Finance Bill, 2025

Chapter: I
PRELIMINARY
Clause 1	:	Short title and commencement.
Chapter: II
RATES OF INCOME-TAX
Clause 2	:	Income-tax Clause 2 read with the First Schedule to the Bill, seeks to specify the rates at which income-tax is to be levied on income c....
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 (14) of the said section ....
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. Cl....
Clause 5	:	Amendment of section 9A. Clause 5 of the Bill seeks to amend section 9A of the Income-tax 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 12AB. Clause 7 of the Bill seeks to amend section 12AB of the Income-tax Act relating to procedure for fresh registration. Sub-sect....
Clause 8	:	Amendment of section 13. Clause 8 of the Bill seeks to amend section 13 of the Income-tax Act relating to section 11 not to apply in certain cases. Su....
Clause 9	:	Amendment of section 17. Clause 9 of the Bill seeks to amend section 17 of the Income-tax Act relating to salary , perquisite and profits in lieu of s....
Clause 10	:	Amendment of section 23. Clause 10 of the Bill seeks to amend section 23 of the Income-tax Act, relating to annual value how determined. Sub-section (....
Clause 11	:	Insertion of new section 44BBD. Clause 11 of the Bill seeks to insert a new section 44BBD in the Income-tax Act relating to special provision for computing p....
Clause 12	:	Amendment of section 45. Clause 12 of the Bill seeks to amend section 45 of the Income-tax Act relating to capital gains. Sub-section (1B) of the said....
Clause 13	:	Amendment of section 47. Clause 13 of the Bill seeks to amend section 47 of the Income-tax Act relating to Transactions not regarded as transfer. Clau....
Clause 14	:	Amendment of section 72A. Clause 14 of the Bill seeks to amend section 72A of the Income-tax Act relating to carry forward and set off of accumulated l....
Clause 15	:	Amendment of section 72AA. Clause 15 of the Bill seeks to amend section 72AA of the Income-tax Act relating to carry forward and set off of accumulated ....
Clause 16	:	Amendment of section 80CCA. Clause 16 of the Bill seeks to amend section 80CCA of the Income-tax Act, relating to deduction, inter alia, in respect of de....
Clause 17	:	Amendment of section 80CCD. Clause 17 of the Bill seeks to amend section 80CCD of the Income-tax Act relating to deduction of contribution to pension sch....
Clause 18	:	Amendment of section 80-IAC. Clause 18 of the Bill seeks to amend section 80-IAC of the Income-tax Act relating to special provision in respect of specifi....
Clause 19	:	Amendment of section 80LA. Clause 19 of the Bill seeks to amend section 80LA of the Income-tax Act relating to deductions in respect of certain incomes ....
Clause 20	:	Amendment of section 87A. Clause 20 of the Bill seeks to amend section 87A of the Income-tax Act relating to rebate of income-tax in case of certain in....
Clause 21	:	Amendment of section 92CA. Clause 21 of the Bill seeks to amend section 92CA of the Income-tax Act relating to reference to Transfer Pricing Officer. Su....
Clause 22	:	Amendment of section 112A. Clause 22 of the Bill seeks to amend section 112A of the Income-tax Act relating to tax on long-term capital gains in certain....
Clause 23	:	Amendment of section 115AD. Clause 23 of the Bill seeks to amend section 115AD of the Income-tax Act relating to tax on income of Foreign Institutional I....
Clause 24	:	Amendment of section 115BAC. Clause 24 of the Bill seeks to amend section 115BAC of the Income-tax Act relating to tax on income of individuals, Hindu und....
Clause 25	:	Amendment of section 115UA. Clause 25 of the Bill seeks to amend section 115UA of the Income-tax Act relating to tax on income of unit holder and busines....
Clause 26	:	Amendment of section 115V. Clause 26 of the Bill seeks to amend section 115V of the Income-tax Act relating to definitions. It is proposed to insert a d....
Clause 27	:	Amendment of section 115VB. Clause 27 of the Bill seeks to amend section 115VB of the Income-tax Act relating to operating ships. The said section provid....
Clause 28	:	Amendment of section 115VD. Clause 28 of the Bill seeks to amend section 115VD of the Income-tax Act relating to qualifying ship. The said section provid....
Clause 29	:	Amendment of section 115VG. Clause 29 of the Bill seeks to amend section 115VG of the Income-tax Act relating to computing of tonnage income. Sub-section....
Clause 30	:	Amendment of section 115V-I. Clause 30 of the Bill seeks to amend section 115V-I of the Income-tax Act relating to relevant shipping income. Sub-section (....
Clause 31	:	Amendment of section 115VK. Clause 31 of the Bill seeks to amend section 115VK of the Income-tax Act relating to depreciation. Sub-section (2) of the sai....
Clause 32	:	Amendment of section 115VP. Clause 32 of the Bill seeks to amend section 115VP of the Income-tax Act relating to method and time of opting for tonnage ta....
Clause 33	:	Amendment of section 115VT. Clause 33 of the Bill seeks to amend section 115VT of the Income-tax Act relating to transfer of profits to tonnage tax reser....
Clause 34	:	Amendment of section 115VV. Clause 34 of the Bill seeks to amend section 115VV of the Income-tax Act relating to limit for charter in of tonnage. It is p....
Clause 35	:	Amendment of section 115VX. Clause 35 of the Bill seeks to amend section 115VX of the Income-tax Act relating to determination of tonnage. Clause (a) of ....
Clause 36	:	Amendment of section 115VZA. Clause 36 of the Bill seeks to amend section 115VZA of the Income-tax Act relating to effect of temporarily ceasing to operat....
Clause 37	:	Amendment of section 132. Clause 37 of the Bill seeks to amend section 132 of the Income-tax Act relating to search and seizure. Sub-section (8) of the....
Clause 38	:	Amendment of section 132B. Clause 38 of the Bill seeks to amend section 132B of the Income-tax Act which deals application of seized or requisitioned as....
Clause 39	:	Amendment of section 139. Clause 39 of the Bill seeks to amend section 139 of the Income-tax Act, relating to return of income. The said section provid....
Clause 40	:	Amendment of section 140B. Clause 40 of the Bill seeks to amend section 140B of the Income-tax Act relating to tax on updated return. Sub-section (3) of....
Clause 41	:	Amendment of section 144BA. Clause 41 of the Bill seeks to amend the section 144BA of the Income-tax Act relating to reference to Principal Commissioner ....
Clause 42	:	Amendment of section 144C. Clause 42 of the Bill seeks to amend section 144C of the Income-tax Act relating to reference to dispute resolution panel. Th....
Clause 43	:	Amendment of section 153. Clause 43 of the Bill seeks to amend the section 153 of the Income-tax Act relating to time limit for completion of assessmen....
Clause 44	:	Amendment of section 153B. Clause 44 of the Bill seeks to amend the section 153B of the Income-tax Act relating to time limit for completion of assessme....
Clause 45	:	Amendment of section 155. Clause 45 of the Bill seeks to amend section 155 of the Income-tax Act relating to other amendments. It is proposed to insert....
Clause 46	:	Amendment of section 158B. Clause 46 of the Bill seeks to amend section 158B of the Income-tax Act relating to definitions. Clause (b) of the said secti....
Clause 47	:	Amendment of section 158BA. Clause 47 of the Bill seeks to amend section 158BA of the Income-tax Act relating to assessment of total income as a result o....
Clause 48	:	Amendment of section 158BB. Clause 48 of the Bill seeks to amend section 158BB of the Income-tax Act relating to computation of total income of block per....
Clause 49	:	Amendment of section 158BE. Clause 49 of the Bill seeks to amend section 158BE of the Income-tax Act relating to time-limit for completion of block asses....
Clause 50	:	Amendment of section 158BFA. Clause 50 of the Bill seeks to amend section 158BFA of the Income-tax Act relating to levy of interest and penalty in certain....
Clause 51	:	Amendment of section 193. Clause 51 of the Bill seeks to amend section 193 of the Income-tax Act relating to interest on securities. The said section, ....
Clause 52	:	Amendment of section 194. Clause 52 of the Bill seeks to amend section 194 of the Income-tax Act relating to dividends. The said section provides for d....
Clause 53	:	Amendment of section 194A. Clause 53 of the Bill seeks to amend section 194A of the Income-tax Act relating to interest other than Interest on securitie....
Clause 54	:	Amendment of section 194B. Clause 54 of the Bill seeks to amend section 194B of the Income-tax Act relating to winnings from lottery or crossword puzzle....
Clause 55	:	Amendment of section 194BB. Clause 55 of the Bill seeks to amend section 194BB of the Income-tax Act relating to winnings from horse race. The said secti....
Clause 56	:	Amendment of section 194D. Clause 56 of the Bill seeks to amend section 194D of the Income-tax Act relating to Insurance commission. The said section, i....
Clause 57	:	Amendment of section 194G. Clause 57 of the Bill seeks to amend section 194G of the Income-tax Act relating to commission, etc., on sale of lottery tick....
Clause 58	:	Amendment of section 194H. Clause 58 of the Bill seeks to amend section 194H of the Income-tax Act relating to commission or brokerage. The said section....
Clause 59	:	Amendment of section 194-I Clause 59 of the Bill seeks to amend section 194-I of the Income-tax Act relating to rent. The said section 194-I, inter alia....
Clause 60	:	Amendment of section 194J. Clause 60 of the Bill seeks to amend section 194J of the Income-tax Act relating to fees for professional or technical servic....
Clause 61	:	Amendment of section 194K. Clause 61 of the Bill seeks to amend section 194K of the Income-tax Act relating to income in respect of units. The said sect....
Clause 62	:	Amendment of section 194LA. Clause 62 of the Bill seeks to amend section 194LA of the Income-tax Act relating to payment of compensation on acquisition o....
Clause 63	:	Amendment of section 194LBC. Clause 63 of the Bill seeks to amend section 194LBC of the Income-tax Act relating to income in respect of investment in secu....
Clause 64	:	Amendment of section 194Q. Clause 64 of the Bill seeks to amend section 194Q of the Income-tax Act relating to tax deduction at source on payment of cer....
Clause 65	:	Amendment of section 194S. Clause 65 of the Bill seeks to amend section 194S of the Act relating to payment on transfer of virtual digital asset. Sub-se....
Clause 66	:	Omission of section 206AB. Clause 66 of the Bill seeks to omit section 206AB of the Income-tax Act relating to special provision for deduction of tax at....
Clause 67	:	Amendment of section 206C. Clause 67 of the Bill seeks to amend section 206C of the Income-tax Act relating to profits and gains from the business of tr....
Clause 68	:	Omission of section 206CCA. Clause 68 of the Bill seeks to omit section 206CCA of the Income-tax Act relating to special provision for collection of tax ....
Clause 69	:	Amendment of section 246A. Clause 69 of the Bill seeks to amend section 246A of the Income-tax Act relating to appealable orders before Commissioner (Ap....
Clause 70	:	Amendment of section 253. Clause 70 of the Bill seeks to amend section 253 of the Income-tax Act relating to appeals to the Appellate Tribunal. The sai....
Clause 71	:	Amendment of section 255. Clause 71 of the Bill seeks to amend section 255 of the Income-tax Act relating to the procedure of Appellate Tribunal. The s....
Clause 72	:	Amendment of section 263. Clause 72 of the Bill seeks to amend the section 263 of the Income-tax Act relating to revision of orders prejudicial to reve....
Clause 73	:	Amendment of section 264. Clause 73 of the Bill seeks to amend the section 264 of the Income-tax Act relating to revision of other orders. The said sec....
Clause 74	:	Amendment of section 270AA. Clause 74 of the Bill seeks to amend section 270AA of the Income-tax Act, 1961 relating to immunity from imposition of penalt....
Clause 75	:	Amendment of section 271AAB. Clause 75 of the Bill seeks to amend section 271AAB of the Income-tax Act relating to penalty where search has been initiated....
Clause 76	:	Omission of section 271BB. Clause 76 of the Bill seeks to omit the section 271BB of the Income-tax Act relating to failure to subscribe to the eligible ....
Section 77	:	Amendment of section 271C. Clause 77 of the Bill seeks to amend the section 271C of the Income-tax Act relating to penalty for failure to deduct tax at ....
Clause 78	:	Amendment of section 271CA. Clause 78 of the Bill seeks to amend the section 271CA of the Income-tax Act relating to penalty for failure to collect tax a....
Clause 79	:	Amendment of section 271D. Clause 79 of the Bill seeks to amend the section 271D of the Income-tax Act relating to penalty for failure to comply with th....
Clause 80	:	Amendment of section 271DA. Clause 80 of the Bill seeks to amend the section 271DA of the Income-tax Act relating to penalty for failure to comply with t....
Clause 81	:	Amendment of section 271DB. Clause 81 of the Bill seeks to amend the section 271DB of the Income-tax Act relating to penalty for failure to comply with t....
Clause 82	:	Amendment of section 271E. Clause 82 of the Bill seeks to amend the section 271E of the Income-tax Act relating to penalty for failure to comply with th....
Clause 83	:	Substitution of new section for section 275. Clause 83 of the Bill seeks to substitute section 275 of the Income-tax Act, relating to bar of limitation for imposing penal....
Clause 84	:	Amendment of section 276BB. Clause 84 of the Bill seeks to amend section 276BB of the Income-tax Act relating to failure to pay the tax collected at sour....
Clause 85	:	Insertion of new section 285BAA. Clause 85 of the Bill seeks to insert new section 285BAA in the Income-tax Act relating to obligation to furnish information ....
Clause 86	:	Amendment of rule 68B of the Second Schedule. Clause 86 of the Bill seeks to amend rule 68B of the Second Schedule to the Income- tax Act relating to time-limit for sale o....
Chapter: IV
INDIRECT TAXES
Customs
Clause 87	:	Amendment of section 18. Indirect Taxes Customs Clause 87 of the Bill seeks to amend sub-sections (1) and (1A), and to insert new sub-sections (1B) an....
Clause 88	:	Insertion of new section 18A. Clause 88 of the Bill seeks to insert a new section 18A in the Customs Act to provide for voluntary revision of entry, post c....
Clause 89	:	Amendment of section 27. Clause 89 of the Bill seeks to amend section 27 of the Customs Act so as to insert a new Explanation in sub-section (1) there....
Clause 90	:	Amendment of section 28. Clause 90 of the Bill seeks to amend section 28 of the Customs Act by inserting a new clause (ba) in the Explanation 1 of the....
Clause 91	:	Amendment of section 127A. Clause 91 of the Bill seeks to amend section 127A of the Customs Act so as to define the expressions Interim Board and pendin....
Clause 92	:	Amendment of section 127B. Clause 92 of the Bill seeks to amend section 127B of the Customs Act by inserting two provisos therein, to provide that no ap....
Clause 93	:	Amendment of section 127C. Clause 93 of the Bill seeks to amend section 127C of the Customs Act by inserting new sub-sections (11) and (12) therein, so ....
Clause 94	:	Amendment of section 127D. Clause 94 of the Bill seeks to amend section 127D of the Customs Act by inserting a new sub-section (3) therein, so as to pro....
Clause 95	:	Amendment of section 127F. Clause 95 of the Bill seeks to amend section 127F of the Customs Act by inserting a new sub-section (5) therein, to provide t....
Clause 96	:	Amendment of section 127G. Clause 96 of the Bill seeks to amend section 127G of the Customs Act so as to provide that the power of the Settlement Commis....
Clause 97	:	Amendment of section 127H. Clause 97 of the Bill seeks to amend section 127H of the Customs Act by inserting a new sub-section (3) therein, to provide t....
Customs Tariff
Clause 98	:	Amendment of First Schedule. Customs tariff Clause 98 seeks to amend the First Schedule to the Customs Tariff Act (a) in the manner specified in the Secon....
Central Excise
Clause 99	:	Amendment of section 31. Central Excise Clause 99 of the Bill seeks to amend section 31 of the Central Excise Act so as to define the expressions such....
Clause 100	:	Insertion of new section 31A. Clause 100 of the Bill seeks to insert a new section 31A in the Central Excise Act so as to provide for the constitution of o....
Clause 101	:	Amendment of section 32. Clause 101 of the Bill seeks to amend section 32 of the Central Excise Act so as to provide that the Customs, Central Excise ....
Clause 102	:	Amendment of section 32A. Clauses 102 to 105 of the Bill seeks to amend sections 32A, 32B, 32C and 32D of the Central Excise Act so as to provide that ....
Clause 103	:	Amendment of section 32B. Clauses 102 to 105 of the Bill seeks to amend sections 32A, 32B, 32C and 32D of the Central Excise Act so as to provide that ....
Clause 104	:	Amendment of section 32C. Clauses 102 to 105 of the Bill seeks to amend sections 32A, 32B, 32C and 32D of the Central Excise Act so as to provide that ....
Clause 105	:	Amendment of section 32D. Clauses 102 to 105 of the Bill seeks to amend sections 32A, 32B, 32C and 32D of the Central Excise Act so as to provide that ....
Clause 106	:	Amendment of section 32E. Clause 106 of the Bill seeks to amend section 32E so as to provide that no new application shall be made under this section o....
Clause 107	:	Amendment of section 32F. Clause 107 of the Bill seeks to insert sub-sections (11) and (12) in section 32F of the Central Excise Act so as to provide t....
Clause 108	:	Amendment of section 32G. Clauses 108 to 115 of the Bill seek to amend sections 32G, 32-I, 32J, 32K, 32L, 32M, 32-O and 32P of the Central Excise Act s....
Clause 109	:	Amendment of section 32-I. Clauses 108 to 115 of the Bill seek to amend sections 32G, 32-I, 32J, 32K, 32L, 32M, 32-O and 32P of the Central Excise Act s....
Clause 110	:	Amendment of section 32J. Clauses 108 to 115 of the Bill seek to amend sections 32G, 32-I, 32J, 32K, 32L, 32M, 32-O and 32P of the Central Excise Act s....
Clause 111	:	Amendment of section 32K. Clauses 108 to 115 of the Bill seek to amend sections 32G, 32-I, 32J, 32K, 32L, 32M, 32-O and 32P of the Central Excise Act s....
Clause 112	:	Amendment of section 32L. Clauses 108 to 115 of the Bill seek to amend sections 32G, 32-I, 32J, 32K, 32L, 32M, 32-O and 32P of the Central Excise Act s....
Clause 113	:	Amendment of section 32M. Clauses 108 to 115 of the Bill seek to amend sections 32G, 32-I, 32J, 32K, 32L, 32M, 32-O and 32P of the Central Excise Act s....
Clause 114	:	Amendment of section 32-O. Clauses 108 to 115 of the Bill seek to amend sections 32G, 32-I, 32J, 32K, 32L, 32M, 32-O and 32P of the Central Excise Act s....
Clause 115	:	Amendment of section 32P. Clauses 108 to 115 of the Bill seek to amend sections 32G, 32-I, 32J, 32K, 32L, 32M, 32-O and 32P of the Central Excise Act s....
Central Goods and Services Tax
Clause 116	:	Amendment of section 2. Central Goods and Services Tax Clause 116 of the Bill seeks to amend section 2 of the Central Goods and Services Tax Act rela....
Clause 117	:	Amendment of section 12. Clause 117 of the Bill seeks to omit sub-section (4) of section 12 of the Central Goods and Services Tax Act so as to remove ....
Clause 118	:	Amendment of section 13. Clause 117 of the Bill seeks to omit sub-section (4) of section 12 of the Central Goods and Services Tax Act so as to remove ....
Clause 119	:	Amendment of section 17. Clause 119 of the Bill seeks to amend clause (d) of sub-section (5) of section 17 of the Central Goods and Services Tax Act s....
Clause 120	:	Amendment of section 20. Clause 120 of the Bill seeks to amend sub-section (1) of section 20 of the Central Goods and Services Tax Act so as to explic....
Clause 121	:	Amendment of section 34. Clause 121 of the Bill seeks to amend the proviso to sub-section (2) of section 34 of the Central Goods and Services Tax Act ....
Clause 122	:	Amendment of section 38. Clause 122 of the Bill seeks to amend sub-section (1) of section 38 of the Central Goods and Services Tax Act to omit the exp....
Clause 123	:	Amendment of section 39. Clause 123 of the Bill seeks to amend sub-section (1) of section 39 of the Central Goods and Services Tax Act so as to provid....
Clause 124	:	Amendment of section 107. Clause 124 of the Bill seeks to substitute the proviso to sub-section (6) of section 107 of the Central Goods and Services Ta....
Clause 125	:	Amendment of section 112. Clause 125 of the Bill seeks to insert a proviso to sub-section (8) of section 112 of Central Goods and Services Tax Act to p....
Clause 126	:	Insertion of new section 122B. Clause 126 of the Bill seeks to insert a new section 122B in the Central Goods and Services Tax Act to provide for penal prov....
Clause 127	:	Insertion of new section 148A. Clause 127 of the Bill seeks to insert a new section 148A in the Central Goods and Services Tax Act so as to provide for an e....
Clause 128	:	Amendment of Schedule III. Clause 128 of the Bill seeks to insert a new clause (aa) in paragraph 8 of Schedule III of the Central Goods and Services Tax....
Clause 129	:	No refund of tax collected. Clause 129 of the Bill seeks to clarify that no refund of the tax, already paid in respect of the aforesaid activities or tra....
Service Tax
Clause 130	:	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. Service tax Clause 130 of the Bill seeks to provide retrospective exemption from service tax to reinsurance services provided....
Chapter: V
MISCELLANEOUS
Part: I
AMENDMENT TO THE UNIT TRUST OF INDIA (TRANSFER OF UNDERTAKING AND REPEAL) ACT, 2002
Clause 131	:	Amendment of Act 58 of 2002. Miscellaneous Clause 131 of the Bill seeks to amend section 13 of the Unit Trust of India (Transfer of Undertaking and Repeal....
Part: II
AMENDMENTS TO THE GOVERNMENT SECURITIES ACT, 2006
Clause 132	:	Application of this Part. Clauses 132 to 140 of the Bill seeks to amend the preamble and certain provisions of the Government Securities Act, 2006. It ....
Clause 133	:	Amendment of preamble. Clauses 132 to 140 of the Bill seeks to amend the preamble and certain provisions of the Government Securities Act, 2006. It ....
Clause 134	:	Amendment of section 1. Clauses 132 to 140 of the Bill seeks to amend the preamble and certain provisions of the Government Securities Act, 2006. It ....
Clause 135	:	Amendment of section 2. Clauses 132 to 140 of the Bill seeks to amend the preamble and certain provisions of the Government Securities Act, 2006. It ....
Clause 136	:	Amendment of section 3. Clauses 132 to 140 of the Bill seeks to amend the preamble and certain provisions of the Government Securities Act, 2006. It ....
Clause 137	:	Amendment of section 5. Clauses 132 to 140 of the Bill seeks to amend the preamble and certain provisions of the Government Securities Act, 2006. It ....
Clause 138	:	Amendment of section 31. Clauses 132 to 140 of the Bill seeks to amend the preamble and certain provisions of the Government Securities Act, 2006. It ....
Clause 139	:	Amendment of section 32. Clauses 132 to 140 of the Bill seeks to amend the preamble and certain provisions of the Government Securities Act, 2006. It ....
Clause 140	:	Repeal of Act 18 of 1944 and savings. Clauses 132 to 140 of the Bill seeks to amend the preamble and certain provisions of the Government Securities Act, 2006. It ....
Schedules
SCH-01	:	THE FIRST SCHEDULE
SCH-02	:	THE SECOND SCHEDULE
SCH-03	:	THE THIRD SCHEDULE
Statement + PRESIDENT'S RECOMMENDATION
RECOMMENDATION	:	PRESIDENT’S RECOMMENDATION UNDER ARTICLES 117 AND 274 OF THE CONSTITUTION OF INDIA
STATEMENT	:	STATEMENT OF OBJECTS AND REASONS
Notes on clauses
NOTES	:	Notes on Clauses
MEMORANDUM REGARDING DELEGATED LEGISLATION
MEMO	:	MEMORANDUM REGARDING DELEGATED LEGISLATION