Finance Act, 2016

Chapter: I
PRELIMINARY
Section 1	:	Short title and commencement.
Chapter: II
RATES OF INCOME-TAX
Section 2	:	Income-tax.
Chapter: III
DIRECT TAXES
Section 3	:	Amendment of section 2.
Section 4	:	Amendment of section 6.
Section 5	:	Amendment of section 9.
Section 6	:	Amendment of section 9A.
Section 7	:	Amendment of section 10.
Section 8	:	Amendment of section 10AA.
Section 9	:	Amendment of section 17.
Section 10	:	Amendment of section 24.
Section 11	:	Substitution of new section for sections 25A, 25AA and 25B.
Section 12	:	Amendment of section 28.
Section 13	:	Amendment of section 32.
Section 14	:	Amendment of section 32AC.
Section 15	:	Amendment of section 35.
Section 16	:	Insertion of new section 35ABA.
Section 17	:	Amendment of section 35AC.
Section 18	:	Amendment of section 35AD.
Section 19	:	Amendment of section 35CCC.
Section 20	:	Amendment of section 35CCD.
Section 21	:	Amendment of section 36.
Section 22	:	Amendment of section 40.
Section 23	:	Amendment of section 43B.
Section 24	:	Amendment of section 44AA.
Section 25	:	Amendment of section 44AB.
Section 26	:	Amendment of section 44AD.
Section 27	:	Insertion of new section 44ADA.
Section 28	:	Amendment of section 47.
Section 29	:	Amendment of section 48.
Section 30	:	Amendment of section 49.
Section 31	:	Amendment of section 50C.
Section 32	:	Insertion of new section 54EE.
Section 33	:	Amendment of section 54GB.
Section 34	:	Amendment of section 55.
Section 35	:	Amendment of section 56.
Section 36	:	Amendment of section 80.
Section 37	:	Amendment of section 80CCD.
Section 38	:	Substitution of new section for section 80EE.
Section 39	:	Amendment of section 80GG.
Section 40	:	Amendment of section 80-IA.
Section 41	:	Amendment of section 80-IAB.
Section 42	:	Insertion of new section 80-IAC.
Section 43	:	Amendment of section 80-IB.
Section 44	:	Insertion of new section 80-IBA.
Section 45	:	Substitution of new section for section 80JJAA.
Section 46	:	Amendment of section 87A.
Section 47	:	Amendment of section 92CA.
Section 48	:	Amendment of section 92D.
Section 49	:	Amendment of section 111A.
Section 50	:	Amendment of section 112.
Section 51	:	Insertion of new section 115BA.
Section 52	:	Insertion of new section 115 BBDA.
Section 53	:	Amendment of section 115BBE.
Section 54	:	Insertion of new section 115BBF.
Section 55	:	Amendment of section 115JB.
Section 56	:	Insertion of new Chapter XII-BC.
Section 57	:	Amendment of section 115-O.
Section 58	:	Amendment of section 115QA.
Section 59	:	Amendment of section 115TA.
Section 60	:	Amendment of section 115TC.
Section 61	:	Insertion of new section 115TCA.
Section 62	:	Insertion of new Chapter XII-EB.
Section 63	:	Amendment of section 115UA.
Section 64	:	Amendment of section 119.
Section 65	:	Amendment of section 124.
Section 66	:	Amendment of section 133C.
Section 67	:	Amendment of section 139.
Section 68	:	Amendment of section 143.
Section 69	:	Amendment of section 147.
Section 70	:	Substitution of new section for section 153.
Section 71	:	Substitution of new section for section 153B.
Section 72	:	Amendment of section 192A.
Section 73	:	Amendment of section 194BB.
Section 74	:	Amendment of section 194C.
Section 75	:	Amendment of section 194D.
Section 76	:	Amendment of section 194DA.
Section 77	:	Amendment of section 194EE.
Section 78	:	Amendment of section 194G.
Section 79	:	Amendment of section 194H.
Section 80	:	Omission of sections 194K and 194L.
Section 81	:	Amendment of section 194LA.
Section 82	:	Amendment of section 194LBA.
Section 83	:	Amendment of section194LBB.
Section 84	:	Insertion of new section 194LBC.
Section 85	:	Amendment of section 197.
Section 86	:	Amendment of section 197A.
Section 87	:	Amendment of section 206AA.
Section 88	:	Amendment of section 206C.
Section 89	:	Amendment of section 211.
Section 90	:	Amendment of section 220.
Section 91	:	Amendment of section 234C.
Section 92	:	Amendment of section 244A.
Section 93	:	Amendment of section 249
Section 94	:	Amendment of section 252.
Section 95	:	Amendment of section 253.
Section 96	:	Amendment of section 254.
Section 97	:	Amendment of section 255.
Section 98	:	Insertion of new section 270A.
Section 99	:	Insertion of new section 270AA.
Section 100	:	Amendment of section 271.
Section 101	:	Amendment of section 271A.
Section 102	:	Amendment of section 271AA.
Section 103	:	Amendment of section 271AAB.
Section 104	:	Insertion of new section 271GB.
Section 105	:	Amendment of section 272A.
Section 106	:	Amendment of section 273A.
Section 107	:	Amendment of section 273AA.
Section 108	:	Amendment of section 273B.
Section 109	:	Amendment of section 276C.
Section 110	:	Amendment of section 279.
Section 111	:	Amendment of section 281B.
Section 112	:	Amendment of section 282A
Section 113	:	Insertion of new section 286.
Section 114	:	Amendment of section 288.
Section 115	:	Amendment of Fourth Schedule.
Chapter: IV
INDIRECT TAXES
Customs
Section 116	:	Amendment of section 2.
Section 117	:	Amendment of chapter heading of Chapter III.
Section 118	:	Omission of section 9.
Section 119	:	Amendment of section 25.
Section 120	:	Amendment of section 28.
Section 121	:	Amendment of section 47.
Section 122	:	Amendment of section 51.
Section 123	:	Substitution of new section for section 53.
Section 124	:	Substitution of new section for section 57.
Section 125	:	Substitution of new sections 58, 58A and 58B for section 58.
Section 126	:	Substitution of new section for section 59.
Section 127	:	Substitution of new section for section 60.
Section 128	:	Substitution of new section for section 61.
Section 129	:	Omission of sections 62 and 63.
Section 130	:	Substitution of new section for section 64.
Section 131	:	Amendment of section 65.
Section 132	:	Amendment of section 68.
Section 133	:	Amendment of section 69.
Section 134	:	Amendment of section 71.
Section 135	:	Amendment of section 72.
Section 136	:	Amendment of section 73.
Section 137	:	Insertion of new section 73A.
Section 138	:	Amendment of section 156.
Section 139	:	Amendment of notifications issued under section 25 of Act 52 of 1962.
Customs Tariff
Section 140	:	Omission of section 8C.
Section 141	:	Amendment of First Schedule.
Excise
Section 142	:	Amendment of section 5A.
Section 143	:	Amendment of section 11A.
Section 144	:	Amendment of section 37B.
Section 145	:	Amendment of Third Schedule
Excise Tariff
Section 146	:	Amendment of First Schedule.
Section 147	:	Amendment of Second Schedule.
Chapter: V
SERVICE T AX
Section 148	:	Amendment of section 65B.
Section 149	:	Amendment of section 66D.
Section 150	:	Amendment of section 66E.
Section 151	:	Amendment of section 67A.
Section 152	:	Amendment of section 73.
Section 153	:	Amendment of section 75.
Section 154	:	Amendment of section 78A.
Section 155	:	Amendment of section 89.
Section 156	:	Amendment of section 90.
Section 157	:	Amendment of section 91.
Section 158	:	Amendment of section 93A
Section 159	:	Insertion of new sections 101, 102 and 103.
Section 160	:	Amendment of notification issued under section 93A of Finance Act, 1994.
Chapter: VI
KRISHI KALYAN CESS
Section 161	:	Krishi Kalyan Cess
Chapter: VII
INFRASTRUCTURE CESS
Section 162	:	Infrastructure Cess.
Chapter: VIII
EQUALISATION LEVY
Section 163	:	Extent, commencement and application.
Section 164	:	Definitions.
Section 165	:	Charge of equilisation levy on specified services.
Section 165A	:	Charge of equalization levy on e-commerce supply of services
Section 166	:	Collection and recovery of equalisation levy on specified services.
Section 166A	:	Collection and recovery of equalization levy on ecommerce supply or services
Section 167	:	Furnishing of statement.
Section 168	:	Processing of statement.
Section 169	:	Rectification of mistake.
Section 170	:	Interest on delayed payment of equalisation levy.
Section 171	:	Penalty for failure to deduct or pay equalisation levy.
Section 172	:	Penalty for failure to furnish statement.
Section 173	:	Penalty not to be imposed in certain cases.
Section 174	:	Appeal to Commissioner of Income-tax (Appeals).
Section 175	:	Appeal to Appellate Tribunal.
Section 176	:	Punishment for false statement
Section 177	:	Institution of prosecution.
Section 178	:	Application of certain provisions of Income-tax Act.
Section 179	:	Power to make rules.
Section 180	:	Power to remove difficulties.
Chapter: IX
THE INCOME DECLARATION SCHEME , 2016
Section 181	:	Short title and commencement.
Section 182	:	Definitions.
Section 183	:	Declaration of undisclosed income.
Section 184	:	Charge of tax and surchage.
Section 185	:	Penalty.
Section 186	:	Manner of declaration.
Section 187	:	Time for payment of tax.
Section 188	:	Undisclosed income declared not to be included in total income.
Section 189	:	Undisclosed income declared not to affect finality of completed assessments.
Section 190	:	Undisclosed income declared not to be treated as benami transaction in certain cases.
Section 191	:	Tax in respect of voluntarily disclosed income not refundable.
Section 192	:	Declaration not admissible in evidence against declarant.
Section 193	:	Declaration by misrepresentation of facts to be void.
Section 194	:	Exemption from wealth-tax in respect of assets spefified in declaration.
Section 195	:	Applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act.
Section 196	:	Scheme not to apply to certain persons.
Section 197	:	Removal of doubts.
Section 198	:	Power to remove difficulties.
Section 199	:	Power to make rules.
Chapter: IXA
TAXATION AND INVESTMENT REGIME FOR PRADHAN MANTRI GARIB KALYAN YOJANA, 2016
Section 199A	:	Short title and commencement
Section 199B	:	Definitions
Section 199C	:	Declaration of undisclosed income.
Section 199D	:	Charge of tax and surcharge
Section 199E	:	Penalty.
Section 199F	:	Deposit of undisclosed income.
Section 199G	:	Manner of declaration.
Section 199H	:	Time for payment of tax, penalty, surcharge and deposit.
Section 199I	:	Undisclosed income declared not to be included in total income.
Section 199J	:	Undisclosed income declared not to affect finality of completed assessments.
Section 199K	:	Tax, etc., not refundable
Section 199L	:	Declaration not admissible in evidence against declarant.
Section 199M	:	Declaration by misrepresentation of facts to be void.
Section 199N	:	Applicability of certain provisions of Income-tax Act.
Section 199O	:	Scheme not to apply to certain persons.
Section 199P	:	Removal of doubts.
Section 199Q	:	Power to remove difficulties.
Section 199R	:	Power to make rules.
Chapter: X
THE DIRECT TAX DISPUTE RESOLUTION SCHEME, 2016
Section 200	:	Short title and commencement.
Section 201	:	Definitions.
Section 202	:	Declaration of tax payable.
Section 203	:	Particulars to be funished.
Section 204	:	Time and manner of payment.
Section 205	:	Immunity from initiation of proceedings in respect of offence and imposition of penalty in certain cases.
Section 206	:	No refund of amount paid under scheme.
Section 207	:	No other benefit, concession or immunity to declarent.
Section 208	:	Scheme not to apply in certain cases.
Section 209	:	Power of Central Government to issue directions, etc.
Section 210	:	Power to remove difficulties.
Section 211	:	Power to make rules.
Chapter: XI
THE INDIRECT TAX DISPUTE RESOLUTION SCHEME, 2016
Section 212	:	Short title, application and commencement.
Section 213	:	Definitions.
Section 214	:	Procedure for making declaration.
Section 215	:	Scheme not to apply in certain cases.
Section 216	:	Immunity from other proceedings under Act.
Section 217	:	Consequences of order made under scheme.
Section 218	:	Power to make rules.
Chapter: XII
MISCELLANEOUS
Part: I
AMENDMENTS TO THE RESERVE BANK OF INDIA ACT, 1934.
Section 219	:	Commencement and Amendment of Act 2 of 1934.
Section 220	:	Amendment of Preamble.
Section 221	:	Amendment of section 2.
Section 222	:	Insertion of new Chapter III F.
Section 223	:	Amendment of section 58.
Part: II
AMENDMENT TO THE CENTRAL SALES TAX ACT, 1956
Section 224	:	Amendment of Act 74 of 1956.
Part: III
AMENDMENT TO THE OIL INDUSTRY (DEVELOPMENT) ACT, 1974
Section 225	:	Amendment of Schedule of Act 47 of 1974.
Part: IV
AMENDMENT TO THE SMUGGLERS AND FOREIGN EXCHANGE MANIPULATORS (FORFEITURE OF PROPERTY) ACT, 1976
Section 226	:	Amendment of Act 13 of 1976.
Part: V
AMENDMENT TO THE NARCOTIC DRUGS AND PSYCHOTROPIC SUBSTANCES ACT , 1985
Section 227	:	Amendment of Act 61 of 1985.
Part: VI
AMENDMENT TO THE FOREIGN EXCHANGE MANAGEMENT ACT, 1999
Section 228	:	Commencement of this Part.
Section 229	:	Amendment of Act 42 of 1999.
Part: VII
AMENDMENT TO THE CENTRAL ROAD FUND ACT, 2000
Section 230	:	Amendment of Act 54 of 2000.
Part: VIII
AMENDMENT TO THE FINANCE ACT, 2001
Section 231	:	Amendment of Act 14 of 2001.
Part: IX
AMENDMENT TO THE PREVENTION OF MONEY-LAUNDERING ACT, 2002
Section 232	:	Amendment of Act 15 of 2003.
Part: X
AMENDMENT TO THE FINANCE (NO. 2) ACT, 2004
Section 233	:	Amendment of Act 23 of 2004.
Part: XI
AMENDMENT TO THE FINANCE ACT, 2005
Section 234	:	Amendment of Act 18 of 2005.
Part: XII
AMENDMENT TO THE FINANCE ACT, 2010
Section 235	:	Amendment of Act 14 of 2010.
Part: XIII
AMENDMENT TO THE FOREIGN CONTRIBUTION (REGULATION ) ACT, 2010
Section 236	:	Amendment of section 2 of Act 42 of 2010.
Part: XIV
AMENDMENT TO THE FINANCE ACT, 2013
Section 237	:	Amendment of Act 17 of 2013.
Part: XV
AMENDMENT TO THE FINANCE ACT, 2015
Section 238	:	Amendment of Act 20 of 2015.
Part: XVI
REPEAL AND AMENDMENT OF CERTAIN ENACTMENTS
Section 239	:	Repeal and amendment of certain enactments.
Section 240	:	Savings.
Section 241	:	Collection and payment of arrears of duties.
Schedules
SCHEDULE 01	:	THE FIRST SCHEDULE (See section 2)
SCHEDULE 02	:	THE SECOND SCHEDULE (See section 139)
SCHEDULE 03	:	THE THIRD SCHEDULE (See section 141(i))
SCHEDULE 04	:	THE FOURTH SCHEDULE [See section 141 (ii)]
SCHEDULE 05	:	THE FIFTH SCHEDULE [See section 145 (i)]
SCHEDULE 06	:	THE SIXTH SCHEDULE [See section 145 (ii)]
SCHEDULE 07	:	THE SEVENTH SCHEDULE [See section 146 (i)]
SCHEDULE 08	:	THE EIGHTH SCHEDULE [See section 146 (ii)]
SCHEDULE 09	:	THE NINTH SCHEDULE (See section 147)
SCHEDULE 10	:	THE TENTH SCHEDULE (See section 160)
SCHEDULE 11	:	THE ELEVENTH SCHEDULE (See section 162)
SCHEDULE 12	:	THE TWELFTH SCHEDULE [See section 231 (i)]
SCHEDULE 13	:	THE THIRTEENTH SCHEDULE [See section 231 (ii)]
SCHEDULE 14	:	THE FOURTEENTH SCHEDULE (See section 234)
SCHEDULE 15	:	THE FIFTEENTH SCHEDULE (See section 239)