Section 30 - Amendment of section 92CE. - Finance (No. 2) Act, 2019

Amendment of section 92CE. 30. In section 92CE of the Income-tax Act, (a) in sub-section (1), (I) in clause (iii), for the word, figures and letters section 92CC , the words, figures and letters section 92CC, on or after the 1st day of April, 2017, shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2018; (II) in the proviso, in clause (i), for the words one crore rupees; and , the words one crore rupees; or shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2018; (III) after the proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2018, namely:- Provided further that no refund of taxes paid, if any, by virtue of provisions of this sub-section as they stood immediately before their amendment by the Finance (No.2) Act, 2019 shall be claimed and allowed. ; (b) in sub-section (2), (i) for the words the excess money which , the words the excess money or part thereof, as the case may be, which shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2018; (ii) the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2018, namely: Explanation . For the removal of doubts, it is hereby clarified that the excess money or part thereof may be repatriated from any of the associated enterprises of the assessee which is not a resident in India. ; (c) after sub-section (2), the following sub-sections shall be inserted with effect from the 1st day of September, 2019, namely: (2A) Without prejudice to the provisions of sub-section (2), where the excess money or part thereof has not been repatriated within the prescribed time, the assessee may, at his option, pay additional income-tax at the rate of eighteen per cent. on such excess money or part thereof, as the case may be. (2B) The tax on the excess money or part thereof so paid by the assessee under sub-section (2A) shall be treated as the final payment of tax in respect of the excess money or part thereof not repatriated and no further credit therefor shall be claimed by the assessee or by any other person in respect of the amount of tax so paid. (2C) No deduction under any other provision of this Act shall be allowed to the assessee in respect of the amount on which tax has been paid in accordance with the provisions of sub-section (2A). (2D) Where the additional income-tax referred to in sub-section (2A) is paid by the assessee, he shall not be required to make secondary adjustment under sub-section (1) and compute interest under sub-section (2) from the date of payment of such tax. .