THE FINANCE BILL, 2016

BILL No. 18 OF 2016

THE FINANCE BILL, 2016

(AS INTRODUCED IN LOK SABHA)

THE FINANCE BILL, 2016

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ARRANGEMENT OF CLAUSES __________

CHAPTER I

PRELIMINARY

CLAUSES

1. Short title and commencement.

CHAPTER II

RATES OF INCOME-TAX

2. Income-tax.

CHAPTER III

DIRECT TAXES

Income-tax

3. Amendment of section 2. 4. Amendment of section 6. 5. Amendment of section 9. 6. Amendment of section 9A. 7. Amendment of section 10. 8. Amendment of section 10AA. 9. Amendment of section 17. 10. Amendment of section 24. 11. Substitution of new section for sections 25A, 25AA and 25B. 12. Amendment of section 28. 13. Amendment of section 32. 14. Amendment of section 32AC. 15. Amendment of section 35. 16. Insertion of new section 35ABA. 17. Amendment of section 35AC. 18. Amendment of section 35AD. 19. Amendment of section 35CCC. 20. Amendment of section 35CCD 21. Amendment of section 36. 22. Amendment of section 40. 23. Amendment of section 43B. 24. Amendment of section 44AA. 25. Amendment of section 44AB. 26. Amendment of section 44AD. 27. Insertion of new section 44ADA. 28. Amendment of section 47. 29. Amendment of section 48. 30. Amendment of section 50C. 31. Insertion of new section 54EE.

(ii)

CLAUSES

32. Amendment of section 54GB. 33. Amendment of section 55. 34. Amendment of section 56. 35. Amendment of section 80. 36. Amendment of section 80CCD. 37. Substitution of new section for section 80EE. 38. Amendment of section 80GG. 39. Amendment of section 80-IA. 40. Amendment of section 80-IAB. 41. Insertion of new section 80-IAC. 42. Amendment of section 80-IB. 43. Insertion of new section 80-IBA. 44. Substitution of new section for section 80JJAA. 45. Amendment of section 87A. 46. Amendment of section 92CA. 47. Amendment of section 92D. 48. Amendment of section 112. 49. Insertion of new section 115BA. 50. Insertion of new section 115BBDA. 51. Amendment of section 115BBE. 52. Insertion of new section 115BBF. 53. Amendment of section 115JB. 54. Insertion of new Chapter XII-BC. 55. Amendment of section 115-O. 56. Amendment of section 115QA. 57. Amendment of section 115TA. 58. Amendment of section 115TC. 59. Insertion of new section 115TCA. 60. Insertion of new Chapter XII-EB. 61. Amendment of section 115UA. 62. Amendment of section 119. 63. Amendment of section 124. 64. Amendment of section 133C. 65. Amendment of section 139. 66. Amendment of section 143. 67. Amendment of section 147. 68. Substitution of new section for section 153. 69. Substitution of new section for section 153B. 70. Amendment of section 192A. 71. Amendment of section 194BB. 72. Amendment of section 194C. 73. Amendment of section 194D. 74. Amendment of section 194DA. 75. Amendment of section 194EE. 76. Amendment of section 194G. 77. Amendment of section 194H. 78. Omission of sections 194K and 194L. 79. Amendment of section 194LA. 80. Amendment of section 194LBA. 81. Amendment of section 194LBB. 82. Insertion of new section 194LBC. 83. Amendment of section 197. 84. Amendment of section 197A. 85. Amendment of section 206AA. 86. Amendment of section 206C. 87. Amendment of section 211.

(iii)

CLAUSES

88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99. 100. 101. 102. 103. 104. 105. 106. 107. 108. 109. 110. 111. 112.

Amendment of section 220. Amendment of section 234C. Amendment of section 244A. Amendment of section 249. Amendment of section 252. Amendment of section 253. Amendment of section 254. Amendment of section 255. Insertion of new section 270A. Insertion of new section 270AA. Amendment of section 271. Amendment of section 271A. Amendment of section 271AA. Amendment of section 271AAB. Insertion of new section 271GB. Amendment of section 272A. Amendment of section 273A. Amendment of section 273AA. Amendment of section 273B. Amendment of section 279. Amendment of section 281B. Amendment of section 282A. Insertion of new section 286. Amendment of section 288. Amendment of Fourth Schedule.

CHAPTER IV

INDIRECT TAXES

Customs

113. 114. 115. 116. 117. 118. 119. 120. 121. 122. 123. 124. 125. 126. 127. 128. 129. 130. 131. 132. 133. 134. 135. 136.

Amendment of section 2. Amendment of chapter heading of Chapter III. Omission of section 9. Amendment of section 25. Amendment of section 28. Amendment of section 47. Amendment of section 51. Substitution of new section for section 53. Substitution of new section for section 57. Substitution of new sections 58, 58A and 58B for section 58. Substitution of new section for section 59. Substitution of new section for section 60. Substitution of new section for section 61. Omission of sections 62 and 63. Substitution of new section for section 64. Amendment of section 65. Amendment of section 68. Amendment of section 69. Amendment of section 71. Amendment of section 72. Amendment of section 73. Insertion of new section 73A. Amendment of section 156. Amendment of notifications issued under section 25 of Act 52 of 1962.

CLAUSES

137. Omission of section 8C. 138. Amendment of First Schedule.

(iv) Customs Tariff

139. 140. 141. 142.

Amendment of section 5A. Amendment of section 11A. Amendment of section 37B. Amendment of Third Schedule.

143. Amendment of First Schedule. 144. Amendment of Second Schedule.

Excise

Excise Tariff CHAPTER V S ERVICE TAX

145. 146. 147. 148. 149. 150. 151. 152. 153. 154. 155. 156. 157.

Amendment of section 65B. Amendment of section 66D. Amendment of section 66E. Amendment of section 67A. Amendment of section 73. Amendment of section 75. Amendment of section 78A. Amendment of section 89. Amendment of section 90. Amendment of section 91. Amendment of section 93A. Insertion of new sections 101, 102 and 103. Amendment of notification issued under section 93A of Finance Act, 1994.

CHAPTER VI Krishi Kalyan Cess

158. Krishi Kalyan Cess.

CHAPTER VII INFRASTRUCTURE CESS

159. Infrastructure Cess.

CHAPTER VIII EQUALISATION LEVY

160. 161. 162. 163. 164. 165. 166. 167. 168. 169.

Extent, commencement and application. Definitions. Charge of equalisation levy. Collection and recovery of equalisation levy. Furnishing of statement. Processing of statement. Rectification of mistake. Interest on delayed payment of equalisation levy. Penalty for failure to deduct or pay equalisation levy. Penalty for failure to furnish statement.

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