| SI. No. |
Name of Member and text of Amendment |
Clause No |
| Name of Member and text of Amendment |
| 14 |
Page 28, line 12, for “(c)”. substitute “(D)”. |
4 |
| 15 |
Page 35, omit line 35. |
24- |
| 16 |
Page 35, line 39, after “inserted” insert with effect from the 1st day of October, 2024”. |
24 |
| 17 |
Page 36, omit lines 1 to 5 |
24 |
| 18 |
Page 36, line 6 for “(ii)” substitute “(b)” |
24 |
| 19 |
Page 36, after line 13, insert-
(c) after the proviso, the following proviso shall be insert with effect from the 1st day of October, 2024, namely:-
“Provided further that no deduction shah; be allowed in case of dividend income of the nature referred to in sub-clause; (f) of clause (22) of section 2.” |
24 |
| 20 |
Page 39, after line 37, insert-
‘Provided further that in the case of transfer of a long-term asset being land or building or both, which is acquired before the 23rd day of July, 2024, where the income-tax computed under item IN exceeds the income-tax computed in accordance with the provisions this Act, as they stood immediately before their amendment by the Finance (No. 2), Act, 2024, such excess shall be ignored;”. |
24 |
| 21 |
Page 40, lines 19 to 35, substitute |
30 |
|
“(ii) the amount of income-tax calculated on long-term capital gain. [except where such gain arises from transfer :If capital asset related to in sub-clause (iii)], –
(A) at the. rate of twenty per cent. for any transfer which takes place before the 23rd day of July, 2024.; and
(B) at the rate of twelve and one-that per cent for any transfer which takes place on or after the 23rd day of July 2024; and
(iii) the amount of income-tax on long-term capital gains arising from the transfer of a capital asset, hewing unlisted securities or shares of a company not being a company in which the public are substantially interested, as computed without giving effect to the first and second provisos to section 48, calculated on such long-term capital gain,-
(A) at the rate of ten per cent. for any transfer which takes place before the 23rd day of July, 2024; and
(B) at the rate of twelve and one-half per cent. for any transfer which takes place on or after the 23rd day of July, 2024;”.
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| 22 |
Page 47, line 2, after “information”, insert “under the scheme notified”. |
44 |
| 23 |
Page 48, line 37,For “books of accounts”, substitute “books of account”. |
45 |
| 24 |
Page 49, line 32, after “Where”, insert “, in a case other than that covered under sub-section (3),”. |
47 |
| 25 |
Page 51, line 18, after “expense,”, insert “exemption,”. |
49 |
| 26 |
Page 53, line 27,For “such other materials or informations”, substitute “any other material or information”. |
49 |
| 27 |
Page 53, lines 31 and 32, for “such other materials or informations”, substitute “any other material or information”. |
49 |
| 28 |
Page 61, omit line 27. |
20 |
| 29 |
Page 63, for line 22 to 3, substitute- |
50 |
|
‘Provided that this sub-section shall not in any case have the effect of reducing the tax deductible from income under the head “Salaries”, except where the loss under the head “Income from house property” and the tax deducted in accordance with other provisions of Part B and tax collected in accordance with the provisions of Part BB, of this Chapter, has been taken into account.’. |
|
| 30 |
Page 36, line 37, for “8 per cent” , substitute “8% |
51 |
| 31 |
Page 63, line 38, for “7.75 per cent ” , substitute “7.75% |
51 |
| 32 |
Page 79, line 14, for “section 91”, substitute “this section”. |
91 |
| 33. |
Page 86, after line 8, insert –
| 51 of 1975. |
`105A. In section 3 of the Customs Tariff Act, 1975 (hereinafter referred to as the Customs Tariff Act), for sub-section (12), the following sub-section shall be substituted, namely:— |
Amendment
of section 3. |
| 52 of 1962 |
“(12) The provisions of the Customs Act, 1962 and all rules and regulations made thereunder, including but not limited to those relating to the date for determination of rate of duty, assessment, non-levy, short-levy, refunds, exemptions, interest, recovery, appeals, offences and penalties shall, as far as may be, apply to the duty or tax or cess, as the case may be, chargeable under this section as they apply in relation to duties leviable under that Act or all rules or regulations made thereunder, as the case maybe.”.’. |
|
|
New clause 105A |
| 34 |
Page 86, line 9-10, omit “1975, (hereinafter referred to as the Customs Tariff Act),”. |
106 |
| 35 |
Page 86, after line 10, insert-
|
‘106A. In section 8B of the Customs Tariff Act, for sub-section (9), the following sub- section shall be substituted, namely: —
|
Amendment of section 3B |
| 52 of 1962. |
“(9) The provisions of the Customs Act, 1962 and all rules and regulations made thereunder, including but not limited to those relating to the date for determination of rate of duty, assessment, non-levy, short-levy, refunds, exemptions, interest, recovery, appeals, offences and penalties shall, as far as may be, apply to the duty chargeable under this section as they apply in relation to duties leviable under that Act or all rules or regulations made thereunder, as the case maybe.”;
|
|
|
New clauses 106A, 106B and 106C. |
|
|
106B. In section 9 of the Customs Tariff Act, for sub-section (7A), the following subsection shall be substituted, namely:— |
Amendment of section 9. |
| 52 of 1962 |
“(7A) The provisions of the Customs Act, 1962 and all rules. and regulations made thereunder, including but not limited to those relating to the date for determination of rate of duty, assessment, non-levy, short-levy, refunds, exemptions, interest, recovery, appeals, offences and penalties shall, as far as may be, apply to the duty chargeable under this section as they apply in relation to duties leviable under that Act or all rules or regulations made thereunder, as the case maybe.”; |
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|
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106C. in section 9A of the Customs Tariff Act, for sub-section (8), the following sub- section shall be substituted, namely:- |
Amendment of section 9A. |
| 52 of 1962. |
“(8) The provisions of the Customs Act, 1962 and all rules and regulations made
thereunder, including butnot limited to those relating to the date for determination of rate of duty, assessment, non-levy, short-levy, refunds, exemptions, interest,
recovery, appeals. offences and penalties shall, as far as may be, apply to the duty chargeable under this section as they apply in relation to duties leviable under that Act or all rules or regulations made thereunder, as the case maybe.”.’. |
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| 36 |
Page 105, after line 35, insert-
|
‘PART IA
AMENDMENT TO THE FINANCE ACT, 2001 |
|
|
154A. In Section 136 of the Finance Act, 2001, for sub-section (3), the following sub-section shall be substituted, namely:- |
Amendment of Act 14 of 2001. |
| 1 of 1944 |
“(3) The provisions of the Central Excise Act, 1944 and all rules and regulations made thereunder, including but not limited to those relating to the date for determination of rate of duty, assessment, non-levy, short-levy, refunds, exemptions, imerest, recovery. appeals, offences and penalties shall, as far as may be, apply in relation to the levy and collection of the National Calamity duty leviable under this section in respect of the goods specified in the Seventh Schedule as they apply in relation to the levy and collection of duties of excise on such goods under that Act or all rules or regulations made thereunder, as the case maybe.”; |
|
|
PART IB
AMENDMENT TO THE FINANCE ACT, 2002 |
|
|
154B. In section 147 of the Finance Act, 2002, for sub-section (3), the following subsection shall be substituted, namely:— |
Amendment of Act 20 of 2002.
|
| 1 of 1944. |
“(3) The provisions of the Central Excise Act, 1944 and all rules and regulations made thereunder, including but not limited to those relating to the date for determination of rate of duty, assessment, non-levy, short-levy, refunds, exemptions, interest, recovery, appeals, offences and penalties shall, as far as may he, apply in relation to the levy and collection of the Special Additional Excise Duty leviable under this section in respect of the goods specified in the Eighth Schedule, as they apply in relation to the levy and collection of duties of excise on such goods under that Act or all rules or regulations made thereunder, as the case may be.”; |
|
|
PART IC
AMENDMENT TO THE FINANCE ACT, 2003 |
|
|
15C. In section 134 of the Finance Act. 2003, for sub-section (4); the following subsection shall be substituted, namely:— |
Amendment of Act 32 of 2003. |
| 52 of 1962 |
“(4) The provisions of the Customs Act, 1962 and all rules and regulations made thereunder, including but not limited to those relating to the date for determination of rate of duty, assessment, non-levy, short-levy, refunds, exemptions, interest, recovery, appeals, offences and penalties shall, as far as may be, apply in relation to the levy and collection of the National Calamity Duty of Customs leviable under this section in respect of the goods specified in the Seventh Schedule to the Finance Act, 2001, as amended by the Thirteenth Schedule, as they apply in relation to the levy and collection of duties of customs on such goods under that Act or all rules or regulations made thereunder, as the case maybe.”.’. |
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| 37 |
Page 106, after line 6, insert –
|
PART IIA
AMENDMENT TO THE FINANCE ACT, 2005 |
|
|
155A. In section 85 of the Finance Act, 2005, for sub-section (3), the following sub-section shall be substituted, namely:— |
Amendment of Act 18 of 2005.
|
| 1 of 1944 |
“(3) The provisions of the Central Excise Act, 1944 and all rules and regulations made thereunder, including but not limited to those relating to the date for determination of rate of duty, assessment, non-levy, short-levy, refunds, exemptions, interest, recovery, appeals, offences and penalties shall, as far as may be, apply in relation to the levy and collection of the additional duty of excise leviable under this section in respect of the goods specified in the Seventh Schedule as they apply in relation to the levy and collection of duties of excise on such goods under that Act or all rules or regulations made thereunder, as the case maybe.”.’. |
|
|
New clause 155A |
| 38 |
Page 107, after line 14, insert
|
‘PART V
AMENDMENTS TO THE FINANCE ACT, 2018
|
|
|
158. In the Finance Act, 2018,— |
Amendment of Act, 13 of 2018. |
|
(a) in section 110, for sub-section (5), the following sub-section shall be substituted, namely:- |
|
|
“(5) The provisions of the Customs Act, 1962 and all rules and regulations made thereunder, including but not limited to those relating to the date for determination of rate of duty, assessment, non-levy, short-
levy. refunds, exemptions, interest, recovery, appeals, offences and penalties shall, as far as may be, apply in relation to the levy and collection of the Social Welfare Surcharge on imported goods as they apply in relation to the levy and collection of duties of customs on such goods under that Act or all rules or regulations made thereunder, as the case may be.”; |
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(b) in section 111, for sub-section (3), the following sub-section shall be substituted, namely:- |
|
|
“(3) The provisions of the Customs Act, 1962 and all rules and regulations made thereunder, including but not limited to those relating to the date for determination of rate of duty, assessment, non-levy, short- levy, refunds, exemptions, interest, recovery, appeals, offences and penalties shall, as far as may he, apply in relation to the levy and collection of the additional duty of customs leviable under this section in respect of scheduled goods as they apply in relation to the levy and collection of duties of customs on scheduled goods under that Act or all rules or regulations made thereunder, as the case may be.”; |
|
|
(c) in section 112, for sub-section (3), the following sub-section shall be substituted, namely:— |
|
|
“(3) The provisions of the Central Excise Act, 1944 and all rules and regulations made thereunder, including but not limited to those relating to the date for determination of rate of duty, assessment, non-levy, short-levy, refunds, exemptions, interest, recovery, appeals, offences and penalties shall, as far as may be, apply in relation to the levy and collection of the cess leviable under this section in respect of scheduled goods as they apply in relation to the levy and collection of duties of excise on such goods under that Act or all rules or regulations made thereunder, as the case maybe.”; |
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PART VI
AMENDMENT TO THE FINANCE ACT, 2020
|
|
|
159. In section 141 of the Finance Act, 2020, for sub-section (5), the following sub- section shall be substituted, namely:— |
Amendment of Act, 12 of 2020. |
|
“(5) The provisions of the Customs Act and all rules and regulations made thereunder, including but not limited to those relating to the date for determination of rate of duty, assessment, non-levy, short-levy, refunds, exemptions, interest, recovery, appeals, offences and penalties shall, as far as may be, apply in relation to the levy and
collection of the Health Cess leviable under this Chapter in respect of the goods specified in the Fourth Schedule, as they apply in relation to the levy and collection of duties of customs on such goods under that Act or all rules or regulations made thereunder, as the case may be.”; |
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PART VII
AMENDMENTS TO THE FINANCE ACT, 2021
|
|
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160. In the Finance Act, 2021,— |
Amendment of Act, 12 of 2020. |
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(a) in section 124, for sub-section (5), the following sub-section shall be substituted, namely:- |
|
| 52 of 1962. |
“(5) The provisions of the Customs Act, 1962 and all rules and regulations made thereunder, including but not limited to those relating to the date for determination of rate of duty, assessment, non-levy, short-levy, refunds, exemptions, interest, recovery, appeals, offences and penalties shall, as far as may be, apply in relation to the levy and collection of the Agriculture Infrastructure and Development Cess on imported goods as they apply in relation to the levy and collection of duties of customs on such goods under that Act or all rules or regulations made thereunder, as the case may be.”; |
|
|
(b) in section 125, for sub-section (4), the following sub-section shall be substituted, namely:- |
|
| 1 of 1944. |
“(4) The provisions of the Central Excise Act, 1944 and all rules and regulations made thereunder, including but not limited to those relating to the date for determination of rate of duty, assessment, non-levy, short-levy, refunds, exemptions, interest, recovery, appeals, offences and penalties shall, as far as may be, apply in relation to the levy and collection of the cess leviable under this section in respect of scheduled goods as they apply in relation to the levy and collection of duties of excise on such goods under that Act or all rules or regulations made thereunder, as the Case maybe.”.’. |
|
|
New clauses 158, 159 and 160 |
| 39 |
Page 117, line 3, omit “10 per cent.;”. |
The First Schedule. |
| 40 |
Page 117,for lines 7 and 8, substitute— |
The First Schedule. |
|
transfer which takes place—
(I) before the 23rd day of July, 2024 ‘10 per cent.;
(11) on or after the 23rd day of July, 2024 12.5 per cent.;”. |
|
| 41. |
Page 121, line 13, omit “10 per cent.;”. |
The First Schedule. |
| 42. |
Page 121, for lines 17 and 18, substitute— |
The First Schedule. |
|
“transfer which takes place—
(I) before the 23rd day of July, 2024 10 per cent.;
(II) on or after the 23rd day of July, 2024 12.5 per cent.;”.
|
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| 43. |
Page 124, line 30, omit “10 per cent.;”. |
The First Schedule. |
| 44. |
Page 124,. for lines 34 and 35, substitute— |
The First Schedule. |
|
“transfer which takes place—
(I) before the 23rd day of July, 2024 10 per cent.;
(11) on or after the 23rd day of July, 2024 12.5 per cent.;”. |
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| 45. |
Page 148, line 33, for “with”, substitute “without”. |
The Fourth Schedule. |
