Finance Bill, 2010

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 chargeab....
Chapter: III - Part 1
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. The existing provision contained....
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. Th....
Clause 5	:	Amendment of section 10 Clause 5 of the Bill seeks to amend section 10 of the Income tax Act relating to incomes not included in total income. Under ....
Clause 6	:	Amendment of section 10AA Clause 6 of the Bill seeks to amend section 10AA of the Incometax Act relating to special provision in respect of newly estab....
Clause 7	:	Amendment of section 12AA Clause 7 of the Bill seeks to amend section 12AA of the Income tax Act relating to procedure for registration of a trust or i....
Clause 8	:	Amendment of section 32 Clause 8 of the Bill seeks to amend section 32 of the Income tax Act relating to depreciation. The existing provisions contai....
Clause 9	:	Amendment of section 35 Clause 9 of the Bill seeks to amend section 35 of the Income tax Act relating to expenditure on research. Sub-clause (i) of c....
Clause 10	:	Amendment of section 35AD Clause 10 of the Bill seeks to amend section 35AD of the Income tax Act relating to deductions in respect of expenditure on s....
Clause 11	:	Amendment of section 35DDA Clause 11 of the Bill seeks to amend section 35DDA of the Income-tax Act relating to amortisation of expenditure incurred und....
Clause 12	:	Amendment of section 40 Clause 12 of the Bill seeks to amend section 40 of the Income tax Act relating to amounts not deductible. Under the existing ....
Clause 13	:	Amendment of section 43 Clause 13 of the Bill seeks to amend section 43 of the Income tax Act relating to definitions of certain terms relevant to in....
Clause 14	:	Amendment of section 44AB Clause 14 of the Bill seeks to amend section 44AB of the Income tax Act relating to audit of accounts of certain persons carr....
Clause 15	:	Amendment of section 44AD Clause 15 of the Bill seeks to amend section 44AD of the Income tax Act relating to special provision for computing profits a....
Clause 16	:	Amendment of section 44BB Clause 16 of the Bill seeks to amend section 44BB of the Income tax Act relating to special provision for computing profits a....
Clause 17	:	Amendment of section 44DA Clause 17 of the Bill seeks to amend section 44DA of the Income tax Act relating to special provision for computing income by....
Clause 18	:	Amendment of section 47 Clause 18 of the Bill seeks to amend section 47 of the Income tax Act relating to transactions not regarded as transfer. The ....
Clause 19	:	Amendment of section 47A Clause 19 of the Bill seeks to amend section 47A of the Income tax Act relating to withdrawal of exemption in certain cases. ....
Clause 20	:	Amendment of section 49 Clause 20 of the Bill seeks to amend section 49 of the Income tax Act relating to cost with reference to certain modes of acq....
Clause 21	:	Amendment of section 56 Clause 21 of the Bill seeks to amend section 56 of the Income tax Act relating to income from other sources. Under the existi....
Clause 22	:	Amendment of section 72A Clause 22 of the Bill seeks to amend section 72A of the Income tax Act, relating to carry forward and set off of accumulated ....
Clause 23	:	Amendment of section 80A Clause 23 of the Bill seeks to amend section 80A of the Income tax Act, relating to deductions to be made in computing total ....
Clause 24	:	Insertion of new section 80CCF Clause 24 of the Bill seeks to insert a new section 80CCF in the Income-tax Act relating to deduction in respect of subscript....
Clause 25	:	Amendment of section 80D Clause 25 of the Bill seeks to amend section 80D of the Income tax Act, relating to deduction in respect of health insurance ....
Clause 26	:	Amendment of section 80GGA Clause 26 of the Bill seeks to amend section 80GGA of the Income-tax Act relating to deduction in respect of certain donation....
Clause 27	:	Amendment of section 80-IB Clause 27 of the Bill seeks to amend section 80-IB of the Income tax Act relating to deduction in respect of profits and gain....
Clause 28	:	Amendment of section 80-ID Clause 28 of the Bill seeks to amend section 80-ID of the Income tax Act relating to deduction in respect of profits and gain....
Clause 29	:	Amendment of section 115JAA Clause 29 of the Bill seeks to amend section 115JAA of the Income-tax Act relating to tax credit in respect of tax paid on de....
Clause 30	:	Amendment of section 115JB Clause 30 of the Bill seeks to amend section 115JB of the Income-tax Act relating to special provision for payment of tax by ....
Clause 31	:	Amendment of section 115WE Clause 31 of the Bill seeks to amend section 115WE of the Income-tax Act relating to assessment. Under the existing provision....
Clause 32	:	Amendment of section 139 Clause 32 of the Bill seeks to amend section 139 of the Income tax Act relating to return of income. Under the existing provi....
Clause 33	:	Amendment of section 142A Clause 33 of the Bill seeks to amend section 142A of the Income tax Act relating to estimate by Valuation Officer in certain ....
Clause 34	:	Amendment of section 143 Clause 34 of the Bill seeks to amend section 143 of the Income tax Act relating to assessment. Under the existing provisions ....
Clause 35	:	Amendment of section 194B Clause 35 of the Bill seeks to amend section 194B of the Income tax Act relating to winnings from lottery or crossword puzzle....
Clause 36	:	Amendment of section 194BB Clause 36 of the Bill seeks to amend section 194BB of the Income-tax Act relating to winnings from horse race. Under the exis....
Clause 37	:	Amendment of section 194C Clause 37 of the Bill seeks to amend section 194C of the Income-tax Act relating to payments to contractors. Under the existi....
Clause 38	:	Amendment of section 194D Clause 38 of the Bill seeks to amend section 194D of the Income tax Act relating to insurance commission. Under the existing ....
Clause 39	:	Amendment of section 194H Clause 39 of the Bill seeks to amend section 194H of the Income-tax Act relating to commission or brokerage. Under the existi....
Clause 40	:	Amendment of section 194-I Clause 40 of the Bill seeks to amend section 194-I of the Income tax Act relating to rent. Under the existing provisions cont....
Clause 41	:	Amendment of section 194J Clause 41 of the Bill seeks to amend section 194J of the Income tax Act relating to fees for professional or technical servic....
Clause 42	:	Amendment of section 201 Clause 42 of the Bill seeks to amend section 201 of the Income tax Act relating to consequences of failure to deduct or pay t....
Clause 43	:	Amendment of section 203 Clause 43 of the Bill seeks to amend section 203 of the Income tax Act relating to certificate for tax deducted. Under the ex....
Clause 44	:	Amendment of section 206C Clause 44 of the Bill seeks to amend section 206C of the Income tax Act relating to profits and gains from the business of tr....
Clause 45	:	Amendment of section 245A Clause 45 of the Bill seeks to amend section 245A of the Income tax Act relating to definitions. Under the existing provision....
Clause 46	:	Amendment of section 245C Clause 46 of the Bill seeks to amend section 245C of the Income tax Act relating to application for settlement of cases. Unde....
Clause 47	:	Amendment of section 245D Clause 47 of the Bill seeks to amend section 245D of the Income tax Act relating to the procedure on receipt of an applicatio....
Clause 48	:	Amendment of section 256 Clause 48 of the Bill seeks to amend section 256 of the Income tax Act relating to statement of case to the High Court. The e....
Clause 49	:	Amendment of section 260A Clause 49 of the Bill seeks to amend section 260A of the Income tax Act relating to appeal to High Court. The existing provis....
Clause 50	:	Amendment of section 271B Clause 50 of the Bill seeks to amend section 271B of the Income tax Act relating to failure to get accounts audited. The exis....
Clause 51	:	Amendment of section 282B Clause 51 of the Bill seeks to amend section 282B of the Income-tax Act relating to allotment of Document Identification Numb....
Clause 52	:	Amendment of First Schedule Clause 52 of the Bill seeks to amend rule 5 of the First Schedule to the Income-tax Act relating to computation of profits an....
Chapter: III - Part 2
Wealth Tax
Clause 53	:	Amendment of section 22A Clause 53 of the Bill seeks to amend section 22A of the Wealth tax Act relating to definitions. Under the existing provisions....
Clause 54	:	Amendment of section 22D Clause 54 of the Bill seeks to amend section 22D of the Wealth tax Act relating to procedure on receipt of an application und....
Clause 55	:	Amendment of section 27 Clause 55 of the Bill seeks to amend section 27 of the Wealth tax Act relating to reference to High Court. The existing provi....
Clause 56	:	Amendment of section 27A Clause 56 of the Bill seeks to amend section 27A of the Wealth tax Act relating to appeal to High Court. The existing provisi....
Chapter: IV - Part 1
Customs
Clause 57	:	Amendment of section 127B Clause 57 of the Bill seeks to amend section 127B of the Customs Act with a view to substitute the words but excluding the go....
Clause 58	:	Amendment of section 127C Clause 58 of the Bill seeks to amend sub-section (6) of section 127C of the Customs Act to insert a proviso therein with a vi....
Clause 59	:	Amendment of section127L Clause 59 of the Bill seeks to amend section 127L of the Customs Act with a view to make certain amendments in sub-section (1....
Clause 60	:	Amendment of notification sissued under sub-section (1) of section 25 of the Customs Act Clause 60 of the Bill seeks to amend notification numbers G.S.R. 118(E), dated 1st March, 2002 and G.S.R. 92(E), dated 1st Ma....
Clause 61	:	Amendment of section 3 Clause 61 of the Bill seeks to substitute the first proviso in subsection (2) of section 3 of the Customs Tariff Act, so as t....
Clause 62	:	Amendment of First Schedule Clause 62 of the Bill seeks to amend the First Schedule to the Customs Tariff Act so as to amend the First Schedule in the ma....
Chapter: IV - Part 2
Excise
Clause 63	:	Amendment of section 11A Clause 63 of the Bill seeks to amend sub-section (2B) of section 11A of the Central Excise Act so as to insert an Explanation....
Clause 64	:	Amendment of section 32E Clause 64 of the Bill seeks to amend section 32E of the Central Excise Act with a view to substitute the words but excluding ....
Clause 65	:	Amendment of section 32F Clause 65 of the Bill seeks to amend section 32F of the Central Excise Act with a view to provide that the period specified u....
Clause 66	:	Amendment of section 32-O Clause 66 of the Bill seeks to amend section 32-O of the Central Excise Act with a view to make certain amendments in sub-sec....
Clause 67	:	Amendment of section 37 Clause 67 of the Bill seeks to insert a new clause (xiiia) in subsection (2) of section 37 of the Central Excise Act so as to....
Clause 68	:	Amendment of Central Excise Rules, 1944 by insertion of new rule 57CCC Clause 68 of the Bill seeks to amend the Central Excise Rules, 1944 by inserting a new rule 57CCC in the manner specified in ....
Clause 69	:	Amendment of rule 57AD of Central Excise Rules, 1944 Clause 69 of the Bill seeks to amend rule 57AD of the Central Excise Rules, 1944 in the manner specified in column (3) of the....
Clause 70	:	Amendment of rule 6 of CENVAT Credit Rules, 2001 Clause 70 of the Bill seeks to amend rule 6 of the CENVAT Credit Rules, 2001 in the manner specified in column (3) of the Six....
Clause 71	:	Amendment of rule 6 of CENVAT Credit Rules, 2002 Clause 71 of the Bill seeks to amend rule 6 of the CENVAT Credit Rules, 2002 in the manner specified in column (3) of the Sev....
Clause 72	:	Amendment of rule 6 of CENVAT Credit Rules, 2004 Clause 72 of the Bill seeks to amend rule 6 of the CENVAT Credit Rules, 2004 in the manner specified in column (3) of the Eig....
Clause 73	:	Amendment of notification issued under rule 5 of the CENVAT Credit Rules, 2004 Clause 73 of the Bill seeks to amend notification issued under rule 5 of the CENVAT Credit Rules, 2004 so as to substitute th....
Clause 74	:	Amendment of First Schedule to Act 5 of 1986 Clause 74 of the Bill seeks to amend the First Schedule to the Central Excise Tariff Act in the manner specified in the Ninth....
Chapter: V
Service Tax
Clause 75	:	Amendment of Act 32 of 1994 Clause 75 of the Bill seeks to amend Chapter V of the Finance Act, 1994, relating to service tax in the following manner, nam....
Clause 76	:	Validation of action taken under subclause (zzzz) of clause (105) of section 65 Clause 76 of the Bill seeks to validate certain action taken under sub-clause (zzzz) clause (105) of section 65 of the Financ....
Chapter: VI
Cental Sales Tax
Clause 77	:	Amendment of section 6A Clause 77 of the Bill seeks to amend the Central Sales Tax Act, with a view to amend sub-section (2) of section 6A of the Cen....
Clause 78	:	Insertion of new ChapterVA Clause 78 of the Bill seeks to insert a new Chapter VA in the Central Sales Tax Act, relating to appeals to the highest appel....
Clause 79	:	Amendment of section 20 Clause 79 of the Bill seeks to amend section 20 of the Central Sales Tax Act, by substituting sub-section (1) thereof to prov....
Clause 80	:	Amendment of section 22 Clause 80 of the Bill seeks to amend section 22 of the Central Sales Tax Act, so as to - (a) substitute the word pre-deposit ....
Clause 81	:	Amendment of section 25 Clause 81 of the Bill seeks to amend section 25 of the Central Sales Tax Act, so as to omit the proviso to sub-section (2) of....
Chapter: VII
Clean Enegry Cess
Clause 82	:	Clean Energy Cess Clause 82 of the Bill seeks to levy a cess to be called the Clean Energy Cess as duty of excise for the purposes of the Union....
Clause 83	:	Power of Central Government to make rules Clause 83 of the Bill seeks to empower the Central Government to make rules to provide for manner of assessment, collection a....
Chapter: VIII
Miscellaneous
Clause 84	:	Amendment of section 3 of Act 16 of 1955 Clause 84 of the Bill seeks to amend section 3 of the Medicinal and Toilet Preparations (Excise Duties) Act, 1955, so as to e....
Clause 85	:	Amendment of Act 14 of 2001 Clause 85 of the Bill seeks to amend the Seventh Schedule to the Finance Act, 2001 in the manner specified in the Eleventh Sc....
Clause 86	:	Amendment of Act 18 of 2005 Clause 86 of the Bill seeks to amend the Seventh Schedule to the Finance Act, 2005 in the manner specified in the Twelfth Sch....
Schedules
Sch-01	:	THE FIRST SCHEDULE - (See section 2)
Sch-02	:	THE SECOND SCHEDULE [See section 60(1)]
Sch-03	:	THE THIRD SCHEDULE - (See section 62)
Sch-04	:	THE FOURTH SCHEDULE - [See section 68(1)]
Sch-05	:	THE FIFTH SCHEDULE - [See section 69(1)]
Sch-06	:	THE SIXTH SCHEDULE - [See section 70(1)]
Sch-07	:	THE SEVENTH SCHEDULE - [See section 71(1)]
Sch-08	:	THE EIGHTH SCHEDULE - [See section 72(1)]
Sch-09	:	THE NINTH SCHEDULE - (See section 74)
Sch-10	:	THE TENTH SCHEDULE - [See section 82(3) and (5)]
Sch-11	:	THE ELEVENTH SCHEDULE - (See section 85)
Sch-12	:	THE TWELFTH SCHEDULE - (See section 86)
Statements - Notes - Memorandum
Memo	:	Memorandum Part-III (Service Tax)
Memo	:	Memorandum Part-I (Income-tax)
Memo	:	Memorandum Part-II (Cen.excise & Cus.)
Memo	:	MEMORANDUM REGARDING DELEGATED LEGISLATION
Notes	:	Notes on clauses - Central Sales Tax
Notes	:	Notes on clauses - Clean Energy Cess
Notes	:	Notes on clauses - Miscellaneous
Notes	:	Notes on clauses - Service Tax
Notes	:	Notes on clauses - Excise Tariff
Notes	:	Notes on clauses - Excise
Notes	:	Notes on clauses - Customs Tariff
Notes	:	Notes on clauses - Customs
Notes	:	Notes on clauses - Wealth-tax
Notes	:	Notes on clauses - Income-tax
Statements	:	STATEMENT OF OBJECTS AND REASONS