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TMI BlogAmendments to Finanace Bill, 2011X X X X Extracts X X X X X X X X Extracts X X X X ..... Amendments to Finanace Bill, 2011 - News and Press Release Dated:- 23-3-2011 - News - LOK SABHA FINANCE BILL, 2011 (As Introduced in Lok Sabha) Notice of Amendments Dated: March 21, 2011 Sl. No. Name of Member and text of Amendment Clause No. SHRI PRANAB MUKHERJEE: 1. Page 5, after line 33, - Amendment of section 40A insert ' 7A In section 40A of the Income tax Act, in sub-section (9), after the words, brackets and figures "under clause (iv)", the words, brackets, figures and letter "or clause (iva)" shall be inserted with effect from the 1st day of April, 2012.'. 7A 2. Page 7, line 27, - for "subsidiary" Substitute "specified" ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 16 3. Page 7, line 39, - for "subsidiary" substitute "specified". 16 4. Page 7, Line 40, - for "more than half" substitute "twenty-six per cent. or more" 16 5. Page 7, line 41, - omit "with effect from the 1st day of April, 2012" 17 6. Page 7, line 42, - after "sub-section (1)," insert with effect from the 1st day of April, 2012." 17 7. Page 7, after line 46, - insert "(ia) after sub-section (2), in Explanation 1, clause (iv), clause (v) and clause (vi) shall be omitted and shall be deemed to have been omitted with effect from the 1st day of April, 2005;" 17 8. Page 7, line 48, - for "inserted" substit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ute "inserted with effect from the 1st day of April, 2012" 17 9. Page 13, line 3, - after "assessed" insert "or re-assessed, as the case may be,". 38 10. Page 13, for lines 5 and 6, substitute - '(b) in sub-section (2), - (i) in the opening portion, after the words "assessed finally", the words "or re-assessed by the proper officer" shall be inserted; (ii) for the words "finally assessed" wherever they occur, the words "finally assessed or re-assessed, as the case may be," shall be substituted" (c) in sub-section (3), after the words "final assessment order", the words "or re-assessment order" shall be inserted; (d) in sub-section (4), after the words "duty finally", the words "or re-a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment of duty, as the case may be" shall be inserted.'. 38 11. Page 13, line 41, - after "final assessment thereof" insert "or in case of re-assessment, from the date of such re-assessment". 40 12. Page 14, line 52, - after "date of notice" insert "where it is possible to do so," 41 13. Page 14, line 54, - after "date of notice" insert ",where it is possible to do so,". 41 14. Page 15, line 3, - for "Explanation" substitute "Explanation 1" 41 15. Page 15, line 7, - after "final assessment" insert "or re-assessment, as the case may be,". 41 16. Page 15, after line 9, - insert "Explanation 2. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - For the removal of doubts, it is hereby declared that any non-levy, short-levy or erroneous refund before the date on which the Finance Bill, 2011 receives the assent of the President, shall continue to be governed by the provisions of section 28 as it stood immediately before the date on which such assent is received" 41 17. Page 15, after line 47, insert - 46A Amendment of section 114A 46A. In section 114A of the Customs Act, - (a) for the words, brackets and figures "sub-section (2) of section 28", wherever they occur, the words, brackets and figures "sub-section (8) of section 28" shall be substitute; (b) for the figures and letters "28AB", at both the places where they occur, the figure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and letter "28AA" shall be substituted,'. 18. Page 17, for lines 18 and 19, substitute- 'Measures Act, 1976," the words and figures "Legal Metrology Act, 2009" shall be substituted with effect from such date as the Central Government may, be notification in the Official Gazette, appoint,'. 55 19. Page 17, after line 19, insert Amendment of section 9A 55A. In section 9A of the Customs Tariff Act, after sub-section (1), the following sub-section shall be inserted, namely : - "(1A) Where the Central Government, on such inquiry as it may consider necessary, is of the opinion that circumvention of anti-dumping duty imposed under sub-section (1) has taken place, either by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... altering the description or name or composition of the article subject to such anti-dumping duty or by import of such article in an unassembled or disassembled form or by changing the country of it origin or export or in any other manner, whereby the anti-dumping duty so imposed is rendered ineffective, it may extend the anti-dumping duty to such article or an article originating in or exported from such country, as the case may be.",'. 55A 20. Page 17, for lines 45 and 46, substitute- 'words and figures "Legal Metrology Act, 2009" shall be substituted with effect from sub date as the Central Government may, by notification in the Official Gazette, appoint,.' 59 21. Page 19, line 4,- after "date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or notice" insert "where it is possible to do so,". 60 22. Page 19, line 5,- after "date of notice" insert "where it is possible to do so." 60 23. Page 19, line 7, - after "appellate authority" insert "or tribunal or court". 60 24. Page 19, line 10,- after "appellate authority" insert "or tribunal or court". 60 25. Page 19, line 12,- after "appellate authority" insert "or tribunal or court. 60 26. Page 19, after line 16,- insert "(15) The provisions of sub-sections (1) to (14) shall apply, mutatis mutandis, to the recovery of interest where interest payable has not been paid or part paid or erroneously refunded,". ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 60 27. Page 19, line 17,- for "Explanation" substitute "Explanation 1,". 60 28. Page 19, after line 35,- insert "Explanation2.- For the removal of doubts, it is hereby declared that any non-levy, short-levy, non-payment, short-payment or erroneous refund before the date or which the Finance Bill, 2011 receives the assent of the President, shall continue to be governed by the provisions of section 11A as it stood immediately before the date on which such assent is received." 60 29. Page 20, line 22, - after "appellate authority" insert "or tribunal or court 62 30. Page 20, line 32,- after "appellate authority" insert "or tribunal or court." ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 62 31. Page 20, line 35,- after "appellate authority" insert "or tribunal or court". 62 32. Page 20, for line 51, substitute,- "Excise or such other Central Excise Officer as may be notified by the Board has reasons to believe that any goods liable to confiscation or any documents or books or things, which in his opinion shall be". 65 33. Page 28, for lines 5 and 6, substitute,- 'the words and figures "Legal Metrology Act, 2009" shall be substituted with effect from such date as the Central Government may, by notification in the Official Gazette, appoint.'. 73 34. Page 92, line 57, column (4),- for "Nil" substitute "5%". The Eleventh Schedule ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 35. Page 92, line 58, column (4),- for "Nil" substitute "5%". The Eleventh Schedule 36. Page 92, line 59, column (4),- for "Nil" substitute "5%". The Eleventh Schedule 37. Page 94, line 47, column (4),- for "60%" substitute "40%". The Eleventh Schedule 38. Page 107, line 3, column (4),- for "16%" substitute "5%". The Eleventh Schedule 39. Page 107, line 4, column (4),- for "16%" substitute "5%". The Eleventh Schedule 40. Page 107, line 5, column (4),- for "16%" substitute "5%". The Eleventh Schedule 41. Page 107, line 6, column (4),- for "16%" substitute "5%". The Ele ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... venth Schedule 42. Page 107, line 7, column (4),- for "16%" substitute "5%". The Eleventh Schedule T K Viswanathan Secretary-General List No.2 Lok Sabha Finance Bill, 2011 (As introduced in Lok Sabha) Notice of Motions under Rule 388 Dated: March 21, 2011 Sl. No. Name of Member and text of Motion Clause No. SHRI PRANAB MUKHERJEE: 43. "That this House do suspend clause (i) of rule 80 of Rules of Procedure and Conduct of Business in Lok Sabha in so far as it requires that an amendment shall be within the scope of the Bill and relevant to the subject matter of the clause to which it relates, in its application to the Gover ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nment amendment No.1* to the Finance Bill, 2011 and that this amendment may be allowed to be moved." 7A (New) 44. "That this House do suspend clause (i) of rule 80 of Rules of Procedure and Conduct of Business in Lok Sabha in so far as it requires that an amendment shall be within the scope of the Bill and relevant to the subject matter of the clause to which it relates, in its application to the Government amendment No.17* to the Finance Bill, 2011 and that this amendment may be allowed to be moved." 46A (New) 45. "That this House do suspend clause (i) of rule 80 of Rules of Procedure and Conduct of Business in Lok Sabha in so far as it requires that an amendment shall be within the scope of the Bi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll and relevant to the subject matter of the clause to which it relates, in its application to the Government amendment No.19* to the Finance Bill, 2011 and that this amendment may be allowed to be moved." 55A (New) (T K Viswanathan) Secretary General List No.3 Lok Sabha Finance Bill, 2011 (As introduced in Lok Sabha) Notice of Amendments Dated: March 21, 2011 Sl. No. Name of Member and text of Amendment Clause No. SHRI BASUDEB ACHARIA: 46. Page 22, omit lines 36 to 51. 71 47. Page 23, omit line 1. 71 48. Page 23, in line 2,- for "(25aa)" substiture "(25a)" 71 (T K Viswanatha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n) Secretary General - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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