposed omission of section 82.
Omission of Label for import/export through post	103	82	Omission	Date of enactment	Section 82 relating to label or declaration accompanying goods to be treated as entry is being omitted.
Power to Board to provide form for bill of import/export, by post	104	84	Amendment	Date of enactment	Section 84 is being amended to empower the Board to make regulations to provide for the form and manner in which an entry may be made in respect of goods imported or to be exported by post.
Application to Settlement Commission	105	127B	Amendment	Date of enactment	Section 127B is being amended so as to insert a new sub-section (5) therein to enable any person, other than applicant, referred to in sub-section (1) to make an application to the Settlement Commission.
Rectification of mistake apparent from records, by Settlement Commission	106	127C	Amendment	Date of enactment	Sub-section (3) of section 127C is being amended so as to substitute certain words therein. It further seeks to insert a new sub-section (5A) therein to enable the Settlement Commission to amend the order passed by it under sub-section (5), to rectify any error apparent on the face of record.
Empowering board to prescribed the forms	107	157	Amendment	Date of enactment	Section 157 is being amended so as to empower Board to make regulations for specifying the form, particulars, manner and time of providing the passenger and crew manifest for arrival and departure and passenger name record information and penalty in the case of delay in delivering the information.

EXECUTIVE SUMMARY OF FINANCE BILL,2017–CENTRAL EXCISE & CUSTOM DUTY – TARIFF

B.	Amendments affecting rates of BCD [Clause 109(a) of the Finance Bill, 2017]	Rate of Duty
	Commodity	From	To
1.	Cashew nut, roasted, salted or roasted and salted	30%	45%
2.	RO membrane element for household type filters	7.5%	10%

The amendments involving increase in the duty rates will come into effect immediately owing to a declaration under the Provisional Collection of Taxes Act, 1931.

I. AMENDMENT IN THE SECOND SCHEDULE TO THE CUSTOMS TARIFF ACT, 1975 [Clause 110 of the Finance Bill, 2017]

S. No.	Amendment
	Amendments affecting rates of Export duty	Rate of Duty
		From	To
	Ores and concentrates
1.	Other aluminum ores and concentrates	Nil	30%

The above amendment involving increase in the duty rate will come into effect immediately owing to a declaration under the Provisional Collection of Taxes Act, 1931.

II. OTHER PROPOSALS INVOLVING CHANGES IN BCD, CVD, SAD AND EXPORT DUTY RATES

S. No.	Commodity	BCD/Excise/CV duty/SAD/Export Duty
A.	Ores and Concentrates	From	To
1.	Other aluminium ores, including laterite	Export Duty – Nil	Export Duty – 15%
B.	Mineral fuels and Mineral oils
2.	Liquefied Natural Gas	BCD – 5%	BCD – 2.5%
C.	Chemicals & Petrochemicals
3.	o-Xylene	BCD – 2.5%	BCD – Nil
4.	Medium Quality Terephthalic Acid (MTA) & Qualified Terephthalic Acid (QTA)	BCD – 7.5%	BCD – 5%
5.	2-Ethyl  Anthraquinone  [29146990]  for  use  in  manufacture  of  hydrogen peroxide, subject to actual user condition	BCD – 7.5%	BCD – 2.5%
6.	Clay 2 Powder (Alumax) for use in ceramic substrate for catalytic convertors, subject to actual user condition	BCD – 7.5%	BCD – 5%
7.	Vinyl  Polyethylene  Glycol  (VPEG)  for  use  in  manufacture  of  Poly Carboxylate Ether, subject to actual user condition	BCD – 10%	BCD – 7.5%
D.	Textiles
8.	Nylon mono filament yarn for use in monofilament long line system for Tuna fishing, subject to certain specified conditions	BCD – 7.5%	BCD – 5%

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E.	Finished Leather, Footwear and Other Leather Products
9.	Vegetable tanning extracts,  namely Wattle extract and Myrobalan fruit Extract	BCD – 7.5%	BCD – 2.5%
10.	Limit of duty free import of eligible items for manufacture of leather footwear or synthetic footwear or other leather products for use in the manufacture of said goods for export	3% of FOB value of said goods exported during the preceding financial year	5% of FOB value of said goods exported during the preceding financial year
F.	Metals
11.	Co-polymer coated MS tapes / stainless steel tapes for manufacture of telecommunication grade optical fibres or optical fibre cables, subject to actual user condition	BCD – Nil	BCD – 10%
12.	Nickel	BCD – 2.5%	BCD – Nil
13.	MgO coated cold rolled steel coils [7225 19 90] for use in manufacture of CRGO steel, subject to actual user condition	BCD – 10%	BCD – 5%
14.	Hot Rolled Coils [7208], when imported for use in manufacture of welded tubes and pipes falling under heading 7305 or 7306, subject to actual user condition	BCD – 12.5%	BCD – 10%
G.	Capital Goods
15.	Ball screws, linear motion guides and CNC systems for use in manufacture of all CNC machine tools, subject to actual user condition	Ball screws and liner motion guides BCD – 7.5% CNC systems BCD – 10%	BCD – 2.5%
H.	Electronics / Hardware
16.	Populated Printed Circuit Boards (PCBs) for the manufacture of mobile phones, subject to actual user condition	SAD – Nil	SAD – 2%
I.	Renewable Energy
17.	Solar   tempered   glass   for   use   in   the   manufacture   of   solar cells/panels/modules subject to actual user condition	BCD – 5%	BCD – Nil
18.	Parts/raw materials for manufacture of solar tempered glass for use in solar photovoltaic cells/modules, solar power generating equipment or systems, flat plate solar collector, solar photovoltaic module and panel for water pumping and other applications, subject to actual user condition	CVD – 12.5%	CVD – 6%
19.	Resin and catalyst for manufacture of cast components for Wind Operated Energy Generators [WOEG], subject to actual user condition	BCD – 7.5% CVD – 12.5% SAD – 4%	BCD – 5% CVD – Nil SAD – Nil
20.	All items of machinery required for fuel cell based power generating systems to be set up in the country or for demonstration purposes, subject to certain specified conditions	BCD – 10%/7.5% CVD – 12.5%	BCD – 5% CVD – 6%
21.	All items of machinery required for balance of systems operating on biogas/ bio-methane/ by-product hydrogen, subject to certain specified conditions	BCD – 10%/7.5% CVD – 12.5%	BCD – 5% CVD – 6%
J.	Miscellaneous
22.	Membrane  Sheet  and  Tricot  /  Spacer  for  use  in  manufacture  of  RO membrane  element  for  household  type  filters,  subject  to  actual  user condition	CVD – 12.5%	CVD – 6%
23.	All parts for manufacture of LED lights or fixtures, including LED lamps, subject to actual user condition	Applicable BCD, CVD	BCD – 5% CVD – 6%
24.	All inputs for use in the manufacture of LED Driver and MCPCB for LED lights or fixtures, including LED lamps, subject to actual user condition	Applicable BCD	5%
25.	De-minimis customs duties exemption limit for goods imported through parcels, packets and letters	Duty payable not exceeding Rs.100 per consignment	CIF value not exceeding Rs.1000 per consignment
26.	Miniaturized POS card reader for m-POS (not including mobile phones, or tablet computers), micro ATM as per standards version 1.5.1, Finger Print Reader / Scanner or Iris Scanner	Applicable BCD, CVD SAD	BCD – Nil CVD – Nil SAD – Nil
27.	Parts and components for manufacture of miniaturized POS card reader for m-POS (not including mobile phones, or tablet computers), micro ATM as per standards version 1.5.1, Finger Print Reader / Scanner or Iris Scanner, subject to actual user condition	Applicable BCD, CVD SAD	BCD – Nil CVD – Nil SAD – Nil
28	Silver medallion, silver coins having silver content not below 99.9%, semi- manufactured form of silver and articles of silver	CVD – Nil	CVD – 12.5%
29	Goods imported for petroleum and coal bed methane operations by availing of the benefit of notification No.12/2012- Customs, dated 17.03.2012 [S. No.357A] no longer required for the said purpose are being allowed to be disposed of on payment of applicable customs duties or excise duty, on the depreciated value calculated as per straight line method (subject to depreciated value not being less than 30% of the original value) of such goods.

III. AMENDMENTS IN THE FIRST SCHEDULE TO THE CENTRAL EXCISE TARIFF ACT, 1985 [Clause 118 of the Finance Bill, 2017]

S. No.	Amendment
	Amendments involving change in the rate of Basic Excise Duty	Rate of Duty
	Commodity	From	To
A.	Tobacco and Tobacco Products
1.	Cigar and cheroots	12.5% or Rs.3755 per thousand, whichever is higher	12.5% or Rs.4006 per thousand, whichever is higher
2.	Cigarillos	12.5% or Rs.3755 per thousand, whichever is higher	12.5% or Rs.4006 per thousand, whichever is higher
3.	Cigarettes of tobacco substitutes	Rs.3755 per thousand	Rs.4006 per thousand
4.	Cigarillos of tobacco substitutes	12.5% or Rs.3755 per thousand, whichever is higher	12.5% or Rs.4006 per thousand, whichever is higher
5.	Others of tobacco substitutes	12.5% or Rs.3755 per thousand, whichever is higher	12.5% or Rs.4006 per thousand, whichever is higher

The amendments involving change in the duty rates will come into effect immediately owing to a declaration under the Provisional Collection of Taxes Act, 1931.

IV. OTHER PROPOSALS INVOLVING CHANGES IN EXCISE DUTY RATES:

S. No.	Commodity	From	To
	Amendments  involving  change  in  the  rate  of  Additional
	Excise duty under Finance Act, 2005
B.	Pan Masala
6.	Pan Masala	6%	9%
C.	Tobacco and Tobacco Products
7.	Unmanufactured tobacco	4.2%	8.3%
	Amendments involving change in the rate of Basic Excise Duty
8.	Paper rolled biris – handmade	Rs.21 per thousand	Rs.28 per thousand
9.	Paper rolled biris – machine made	Rs.21 per thousand	Rs.78 per thousand
D.	Renewable Energy
10.	Solar tempered glass for use in solar photovoltaic cells/modules, solar power generating equipment or systems, flat plate solar collector, solar photovoltaic module and panel for water pumping and other applications, subject to actual user condition	Nil	6%
11.	Parts/raw materials for manufacture of solar tempered glass for use in solar photovoltaic cells/modules, solar power generating equipment or systems, flat plate solar collector, solar photovoltaic module and panel for  water  pumping and other applications, subject to actual user condition	12.5%	6%
12.	Resin and catalyst for manufacture of cast components for Wind Operated  Energy Generators  [WOEG],  subject  to  actual  user Condition	12.5%	Nil
13.	All  items  of  machinery  required  for  fuel  cell  based  power generating  systems  to  be  set  up  in  the  country  or  for demonstration purposes	12.5%	6%
14.	All items of machinery required for balance of systems operating on biogas/ bio-methane/ by-product hydrogen	12.5%	6%
E.	Miscellaneous
15.	Membrane Sheet and Tricot / Spacer for use in manufacture of RO membrane element for household type filters, subject to actual user condition	12.5%	6%
17.	All parts for manufacture of LED lights or fixtures, including LED lamps, subject to actual user condition	Applicable duty	6%
18.	Miniaturized POS card reader for m-POS (not including mobile phones, or tablet computers), micro ATM as per standards version 1.5.1, Finger Print Reader / Scanner or Iris Scanner	Applicable duty	Nil
19.	Parts and components for manufacture of miniaturized POS card reader  for  m-POS  (not  including  mobile  phones,  or  tablet computers), micro ATM as per standards version 1.5.1, Finger Print Reader / Scanner or Iris Scanner, subject to actual user Condition	Applicable duty	Nil
20.	a.   Waste and scrap of precious metals or metals clad with precious metals arising in course of manufacture of goods falling in Chapter 71	Nil	Nil, subject to the condition that no credit of duty paid on inputs or input services or capital goods has been availed by manufacturer of such goods
	b. Strips, wires, sheets, plates and foils of silver
	c. Articles of silver jewellery, other than those studded with diamond, ruby, emerald or sapphire
	d. Silver coin of purity 99.9% and above, bearing a brand name when manufactured from silver on which appropriate duty of customs or excise has been paid

V. AMENDMENTS IN THE CENTRAL EXCISE RULES, 2002 AND THE CENVAT CREDIT RULES, 2004

S. No.	Amendment
1	Sub-rule (2) is being inserted in rule 21 of Central Excise Rules, 2002 so as to provide for a time limit of three months [further extendable by 6 months] for granting remission of duty under the said rule 21 read with section 5 of the Central Excise Act, 1944.
2	Sub-rule (4) is being inserted in rule 10 of CENVAT Credit Rules, 2004 so as to provide for a time limit of three months [further extendable by 6 months] for approval of requests regarding transfer of CENVAT credit on shifting, sale, merger, etc. of the factory.

 VI. RETROSPECTIVE AMENDMENT

S. No.	Amendment			Clause of the Finance Bill 2016
1.	To retrospectively [that is with effect from 01.01.2017] specify a tariff rate of excise duty of 12.5% [as against present tariff rate of 27%] on motor vehicles for transport of more than 13 persons falling under tariff items 8702 90 21 to 8702 90 29 of the First Schedule to the Central Excise Tariff Act, 1985.			[119]
VI. AMENDMENT IN THE SEVENTH SCHEDULE TO THE FINANCE ACT, 2005 (Clause 146 of the Finance Bill, 2017)
S. No.		Amendment
		Amendments involving change in the rate of Additional Excise duty	Rate of duty
		Commodity	From		To
A.		Tobacco and Tobacco Products
1.		Non-filter Cigarettes of length not exceeding 65mm	Rs.215 per thousand		Rs.311 per thousand
2.		Non-filter Cigarettes of length exceeding 65mm but not exceeding 70mm	Rs.370 per thousand		Rs.541 per thousand
3.		Filter Cigarettes of length not exceeding 65mm	Rs.215 per thousand		Rs.311 per thousand
4.		Filter Cigarettes of length exceeding 65mm but not exceeding 70mm	Rs.260 per thousand		Rs.386 per thousand
5.		Filter Cigarettes of length exceeding 70mm but not exceeding 75mm	Rs.370 per thousand		Rs.541 per thousand
6.		Other Cigarettes	Rs.560 per thousand		Rs.811 per thousand
7.		Chewing tobacco (including filter khaini)	10%		12%
8.		Jarda scented tobacco	10%		12%
9.		Pan Masala containing Tobacco (Gutkha)	10%		12%

The amendments involving change in the duty rates will come into effect immediately owing to a declaration under the Provisional Collection of Taxes Act, 1931.

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I. [ Contribution by CA. Sanjay Kumar Agarwal, Central Council Member, Mem No. 085252, author is available at eMail-id: agarwal.s.ca@gmail.com]

II [ Contribution by CA. Anil Kumar Jain, Former Chairman – NIRC, Mem No. 084559, author is available at eMail-id: anil@asap.net.in]

III. [Contribution by CA. Vijay Kumar Gupta, Mem No. 088169, author is available at eMail-id: vijayguptaca104@yahoo.com]

IV. [Contribution by CA. Sidharth Jain, Mem No. 099165, author is available at eMail-id: sidhjasso@yahoo.com]

V. [Contribution by CA. Ajesh Aggarwal, Mem No. 087781, author is available at eMail-id: Aggarwalajesh@yahoo.co.in]

VI. [Contribution by CA. Sunil Kumar Gupta, Mem No. 403420, author is available at eMail-id: skgkeshav@gmail.com]

VII. [Contribution by CA. Amar Pal, Mem No. 510630, author is available at eMail-id: amar.p.ca1@gmail.com]

VIII. [Contribution by CA. Monika Aggarwal, Mem No. 510695, author is available at eMail-id: aca.monika@yahoo.in]

IX. [Contribution by CA. Apoorva Bhardwaj, Mem No. 519147, author is available at eMail-id: bhardwajapoorva@yahoo.co.in]

X. [Contribution by CA. Sonia Rani, Mem No. 536697, author is available at eMail-id: ca.soniamkhj@gmail.com]

XI. [Contribution by CA. Mohit Mittal, Mem No. 527202, author is available at eMail-id: mohitmittal583@gmail.com]

XII. [Contribution by CA. Gautam Paliwal, Mem No. 528460, author is available at eMail-id: Gautam.paliwal@gmail.com]

XIII. [Contribution by CA. Sanjay Garg, Mem No. 078032, author is available at eMail-id: ca.skgarg@gmail.com]

XIV. [Contribution by CA. Amit Kumar Aggarwal, Mem No. 531640, author is available at eMail-id: Amit@aklrca.com]

XV. [Contribution by CA. Ankit Karnani, Mem No. 528113, author is available at eMail-id: ankit@aklrca.com]

XVI. [Contribution by CA. Puneet goyal, Mem No. 538304, author is available at eMail-id: capuneetgoyal128@gmail.com]

XVII. [Contribution by CA. Anand kumar Sharma, Mem No. 412911, author is available at eMail-id: contactanand1@gmail.com]

XVIII. [Contribution by CA. Gaurav Goyal, Mem No. 518698, author is available at eMail-id: Cagauravgoyal@yahoo.in]

XIX. [Contribution by CA. Sanjay Aggarwal, Mem No. 099763, author is available at eMail-id: Sanjayca_25@yahoo.co.in]

XX. [Contribution by CA. Shantanu Aggarwalla, Mem No. 538538, author is available at eMail-id: Shantanuaggarwalla@yahoo.co.in]