Finance Act, 2018

Chapter: I
PRELIMINARY
Section 1	:	Short title and commencement
Chapter: II
RATES OF INCOME-TAX
Section 2	:	Income-tax.
Chapter: III
DIRECT TAXES - Income-tax
Section 3	:	Amendment of section 2.
Section 4	:	Amendment of section 9.
Section 5	:	Amendment of section 10
Section 6	:	Amendment of section 11
Section 7	:	Amendment of section 16.
Section 8	:	Amendment of section 17
Section 9	:	Amendment of section 28.
Section 10	:	Amendment of section 36
Section 11	:	Amendment of section 40A.
Section 12	:	Amendment of section 43.
Section 13	:	Insertion of new section 43AA-Taxation of foreign exchange fluctuation
Section 14	:	Amendment of section 43CA
Section 15	:	Insertion of new section 43CB-Computation of income from construction and service contracts.
Section 16	:	Amendment of section 44AE
Section 17	:	Amendment of section 47
Section 18	:	Amendment of section 48
Section 19	:	Amendment of section 49
Section 20	:	Amendment of section 50C
Section 21	:	Amendment of section 54EC
Section 22	:	Amendment of section 55
Section 23	:	Amendment of section 56
Section 24	:	Amendment of section 79
Section 25	:	Substitution of new section for section 80AC- Deduction not to be allowed unless return furnished
Section 26	:	Amendment of section 80D
Section 27	:	Amendment of section 80DDB.
Section 28	:	Amendment of section 80-IAC.
Section 29	:	Amendment of section 80JJAA
Section 30	:	Insertion of new section 80PA-Deduction in respect of certain income of Producer Companies.
Section 31	:	Amendment of section 80TTA.
Section 32	:	Insertion of new section 80TTB- Deduction in respect of interest on deposits in case of senior citizens.
Section 33	:	Insertion of new section 112A.- Tax on long-term capital gains in certain cases
Section 34	:	Amendment of section 115AD
Section 35	:	Amendment of section 115BA
Section 36	:	Amendment of section 115BBE
Section 37	:	Amendment of section 115JB.
Section 38	:	Amendment of section 115JC
Section 39	:	Amendment of section 115JF
Section 40	:	Amendment of section 115-O
Section 41	:	Omission of Explanation occurring after section 115Q
Section 42	:	Amendment of section 115R
Section 43	:	Amendment of section 115T
Section 44	:	Amendment of section 139A
Section 45	:	Amendment of section 140
Section 46	:	Amendment of section 143
Section 47	:	Substitution of new sections 145A and 145B for section 145A-Method of accounting in certain cases-Taxability of certain income
Section 48	:	Amendment of section 193
Section 49	:	Amendment of section 194A.
Section 50	:	Amendment of section 245-O
Section 51	:	Amendment of section 245Q
Section 52	:	Amendment of section 253.
Section 53	:	Amendment of section 271FA
Section 54	:	Amendment of section 276CC
Section 55	:	Amendment of section 286
Chapter: IV
INDIRECT TAXES - Customs
Section 56	:	Substitution of references to certain expressions by certain other expressions.
Section 57	:	Amendment of section 1.
Section 58	:	Amendment of section 2.
Section 59	:	Amendment of section 11
Section 60	:	Amendment of section 17
Section 61	:	Amendment of section 18
Section 62	:	Insertion of new sections 25A and 25B-Inward processing of goods-Outward processing of goods
Section 63	:	Amendment of section 28
Section 64	:	Amendment of section 28E.
Section 65	:	Insertion of new section 28EA.-Customs Authority for Advance Rulings
Section 66	:	Amendment of section 28F
Section 67	:	Amendment of section 28H
Section 68	:	Amendment of section 28-I.
Section 69	:	Amendment of section 28K
Section 70	:	Insertion of new section 28KA.-Appeal.
Section 71	:	Amendment of section 28L
Section 72	:	Substitution of new section for section 28M- Procedure for Authority and Appellate Authority.
Section 73	:	Amendment of section 30
Section 74	:	Amendment of section 41
Section 75	:	Amendment of section 45
Section 76	:	Amendment of section 46
Section 77	:	Amendment of section 47
Section 78	:	Amendment of section 50
Section 79	:	Amendment of section 51
Section 80	:	Insertion of new Chapter VIIA- Payment of duty, interest, penalty, etc
Section 81	:	Amendment of section 54
Section 82	:	Amendment of section 60
Section 83	:	Amendment of section 68
Section 84	:	Amendment of section 69
Section 85	:	Amendment of section 74
Section 86	:	Amendment of section 75
Section 87	:	Amendment of Chapter heading.
Section 88	:	Amendment of section 83
Section 89	:	Amendment of section 84
Section 90	:	Insertion of new Chapter XIIA- Audit
Section 91	:	Insertion of new section 109A.- Power to undertake controlled delivery
Section 92	:	Amendment of section 110
Section 93	:	Amendment of section 122.
Section 94	:	Amendment of section 124
Section 95	:	Amendment of section 125
Section 96	:	Amendment of section 128A
Section 97	:	Insertion of new section 143AA-Power to simplify or provide different procedure, etc., to facilitate trade
Section 98	:	Insertion of new section 151B-Reciprocal arrangement for exchange of information facilitating trade.
Section 99	:	Substitution of new section for section 153.
Section 100	:	Amendment of section 157.
Section 101	:	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
INDIRECT TAXES - Customs Tariff
Section 102	:	Amendment of Customs Tariff Act, 1975
Section 103	:	Amendment of First Schedule
Section 104	:	Amendment of Second Schedule
SERVICE TAX
Section 105	:	Special provision for exemption from service tax in certain cases relating to life insurance services provided by Naval Group Insurance Fund to personnel of Coast Guard, retrospectively.
Section 106	:	Special provision for exemption from service tax in certain cases relating to services provided or agreed to be provided by Goods and Services Tax Network, retrospectively.
Section 107	:	Special provision for retrospective exemption from service tax on Government’s share of profit petroleum.
Chapter: V
REPEAL AND SAVINGS OF CERTAIN ENACTMENTS
Section 108	:	Repeal and savings of certain enactments
Section 109	:	Collection and payment of arrears of duties.
Chapter: VI
SOCIAL WELFARE SURCHARGE
Section 110	:	Social Welfare Surcharge on imported goods.
Chapter: VII
ROAD AND INFRASTRUCTURE CESS
Section 111	:	Road and Infrastructure Cess on imported goods
Section 112	:	Road and Infrastructure Cess on excisable goods.
Chapter: VIII
MISCELLANEOUS
Part: I
AMENDMENTS TO THE GOVERNMENT SAVINGS BANKS ACT, 1873
Section 113	:	Commencement of this Part
Section 114	:	Substitution of long title to Act 5 of 1873
Section 115	:	Amendment of short title
Section 116	:	Substitution of words ‘‘Authorised Officer’’ for the word ‘‘Secretary’’ throughout Act.
Section 117	:	Omission of section 2
Section 118	:	Substitution of new sections 3, 3A and 3B for section 3-Definitions- Framing of Savings Schemes- Deposit by minor
Section 119	:	Amendment of section 4
Section 120	:	Amendment of section 4A
Section 121	:	Amendment of section 5.
Section 122	:	Amendment of section 6
Section 123	:	Amendment of section 7
Section 124	:	Insertion of new section 7A-Power to call for information.
Section 125	:	Amendment of section 8.
Section 126	:	Amendment of section 10
Section 127	:	Amendment of section 12.
Section 128	:	Insertion of new section 12A- Operation of account by differently abled persons
Section 129	:	Omission of heading
Section 130	:	Omission of section 13
Section 131	:	Amendment of section 14
Section 132	:	Insertion of new section 14A- Protection against attachment
Section 133	:	Amendment of section 15
Section 134	:	Insertion of new section and Schedule-Repeal and savings.
Part: II
AMENDMENT TO THE RESERVE BANK OF INDIA ACT, 1934
Section 135	:	Amendment of section 17 of Act 2 of 1934.
Part: III
AMENDMENTS TO THE PRESIDENT’S EMOLUMENTS AND PENSION ACT, 1951
Section 136	:	Commencement of this Part
Section 137	:	Amendment of section 1A
Section 138	:	Amendment of section 2.
Section 139	:	Amendment of section 3A
Part: IV
AMENDMENT TO THE SALARIES AND ALLOWANCES OF OFFICERS OF PARLIAMENT ACT, 1953
Section 140	:	Amendment of section 3 of Act 20 of 1953.
Part: V
AMENDMENTS TO THE SALARY, ALLOWANCES AND PENSION OF MEMBERS OF PARLIAMENT ACT, 1954
Section 141	:	Commencement of this Part.
Section 142	:	Amendment of section 3.
Section 143	:	Amendment of section 4.
Section 144	:	Amendment of section 8A.
Section 145	:	Amendment of section 8AC.
Part: VI
AMENDMENTS TO THE SECURITIES CONTRACTS (REGULATION) ACT, 1956
Section 146	:	Commencement of this Part
Section 147	:	Amendment of section 12A.
Section 148	:	Amendment of section 23
Section 149	:	Amendment of section 23A
Section 150	:	Amendment of section 23E
Section 151	:	Amendment of section 23G
Section 152	:	Insertion of new section 23GA- Penalty for failure to conduct business in accordance with rules, etc.
Section 153	:	Amendment of section 23-I.
Section 154	:	Amendment of section 23J
Section 155	:	Amendment of section 23JA
Section 156	:	Amendment of section 23JB
Section 157	:	Insertion of new section 23JC - Continuance of proceedings
Section 158	:	Amendment of section 23M.
Section 159	:	Amendment of section 24
Part: VII
AMENDMENT TO THE CENTRAL BOARDS OF REVENUE ACT, 1963
Section 160	:	Amendment of Act 54 of 1963.
Part: VIII
AMENDMENT TO THE GOVERNORS (EMOLUMENTS, ALLOWANCES AND PRIVILEGES) ACT, 1982
Section 161	:	Amendment of section 3 of Act 43 of 1982.
Part: IX
AMENDMENTS TO THE NATIONAL HOUSING BANK ACT, 1987
Section 162	:	Commencement of this Part
Section 163	:	Amendment of section 3.
Section 164	:	Amendment of section 4.
Section 165	:	Amendment of section 5.
Section 166	:	Amendment of section 6
Section 167	:	Amendment of section 7
Section 168	:	Amendment of section 16
Section 169	:	Amendment of section 29A.
Section 170	:	Amendment of section 33
Section 171	:	Amendment of section 33B
Section 172	:	Amendment of section 37
Section 173	:	Amendment of section 39
Section 174	:	Amendment of section 40.
Section 175	:	Amendment of section 43
Section 176	:	Amendment of section 45A
Section 177	:	Amendment of section 55
Part: X
AMENDMENTS TO THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992
Section 178	:	Commencement of this Part
Section 179	:	Amendment of section 11
Section 180	:	Amendment of section 11B
Section 181	:	Amendment of section 15A.
Section 182	:	Insertion of new sections 15EA and 15EB - Penalty for default in case of alternative investment funds, infrastructure investment trusts and real estate investment trusts - Penalty for default in case of investment adviser and research analyst.
Section 183	:	Amendment of section 15F
Section 184	:	Amendment of section 15-I.
Section 185	:	Amendment of section 15J
Section 186	:	Amendment of section 15JB.
Section 187	:	Amendment of section 24
Section 188	:	Amendment of section 27
Section 189	:	Amendment of section 28A
Section 190	:	Insertion of new section 28B - Continuance of proceedings
Part: XI
AMENDMENTS TO THE DEPOSITORIES ACT, 1996
Section 191	:	Commencement of this Part
Section 192	:	Amendment of section 19
Section 193	:	Amendment of section 19A.
Section 194	:	Insertion of new section 19FA.- Penalty for failure to conduct business in a fair manner.
Section 195	:	Amendment of section 19H
Section 196	:	Amendment of section 19-I.
Section 197	:	Amendment of section 19-IA.
Section 198	:	Amendment of section 19-IB
Section 199	:	Insertion of new section 19-IC-Continuance of proceedings
Section 200	:	Amendment of Chapter V
Section 201	:	Amendment of section 20
Section 202	:	Amendment of section 21
Section 203	:	Omission of heading
Part: XII
AMENDMENTS TO THE VICE-PRESIDENT’S PENSION ACT, 1997
Section 204	:	Amendment of section 2 of Act 30 of 1997.
Part: XIII
AMENDMENTS TO THE CENTRAL ROAD FUND ACT, 2000
Section 205	:	Commencement of this Part.
Section 206	:	Amendment of Act 54 of 2000.
Part: XIV
AMENDMENTS TO THE PREVENTION OF MONEY-LAUNDERING ACT , 2002
Section 207	:	Commencement of this Part.
Section 208	:	Amendments to Act 15 of 2003.
Part: XV
AMENDMENTS TO THE FISCAL RESPONSIBILITY AND BUDGET MANAGEMENT ACT , 2003
Section 209	:	Commencement of this Part
Section 210	:	Amendment of long title
Section 211	:	Amendment of section 2
Section 212	:	Amendment of section 3.
Section 213	:	Amendment of section 4- Fiscal management principles
Section 214	:	Amendment of section 5
Section 215	:	Amendment of section 7
Section 216	:	Amendment of section 8.
Part: XVI
AMENDMENTS TO THE FINANCE (NO. 2) ACT, 2004
Section 217	:	Amendment of Act 23 of 2004.
Part: XVII
AMENDMENTS TO THE FINANCE ACT, 2013
Section 218	:	Amendment of Act 17 of 2013- Charge of commodities transaction tax - Value of taxable commodities transaction
Part: XVIII
AMENDMENTS TO THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015
Section 219	:	Amendment of Act 22 of 2015.- Amendment of section 46- Amendment of section 55
Part: XIX
AMENDMENT TO THE FINANCE ACT, 2016
Section 220	:	Amendment of Act 28 of 2016.
Part: XX
AMENDMENT TO THE CENTRAL GOODS AND SERVICES TAX ACT, 2017
Section 221	:	Amendment of section 2 of Act 12 of 2017
Schedules
SCHEDULE 01	:	THE FIRST SCHEDULE (See section 2)
SCHEDULE 02	:	THE SECOND SCHEDULE [See section 103 (a)]
SCHEDULE 03	:	THE THIRD SCHEDULE [See section 103 (b)]
SCHEDULE 04	:	THE FOURTH SCHEDULE [See section 104 (b)]
SCHEDULE 05	:	THE FIFTH SCHEDULE (See sections 108 and 109)
SCHEDULE 06	:	THE SIXTH SCHEDULE (See sections 111 and 112)