FINANCE (No. 2) BILL, 2019

Chapter: I
PRELIMINARY
Clause 1	:	Short title and commencement
Chapter: II
RATES OF INCOME-TAX
Clause 2	:	RATES OF INCOME-TAX Clause 2, read with the First Schedule to the Bill, specifies the rates at which income-tax is to be levied on income charge....
Chapter: III
DIRECT TAXES - Income-tax
Clause 3	:	Amendment of section 2. Clause 3 of the Bill seeks to amend section 2 of the Income-tax Act relating to definitions. Clause ( 19AA ) of the said sec....
Clause 4	:	Amendment of section 9. Clause 4 of the Bill seeks to amend section 9 of the Income-tax Act relating to income deemed to accrue or arise in India. S....
Clause 5	:	Amendment of section 9A. Clause 5 of the Bill seeks to amend section 9A of the Incometax Act relating to certain activities not to constitute busines....
Clause 6	:	Amendment of section 10. Clause 6 of the Bill seeks to amend section 10 of the Income tax Act relating to incomes not included in total income. It is....
Clause 7	:	Amendment of section 12AA. Clause 7 of the Bill seeks to amend section 12AA of the Incometax Act relating to procedure for registration. Sub-clause ( a....
Clause 8	:	Amendment of section 13A. Clause 8 of the Bill seeks to amend section 13A of the Incometax Act relating to special provision relating to the incomes o....
Clause 9	:	Amendment of section 35AD. Clause 9 of the Bill seeks to amend section 35AD of the Incometax Act relating to deduction in respect of expenditure on spe....
Clause 10	:	Amendment of section 40. Clause 10 of the Bill seeks to amend section 40 of the Income tax Act relating to amounts not deductible. Sub-clause ( i ) o....
Clause 11	:	Amendment of section 40A. Clause 11 of the Bill seeks to amend section 40A of the Incometax Act relating to expenses or payments not deductible in cer....
Clause 12	:	Amendment of section 43. Clause 12 of the Bill seeks to amend section 43 of the Incometax Act relating to definitions of certain terms relevant to in....
Clause 13	:	Amendment of section 43B. Clause 13 of the Bill seeks to amend section 43B of the Incometax Act relating to certain deductions to be only on actual pa....
Clause 14	:	Amendment of section 43CA. Clause 14 of the Bill seeks to amend section 43CA of the Incometax Act relating to special provision for value of considerat....
Clause 15	:	Amendment of section 43D. Clause 15 of the Bill seeks to amend section 43D of the Incometax Act relating to special provision in case of income of pub....
Clause 16	:	Amendment of section 44AD. Clause 16 of the Bill seeks to amend section 44AD of the Incometax Act relating to special provision for computing profits a....
Clause 17	:	Amendment of section 47. Clause 17 of the Bill seeks to amend section 47 of the Incometax Act relating to transactions not regarded as transfer. The ....
Clause 18	:	Amendment of section 50C. Clause 18 of the Bill seeks to amend section 50C of the Incometax Act relating to special provision for full value of consid....
Clause 19	:	Amendment of section 50CA. Clause 19 of the Bill seeks to amend section 50CA of the Incometax Act relating to special provision for full value of consi....
Clause 20	:	Amendment of section 54GB. Clause 20 of the Bill seeks to amend section 54GB of the Income-tax Act relating to capital gain on transfer of residential ....
Clause 21	:	Amendment of section 56. Clause 21 of the Bill seeks to amend section 56 of the Incometax Act relating to income from other sources. Clause ( viib ) ....
Clause 22	:	Substitution of section 79. Clause 22 of the Bill seeks to substitute section 79 of the Incometax Act relating to carry forward and set off of losses in....
Clause 23	:	Amendment of section 80C. Clause 23 of the Bill seeks to amend section 80C of the Incometax Act relating to deduction in respect of life insurance pre....
Clause 24	:	Amendment of section 80CCD. Clause 24 of the Bill seeks to amend section 80CCD of the Income-tax Act relating to deduction in respect of contribution to....
Clause 25	:	Insertion of new sections 80EEA and 80EEB. Clause 25 of of the Bill seeks to insert a new sections 80EEA and 80EEB in the Income-tax Act relating to deduction in respe....
Clause 26	:	Amendment of section 80-IBA. Clause 26 of the Bill seeks to amend section 80-IBA of the Income-tax Act relating to deductions in respect of profits and g....
Clause 27	:	Amendment of section 80JJAA. Clause 27 of the Bill seeks to amend section 80JJAA of the Income-tax Act relating to deduction in respect of employment of ....
Clause 28	:	Amendment of section 80LA. Clause 28 of the Bill seeks to amend section 80LA of the Incometax Act relating to deductions in respect of certain incomes ....
Clause 29	:	Amendment of section 92CD. Clause 29 of the Bill seeks to amend section 92CD of the Income-tax Act relating to effect to advance pricing agreement. Sub....
Clause 30	:	Amendment of section 92CE. Clause 30 of the Bill seeks to amend section 92CE of the Incometax Act relating to secondary adjustment in certain cases. Su....
Clause 31	:	Substitution of section 92D. Clause 31 of the Bill seeks to substitute section 92D of the Income-tax Act relating to maintenance and keeping of informati....
Clause 32	:	Amendment of section 111A. Clause 32 of the Bill seeks to amend section 111A of the Incometax Act relating to tax on short-term capital gains in certai....
Clause 33	:	Amendment of section 115A. Clause 33 of the Bill seeks to amend section 115A of the Incometax Act relating to tax on dividends, royalty and technical s....
Clause 34	:	Amendment of section 115JB. Clause 34 of the Bill seeks to amend section 115JB of the Income-tax Act relating to special provision for payment of tax by....
Clause 35	:	Amendment of section 115-O. Clause 35 of the Bill seeks to amend section 115-O of the Income-tax Act relating to tax on distributed profits of domestic ....
Clause 36	:	Amendment of section 115QA. Clause 36 of the Bill seeks to amend section 115QA of the Income-tax Act relating to tax on distributed income to shareholde....
Clause 37	:	Amendment of section 115R. Clause 37 of the Bill seeks to amend section 115R of the Income tax Act relating to tax on distributed income to unit holder....
Clause 38	:	Amendment of section 115UB. Clause 38 of the Bill seeks to amend section 115UB of the Income-tax Act relating to tax on income of investment fund and it....
Clause 39	:	Amendment of section 139. Clause 39 of the Bill seeks to amend section 139 of the Incometax Act relating to return of income. Sub-section ( 1 ) of the....
Clause 40	:	Amendment of section 139A. Clause 40 of the Bill seeks to amend section 139A of the Incometax Act relating to permanent account number. Sub-section ( 1....
Clause 41	:	Amendment of section 139AA. Clause 41 of the Bill seeks to amend section 139AA of the Income-tax Act relating to quoting of Aadhaar number. Proviso to s....
Clause 42	:	Amendment of section 140A. Clause 42 of the Bill seeks to amend section 140A of the Income-tax Act relating to self-assessment. The said section 140A, ....
Clause 43	:	Amendment of section 143. Clause 43 of the Bill seeks to amend section 143 of the Income tax Act relating to Assessment. Sub-section ( 1 ) of the said....
Clause 44	:	Amendment of section 194DA. Clause 44 of the Bill seeks to amend section 194DA of the Income-tax Act relating to payment in respect of life insurance po....
Clause 45	:	Amendment of section 194-IA. Clause 45 of the Bill seeks to amend section 194-IA of the Income-tax Act relating to payment on transfer of certain immovab....
Clause 46	:	Insertion of new sections 194M and 194N. Clause 46 of the Bill seeks to insert new sections 194M relating to payment of certain sums by certain individuals or Hindu ....
Clause 47	:	Amendment of section 195. Clause 47 of the Bill seeks to amend section 195 of the Incometax Act relating to other sums. Sub-section ( 2 ) of the said ....
Clause 48	:	Amendment of section 197. Clause 48 of the Bill seeks to amend section 197 of the Incometax Act relating to certificate for deduction at lower rate. I....
Clause 48A	:	Amendment of Section 198
Clause 49	:	Amendment of section 201. Clause 49 of the Bill seeks to amend section 201 of the Income tax relating to consequences of failure to deduct or pay. The....
Clause 50	:	Substitution of section 206A. Clause 50 of the Bill seeks to substitute section 206A of the Income-tax Act relating furnishing of quarterly return in resp....
Clause 51	:	Amendment of section 228A. Clause 51 of the Bill seeks to amend section 228A of the Income tax Act relating to recovery of tax in pursuance of agreemen....
Clause 52	:	Amendment of section 234A. Clause 52 of the Bill seeks to amend section 234A of the Income tax Act relating to interest for defaults in furnishing retu....
Clause 53	:	Amendment of section 234B. Clause 53 of the Bill seeks to amend section 234B of the Income tax Act relating to interest for defaults in payment of adva....
Clause 54	:	Amendment of section 234C. Clause 54 of the Bill seeks to amend section 234C of the Income tax Act relating to interest for deferment of advance tax. T....
Clause 55	:	Amendment of section 239. Clause 55 of the Bill seeks to amend section 239 of the Incometax Act relating to form of claim for refund and limitation. S....
Clause 56	:	Amendment of section 246A. Clause 56 of the Bill seeks to amend section 246A of the Incometax Act relating to appealable orders before Commissioner (Ap....
Clause 57	:	Amendment of section 269SS. Clause 57 of the Bill seeks to amend section 269SS of the Income-tax Act relating to mode of taking or accepting certain loa....
Clause 58	:	Amendment of section 269ST. Clause 58 of the Bill seeks to amend section 269ST of the Income-tax Act relating to mode of undertaking transactions. The s....
Clause 59	:	Insertion of new section 269SU. Clause 59 of the Bill seeks to insert a new section 269SU of the Income-tax Act relating to acceptance of payment through pr....
Clause 60	:	Amendment of section 269T. Clause 60 of the Bill seeks to amend section 269T of the Incometax Act relating to mode of repayment of certain loans or dep....
Clause 61	:	Amendment of section 270A. Clause 61 of the Bill seeks to amend section 270A of the Incometax Act relating to penalty for under-reporting and misreport....
Clause 62	:	Insertion of new section 271DB. Clause 62 of the Bill seeks to insert a new section 271DB of the Income-tax Act relating to penalty for failure to comply wi....
Clause 63	:	Amendment of section 271FAA. Clause 63 of the Bill seeks to amend section 271FAA of the Income-tax Act relating to penalty for furnishing inaccurate stat....
Clause 64	:	Amendment of section 272B. Clause 64 of the Bill seeks to amend section 272B of the Income tax Act relating to penalty for failure to comply with the p....
Clause 65	:	Amendment of section 276CC. Clause 65 of the Bill seeks to amend section 276CC of the Income-tax Act relating to failure to furnish returns of income. T....
Clause 66	:	Amendment of section 285BA. Clause 66 of the Bill seeks to amend section 285BA of the Income-tax Act relating to obligation to furnish statement of fina....
Clause 67	:	Amendment of section 286. Clause 67 of the Bill seeks to amend section 286 of the Incometax Act relating to furnishing of report in respect of interna....
Clause 68	:	Amendment of rule 68B of Second Schedule. Clause 68 of the Bill seeks to amend rule 68B of the Second Schedule of the Income-tax Act relating to time limit for sale o....
Chapter: IV
INDIRECT TAXES
Customs
Clause 69	:	Amendment of section 41. Clause 69 of the Bill seeks to amend sub-section ( 1 ) of section 41 of the Customs Act so as to provide that the facility t....
Clause 70	:	Insertion of New Chapter XIIB. Clause 70 of the Bill seeks to insert a new chapter XIIB relating to verification of identity and compliance in the Customs ....
Clause 71	:	Amendment of section 103. Clause 71 of the Bill seeks to substitute sub-section ( 1 ) and to amend sub-section ( 6 ) of section 103 of the Customs Act....
Clause 72	:	Amendment of section 104. Clause 72 of the Bill seeks to amend sub-sections ( 1 ), ( 4 ) and ( 6 ) of section 104 of the Customs Act. The amendment to....
Clause 73	:	Amendment of section 110. Clause 73 of the Bill seeks to amend sub-section ( 1 ) of section 110 of the Customs Act so as to substitute the existing pr....
Clause 74	:	Amendment of section 110A. Clause 74 of the Bill seeks to amend section 110A of the Customs Act so as to empower an adjudicating authority to release b....
Clause 75	:	Insertion of new section 114AB. Clause 75 of the Bill seeks to insert a new section 114AB in the Customs Act. The proposed section seeks to provide that any....
Clause 76	:	Amendment of section 117. Clause 76 of the Bill seeks to amend section 117 of the Customs Act so as to increase the maximum limit of penalty from one ....
Clause 77	:	Amendment of section 125. Clause 77 of the Bill seeks to amend first proviso to section 125 of the Customs Act so as to provide that the no fine in li....
Clause 78	:	Amendment of section 135. Clause 78 of the Bill seeks to amend sub-section ( 1 ) of section 135 of the Customs Act so as to insert a new clause ( e ) ....
Clause 79	:	Amendment of section 149. Clause 79 of the Bill seeks to amend section 149 of the Customs Act so as to empower Board to make regulations specifying ti....
Clause 80	:	Amendment of section 157. Clause 80 of the Bill seeks to amend section 157 of the Customs Act. The proposed amendment seeks to empower the Board to ma....
Clause 81	:	Amendment of section 158. Clause 81 of the Bill seeks to amend sub-section ( 2 ) of section 158 of the Customs Act so as to increase the maximum limit....
Clause 82	:	Amendment of notifications issued under sub-section (1) of section 25 of Customs Act, retrospectively. Clause 82 of the Bill seeks to make retrospective amendments to certain notifications issued under sub-section ( 1 ) of sect....
Clause 83	:	Amendment of notification issued under sub-section (1) of section 25 of Customs Act and subsection (12) of section 3 of Customs Tariff Act, retrospectively. Clause 83 of the Bill seeks to make retrospective amendments to notification number G.S.R. 785(E), dated the 30th June, 2017....
Clause 84	:	Retrospective effect of notification issued under sub-section (1) of section 25 of Customs Act and sub-section (12) of section 3 of Customs Tariff Act. Clause 84 of the Bill seeks to give retrospective effect to the notification number G.S.R. 1270(E), dated the 31st December ....
Customs Tariff
Clause 85	:	Amendment of section 9. Clause 85 of the Bill seeks to insert sub-section ( 1A ) under section 9 of the Customs Tariff Act, so as to provide anti ci....
Clause 86	:	Amendment of section 9C. Clause 86 of the Bill seeks to amend sub-section ( 1 ) of section 9C of the Customs Tariff Act, so as to provide for filing ....
Clause 87	:	Amendment of First Schedule. Clause 87 of the Bill seeks to amend the First Schedule to the Customs Tariff Act,- ( a ) in the manner specified in the Fou....
Clause 88	:	Validation of modification in classification of certain goods leviable to antidumping duty With retrospective effect. Clause 88 of the Bill seeks to give retrospective effect to the notification number G.S.R. 186 ( E ), dated the 22nd Februar....
Clause 89	:	Validation of modification in description of goods with retrospective effect. Clause 89 of the Bill seeks to give retrospective effect to notification number G.S.R. 665 ( E ), dated the 5th July, 2016, ....
Central Excise
Clause 90	:	Amendment of Fourth Schedule. Clause 90 of the Bill seeks to amend the Fourth Schedule to the Central Excise Act, 1944, so as to revise the tariff rate in....
Central Goods and Services tax
Clause 91	:	Amendment of section 2. Clause 91 of the Bill seeks to amend clause ( 4 ) of section 2 of the Central Goods and Services Tax Act to insert the words....
Clause 92	:	Amendment of section 10. Clause 92 of the Bill seeks to amend section 10 of the Central Goods and Services Tax Act so as to provide alternative compo....
Clause 93	:	Amendment of section 22. Clause 93 of the Bill seeks to amend section 22 of the Central Goods and Services Tax Act so as to provide for higher thresh....
Clause 94	:	Amendment of section 25. Clause 94 of the Bill seeks to amend section 25 of the Central Goods and Services Tax Act so as to provide for mandatory Aad....
Clause 95	:	Insertion of new section 31A. Clause 95 of the Bill seeks to insert a new section 31A in the Central Goods and Services Tax Act, to provide that supplier ....
Clause 96	:	Amendment of section 39. Clause 96 of the Bill seeks to amend section 39 of the Central Goods and Services Tax Act so as to provide for furnishing of....
Clause 97	:	Amendment of section 44. Clause 97 of the Bill seeks to amend section 44 of the Central Goods and Services Tax Act so as to empower the Commissioner ....
Clause 98	:	Amendment of section 49. Clause 98 of the Bill seeks to amend section 49 of the Central Goods and Services Tax Act so as to provide facility to the t....
Clause 99	:	Amendment of section 50. Clause 99 of the Bill seeks to amend section 50 of the Central Goods and Services Tax Act so as to provide for charging inte....
Clause 100	:	Amendment of section 52. Clause 100 of the Bill seeks to amend section 52 of the Central Goods and Services Tax Act so as to empower the Commissioner....
Clause 101	:	Insertion of new section 53A. Clause 101 of the Bill seeks to insert a new section 53A in the Central Goods and Services Tax Act so as to provide for tran....
Clause 102	:	Amendment of section 54. Clause 102 of the Bill seeks to amend section 54 of the Central Goods and Services Tax Act so as to empower the Central Gove....
Clause 103	:	Amendment of section 95. Clause 103 of the Bill seeks to amend clause ( a ) of section 95 of the Central Goods and Services Tax Act so as to include ....
Clause 104	:	Insertion of new sections 101A, 101B and 101C. Clause 104 of the Bill seeks to insert new sections 101A, 101B and 101C in the Central Goods and Services Tax Act. The propo....
Clause 105	:	Amendment of section 102. Clause 105 of the Bill seeks to amend section 102 of the Central Goods and Services Tax Act so as to bring the National Appe....
Clause 106	:	Amendment of section 103. Clause 106 of the Bill seeks to amend section 103 of the Central Goods and Services Tax Act so as to provide that the advanc....
Clause 107	:	Amendment of section 104. Clause 107 of the Bill seeks to amend section 104 of the Central Goods and Services Tax Act to provide that advance ruling p....
Clause 108	:	Amendment of section 105 Clause 108 of the Bill seeks to amend section 105 of the Central Goods and Services Tax Act to provide that the National App....
Clause 109	:	Amendment of section 106. Clause 109 of the Bill seeks to amend section 106 of the Central Goods and Services Tax Act to provide that the National App....
Clause 110	:	Amendment of section 168. Clause 110 of the Bill seeks to amend section 168 of the Central Goods and Services Tax Act to include sub-section ( 1 ) of ....
Clause 111	:	Amendment of section 171. Clause 111 of the Bill seeks to amend section 171 of the Central Goods and Services Tax Act to insert new sub-section ( 2A )....
Clause 112	:	Amendment of notification number G.S.R. 674(E) issued under subsection (1) of section 11 of Central Goods and Services Tax Act, retrospectively. Clause 112 of the Bill seeks to amend the notification number G.S.R. 674(E), dated the 1st July, 2017, issued under sub-sect....
Integrated Goods and Services tax
Clause 113	:	Insertion of new section 17A. Clause 113 of the Bill seeks to insert a new section 17A in the Integrated Goods and Services Tax Act so as to provide for t....
Clause 114	:	Amendment of notification number G.S.R. 667(E) issued under subsection (1) of section 6 of Integrated Goods and Services Tax Act, retrospectively. Clause 114 of the Bill seeks to amend the notification number G.S.R. 667(E), dated the 1st July, 2017, issued under sub-sect....
Union Territory Goods and Services tax
Clause 115	:	Amendment of notification number G.S.R. 711(E) issued under sub-section (1) of section 8 of Union Territory Goods and Services Tax Act, retrospectively. Clause 115 of the Bill seeks to amend the notification number G.S.R. 711(E), dated the 1st July, 2017, issued under sub-sect....
Service tax
Clause 116	:	Special provision for retrospective exemption from service tax on service by way of grant of liquor licence. Clause 116 of the Bill seeks to provide retrospective exemption from service tax on service by way of grant of liquor licenc....
Clause 117	:	Special provision for retrospective exemption from service tax in certain cases relating to services provided by Indian Institutes of Management to students. Clause 117 of the Bill seeks to provide retrospective exemption from service tax to the long duration degree or diploma prog....
Clause 118	:	Special provision for retrospective exemption from service tax in certain cases relating to long term lease of plots for development of infrastructure for financial business Clause 118 of the Bill seeks to provide retrospective exemption from service tax on upfront amount paid for services by way ....
Chapter: V
SABKA VISHWAS LEGACY DISPUTE RESOLUTION SCHEME, 2019
Clause 119	:	Short title and commencement. Clauses 119 to 134 of Chapter V of the Bill seeks to provide for Sabka Viswas (Legacy Dispute Resolution) Scheme, 2019. The ....
Clause 120	:	Definitions. Clauses 119 to 134 of Chapter V of the Bill seeks to provide for Sabka Viswas (Legacy Dispute Resolution) Scheme, 2019. The ....
Clause 121	:	Application of Scheme to indirect tax enactments. Clauses 119 to 134 of Chapter V of the Bill seeks to provide for Sabka Viswas (Legacy Dispute Resolution) Scheme, 2019. The ....
Clause 122	:	Tax dues. Clauses 119 to 134 of Chapter V of the Bill seeks to provide for Sabka Viswas (Legacy Dispute Resolution) Scheme, 2019. The ....
Clause 123	:	Relief available under Scheme. Clauses 119 to 134 of Chapter V of the Bill seeks to provide for Sabka Viswas (Legacy Dispute Resolution) Scheme, 2019. The ....
Clause 124	:	Declaration under Scheme. Clauses 119 to 134 of Chapter V of the Bill seeks to provide for Sabka Viswas (Legacy Dispute Resolution) Scheme, 2019. The ....
Clause 125	:	Verification of declaration by designated committee. Clauses 119 to 134 of Chapter V of the Bill seeks to provide for Sabka Viswas (Legacy Dispute Resolution) Scheme, 2019. The ....
Clause 126	:	Issue of statement by designated committee. Clauses 119 to 134 of Chapter V of the Bill seeks to provide for Sabka Viswas (Legacy Dispute Resolution) Scheme, 2019. The ....
Clause 127	:	Rectification of errors. Clauses 119 to 134 of Chapter V of the Bill seeks to provide for Sabka Viswas (Legacy Dispute Resolution) Scheme, 2019. The ....
Clause 128	:	Issue of discharge certificate to be conclusive of matter and time period. Clauses 119 to 134 of Chapter V of the Bill seeks to provide for Sabka Viswas (Legacy Dispute Resolution) Scheme, 2019. The ....
Clause 129	:	Restrictions of Scheme. Clauses 119 to 134 of Chapter V of the Bill seeks to provide for Sabka Viswas (Legacy Dispute Resolution) Scheme, 2019. The ....
Clause 130	:	Removal of doubts. Clauses 119 to 134 of Chapter V of the Bill seeks to provide for Sabka Viswas (Legacy Dispute Resolution) Scheme, 2019. The ....
Clause 131	:	Power to make rules. Clauses 119 to 134 of Chapter V of the Bill seeks to provide for Sabka Viswas (Legacy Dispute Resolution) Scheme, 2019. The ....
Clause 132	:	Power to issue orders, instructions, etc. Clauses 119 to 134 of Chapter V of the Bill seeks to provide for Sabka Viswas (Legacy Dispute Resolution) Scheme, 2019. The ....
Clause 133	:	Removal of difficulties. Clauses 119 to 134 of Chapter V of the Bill seeks to provide for Sabka Viswas (Legacy Dispute Resolution) Scheme, 2019. The ....
Clause 134	:	Protection to officers. Clauses 119 to 134 of Chapter V of the Bill seeks to provide for Sabka Viswas (Legacy Dispute Resolution) Scheme, 2019. The ....
Chapter: VI
MISCELLANEOUS
Part: I
AMENDMENTS TO THE RESERVE BANK OF INDIA ACT, 1934
Clause 135	:	Commencement of this Part. Clauses 135 to 142 of the Bill seek to amend certain provisions of the Reserve Bank of India Act, 1934. It is proposed to am....
Clause 136	:	Amendment of section 45-IA. Clauses 135 to 142 of the Bill seek to amend certain provisions of the Reserve Bank of India Act, 1934. It is proposed to am....
Clause 137	:	Insertion of new sections 45-ID and 45-IE. Clauses 135 to 142 of the Bill seek to amend certain provisions of the Reserve Bank of India Act, 1934. It is proposed to am....
Clause 138	:	Insertion of new section 45MAA. Clauses 135 to 142 of the Bill seek to amend certain provisions of the Reserve Bank of India Act, 1934. It is proposed to am....
Clause 139	:	Insertion of new section 45MBA. Clauses 135 to 142 of the Bill seek to amend certain provisions of the Reserve Bank of India Act, 1934. It is proposed to am....
Clause 140	:	Insertion of new section 45NAA. Clauses 135 to 142 of the Bill seek to amend certain provisions of the Reserve Bank of India Act, 1934. It is proposed to am....
Clause 141	:	Amendment of section 58B. Clauses 135 to 142 of the Bill seek to amend certain provisions of the Reserve Bank of India Act, 1934. It is proposed to am....
Clause 142	:	Amendment of section 58G. Clauses 135 to 142 of the Bill seek to amend certain provisions of the Reserve Bank of India Act, 1934. It is proposed to am....
Part: II
AMENDMENT TO THE INSURANCE ACT, 1938
Clause 143	:	Amendment of Act 4 of 1938. Clause 143 of the Bill seeks to amend section 6 of the Insurance Act, 1938 relating to requirement as to capital. It is prop....
Part: III
AMENDMENTS TO THE SECURITIES CONTRACTS (REGULATION) ACT, 1956
Clause 144	:	Commencement of this Part. Clauses 144 and 145 of the Bill seek to amend certain provision of the Securities Contracts (Regulation) Act, 1956. It is pr....
Clause 145	:	Amendment of Act 42 of 1956. Clauses 144 and 145 of the Bill seek to amend certain provision of the Securities Contracts (Regulation) Act, 1956. It is pr....
Part: IV
AMENDMENTS TO THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1970
Clause 146	:	Commencement of this Part. Clauses 146 and 147 of the Bill seek to amend certain provisions of the Banking Companies (Acquisition and Transfer of under....
Clause 147	:	Amendment of Act 5 of 1970. Clauses 146 and 147 of the Bill seek to amend certain provisions of the Banking Companies (Acquisition and Transfer of under....
Part: V
AMENDMENT TO THE GENERAL INSURANCE BUSINESS (NATIONALISATION) ACT, 1972
Clause 148	:	Amendment of Act 57 of 1972. Clause 148 of the Bill seeks to amend the Genaral Insurance Business (Nationalisation) Act, 1972. It is propsed to amend sub....
Part: VI
AMENDMENT TO THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1980
Clause 149	:	Commencement of this Part. Clauses 149 and 150 of the Bill seek to amend the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980. It....
Clause 150	:	Amendment of Act 40 of 1980. Clauses 149 and 150 of the Bill seek to amend the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980. It....
Part: VII
AMENDMENTS TO THE NATIONAL HOUSING BANK ACT, 1987
Clause 151	:	Commencement of this Part. Clauses 151 to 171 of the Bill seek to amend the National Housing Bank Act, 1987. It is proposed to transfer regulation of s....
Clause 152	:	Substitution of heading of Chapter V.
Clause 153	:	Amendment of section 29A. Clause 153 of the Bill seeks to amend section 29A of the said Act relating to requirement of registration and net owned fund....
Clause 154	:	Amendment of section 29B. Clause 154 of the Bill seeks to amend section 29B of the said Act relating to maintenance of percentage of assets. ....
Clause 155	:	Amendment of section 29C. Clause 155 of the Bill seeks to amend section 29C of the said Act relating to reserve fund. ....
Clause 156	:	Substitution of section 30. Clause 156 of the Bill seeks to substitute section 30 of the said Act relating to Reserve Bank to regulate or prohibit issue....
Clause 157	:	Substitution of section 30A. Clause 157 of the Bill seeks to substitute section 30A of the said Act relating to power of Reserve Bank to determine policy....
Clause 158	:	Substitution of section 31. Clause 158 of the Bill seeks to substitute section 31 of the said Act relating to power of National Housing Bank to collect ....
Clause 159	:	Substitution of section 32. Clause 159 of the Bill seeks to substitute section 32 of the said Act relating to duty of housing finance institution to fur....
Clause 160	:	Amendment of section 33. Clause 160 of the Bill seeks to amend section 33 of the said Act relating to powers and duties of auditors. ....
Clause 161	:	Substitution of section 33A. Clause 161 of the Bill seeks to substitute section 33A of the said Act relating to power of Reserve Bank to prohibit accepta....
Clause 162	:	Amendment of section 33B. Clause 162 of the Bill seeks to amend section 33B of the said Act relating to power of National Housing Bank to file winding....
Clause 163	:	Amendment of section 34. Clause 163 of the Bill seeks to amend section 34 of the said Act relating to inspection. ....
Clause 164	:	Amendment of section 35. Clause 164 of the Bill seeks to amend section 35 of the said Act relating to deposits not to be solicited by unauthorised pe....
Clause 165	:	Amendment of section 35A. Clause 165 of the Bill seeks to amend section 35A of the said Act relating to disclosure of information. ....
Clause 166	:	Substitution of section 35B. Clause 166 of the Bill seeks to substitute section 35B of the said Act relating to power of Reserve Bank to exempt housing f....
Clause 167	:	Amendment of section 44. Clause 167 of the Bill seeks to amend section 44 of the said Act relating to obligation as to fidelity and secrecy. ....
Clause 168	:	Amendment of section 46. Clause 168 of the Bill seeks to amend section 46 of the Act to substitute Reserve Bank for national housing Bank throughout ....
Clause 169	:	Amendment of section 49. Clause 169 of the Bill seeks to amend section 49 of the Act to substitute the National Housing Bank or the Reserve Bank for ....
Clause 170	:	Amendment of section 51. Clause 170 of the Bill seeks to amend section 51 of the said Act relating to cognisance of offences. ....
Clause 171	:	Substitution of section 52A. Clause 171 of the Bill seeks to substitute section 52A of the said Act relating to power of National Housing Bank and Reserv....
Part: VIII
AMENDMENTS TO THE PROHIBITION OF BENAMI PROPERTY TRANSACTIONS ACT, 1988
Clause 172	:	Amendment of section 23 Clauses 172 to 176 of the Bill seek to amend the Prohibition of Benami Property Transactions Act, 1988. Section 23 of the sa....
Clause 173	:	Amendment of section 24. Clauses 172 to 176 of the Bill seek to amend the Prohibition of Benami Property Transactions Act, 1988. Section 23 of the sa....
Clause 174	:	Amendment of section 26. Clauses 172 to 176 of the Bill seek to amend the Prohibition of Benami Property Transactions Act, 1988. Section 23 of the sa....
Clause 174A	:	Amendment of section 30
Clause 174B	:	Amendment of section 46.
Clause 174C	:	Amendment of section 47.
Clause 175	:	Insertion of new sections 54A and 54B. Clauses 172 to 176 of the Bill seek to amend the Prohibition of Benami Property Transactions Act, 1988. Section 23 of the sa....
Clause 176	:	Amendment of section 55. Clauses 172 to 176 of the Bill seek to amend the Prohibition of Benami Property Transactions Act, 1988. Section 23 of the sa....
Part: IX
AMENDMENTS TO THE SECURTIES AND EXCHANGE BOARD OF INDIA ACT, 1992
Clause 177	:	Commencement of this Part. Clauses 177 to 181 seek to amend the certain provisions fo the Securities Exchange Board of India Act, 1992. It is proposed ....
Clause 178	:	Amendment of section 14. Clauses 177 to 181 seek to amend the certain provisions fo the Securities Exchange Board of India Act, 1992. It is proposed ....
Clause 179	:	Amendment of section 15C. Clauses 177 to 181 seek to amend the certain provisions fo the Securities Exchange Board of India Act, 1992. It is proposed ....
Clause 180	:	Amendment of section 15F. Clauses 177 to 181 seek to amend the certain provisions fo the Securities Exchange Board of India Act, 1992. It is proposed ....
Clause 181	:	Insertion of new section 15HAA. Clauses 177 to 181 seek to amend the certain provisions fo the Securities Exchange Board of India Act, 1992. It is proposed ....
Part: X
AMENDMENTS TO THE CENTRAL ROAD AND INFRASTRUCTURE FUND ACT, 2000
Clause 182	:	Amendment of section 10. Clause 182 of the Bill seeks to amend section 10 of the Central Road and Infrastructure Fund Act, 2000 relating to functions....
Clause 183	:	Amendment of section 11. Clause 183 of the Bill seeks to substitute sub-section ( 1 ) of section 11 of the Central Road and Infrastructure Fund Act, ....
Clause 184	:	Amendment of section 12. Clause 184 of the Bill seeks to omit clause ( c ) below sub-section ( 2 ) of section 12 of the Central Road and Infrastructu....
Part: XI
AMENDMENT TO THE FINANCE ACT, 2002
Clause 185	:	Amendment of Act 20 of 2002. Clause 185 of the Bill seeks to amend the Eighth Schedule to the Finance Act, 2002, sub-clause ( a ) thereof seeks to increa....
Part: XII
AMENDMENT TO THE UNIT TRUST OF INDIA (TRANSFER OF UNDERTAKING AND REPEAL) ACT, 2002
Clause 186	:	Amendment of Act 58 of 2002. Clause 186 of the Bill seeks to amend section 13 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 r....
Part: XIII
AMENDMENTS TO THE PREVENTION OF MONEY-LAUNDERING ACT, 2002
Clause 186A	:	Commencement of this Part.
Clause 187	:	Amendment of section 2. Clauses 187 to 192 of the Bill seek to amend certain provisions of the Prevention of Money-Laundering Act, 2002. It is propo....
Clause 187A	:	Amendment of section 3
Clause 188	:	Amendment of section 12A. Clauses 187 to 192 of the Bill seek to amend certain provisions of the Prevention of Money-Laundering Act, 2002. It is propo....
Clause 189	:	Insertion of new section 12AA. Clauses 187 to 192 of the Bill seek to amend certain provisions of the Prevention of Money-Laundering Act, 2002. It is propo....
Clause 190	:	Amendment of section 15. Clauses 187 to 192 of the Bill seek to amend certain provisions of the Prevention of Money-Laundering Act, 2002. It is propo....
Clause 190A	:	Amendment of section 17
Clause 190B	:	Amendment of section 18
Clause 190C	:	Amendment of section 44
Clause 190D	:	Amendment of section 45
Clause 191	:	Insertion of new section 72A. Clauses 187 to 192 of the Bill seek to amend certain provisions of the Prevention of Money-Laundering Act, 2002. It is propo....
Clause 192	:	Amendment of section 73. Clauses 187 to 192 of the Bill seek to amend certain provisions of the Prevention of Money-Laundering Act, 2002. It is propo....
Part: XIV
AMENDMENT TO THE FINANCE (NO.2) ACT, 2004
Clause 193	:	Amendment of Act 23 of 2004. Clause 193 of the Bill seeks to amend section 99 of the Finance ( No. 2 ) Act, 2004 relating to the value of taxable securit....
Part: XV
AMENDMENT TO THE PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007
Clause 194	:	Amendment of Act 51 of 2007. Clause 194 of the Bill seeks to amend the Payment and Settlement Systems Act, 2007 by insertion of a new section 10A relatin....
Part: XVI
AMENDMENTS TO THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015
Clause 195	:	Amendment of section 2. Clauses 195 to 198 of the Bill seeks to amend certain provisions of the Black Money (Undisclosed Foreign Income and Assets) ....
Clause 196	:	Amendment of section 10. Clause 196 of the Bill seeks to amend section 10 of the said Act which, inter alia , provides for assessment or re-assessmen....
Clause 197	:	Amendment of section 17. Clause 197 of the Bill seeks to amend section 17 of the said Act relating to powers of Commissioner (Appeals). The existing ....
Clause 198	:	Amendment of section 84. Clause 198 of the Bill seeks to amend section 84 of the said Act relating to application of provisions of Income-tax Act. Th....
Part: XVII
AMENDMENTS TO THE FINANCE ACT, 2016
Clause 199	:	Amendment of section 187. Clauses 199 and 200 of the Bill seek to amend certain provisions of the Finance Act, 2016 relating to the Income Declaration....
Clause 200	:	Amendment of section 191. Clauses 199 and 200 of the Bill seek to amend certain provisions of the Finance Act, 2016 relating to the Income Declaration....
Part: XVIII
AMENDMENT TO THE FINANCE ACT, 2018
Clause 201	:	Amendment of Act 13 of 2018. Clause 201 of the Bill seeks to amend the Sixth Schedule to the Finance Act, 2018, so as to increase the rate of road and in....
Clause 202	:	Repeal. Clause 202 of the Bill seeks to repeal section 2 of the Finance Act, 2019. ....
SCHEDULES
SCHEDULE 01	:	THE FIRST SCHEDULE (See section 2)
SCHEDULE 02	:	THE SECOND SCHEDULE [See section 82(1)]
SCHEDULE 03	:	THE THIRD SCHEDULE [See section 83 (1)]
SCHEDULE 04	:	THE FOURTH SCHEDULE [See section 87 (a)]
SCHEDULE 05	:	THE FIFTH SCHEDULE [See section 87 (b)]
Notes on clauses
Notes	:	Notes on clauses
MEMORANDUM REGARDING DELEGATED LEGISLATION
MEMO	:	MEMORANDUM REGARDING DELEGATED LEGISLATION
Memorandum Explaining the Provisions in The Finance Bill
MEMORANDUM	:	PROVISIONS RELATING TO DIRECT TAXES & RELATED LAWS