Full Text
REGISTERED NO. DL-(N)04/0007/2003-25
The Gazette of India
CG-DL-E-29032025-262125
EXTRAORDINARY
PART II
Section 1
PUBLISHED BY AUTHORITY
No. 7]
NEW DELHI, SATURDAY, MARCH 29, 2025/CHAITRA 8, 1947 (Saka)
Separate paging is given to this Part in order that it may be filed as a separate compilation.
MINISTRY OF LAW AND JUSTICE
(Legislative Department)
New Delhi, the 29th March, 2025/Chaitra 8, 1947 (Saka)
The following Act of Parliament received the assent of the President on the
29th March, 2025 and is hereby published for general information:-
THE FINANCE ACT, 2025
No. 7 OF 2025
[29th March, 2025.]
An Act to give effect to the financial proposals of the Central Government
for 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 91, 104 to 120, 125 and 136 shall come into force on the
1st day of April, 2025;
(b) sections 121 to 124 and sections 126 to 134 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
Income-tax.
2. (1) Subject to the provisions of sub-sections (2) and (3), 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) 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
Income-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 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 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:
Provided 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-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 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, 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 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) 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 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 [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 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 covered 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 every 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,-
(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 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 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:
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
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
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:
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 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 (1A)
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 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,—
(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 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 covered 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 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 (1A) 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 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 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:
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 case 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, 194H, 194-I, 194-IA, 194-IB, 194-IC, 194J, 194LA,
194LB, 194LBA, 194LBB, 194LBC, 194LC, 194LD, 194K, 194M, 194N, 194-0,
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 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;
(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 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;
(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 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. 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 surcharge, 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,—
(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;
(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 (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 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 exceeds one crore rupees;
(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
aggregate 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:
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 (IA) of section 161 or section 164 or section 164A or section 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 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, 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 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 (IA) 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 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 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):
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 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;
(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 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, —
(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 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 "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 fifty lakh rupees;
(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, 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 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 “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 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
clause (iii) above, at the rate of fifteen per cent. of such "advance 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 "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 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
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, 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 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 (1A) 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 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 (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 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 (IA) of section 115BAC, as if the net agricultural income
were the total income;
(iii) the amount of income-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 rupees”, the words “five lakh rupees” had been substituted:
Provided 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 "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-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.
(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 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-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) For 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.
CHAPTER III
DIRECT TAXES
Income-tax
Amendment of
section 2.
3. In section 2 of the Income-tax Act,-
(a) in clause (14), with effect from the 1st April, 2026,—
(i) for sub-clause (b), the following sub-clause shall be substituted,
namely:-
"(b) any securities held by-
(i) a Foreign Institutional investor which has invested in
such securities in accordance with the regulations made under
the Securities and Exchange Board of India Act, 1992; or
(ii) an investment fund specified in clause (a) of
Explanation 1 to section 115UB which has invested such
securities in accordance with the provisions of the regulations
made under the Securities and Exchange Board of India
Act, 1992 or under the International Financial Services
Centres Authority Act, 2019;";
(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 Unit"; 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” 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 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 sub-clause (a) or sub-clause (b) or sub-clause (c):".
Amendment of
section 9.
4. In section 9 of the Income-tax Act, in sub-section (1), with effect from the
1st April, 2026,—
(a) in clause (i), in the 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.
Amendment of
section 9A.
5. In section 9A of the Income-tax Act, -
(a) in sub-section (3), in clause (c),—
(i) the words "or indirectly” shall be omitted;
(ii) after the words "the corpus of the fund", the words "as on the
first day of April and the first day of October of the previous year" shall
be inserted;
(iii) 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 clause shall be deemed to be satisfied, if it is
satisfied within four months of the first day of April or the first day
of October of such previous year, as the case may be;";
(b) in sub-section (8A), for the figures "2024", the figures “2030” shall
be substituted.
Amendment of
section 10.
6. In section 10 of the Income-tax Act,-
(a) in clause (4D), in the Explanation,—
(i) in clause (aa), for the figures “2025”, the figures “2030” shall
be substituted;
(ii) in clause (c),—
(A) in sub-clause (i), in item (I), for sub-item (b), the
following sub-item shall be substituted, namely:-
"(b) which has been granted a certificate as a retail
scheme or an Exchange Traded Fund and satisfies the
conditions laid down for such schemes or funds under the
International Financial Services Centres Authority (Fund
Management) Regulations, 2022, made under the International
Financial Services Centres Authority Act, 2019.";
(B) in sub-clause (ii), in item (I), for the figures "2025", the
figures "2030" shall be substituted;
(b) in clause (4E), with effect from the 1st April, 2026,—
(i) in sub-clause (ii), after the words "offshore derivative
instruments", the words "or over-the-counter derivatives" shall be inserted;
(ii) 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;
(iii) 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 (Foreign 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:-
‘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 the International
Financial Services Centre insurance office, including the sum
allocated by way of bonus on such policy.
Explanation. For the purposes of this proviso, “International
Financial Services Centre insurance office" shall have the same
meaning as assigned to it in clause (k) 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),—
(i) in the opening portion, after the words "long-term capital
gains", 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;';
(i) in clause (50), after the long line and before Explanation 1, the
following proviso shall be inserted with effect from the 1st day of April, 2025,
namely:-
"Provided that the provisions of this clause shall not apply to any
income of the previous year relevant to the assessment year beginning
on or after the 1st day of April, 2026.".
Amendment of
section 12AB.
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 application 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
years", 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 13.
8. In section 13 of the Income-tax Act, in sub-section (3), —
(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.
Amendment of
section 17.
9. In section 17 of the Income-tax Act, in clause (2), with effect from the
1st April, 2026,—
(a) in sub-clause (iii), in paragraph (c), for the words “fifty thousand
rupees", 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.
Amendment of
section 23.
10. In section 23 of the Income-tax Act, for sub-section (2), 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.”.
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
electronics
manufacturing
facility or in
connection with
manufacturing or
producing
electronic goods,
article or thing in
India.
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 up an electronics manufacturing facility or in connection with
manufacturing or producing electronic goods, article or thing in India-
(a) to a resident company which is establishing or operating
electronics manufacturing facility or a 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 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:
Provided that the provisions of section 44DA or section 115A shall not
apply in respect of the amounts referred to in this sub-section.
(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.'.
Amendment of
section 45.
12. In section 45 of the Income-tax Act, in sub-section (1B), the words "on
account of the applicability of the fourth and fifth provisos thereof” shall be omitted
with effect from the 1st April, 2026.
Amendment of
section 47.
13. In section 47 of the Income-tax Act, in clause (viiad), 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 incorporated in India in
the form of a trust or a company or a limited liability partnership, which is
located in an International Financial Services Centre as referred to in
sub-section (1A) of section 80LA, and has been granted a certificate of
registration as a Category I or Category II or Category III Alternative Investment
Fund or a certificate as a retail scheme or as an Exchange Traded 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;
(ii) in clause (b), for the figures "2025", the figures “2030” shall be substituted.
Amendment of
section 72A.
14. In section 72A of the Income-tax Act, with effect from the 1st April, 2026, —
(i) after sub-section (6A), 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,
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 under sub-section (6) or (6A);'.
Amendment of
section 72AA.
15. In section 72AA of the Income-tax Act, with effect 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.";
(ii) in the Explanation, after clause (vii), the following clause shall be
inserted, namely:—
‘(viii) “original predecessor entity" means predecessor entity in
respect of the first amalgamation.'.
Amendment of
section 80CCA.
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 80CCD.
17. In section 80CCD of the Income-tax Act, with effect 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), —
(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 (IB) 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 assessee", the words “in his account or the
account of a minor" shall be inserted.
Amendment of
section 80-IAC.
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.
Amendment of
section 80LA.
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.
Amendment of
section 87A.
20. In section 87A of the Income-tax Act, with effect from the 1st April, 2026, —
(a) in the proviso,—
(i) in clause (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.".
Amendment of
section 92CA.
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 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 effect as if no reference is made for such transaction.";
(ii) after sub-section (3A), 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 and 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:-
"(44) 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 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-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 sessions 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 guideline.".
Amendment of
section 112A.
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 113.
23. In section 113 of the Income-tax Act, after the word "total", the word
"undisclosed" shall be inserted and shall be deemed to have been inserted with effect
from the 1st day of September, 2024.
Amendment of
section 115AD.
24. In section 115AD of the Income-tax Act, in sub-section (1), in clause (iii),
in the long line, for the words "ten per cent.", the words "twelve and one-half per
cent." shall be substituted with effect from the 1st April, 2026.
Amendment of
section 115BAC.
25. In section 115BAC of the Income-tax Act, in sub-section (1A), 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:—
Table
+-----+--------------------+----------------+
| Sl. No.| Total income | Rate of tax |
| (1) | (2) | (3) |
+=====+====================+================+
| 1. | Upto Rs. 4,00,000 | Nil |
+-----+--------------------+----------------+
| 2. | From Rs. 4,00,001 to Rs. 8,00,000 | 5 per cent. |
+-----+--------------------+----------------+
| 3. | From Rs. 8,00,001 to Rs. 12,00,000| 10 per cent. |
+-----+--------------------+----------------+
| 4. | From Rs. 12,00,001 to Rs. 16,00,000| 15 per cent. |
+-----+--------------------+----------------+
| 5. | From Rs. 16,00,001 to Rs. 20,00,000| 20 per cent. |
+-----+--------------------+----------------+
| 6. | From Rs. 20,00,001 to Rs. 24,00,000| 25 per cent. |
+-----+--------------------+----------------+
| 7. | Above Rs. 24,00,000| 30 per cent.". |
+-----+--------------------+----------------+
Amendment of
section 115UA.
26. 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 115V.
27. In section 115V of the Income-tax Act, with effect from the
1st April, 2026, —
(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 (q) of section 3 of the Inland Vessels Act, 2021;'.
Amendment of
section 115VB.
28. In section 115VB of the Income-tax Act, with effect 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 ship", the words "or inland vessel, as the case
may be," shall be inserted;
(c) in the proviso, after the words "a ship", the words “or inland vessel,
as the case may be," shall be inserted.
Amendment of
section 115VD.
29. In section 115VD of the Income-tax Act, with effect from the
1st April, 2026, —
(i) after the words "Chapter, a ship", the words “or inland vessel, as the
case may be," shall be inserted;
(ii) in clause (a), after the words “or vessel", 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 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
section 115VG.
30. In section 115VG of the Income-tax Act, in sub-section (4), after the words
"a ship", the words “or inland vessel, as the case may be,” shall be inserted with
effect from the 1st April, 2026.
Amendment of
section 115V-I.
31. In section 115V-I of the Income-tax Act, with effect from the
1st April, 2026, —
(a) in sub-section (2), in clause (ii),—
(i) for the words “other ship-related activities”, the words “other
ship-related or inland vessel related activities, as the case may be," shall
be substituted;
(ii) in sub-clause (A), 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.
Amendment of
section 115VK.
32. In section 115VK of the Income-tax Act, in sub-section (2), after the words
"being ships", the words “or inland vessels, as the case may be" shall be inserted
with effect from the 1st April, 2026.
Amendment of
section 115VP.
33. 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 115VT.
34. In section 115VT of the Income-tax Act, with effect 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 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 vessel", as the case may be, includes'
shall be substituted.
Amendment of
section 115VV.
35. In section 115VV of the Income-tax Act, with effect 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 ship", the words “or inland
vessel, as the case may be," shall be inserted.
Amendment of
section 115VX.
36. 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 ship”, 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 115VZA.
37. In section 115VZA of the Income-tax Act, in sub-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.
Amendment of
section 132.
38. In section 132 of the Income-tax Act,—
(a) in sub-section (8), for the words “thirty days from the date of the
order of assessment or reassessment or 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 the opening portion, for the word
"authorisation", the word "authorisations” shall be substituted.
Amendment of
section 132B.
39. 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 158BE”, the words,
figures and letter "Explanation to section 158B" shall be substituted.
Amendment of
section 139.
40. In section 139 of the Income-tax Act, in sub-section (8A),—
(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:".
Amendment of
section 140B.
41. 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 in 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 143.
42. In section 143 of the Income-tax Act, in sub-section (1), in clause (a), after
sub-clause (ii), the following sub-clause shall be inserted with effect from the
1st day of April, 2025, namely:—
"(iia) any such inconsistency in the return, with respect to the
information in the return of any preceding previous year, as may be
prescribed;".
Amendment of
section 144BA.
43. In section 144BA of the Income-tax Act, in the Explanation, for clause (ii),
the following clause shall be 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:”.
Amendment of
section 144C.
44. In section 144C of the Income-tax Act, in sub-section (14C), the proviso
shall be omitted.
Amendment of
section 153.
45. 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 the stay was received
by the jurisdictional Principal Commissioner or Commissioner; or”.
Amendment of
section 153B.
46. 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 155.
47. In section 155 of the Income-tax Act, after sub-section (20), the following
sub-section shall be inserted with effect 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
consecutive 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,
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 intimation or deemed intimation
under sub-section (1) of section 143, as the case may be, is made.”.
Amendment of
section 158B.
48. 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 158BA.
49. In section 158BA of the Income-tax Act, with effect from the 1st day of
September, 2024,—
(a) in the marginal heading, for the words "total income", the words
"total undisclosed income" shall be substituted and shall be deemed to have
been substituted;
(b) in sub-section (1), for the words "total income", the words "total
undisclosed income" shall be substituted and shall be deemed to have been
substituted;
(c) 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;
(d) in sub-section (5), for the words "the assessment or reassessment
relating to any assessment year”, 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;
(e) in sub-section (7), for the words "total income", the words "total
undisclosed income" shall be substituted and shall be deemed to have been
substituted.
Amendment of
section 158BB.
50. In section 158BB of the Income-tax Act, with effect from the 1st day of
September, 2024,—
(A) in the marginal heading, for the words "total income", the words
"total undisclosed income" shall be substituted and shall be deemed to have
been substituted;
(B) for sub-section (1), the following sub-sections shall be substituted
and shall be deemed to have been substituted, namely:-
"(1) The total undisclosed income referred to in sub-section (1) of
section 158BA of the block period shall be the aggregate of the
following, namely:-
(a) undisclosed income declared in the return furnished
under section 158BC;
(b) undisclosed income determined by the Assessing Officer
under sub-section (2).
(1A) The following income shall not be included in the total
undisclosed income of the block period, namely:-
(a) the total income determined under sub-section (1) of
section 143 or assessed under section 143 or section 144 or
section 147 or section 153A or section 153C or assessed earlier under
clause (c) of sub-section (1) of section 158BC or sub-section (4) of
section 245D, prior to the date of initiation of the search or the date
of requisition, in respect of any of the previous year comprising
the block period;
(b) the total income declared in the return of income filed
under section 139 or in response to a notice under sub-section (1)
of section 142, prior to the date of initiation of the search or the
date of requisition, in respect of any of the previous year
comprising the block period, and not covered under clause (a);
(c) the income computed by the assessee, in respect of
(i) 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 before
the date of initiation of search or the date of requisition;
(ii) the period commencing from the 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;
(iii) the 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:
Provided that where the Assessing Officer is of the
opinion that any part of the income as computed by the
assessee under this clause is undisclosed, he may recompute
such income;
(d) the total income referred to in sub-section (5) of
section 115A or section 115G or sub-section (1) of section 194P.”;
(C) in sub-section (2), the words, brackets, figures and letters “forming
part of the total income referred to in sub-section (1) of section 158BA,” shall
be omitted and shall be deemed to have been omitted;
(D) for sub-section (3), the following sub-section shall be substituted
and shall be deemed to have been substituted, namely:-
"(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 undisclosed
income of the block period and such income shall be considered in the
assessment made under the other provisions of this Act.";
(E) for sub-section (5), the following sub-section shall be substituted and
shall be deemed to have been substituted, namely:-
"(5) The tax referred to in sub-section (7) of section 158BA shall be
charged on the total undisclosed income determined in the manner
specified in sub-section (1).";
(F) sub-section (6) shall be omitted and shall be deemed to have been
omitted.
Amendment of
section 158BC.
51. In section 158BC of the Income-tax Act, in sub-section (1), with effect from
the 1st day of September, 2024,—
(A) in clause (a),—
(i) the words "total income, including the" shall be omitted and shall
be deemed to have been omitted;
(ii) after the fourth proviso, the following proviso shall be inserted
and shall be deemed to have been inserted, namely:-
"Provided also that the time allowed for furnishing a
return under this clause may be extended by a further period of thirty
days, where-
(i) in respect of a previous year immediately preceding
the previous year in which the search is initiated or requisition
is made, the due date for furnishing the return has not expired
prior to the date of initiation of such search or requisition;
(ii) the assessee was liable for audit under section 44AB
for such previous year;
(iii) the accounts (maintained in normal course) of such
previous year have not been audited on the date of issuance of
such notice; and
(iv) the assessee requests in writing for extension of time
for furnishing such return to get such accounts audited;";
(B) in clause (b), for the words “total income including the undisclosed
income", the words "total undisclosed income" shall be substituted and shall be
deemed to have been substituted;
(C) in clause (c), —
(i) for the words "total income", the words "total undisclosed
income" shall be substituted and shall be deemed to have been substituted;
(ii) second proviso shall be omitted and shall be deemed to have
been omitted.
Substitution of
new section for
section 158BD.
Undisclosed
income of any
other person.
52. For section 158BD of the Income-tax Act, the following section shall be
substituted and shall be deemed to have been substituted with effect from the 1st day
of September, 2024,—
'158BD. Where the Assessing Officer is satisfied that any undisclosed
income belongs to or pertains to or relates to any person (herein referred to as
the "other person"), other than the person (herein referred to as the "specified
person" for the purposes of this section) with respect to whom search was
initiated under section 132 or requisition was made under section 132A, then
any money, bullion, jewellery, virtual digital asset or other valuable article or
thing or any books of account or other documents seized or requisitioned or any
other material or information relating to the aforesaid undisclosed income shall
be handed over to the Assessing Officer having jurisdiction over such other
person and that Assessing Officer shall proceed under section 158BC against
such other person and the provisions of this Chapter shall apply accordingly:
Provided that, -
(a) where there is one specified person relevant to such other person,
the block period for such other person shall be the same as that for the
specified person; and
(b) where there is more than one specified persons relevant to such
other person, the block period for such other persons shall be the same
as that for the specified person in whose case the block period ends on a
later date:
Provided further that in case of such other person, for the purposes of
abatement under sub-sections (2) and (3) of section 158BA, the reference to the
date of initiation of the search under section 132 or making of requisition under
section 132A shall be construed as reference to the date on which such money,
bullion, jewellery, virtual digital asset or other valuable article or thing or any
books of account or other documents seized or requisitioned or any other
material or information relating to the aforesaid undisclosed income were
received by the Assessing Officer having jurisdiction over such other person.'.
Amendment of
section 158BE.
53. In section 158BE of the Income-tax Act, with effect from the 1st day of
September, 2024,—
(a) in sub-section (1),—
(i) for the word “month”, the word "quarter" shall be substituted and
shall be deemed to have been substituted;
(ii) in the proviso, for the words “total income", the words "total
undisclosed income" shall be substituted and shall be deemed to have been
substituted;
(iii) after the proviso, the following proviso shall be inserted and
shall be deemed to have been inserted, namely:—
'Provided further that in a case where in pursuance to fifth
proviso to clause (a) of sub-section (1) of section 158BC, the time
allowed under the said clause for furnishing return is extended by a
further period of thirty days, the provisions of this sub-section shall
have effect, as if for the words "twelve months", the words "thirteen
months" had been substituted.';
(b) in sub-section (3), —
(i) for the word “month”, the word “quarter” shall be substituted and
shall be deemed to have been substituted;
(ii) after the proviso, the following proviso shall be inserted and shall
be deemed to have been inserted, namely:—
'Provided further that in a case where in pursuance to fifth
proviso to clause (a) of sub-section (1) of section 158BC, the time
allowed under the said clause for furnishing return is extended by a
further period of thirty days, the provisions of this sub-section shall
have effect, as if for the words "twelve months", the words "thirteen
months" had been substituted.';
(c) in sub-section (4), for clause (i), the following clause shall be
substituted and shall be deemed to have been 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; or".
or
Amendment of
section 158BFA.
54. In section 158BFA of the Income-tax Act, with effect from the 1st day of
September, 2024,—
(a) in sub-section (1), for the words “total income including undisclosed
income", the words "undisclosed income" shall be substituted and shall be
deemed to have been substituted;
(b) in sub-section (4), for clause (ii), the following clause shall be
substituted and shall be deemed to have been substituted, namely:-
"(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:".
Omission of
section 158BI.
55. Section 158BI of the Income-tax Act shall be omitted and shall be deemed
to have been omitted with effect from the 1st day of September, 2024.
Amendment of
section 193.
56. In section 193 of the Income-tax Act, -
(a) after the words “whichever is earlier,”, 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.
Amendment of
section 194.
57. 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.
Amendment of
section 194A.
58. In section 194A of the Income-tax Act, in sub-section (3), —
(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 rupees", 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;
(ii) for the words "forty thousand rupees", the words "fifty
thousand rupees” shall be substituted.
Amendment of
section 194B.
59. 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.
Amendment of
section 194BB.
60. 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 194D.
61. In section 194D of the Income-tax Act, in the second proviso, for the words
"fifteen thousand rupees", the words "twenty thousand rupees” shall be substituted.
Amendment of
section 194G.
62. 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.
Amendment of
section 194H.
63. 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 194-I.
64. In section 194-I of the Income-tax Act, for the first 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:".
Amendment of
section 194J.
65. In section 194J of the Income-tax Act, in sub-section (1), in the first
proviso, in clause (B), for the words "thirty thousand rupees” wherever they occur,
the words "fifty thousand rupees” shall be substituted.
Amendment of
section 194K.
66. In section 194K of the Income-tax Act, in the proviso, in clause (i), for
the words "five thousand rupees", the words "ten thousand rupees" shall be
substituted.
Amendment of
section 194LA.
67. 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 194LBC.
68. In section 194LBC of the Income-tax Act, in sub-section (1), for the
portion beginning with the words “at the rate of” and ending with the words "payee
is any other person", the words "at the rate of ten per cent.” shall be substituted.
Amendment of
section 194Q.
69. 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.
Amendment of
section 194S.
70. 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 substituted.
Omission of
section 206AB.
71. Section 206AB of the Income-tax Act shall be omitted.
Amendment of
section 206C.
72. In section 206C of the Income-tax Act, -
(a) in sub-section (1), —
(i) in the Table,—
(A) against serial number (iii),—
(1) in column (2), for the word “Timber”, 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.", 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 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, second 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 (7A), 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 (IH)" at both the places where they occur, the
words, brackets, figure and letter "or sub-section (IC)" shall be substituted;
(f) in sub-section (104), for the brackets, figures, letters and word “(IC),
(1F) or (1H)", the brackets, figures, letters and word “(IC) or (IF)" shall be
substituted.
Omission of
section 206CCA.
73. Section 206CCA of the Income-tax Act shall be omitted.
Amendment of
section 246A.
74. In section 246A of the Income-tax Act, in sub-section (1), —
(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.
Amendment of
section 253.
75. In section 253 of the Income-tax Act, in sub-section (9), the proviso shall
be omitted.
Amendment of
section 255.
76. In section 255 of the Income-tax Act, in sub-section (8), the proviso shall
be omitted.
Amendment of
section 263.
77. In section 263 of the Income-tax Act, in the 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 court", 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.
Amendment of
section 264.
78. 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 court", 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.
Amendment of
section 270AA.
79. In section 270AA of the Income-tax Act, in sub-section (4), for the words
"one month", the words "three months" shall be substituted.
Amendment of
section
271AAB.
80. In section 271AAB of the Income-tax Act, in sub-section (1A), in the
opening portion, after the words “the assent of the President”, 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.
Omission of
section 271BB.
81. Section 271BB of the Income-tax Act shall be omitted.
Amendment of
section 271C.
82. In section 271C 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.".
Amendment of
section 271CA.
83. In section 271CA 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.".
Amendment of
section 271D.
84. 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.".
Amendment of
section 271DA.
85. In section 271DA 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.".
Amendment of
section 271DB.
86. 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.".
Amendment of
section 271E.
87. 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.".
Substitution of
new section for
section 275.
Bar of limitation
for imposing
penalties.
88. For section 275 of the Income-tax Act, the following 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,—
(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 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;
(d) the order of appeal under section 253 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 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 for 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).
(5) In computing the period of limitation for the purposes of this section,
the following 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 or Commissioner.".
Amendment of
section 276BB.
89. In section 276BB of the Income-tax Act, the following 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.”.
Insertion of new
section
285BAA.
Obligation to
furnish
information on
transaction of
crypto-asset.
90. 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 statement, 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 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, having 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.'.
Amendment of
rule 68B of
Second
Schedule.
91. 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,
interest, 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".
CHAPTER IV
INDIRECT TAXES
Customs
Amendment of
section 18.
Voluntary
revision of entry,
post clearance.
92. 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
manner", the words "in such manner" shall be substituted;
(c) after sub-section (1A), the following sub-sections shall be inserted,
namely:-
"(1B) 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.
(IC) 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
(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 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 (IB) shall apply not from the date
of the provisional assessment but from the date when such reason ceases
to exist.".
Insertion of new
section 18A.
93. After section 18 of the Customs Act, the following section shall be
inserted, namely:-
"18A. (1) Notwithstanding anything contained in section 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 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, -
(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
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.".
Amendment of
section 27.
94. 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.".
Amendment of
section 28.
95. 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;”.
Amendment of
section 127A.
96. In section 127A of the Customs Act, -
(i) after clause (d), the following clause shall be inserted, namely:—
'(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;'.
Amendment of
section 127B.
97. 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.".
Amendment of
section 127C.
98. In section 127C of the Customs Act, after sub-section (10), the following
sub-sections shall be inserted, namely:—
'(11) On and from 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
order", 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.
(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 (8A), by such further
period not exceeding twelve months from the date of such constitution.'.
Amendment of
section 127D.
99. 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.".
Amendment of
section 127F.
100. 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.".
Amendment of
section 127G.
101. 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 to the Interim Board as they apply to the Settlement Commission.".
Amendment of
section 127H.
102. In section 127H of the Customs 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.".
Customs Tariff
Amendment of
First Schedule.
103. In the Customs Tariff Act, 1975 (hereinafter referred to as the Customs
Tariff Act), the First Schedule shall,-
(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
Amendment of
section 31.
104. In section 31 of the Central Excise Act, 1944 (hereinafter referred to as
the Central Excise Act), —
(i) after clause (e), the following clause shall be inserted, namely:—
'(ea) "Interim Board" 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;'.
Insertion of new
section 31A.
Interim Board
for Settlement.
105. After section 31 of the Central Excise Act, the 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 nominated by
the Central Board of Indirect Taxes and Customs.
(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.".
Amendment of
section 32.
106. In section 32 of the Central Excise Act, after sub-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.".
Amendment of
section 32A.
107. 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.".
Amendment of
section 32B.
108. In section 32B of the Central Excise Act, after sub-section (2), 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.".
Amendment of
section 32C.
109. In section 32C 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.".
Amendment of
section 32D.
110. 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.".
Amendment of
section 32E.
111. 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.".
Amendment of
section 32F.
112. 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,—
(a) the provisions of sub-sections (2), (3), (4), (5), (5A), (6), (7),
and (8) 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
order", 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
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.'.
Amendment of
section 32G.
113. 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 shall mutatis mutandis apply to the Interim Board
as they apply to the Settlement Commission.".
Amendment of
section 32-I.
114. 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 32J.
115. In section 32J of the Central Excise 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 to the Interim Board as they apply to the Settlement Commission.".
Amendment of
section 32K.
116. In section 32K 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 32L.
117. 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 32M.
118. In section 32M of the Central Excise Act, the 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.".
Amendment of
section 32-O.
119. In section 32-O of the Central Excise Act, the 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.".
Amendment of
section 32P.
120. In section 32P of the Central Excise Act, the 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.".
Central Goods and Services Tax
Amendment of
section 2.
121. 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 Explanation 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:-
'(116A) “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;'.
Amendment of
section 12.
122. In section 12 of the Central Goods and Services Tax Act, sub-section (4)
shall be omitted.
Amendment of
section 13.
123. In section 13 of the Central Goods and Services Tax Act, sub-section (4)
shall be omitted.
Amendment of
section 17.
124. In section 17 of the Central Goods and Services Tax Act, in
sub-section (5), in clause (d),—
(i) for the words "plant or machinery", 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";'.
Amendment of
section 20.
125. In section 20 of the Central Goods and Services Tax Act, with effect from
the 1st day of April, 2025,-
(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.
Amendment of
section 34.
126. In section 34 of the Central Goods and Services Tax Act, in sub-section (2),
for the proviso, the following proviso 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.".
Amendment of
section 38.
127. In section 38 of the Central Goods and Services Tax Act,-
(i) in sub-section (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 under", 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,", 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.".
Amendment of
section 39.
128. In section 39 of the Central Goods and Services Tax Act, in
sub-section (1), for the words "and within such time", the words "within such time,
and subject to such conditions and restrictions" shall be substituted.
Amendment of
section 107.
129. In section 107 of the Central Goods and Services Tax 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 appellant.".
Amendment of
section 112.
130. In section 112 of the Central Goods and Services Tax 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.".
Insertion of new
section 122B.
Penalty for
failure to comply
with track and
trace
mechanism.
131. After section 122A of the Central Goods and Services Tax Act, the
following section shall be inserted, namely:—
"122B. Notwithstanding anything contained in this Act, where any
person referred to in clause (b) of sub-section (1) 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.".
Insertion of new
section 148A.
Track and trace
mechanism for
certain goods.
132. After section 148 of the Central Goods and Services Tax Act, the
following section shall be inserted, namely:—
"148A. (1) The Government may, on the 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, including 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),
as may be prescribed.”.
Amendment of
Schedule III.
133. In Schedule III of the Central Goods and Services Tax 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 from 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.".
No refund of tax
collected.
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.
134. No refund shall be made of all such tax which has been collected, but which
would not have been so collected, had section 133 been in force at all material times.
Service tax
135. (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 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
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).
(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.
CHAPTER V
MISCELLANEOUS
PART I
AMENDMENT TO THE UNIT TRUST OF INDIA (TRANSFER OF UNDERTAKING AND REPEAL)
Аст, 2002
Amendment of
Act 58 of
2002.
136. In the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002,
in section 13, in sub-section (1), for the figures "2025", the figures “2027” shall be
substituted.
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.
Application of
this Part.
137. (1) This Part shall apply in the first instance to the whole of the States of
Andhra Pradesh, Chhattisgarh, Haryana, 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 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.
Amendment of
preamble.
138. In the Government Securities Act, 2006 (hereinafter referred to as the
principal Act), in the preamble, in paragraph 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.
Amendment of
section 1.
139. 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 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.
Amendment of
section 2.
140. 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 3.
141. 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 5.
142. In section 5 of the principal Act, in sub-section (4), after the words "upon
the Bank", the words, 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.
Amendment of
section 31.
143. In section 31 of the principal Act, sub-sections (1) and (2) shall be
omitted.
Amendment of
section 32.
144. In section 32 of the principal Act, in sub-section (2), in clause (a), the
words "and the terms and conditions subject to which” shall be omitted.
Repeal of Act 18
of 1944 and
savings.
145. (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 Government Securities Act, 2006.
PART III
AMENDMENT TO THE FINANCE ACT, 2016
Amendment of
Act 28 of 2016.
146. In the Finance Act, 2016, with effect from the 1st day of April, 2025-
(a) in section 163, in sub-section (3), in clause (a), after the words “this
Chapter", the words, figures and letters "but before the 1st day of April, 2025"
shall be inserted;
(b) in section 165, after sub-section (2), the following sub-section shall
be inserted, namely:-
"(3) The provisions of this section shall not apply to any
consideration for any specified service received or receivable by a
person on or after the 1st day of April, 2025.".
PART IV
VALIDATION OF THE CENTRAL CIVIL SERVICES (PENSION) RULES AND PRINCIPLES FOR
EXPENDITURE ON PENSION LIABILITES FROM THE CONSOLIDATED FUND OF INDIA
WHEREAS article 309 of the Constitution provides that, subject to the
provisions of the Constitution, Acts of the appropriate Legislature may regulate the
recruitment and conditions of service of persons appointed to public services and
posts in connection with the affairs of the Union;
AND WHEREAS the recruitment and the conditions of service of persons
appointed to public services and posts in connection with the affairs of the Union
are governed by rules made under the proviso to article 309 of the Constitution;
AND WHEREAS the pension of the Central Government employees was
governed by the Central Civil Services (Pension) Rules, 1972 which was
subsequently replaced by the Central Civil Services (Pension) Rules, 2021 and the
Central Civil Services (Extraordinary Pension) Rules, 2023 (hereinafter in this Part
referred to as the pension rules) and instructions issued from time to time for matters
connected therewith; which allows the revision of pension by the Central
Government in accordance with any general order issued for implementation of the
recommendations of the Central Pay Commission;
AND WHEREAS the Central Pay Commissions are expert bodies set up by the
Central Government for periodic review and revision of the entire gamut of emoluments
structure including retirement benefits of the Central Government employees which
recommend different pay scales and different allowances for different categories of the
Government employees and in particular, pension claims and liabilities;
AND WHEREAS till the Third Central Pay Commission, it was a general view
that past and future pensioners cannot be treated at par and the practice was that
benefit of improvement in the pension would be available to newly retiring
pensioners from a prospective date; and subsequently, the Fourth Central Pay
Commission considered the suggestion of equalisation of pension with reference to
that admissible in the revised scales of pay and did not accept it, and in its report
also referred to the decision of the Supreme Court in the case of State Government
Pensioners Association and others Vs. State of Andhra Pradesh [SLP (Civil) Nos.
14179-80, 1985] wherein the Supreme Court, inter alia, has observed as under:—
"Improvements in pay scales by the very nature of things can be made
prospectively so as to apply to only those who are in the employment on the date
of the upward revision. Those who were in employment say in 1950, 1960 or
1970, lived, spent and saved, on the basis of the then prevailing cost of living
structure and pay-scale structure, cannot invoke Article 14 in order to claim the
higher pay scale brought into force say, in 1980. If upward pay revision cannot
be made prospectively on account of Article 14, perhaps no such revision would
ever be made.";
AND WHEREAS the Fifth and Sixth Central Pay Commission also maintained the
distinction between pension payable to employees retired before and after the
1st January, 1996 and before and after the 1st January, 2006, respectively, consequently,
as on 1st January, 2006, a distinction in pension existed between past employees who
had retired before that date and employees retired after that date on the basis of the
revision in pay scales recommended by the Sixth Central Pay Commission, as accepted
by the Central Government, implemented from the 1st January, 2006, a pension revision
formula which did not amount to complete parity between pension of Government
employees retired before or after the 1st January, 2006;
AND WHEREAS the treatment of existing and past pensioners was again
considered by the Seventh Central Pay Commission and it was pointed out in its
report that the issue of pension has been a matter of debate in a large number of
cases before the Supreme Court of India and there have been differing views;
AND WHEREAS the pension payable to a Government employee can be said to be a
deferred portion of the compensation for service rendered and usually, the compensation
earned by an employee varies over the service period, as they are periodically revised
on account of implementation of the Central Pay Commissions recommendations or
otherwise and as such, pension as a derivative of compensation, may also vary;
AND WHEREAS the right to impose such distinctions rests with the Central
Government and are an inevitable outcome of the implementation of the
recommendations of a Central Pay Commission;
AND WHEREAS the judgment of the Supreme Court in SLP (Civil) No. 29124
of 2024 in the case of the Union of India and Ors. Vs All India S-30 Pensioners
Association and Ors. has obliterated such distinction and proceeded on the premise
that the Government lacks authority for providing for such distinction of the Central
Government pensioners based on their date of retirement;
AND WHEREAS it has become necessary to deal with the interpretation of the
Courts and to address the issue relating to pensioners of the Central Government,
and expedient to retain the relevance of having such distinction by a validation
legislation, dealing with the pension rules and instructions issued from time to time
in this regard.
Commencement
of Part.
147. This Part shall come into force and shall be deemed to have come into
force on the 1st day of June, 1972.
Definitions.
148. In this Part, unless the context otherwise requires,—
(a) "pensioner” means a retired Government servant under the pension
rules; and
(b) "pension rules" means the Central Civil Services (Pension)
Rules, 1972 as it existed prior to its cesser of operation; or the Central Civil
Services (Pension) Rules, 2021 or the Central Civil Services (Extraordinary
Pension) Rules, 2023 made under the proviso to article 309 of the Constitution
and instructions issued thereunder.
Powers and
authority of
Central
Government.
149. (1) Without prejudice to the provisions of the pension rules, the Central
Government shall have the authority to establish distinctions among pensioners as
a general principle.
(2) Having regard to the recommendations of the Central Pay Commission,
and subject to such norms, principles and method as may be determined by the
Central Government, a distinction may be made or maintained amongst the
pensioners, which may emanate from the accepted recommendations of the Central
Pay Commissions, and in particular a distinction may be made on the basis of the
date of retirement of a pensioner or the date of operationalisation of an accepted
recommendation of a Central Pay Commission.
(3) The Central Government may from time to time lay down such norms,
principles and method in regard to acceptance of the recommendations of the
Central Pay Commissions including, among other things, distinction among
pensioners that may arise out of the acceptance of such recommendation and in
particular pension claims and liabilities.
(4) The norms, principles and method of pension revision, as per accepted
recommendations of a particular Central Pay Commission, shall be effective from
such date as may be determined by the Central Government and the benefit of such
accepted recommendation shall not be given effect to from an earlier date.
Validation.
150. Notwithstanding anything contrary contained in any judgment, decree or
order of any court, tribunal or authority and notwithstanding anything contained in
the pension rules,—
(a) it is hereby clarified that the Central Government has the authority
and shall always deemed to have had the authority, to classify its pensioners,
and may create or maintain distinction amongst pensioners as deemed
expedient for implementing the recommendations of the Central Pay
Commissions under this Part;
(b) it is also clarified that the date of retirement of pensioners shall be
the basis of distinctions and for classification in regard to pension entitlement.
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 does not
exceed Rs. 2,50,000
Nil;
(2) where the total income exceeds
Rs. 2,50,000 but does not exceed Rs. 5,00,000
5 per cent. of the amount by which the total
income exceeds Rs. 2,50,000;
(3) where the total income exceeds
Rs. 5,00,000 but does not exceed
Rs. 10,00,000
Rs.12,500 plus 20 per cent. of the amount
by which the total income exceeds
Rs. 5,00,000;
(4) where the total income exceeds
Rs. 10,00,000
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 does not
exceed Rs. 3,00,000
Nil;
(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;
(3) where the total income exceeds
Rs. 5,00,000 but does not exceed Rs. 10,00,000
Rs.10,000 plus 20 per cent. of the amount
by which the total income exceeds
Rs. 5,00,000;
(4) where the total income exceeds
Rs. 10,00,000
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 does not
exceed Rs. 5,00,000
Nil;
(2) where the total income exceeds
Rs. 5,00,000 but does not exceed Rs. 10,00,000
20 per cent. of the amount by which the
total income exceeds Rs. 5,00,000;
(3) where the total income exceeds
Rs. 10,00,000
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, -
(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 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 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 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 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 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 does not
exceed Rs.10,000
10 per cent. of the total income;
(2) where the total income exceeds
Rs.10,000 but does not exceed Rs. 20,000
Rs. 1,000 plus 20 per cent. of the amount
by which the total income exceeds Rs.10,000;
(3) where the total income exceeds
Rs. 20,000
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, shall, be
increased by a surcharge for the purposes 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 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 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
30 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, 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.
Paragraph D
In the case of every local authority,—
Rate of income-tax
On the whole of the total income
30 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, 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 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 or the
gross receipt in the previous
year 2022-23 does not exceed four
hundred crore rupees
25 per cent. of the total income;
(ii) other than that referred to in
item (i)
30 per cent. of the total income.
II. In the case of a company other than a domestic company, —
(i) on so much of the total income
as consists of,-
(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 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
50 per cent.;
(ii) on the balance, if any, of the
total income
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 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:-
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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 does not
exceed Rs. 2,50,000
Nil;
(2) where the total income exceeds
Rs. 2,50,000 but does not exceed Rs. 5,00,000
5 per cent. of the amount by which the total
income exceeds Rs. 2,50,000;
(3) where the total income exceeds
Rs. 5,00,000 but does not exceed
Rs. 10,00,000
Rs.12,500 plus 20 per cent. of the amount
by which the total income exceeds
Rs. 5,00,000;
(4) where the total income exceeds
Rs. 10,00,000
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 does not
exceed Rs. 3,00,000
Nil;
(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;
(3) where the total income exceeds
Rs. 5,00,000 but does not exceed Rs. 10,00,000
Rs.10,000 plus 20 per cent. of the amount
by which the total income exceeds
Rs. 5,00,000;
(4) where the total income exceeds
Rs. 10,00,000
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 does not
exceed Rs. 5,00,000
Nil;
(2) where the total income exceeds
Rs. 5,00,000 but does not exceed Rs. 10,00,000
20 per cent. of the amount by which the
total income exceeds Rs. 5,00,000;
(3) where the total income exceeds
Rs.10,00,000
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, -
(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 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 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 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 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 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 does not exceed
Rs.10,000
10 per cent. of the total income;
(2) where the total income exceeds Rs.10,000 but
does not exceed Rs. 20,000
Rs. 1,000 plus 20 per cent. of the
amount by which the total income
exceeds Rs. 10,000;
(3) where the total income exceeds Rs. 20,000
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, 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 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 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
30 per cent.
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 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.
Paragraph D
In the case of every local authority,-
On the whole of the total income
Rate of income-tax
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 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 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
(1) In the case of a domestic company,-
(i) where its total turnover or the gross
receipt in the previous year 2023-2024 does not
exceed four hundred crore rupees;
25 per cent. of the total income;
(ii) other than that referred to in item (i)
30 per cent. of the total income.
(II) In the case of a company other than a domestic company,—
(i) on so much of the total income as consists
of,-
(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
(b)