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TMI BlogNOTES ON CLAUSESX X X X Extracts X X X X X X X X Extracts X X X X ..... 22 and subsequent assessment years. It is further proposed to insert a new clause (47A) to the said section to define the expression "virtual digital asset" to mean,-- (a) any information or code or number or token (not being Indian currency or any foreign currency), generated through cryptographic means or otherwise, by whatever name called, providing a digital representation of value exchanged with or without consideration, with the promise or representation of having inherent value, or functions as a store of value or a unit of account including its use in any financial transaction or investment, but not limited to investment scheme and can be transferred, stored or traded electronically; (b) a non-fungible token or any other token of similar nature by whatever name called; (c) any other digital asset as may be notified by the Central Government in the Official Gazette in this behalf, It is further proposed to provide that the Central Government may, by notification in the Official Gazette, exclude any digital asset from the definition of virtual digital asset subject to such conditions as may be specified therein. It is also proposed to define certain expressions for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ning as assigned to it in clause (z) of sub-regulation (1) of regulation (2) of the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021 made under the International Financial Services Centres Authority Act, 2019. Clause (8) of the said section provides exemption to the income and remuneration of an individual who is assigned duties in India in connection with any co-operative technical assistance programmes and projects in accordance with an agreement entered by the Central Government and the Government of a foreign state (the terms thereof provide for the exemption given by this clause). Both the remuneration received by the individual from the foreign state and any other income accruing or arising outside India, and is not deemed to accrue or arise in India, are exempt under the said clause in certain cases. Clause (8A) of the said section, inter alia, provides exemption on the remuneration or fee received by certain consultants, directly or indirectly out of the funds made available to an international organisation (agency) under a technical assistance grant agreement between the agency and the Government of a foreign state. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ner". This amendment will take effect from 1st April, 2022. Third proviso of clause (23C), inter-alia, provides that the fund or institution or trust or any university or other educational institution or any hospital or other medical institution, as is referred to in sub-clauses (iv), (v), (vi) and (via) of the said clause, shall apply at least eighty-five per cent. of its income, wholly and exclusively to the objects for which it is established and in a case where more than fifteen per cent. of its income is accumulated on or after the 1st day of April, 2002, the period of the accumulation of the amount exceeding fifteen per cent. of its income shall in no case exceed five years. It also provides that it shall invest or deposit its funds in specified modes. Explanation 1 to the said third proviso provides that the income of the funds or trust or institution or any university or other educational institution or any hospital or other medical institution, shall not include income in the form of voluntary contributions made with a specific direction that they shall form part of the corpus of such fund or trust or institution or any university or other educational institution or any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r which the fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) is established, during the previous year but is accumulated or set apart, either in whole or in part, for application to such objects, such income so accumulated or set apart shall not be included in the total income of the previous year of the person in receipt of the income, if the following conditions are complied with,- (a) such person furnishes a statement in the form and manner as may be provided by rules to the Assessing Officer stating the purpose for which the income is being accumulated or set apart and the period for which the income is to be accumulated or set apart, which shall in no case exceed five years; (b) the money so accumulated or set apart is invested or deposited in the forms or modes specified in sub-section (5) of section 11; and (c) the statement referred to in clause (a) is furnished on or before the due date specified under sub-section (1) of section 139 for furnishing the return of income for the previous year. It is also pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ested or deposited in accordance with the provisions of clause (b) of Explanation 3, as inserted, cannot be applied for the purpose for which it was accumulated or set apart, the Assessing Officer may, on an application made to him in this behalf, allow such person to apply that income for such other purpose in India as is specified in the application by such person and as is in conformity with the objects for which the fund or institution or trust or any university or other educational institution or any hospital or medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) is established; and thereupon the provisions of Explanation 4 shall apply as if the purpose specified by that person in the application under the said Explanation were a purpose specified in the notice given to the Assessing Officer under clause (a) of Explanation 3. It is also proposed to insert a proviso to Explanation 5 so as to provide that the Assessing Officer shall not allow application of such income by way of payment or credit made for the purposes referred to in clause (d) of Explanation 4. It is also proposed to substitute the tenth proviso to the sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar and all subsequent previous years, if he is satisfied that one or more specified violation has taken place; (iii) pass an order in writing refusing to cancel the approval of such fund or institution or trust or any university or other educational institution or any hospital or other medical institution, on or before the specified date, if he is not satisfied about the occurrence of one or more specified violations; (iv) forward a copy of the order under clause (ii) or clause (iii), as the case may be, to the Assessing Officer and such fund or institution or trust or any university or other educational institution or any hospital or other medical institution. It also proposed to insert a new Explanation 1 to the fifteenth proviso of the said clause (23C) to provide that for the purposes of the said proviso, the expression "specified date" shall mean the day on which the period of six months, calculated from the end of the quarter in which the first notice is issued by the Principal Commissioner or Commissioner, on or after the 1st day of April, 2022, calling for any document or information, or for making any inquiry, under clause (i) expires. It is also proposed to insert a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pal Commissioner or Commissioner as on the 1st day of April, 2022, and the provisions of clause (b) of the second proviso to sub-section (3) of section 143 shall apply accordingly for such assessment year. It is proposed to substitute the nineteenth proviso of the said clause (23C) so as to substitute the reference of the expression "prescribed authority" with "Principal Commissioner or Commissioner". It is also proposed to remove the reference of the notification by the Central Government in case of the fund or institution referred to in subclause (iv) or the trust or institution referred to in sub-clause (v). These amendments will take effect from 1st April, 2022. It is proposed to insert a new twentieth proviso to the said clause (23C) so as to provide that the fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or subclause (vi) or sub-clause (via) shall furnish the return of income for the previous year in accordance with the provisions of sub-section (4C) of section 139, within the time allowed under that section. It is also proposed to insert a new tw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (ia) of clause (a) of section 40 and sub-sections (3) and (3A) of section 40A shall, mutatis mutandis, apply as they apply in computing the income chargeable under the head "Profits and gains of business or profession". It is also proposed to insert a new twenty-third proviso to the said clause (23C) so as to provide that for the purposes of computing income chargeable to tax under twenty second proviso, no deduction in respect of any expenditure or allowance or set-off of any loss shall be allowed to the assessee under any other provision of this Act. These amendments will take effect from 1st April, 2023 and will, accordingly, apply in relation to the assessment year 2023-2024 and subsequent assessment years. It is also proposed to insert Explanation 3 to the said clause (23C) so as to provide that for the purposes of this clause, any sum payable by any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) shall be considered as application of income during the previous year in which such sum is actually paid b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the forms and modes specified under sub-section (5) of section 11. It is also proposed to insert a new Explanation 3B to the said sub-section (1) to provide that for the proposed Explanation 3A where any trust or institution has treated any sum received by it as forming part of the corpus and subsequently any of the conditions mentioned in clause (a) or clause (b) or clause (c) or clause (d) of the said Explanation is violated, such sum shall be deemed to be the income of such trust or institution of the previous year during which the violation takes place. These amendments will take effect retrospectively from 1st April, 2021 and will, accordingly, apply in relation to the assessment year 2021-2022 and subsequent assessment years. Sub-section (3) of said section provides that where the trust or institution has accumulated any income under sub-section (2), and violates any of the conditions provided under sub-section (2), such income shall be deemed to be the income of the trust or institution as per the provisions of sub-section (3). It is proposed to amend the said sub-section (3) to substitute its longline so as to provide that where the income referred to in sub-section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y an accountant as defined in the Explanation below sub-section (2) of section 288 before the specified date referred to in section 44AB and the person in receipt of the income furnishes by that date the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be provided by rules. It is proposed to substitute the said clause so as to provide that in addition to the condition requiring the trust or institutions, having income exceeding the maximum amount not chargeable to tax, to get their accounts audited, such trusts shall also be required to keep and maintain books of account and other documents in such form and manner and at such place, as may be provided by rules. These amendments will take effect from 1st April, 2023 and will, accordingly, apply in relation to the assessment year 2023-2024 and subsequent assessment years. Clause 7 seeks to amend section 12AB of the Income-tax Act relating to procedure for fresh registration. Sub-sections (4) and (5) of the said section contains provisions regarding cancellation of the registration granted to a trust or institution. It is proposed to substitute sub-s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of its objectives or separate books of account are not maintained by such trust or institution in respect of the business which is incidental to the attainment of its objectives; or (c) the trust or institution has applied any part of its income from the property held under a trust for private religious purposes which does not enure for the benefit of the public; or (d) the trust or institution established for charitable purpose created or established after the commencement of this Act, has applied any part of its income for the benefit of any particular religious community or caste; or (e) any activity being carried out by the trust or the institution-- (i) is not genuine; or (ii) is not being carried out in accordance with all or any of the conditions subject to which it was registered; or (f) the trust or institution has not complied with the requirement of any other law, as referred to in item (B) of sub-clause (i) of clause (b) of sub-section (1), and the order, direction or decree, by whatever name called, holding that such non-compliance has occurred, has either not been disputed or has attained finality. It is also proposed to substitute sub-section (5) of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re) incurred in India, for the objects of the trust or institution, subject to fulfilment of the following conditions, namely:-- (a) such expenditure is not from the corpus standing to the credit of the trust or institution as on the end of the financial year immediately preceding the previous year relevant to the assessment year for which income is being computed; (b) such expenditure is not from any loan or borrowing; (c) claim of depreciation is not in respect of an asset, acquisition of which has been claimed as application of income in the same or any other previous year; and (d) such expenditure is not in the form of any contribution or donation to any person. It is also proposed to insert a new Explanation in the said sub-section (10) to provide that for the purposes of determining the amount of expenditure under this sub-section, the provisions of sub-clause (ia) of clause (a) of section 40 and sub-sections (3) and (3A) of section 40A, shall, mutatis mutandis, apply as they apply in computing the income chargeable under the head "Profits and gains of business or profession". It is also proposed to insert a new sub-section (11) to the said section so as t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... site. It is proposed to amend the said clause (ii) to insert a new sub-clause to provide that any sum paid by the employer in respect of any expenditure actually incurred by the employee on his medical treatment or treatment of any member of his family in respect of any illness relating to COVID-19 subject to such conditions, as may be notified by the Central Government in this behalf, shall not be forming part of "perquisite". This amendment will take effect retrospectively from 1st April, 2020 and will, accordingly, apply in relation to the assessment year 2020-2021 and subsequent assessment years. Clause 11 seeks to amend section 35 of the Income-tax Act relating to expenditure on scientific research. Sub-section (1A) of said section provides that the research association, university, college or other institution referred to in clause (ii) or clause (iii) or the company referred to in clause (iia) of sub-section (1) of the said section, shall not be entitled to deduction as provided under sub-section (1), unless such research association, university, college or other institution or company, inter-alia, prepares a statement, setting forth such particulars and furnishes to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot deductible. Sub-clause (ii) of clause (a) of the said section provides that any sum paid on account of any rate or tax levied on the profits or gains of any business or profession or assessed at a proportion of, or otherwise on the basis of, any such profits or gains shall not be deducted in computing the income chargeable under the head "profits and gains of business or profession". It is proposed to insert a new Explanation 3 to sub-clause (ii) of clause (a) of the said section to clarify that for the purposes of sub-clause (ii), the term "tax" shall include and shall be deemed to have always included any surcharge or cess, by whatever name called, on such tax. This amendment will take effect retrospectively from 1st April, 2005 and will, accordingly, apply in relation to the assessment year 2005-2006 and subsequent assessment years. Clause 14 seeks to amend section 43B of the Income-tax Act relating to certain deductions to be allowed only on actual payment. Explanations 3C, 3CA and 3D of the said section provide that a deduction of any sum, being interest payable under clauses (d), (da), and (e) of the said section, shall be allowed if such interest has been actually pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (viib) of the said-sub-section provides that where a company, not being a company in which the public are substantially interested, receives, in any previous year, from any person being a resident, any consideration for issue of shares that exceeds the face value of such shares, the aggregate consideration received for such shares as exceeds the fair market value of the shares shall be chargeable under the head of Income-from other sources. The first proviso to said clause (viib) provides that the provisions of the said clause shall not apply, where the consideration for issue of shares is received by a venture capital undertaking from, inter-alia, a specified fund. Explanation to the said clause provides the definition of "specified fund" as a Category I or a Category II Alternative Investment Fund which is regulated under the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992. It is proposed to amend the said Explanation to clause (viib) to provide that "specified fund" shall also include Category I or a Category II Alternative Investment Fund which is regulated under the Inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y", "relative" and "stamp duty value shall have the same meanings as respectively assigned to them in the Explanation to clause (vii). It is proposed to amend the said Explanation to include the definition of the expression "property" to have the same meaning as assigned to it in clause (d) of the Explanation to clause (vii) and shall include virtual digital asset. This amendment will take effect from 1st April, 2023 and will, accordingly, apply in relation to the assessment year 2023-2024 and subsequent assessment years. Clause 17 seeks to amend section 68 of the Income-tax Act relating to cash credits. The provisions of the said section provide that where any sum is found to be credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year. It is proposed to insert a new proviso to the said section to provide that where the sum so credited consists of loan or borrowing or any such amount by whatever ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r and subsequent previous years. It is also proposed to amend the Explanation, inter alia, to insert the definition of the expressions "erstwhile public sector company", and "strategic disinvestment". These amendments will take effect from 1st April, 2022 and will, accordingly, apply in relation to the assessment year 2022-2023 and subsequent assessment years. Clause 19 seeks to insert a new section 79A of the Income tax Act, relating to no set off of losses consequent to search, requisition and survey. The proposed new section seeks to provide that notwithstanding anything contained in the Act, no set off of losses brought forward, or otherwise, or unabsorbed depreciation under sub-section (2) of section 32 shall be allowed to an assessee while computing his total income in any previous year which includes undisclosed income - (i) that is found in the course of a search under section 132 or a requisition under section 132A or a survey under section 133A, other than under sub-section (2A) of that section, or (ii) that is represented, either wholly or partly, by any entry in the books of account in respect of an expense or other documents maintained in the normal course rela ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section provides that deduction shall be allowed only if the payment of annuity or lump sum amount has been made for the benefit of the dependant, being a person with disability, in the event of the death of the individual or the member of the Hindu undivided family in whose name subscription to the scheme has been made and the assessee nominates either the dependant or any other person to receive the payment on his behalf for the benefit of the dependant, being a person with disability. Sub-section (3) of the said section provides that if the dependant with disability, predeceases the individual or the member of the Hindu undivided family, the amount deposited in such scheme shall be deemed to be the income of the assessee of the previous year in which such amount is received by the assessee and shall accordingly be chargeable to tax as the income of that previous year. It is proposed to substitute clause (a) of sub-section (2) of the said section so as to provide that the deduction under clause (b) of sub-section (1) of the said section shall be allowed if the scheme provides for payment of annuity or lump sum amount for the benefit of a dependant, being a person with disabili ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2) of the said section, there shall be allowed, in accordance with and subject to the provisions of that section, a deduction from such income, of an amount equal to one hundred per cent. of such income for any ten consecutive assessment years, at the option of the assessee, out of fifteen years, beginning with the assessment year relevant to the previous year in which the permission, under clause (a) of sub-section (1) of section 23 of the Banking Regulation Act, 1949 or permission or registration under the Securities and Exchange Board of India Act, 1992 or any other relevant law was obtained. Sub-section (2) of the said section specifies the incomes which are eligible for deduction, inter-alia, under the said sub-section (1A). It is proposed to amend clause (d) of sub-section (2) of the said section to provide that the income arising from the transfer of an asset, being a ship which was leased by an unit of the International Financial Services Centre to a person, subject to the condition that the unit has commenced operation on or before the 31st day of March, 2024 shall also be eligible for deduction under the said sub-section (1A). It is further proposed to amend the Explan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992, for the purposes of entitlement of the holder of the securities or units, as the case may be, to receive dividend, income, or additional securities or unit without any consideration, as the case may be. It is also proposed to amend clause (d) of the aforesaid, Explanation to amend the definition of the term "unit". These amendments will take effect from the 1st April, 2023 and will, accordingly, apply in relation to the assessment year 2023-2024 and subsequent assessment years. Clause 26 seeks to amend section 115BAB of the Income-tax Act relating to tax on income of new manufacturing domestic companies. Sub-section (2) of the said section specifies the conditions which a domestic company needs to satisfy to be eligible to be taxed under this section. Clause (a) of sub-section (2) of the said section requires that the domestic company should be set-up and registered on or after the 1st day of October, 2019, and should have commenced manufacturing or production of an article or thing on or before the 31st day of March, 2023. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1) shall be allowed against income computed under any other provision of the Act to the assessee and such loss shall not be allowed to be carried forward to succeeding assessment years. Sub-section (1) of the proposed new section 115BBI provides that where the total income of an assessee, being a person in receipt of income on behalf of any fund or institution referred to in sub-clause (iv) or any trust or institution referred to in sub-clause (v) or any university or other educational institution referred to in sub-clause (vi) or any hospital or other medical institution referred to in sub-clause (via), of clause (23C) of section 10 or any trust or institution referred to in section 11, includes any income by way of any specified income, the income-tax payable shall be the aggregate of- (i) the amount of income-tax calculated at the rate of thirty per cent. on the aggregate of such specified income; and (ii) the amount of income-tax with which the assessee would have been chargeable had the total income of the assessee been reduced by the aggregate of specified income referred to in clause (i). Sub-section (2) of the said section provides that no deduction in respect of any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thstanding anything contained in sub-section (1) of the said section, where the person referred to therein, is a unit located in an International Financial Services Centre and derives its income solely in convertible foreign exchange, it shall be liable to pay income-tax on such total income at the rate of nine per cent. and where the person referred to therein, is a co-operative society, it shall be liable to pay income-tax on such total income at the rate of fifteen per cent. This amendment will take effect from 1st April, 2023 and will, accordingly, apply in relation to the assessment year 2023-2024 and subsequent assessment years. Clause 30 seeks to amend section 115JF of the Income-tax Act relating to interpretation in the Chapter XII-BA. The said section provides for definitions of earlier terms and expressions used in the said Chapter. Clause (b) of the said section provides for the definition of "alternate minimum tax". It is proposed to substitute the sub-clause (i) to provide that the rate of alternate minimum tax, in case of an assessee, being a unit located in an International Financial Services Centre and derives its income solely in convertible foreign exchange, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution and the trust or the institution fails to pay the whole or any part of the tax on the accreted income referred to in sub-section (1) of section 115TD, within the time allowed under sub-section (5) of that section, he or it shall be liable to pay simple interest at the rate of one per cent. for every month or part thereof on the amount of such tax for the period beginning on the date immediately after the last date on which such tax was payable and ending with the date on which the tax is actually paid. It is proposed to amend the said section so as to substitute the reference of the expression "trust or the institution" with the reference of "specified person". These amendments will take effect from 1st April, 2023 and will, accordingly, apply in relation to the assessment year 2023-2024 and subsequent assessment years. Clause 33 seeks to amend section 115TF of the Income-tax Act relating to when trust or institution is deemed to be assessee in default. The said section, inter-alia, provides that if any principal officer or the trustee of the trust or the institution and the trust or the institution does not pay tax on accreted income in accordance with the provisions of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed or requisitioned assets. Sub-section (1) of the said section provides the manner in which assets seized under section 132 or requisitioned under section 132A are dealt with. It is proposed to amend clause (i) of sub-section (1) of section 132B to provide that the provisions of such clause shall apply to completion of assessment or reassessment or recomputation. Sub-section (4) of the said section provides the computation of simple interest that the Central Government shall pay on the amount of money seized under section 132 or requisitioned under section 132A. It is proposed to amend sub-clause (b) of the said subsection to provide that the said clause shall also be applicable to completion of assessment or reassessment or recomputation. These amendments will take effect from lst April, 2022. Clause 37 seeks to amend the section 133A of the Income-tax Act relating to power of survey. Explanation to the said section, inter alia, defines the expression "income-tax authority". It is proposed to amend the said definition "income-tax authority" to mean such authority who is subordinate to the Principal Director General or the Director General or the Principal Chief Commissioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment years preceding such assessment year. It is also proposed that no updated return shall be furnished by any person for the relevant assessment year, where, an updated return has been furnished by him under the proposed sub-section (8A) for the relevant assessment year or any proceeding for assessment or reassessment or recomputation or revision of income under the Income-tax Act is pending or has been completed for the relevant assessment year in his case or the Assessing Officer has information in respect of such person for the relevant assessment year in his possession under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 or the Prohibition of Benami Property Transactions Act, 1988 or the Prevention of Moneylaundering Act, 2002 or the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 and the same has been communicated to him, prior to the date of furnishing of return under this sub-section or information for the relevant assessment has been received under an agreement referred to in sections 90 or 90A of the Act in respect of such person and the same has been communicated to him, prior to the date of f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nterest and fee. It is further proposed that, in the case of an assessee, where, return of income under sub-section (1) or sub-section (4) or sub-section (5) of section 139 (referred to as the earlier return) has been furnished by such assessee and tax is payable on the basis of return to be furnished by such assessee under sub-section (8A) of section 139, the assessee shall be liable to pay such tax together with interest payable under any provision of this Act for any default or delay in payment of advance tax, along with the payment of additional incometax, as reduced by the amount of interest paid under the provisions of this Act in the earlier return, before furnishing the return and the tax payable shall be computed after taking into account the following:-- (i) the amount of relief or tax referred to in sub-section (1) of section 140A, the credit for which has been claimed in the earlier return ; (ii) tax deducted or collected at source, in accordance with the provisions of Chapter XVII-B, on any income which is subject to such deduction or collection and which is taken into account in computing total income and which has not been included in the earlier return; (iii) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to in sub-section (1) of section 140A, the credit for which has been claimed in the earlier return; (ii) tax deducted or collected at source, in accordance with the provisions of Chapter XVII-B, on any income which is subject to such deduction or collection and which is taken into account in computing such total income, which has not been included in the earlier return; (iii) any relief of tax or deduction of tax claimed under section 90 or section 91 on account of tax paid in a country outside India on such income which has not been included in the earlier return; (iv) any relief of tax claimed under section 90A on account of tax paid in any specified territory outside India referred to in that section on such income which has not been included in the earlier return; (v) any tax credit claimed, to be set off in accordance with the provisions of section 115JAA or section 115JD, which has not been claimed in the earlier return, and as increased by the amount of refund, if any, issued in respect of such earlier return. It is also proposed that if any difficulty arises in giving effect to the provisions of the proposed section, the Board may, with the approval of the Cen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mit the reference of fund or institution referred to in sub-clause (iv) or trust or institution referred to in sub-clause (v) or any university or other educational institution referred to in sub-clause (vi) or any hospital or other medical institution referred to in sub-clause (via) of clause (23C) of section 10. It is further proposed to insert a new proviso after the first proviso so as to provide that where the Assessing Officer is satisfied that any fund or institution referred to in sub-clause (iv) or trust or institution referred to in sub-clause (v) or any university or other educational institution referred to in sub-clause (vi) or any hospital or other medical institution referred to in sub-clause (via), of clause (23C) of section 10, or any trust or institution referred to in section 11, has committed any specified violation as defined in the Explanation 2 to fifteenth proviso to clause (23C) of section 10 or the Explanation to sub-section (4) of section 12AB, as the case may be, he shall-- (a) send a reference to the Principal Commissioner or Commissioner to withdraw the approval or registration, as the case may be; and (b) no order making an assessment of the tota ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see shall be served a notice under sub-section (2) of section 143 or under sub-section (1) of section 142 of the Act, through the NaFAC. The assessee may file his response to the aforementioned notice, within the date specified in such notice, to the NaFAC, which shall forward the same to the AU. Thereafter, the AU may make a request, through the NaFAC, for obtaining such further information, documents or evidence from the assessee or any other person, as it may specify and the NaFAC shall serve appropriate notice or requisition on the assessee or any other person for obtaining the same. The AU may also make a request, through the NaFAC, for conducting enquiry or verification by VU and the request shall be assigned by the NaFAC to a VU through an automated allocation system. The AU may also similarly make a request for reference to the technical unit and the request shall be assigned by the NaFAC to a TU through an automated allocation system. The assessee or any other person, as the case may be, shall file his response in compliance to the said notice served by NaFAC, at the request of AU, to the NaFAC which shall forward the reply to the AU. If the assessee fails to comply with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proposed in such review report, prepare a draft order accordingly, and send it to NaFAC. The NaFAC shall, upon receiving draft order in a case of eligible assessee, where there is a proposal to make any variation which is prejudicial to the interest of such assessee under sub-section (1) of section 144C, serve such draft order and assessee. In any case, other than that of eligible assessee under section 144C, the NaFAC shall convey to the AU to pass the final assessment order in accordance with such draft order which shall thereafter pass the final assessment order and initiate penalty proceedings, if any, and send it to the NaFAC. The NaFAC shall serve a copy of the final assessment order, notice for initiating penalty proceedings, if any and the demand notice, to the assessee; An eligible assessee, as referred to in section 144C, has to file his acceptance of the variations proposed in such draft order or file objections, if any, to such variations with the Dispute Resolution Panel, under section 144C and the NaFAC, within the period specified in sub-section (2) of the said section. In case the variations proposed in the draft order are accepted by the assessee or not objected ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terial furnished by the assessee or any other person, and such other functions as may be required for the purposes of making faceless assessment, and the term "assessment unit", wherever used in this section, shall mean an assessing officer having powers so assigned by the Board; (iii) verification units, as it may deem necessary to facilitate the conduct of faceless assessment, to perform the function of verification, which includes enquiry, cross verification, examination of books of account, examination of witnesses and recording of statements, and such other functions as may be required for the purposes of verification and the term "verification unit", wherever used in this section, shall mean an assessing officer having powers so assigned by the Board;. (iv) technical units, as it may deem necessary to facilitate the conduct of faceless assessment, to perform the function of providing technical assistance which includes any assistance or advice on legal, accounting, forensic, information technology, valuation, transfer pricing, data analytics, management or any other technical matter under the Income-tax Act or an agreement entered into under section 90 or section 90A whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come or loss determination proposal or the draft order, and an opportunity is provided to the assessee by serving a show cause notice upon him, the assessee or his authorized representative, as the case may be, may request for personal hearing so as to make his oral submissions or present his case before the income-tax authority of the relevant unit. Where the request for personal hearing has been received, the income-tax authority of the relevant unit shall allow such hearing, through NaFAC, which shall be conducted exclusively through video conferencing or video telephony, to the extent technologically feasible, in accordance with the procedure laid down by the Board. Any examination or recording of the statement of the assessee or any other person (other than the statement recorded in the course of survey under section 133A) shall be conduced by an income-tax authority in the relevant unit, exclusively through video conferencing or video telephony, to the extent technologically feasible, in accordance with the procedure laid down by the Board. The Principal Chief Commissioner or the Principal Director General, as the case may be, in charge of the NaFAC shall, with the prior app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for faceless assessment may also be performed by a VU located in any other faceless center set up under the provisions of the Act or under any scheme notified under the provisions of the Act and the request for verification may also be assigned through the NaFAC to such verification unit. These amendments will take effect from 1st April, 2022. It is also proposed to omit the existing sub-section (9) of the said section 144B retrospectively from the 1st April, 2021. This amendment will take effect retrospectively from 1st April, 2021. It is also proposed to omit sub-section (10). It is also proposed to include the definition of the expression "electronic verification code" and to omit the definition of the term "originator" in the Explanation. These amendments will take effect from 1st April, 2022. Clause 43 seeks to amend section 144C of the Income-tax Act relating to Reference to dispute resolution panel. The said section, inter alia, empowers the Central Government to notify a scheme for the purposes of issuance of directions by the dispute resolution panel so as to impart greater efficiency, transparency and accountability by- (a) eliminating the interface between the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t assessment year has not been made in accordance with the provisions of this Act; or (iii) any information received under an agreement referred to in section 90 or section 90A of the Act; or (iv) any information made available to the Assessing Officer under the scheme notified under section 135A; or (v) any information which requires action in consequence of the order of a Tribunal or a Court. It is also proposed to amend clause (ii) of Explanation 2 of the said section to omit the reference of sub-section (5) of section 133A. These amendments will take effect from the lst April, 2022. It is also proposed to amend Explanation 2 to the said section to provide that the Assessing Officer shall be deemed to have information which suggests that the income chargeable to tax has escaped assessment in the case of the assessee where the search is initiated or books of account, other documents or any assets are requisitioned or survey is conducted in the case of the assessee or money, bullion, jewellery or other valuable article or thing or books of account or documents are seized or requisitioned in case of any other person. This amendment will take effect retrospectively from ls ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reveal that the income chargeable to tax, represented in the form of,-- (i) an asset; (ii) expenditure in respect of a transaction or in relation to an event or occasion; or (iii) an entry or entries in the books of account, which has escaped assessment amounts to or likely to amount to fifty lakh rupees or more. This amendment will take effect from lst April, 2022. It is also proposed to amend the first proviso to sub-section (1) of the said section to provide that no notice under section 148 shall be issued at any time in a case for the relevant assessment year beginning on or before 1st day of April, 2021, if a notice under section 148 or section 153A or section 153C could not have been issued at that time on account of being beyond the time limit specified under the provisions of clause (b) of subsection (1) of section 149 or section 153A or section 153C, as the case may be, as they stood immediately before the commencement of the Finance Act, 2021 This amendment will take effect retrospectively from lst April, 2021. It is also proposed to insert a new sub-section (1A) in the said section to provide that notwithstanding anything contained in sub-section (1) of the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... equent to the amendments made in section 263. Explanation 1 to the said section provides the time limit in certain cases which are required to be excluded while computing the period of limitation under the said section. It is also proposed to amend clause (iii) of the said Explanation so as to omit the reference of "sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10". These amendments will take effect from lst April, 2022. It is also proposed to insert a new clause (xii) to provide for exclusion of the period commencing from the date on which a search is initiated under section 132 or a requisition is made under section 132A and ending on the date on which the books of account or other documents, or any money, bullion , jewellery or other valuable article or thing seized under section 132 or requisitioned under section 132A, as the case may be, are handed over to the Assessing Officer having jurisdiction over the assessee,-- (a) in whose case such search is initiated under section 132 or such requisition is made under section 132A; or (b) to whom any money, bullion, jewellery or other valuable article or thing seized or re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 132A and ending on the date on which the books of account or other documents, or any money, bullion , jewellery or other valuable article or thing seized under section 132 or requisitioned under section 132A, as the case may be, are handed over to the Assessing Officer having jurisdiction over the assessee, in whose case such search is initiated under section 132 or such requisition is made under section 132A, as the case may be or one hundred and eighty days, whichever is less. These amendments will take effect retrospectively from lst April, 2021. Clause 50 seeks to insert a new section 156A in the Income-tax Act relating to modification and revision of notice in certain cases. It is proposed to provide that where any tax, interest, penalty, fine or any other sum in respect of which a notice of demand has been issued under section 156, is reduced as a result of an order of an Adjudicating Authority as defined in clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016, the Assessing Officer shall modify the demand payable in conformity with such order and shall thereafter serve on the assessee a notice of demand specifying the sum payable, if any, and such notice of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case may be, in the prescribed form within a period of sixty days from the date of receipt of the order of the Commissioner (Appeals) or within one hundred and twenty days from the date of receipt of the order of the Appellate Tribunal, as the case may be, stating that an appeal on the question of law arising in the relevant case may be filed when the decision on the question of law becomes final in the other case. Sub-section (3) of the proposed section provides that the Principal Commissioner or Commissioner shall direct the Assessing Officer to make such an application only if an acceptance is received from the assessee to the effect that the question of law in the other case is identical to that arising in the relevant case, and in case no such acceptance is received, the Principal Commissioner or Commissioner shall proceed in accordance with the provisions contained in sub-section (2) of section 253 or in sub-section (2) of section 260A. Sub-section (4) of the proposed section provides that where the order of the Commissioner (Appeals) or the order of the Appellate Tribunal, as the case may be, in the relevant case is not in conformity with the final decision on the que ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... court in respect of business reorganisation. It is proposed to provide that notwithstanding anything contained in section 139, in case of business reorganisation, where prior to the date of order of a High Court or tribunal or an Adjudicating Authority as defined in clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016, as the case may be, any return of income has been furnished by the successor under the provisions of section 139 for any assessment year relevant to the previous year to which such order applies, such successor shall furnish, within a period of six months from the end of the month in which the said order was issued, a modified return in such form and manner, as may be prescribed, in accordance with and limited to the said order. It is further proposed to insert an Explanation in the said section to define the expression "business reorganisation" shall have the same meaning as assigned to it in clause (i) of the Explanation to sub-section (2A) of section 170. This amendment will take effect from lst April, 2022. Clause 55 seeks to amend the section 179 of the Income-tax Act relating to liability of directors of private company in liquidation. It pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther than those referred to in second proviso of section 194-I) on the payment of any income by way of rent exceeding fifty thousand rupees for a month or part of a month to a resident at the rate of five per cent. of such income. Sub-section (4) of the said section provides that where the tax is required to be deducted as per the provisions of section 206AA or section 206AB, such deduction shall not exceed the amount of rent payable for the last month of the previous year or the last month of the tenancy, as the case may be. It is proposed to amend the said sub-section (4) to omit the reference of section 206AB. This amendment will take effect from 1st April, 2022. Clause 58 seeks to insert a new section 194R to the Income-tax Act, 1961 relating to deduction of tax on benefit or perquisite in respect of a business or profession. The proposed new section provides that the person responsible for providing to a resident, any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession by such resident, shall, before providing such benefit or perquisite, as the case may be, to such resident, ensure that tax has been deducted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rtly in cash and partly in kind but the part in cash is not sufficient to meet the liability of deduction of tax in respect of whole of such transfer, the person responsible for paying such consideration shall, before releasing the consideration, ensure that tax has been paid in respect of such consideration for the transfer of virtual digital asset. The proposed sub-section (2) seeks to provide that provisions of sections 203A and 206AB shall not apply to a specified person. The proposed sub-section (3) seeks to provide that notwithstanding anything contained in sub-section (1), no tax shall be deducted in a case, where-- (a) the consideration is payable by a specified person and the value or aggregate value of such consideration does not exceed fifty thousand rupees during the financial year; and (b) the consideration is payable by any person other than a specified person and the value or aggregate value of such consideration does not exceed ten thousand rupees during the financial year. The proposed sub-section (4) seeks to provide that notwithstanding anything contained in Chapter XVII of the Income-tax Act, a transaction in respect of which tax has been deducted unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Government, then, he shall be liable to pay simple interest at the rates specified therein. It is proposed to insert a new proviso to the said sub-section to provide that where an order is made by the Assessing Officer for the default referred to in sub-section (1), the interest shall be paid by the person in accordance with such order. This amendment will take effect from the 1st day of April, 2022. Clause 61 seeks to amend section 206AB of the Income-tax Act relating to special provision for deduction of tax at source for non-filers of income-tax return. Sub-section (1) of the said section provides the rates at which the tax shall be deducted in case of specified person. It is proposed to amend the said sub-section (1) to,-- (i) include the reference of sections 194-IA, 194-IB and 194M; and (ii) omit the brackets and words "(hereafter referred to as deductee)". It is further proposed to amend sub-section (3) of the said section to provide that for the purposes of the said section, "specified person" shall mean a person who has not furnished the return of income for the assessment year relevant to the previous year immediately preceding the financial year in which ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in furnishing return of income. It is proposed to amend sub-section (1) of the said section to provide that an assessee shall be liable to pay simple interest for furnishing after due date or not furnishing a return under sub-section (8A) in addition to return under sub-section (1) or sub-section (4) of section 139. It is further proposed to amend Explanation 2 of the sub-section to provide that,-- (i) "tax on total income as determined under sub-section (1) of section 143" shall not include the additional income-tax, if any, payable under section 140B or section 143 and (ii) "tax on total income determined under such regular assessment" shall not include the additional income-tax payable under section 140B. These amendments will take effect from 1st April, 2022. Clause 65 seeks to amend section 234B of the Income-tax Act relating to interest for defaults in payment of advance tax. It is proposed to amend Explanation 3 to sub-section (1) of the said section to provide that,-- (i) "tax on total income as determined under sub-section (1) of section 143" shall not include the additional income-tax, if any, payable under section 140B or section 143 and (ii) "tax on total i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions contained in such order of the Dispute Resolution Committee, within a period of one month from the end of the month in which such order is received. This amendment will take effect from 1st April, 2022. Clause 68 seeks to amend section 246A of the Income-tax Act relating to appealable orders before Commissioner (Appeals). Sub-section (1) of the said section provides for categories of orders against which appeal can be filed before the Commissioner (Appeals). It is proposed to insert a new clause (ia) in the said sub-section to provide that the orders passed by an Assessing Officer under section 239A shall be appealable before the Commissioner (Appeals). This amendment will take effect from lst April, 2022. Clause 69 seeks to amend section 248 of the Income-tax Act relating to appeal by a person denying liability to deduct tax in certain cases. The said section provides that where under an agreement or other arrangement, the tax deductible on any income, other than interest, under section 195 is to be borne by the person by whom the income is payable, and such person having paid such tax to the credit of the Central Government, claims that no tax was required to be dedu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r shall apply with such exceptions, modifications and adaptations as may be specified. It is proposed to amend the proviso to the said sub-section (8), extending the date for issuing directions for the purposes of the said sub-section from 31st day of March, 2023 to 31st day of March, 2024. This amendment will take effect from 1st April, 2022. Clause 72 seeks to amend section 263 of the Income-tax Act relating to revision of orders prejudicial to revenue. Sub-section (1) in the said section provides that the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner may call for and examine the record of any proceedings under the Act, and if he considers that any order passed by the Assessing Officer under the Act is erroneous in so far as it is prejudicial to the interests of revenue, he may pass such order thereon as the circumstances of the case justify, including an order enhancing or modifying the assessment or cancelling the assessment and directing a fresh assessment, after making or causing to be made any such inquiry as he deems necessary. It is proposed to provide that in addition to the existing provision, the Principal Chief Commis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... posed to amend clause (a) of the said Explanation to make applicable a notice issued under section 148 also, in case where search is initiated on or after 1st April, 2021. This amendment will take effect retrospectively from 1st April, 2021. Clause 74 seeks to amend the section 271AAC of the Income-tax Act relating to penalty in respect of certain income. Sub-section (1) of the said section, inter alia, enables Assessing Officer to levy penalty in cases where the income determined includes any income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D for any previous year. It is proposed to amend sub-section (1) of the said section, to extend the powers to levy penalty to the Commissioner (Appeals) also. This amendment will take effect from 1st April, 2022. Clause 75 seeks to amend the section 271AAD of the Income-tax Act relating to penalty for false entry, etc. in books of account. The said section, inter alia, enables the Assessing Officer to levy penalty in cases where, during any proceeding, it is found that in the books of account maintained by any person there is a false entry or an omission of any entry which is relevant for co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in sub-clause (ii) of clause (b) of sub-section (1) of the section. This amendment will take effect from lst April, 2022. Clause 78 seeks to amend section 272A of the Income-tax Act relating to penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc. It is proposed to increase the existing penalty under sub-section (2) from one hundred rupees to five hundred rupees. This amendment will take effect from 1st April, 2022. Clause 79 seeks to amend section 276AB of the Income-tax Act relating to failure to comply with the provisions of sections 269UC, 269UE and 269UL. It is proposed to insert a second proviso to the said section so as to provide that no proceeding under this section shall be initiated on or after the 1st day of April, 2022. This amendment will take effect from 1st April, 2022. Clause 80 seeks to amend section 276B of the Income-tax Act relating to failure to pay tax to the credit of Central Government under Chapter XII-D or XVII-B. The first proviso to Section 194B was omitted vide the Finance Act, 1999 with effect from the 1st April, 2000 and the section currently has only one proviso. It is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of the film, whichever is earlier, a statement containing particulars of all payments over fifty thousand rupees in the aggregate made by him or due from him to each person engaged by him. It is proposed to substitute the said section to provide that any person carrying on the production of a cinematograph film or engaged in any specified activity, or both, during the whole or any part of any financial year shall, in respect of the period during which such production or specified activity is carried on by him in such financial year, furnish within the prescribed period, a statement in the prescribed form to the prescribed income tax authority in the prescribed manner, containing particulars of all payments of over fifty thousand rupees in the aggregate made by him or due from him to each such person as is engaged by him in such production or specified activity. It is proposed to clarify that for the purposes of this section, "specified activity" means event management, documentary production, production of programmes for telecasting on television or over the top platforms or any other similar platform, sports event management, other performing arts or any other activity as t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mstances and manner of exercise of such checks, in respect of such goods. Clause 89 seeks to amend section 28E of the Customs Act so as to omit the Explanation to clause (c) relating to expression 'joint venture in India' and also to omit clause (h) of the said section. Clause 90 seeks to amend sub-section (1) of section 28H of the Customs Act so as to provide that fee for application for advance ruling shall also be prescribed. It further seeks to omit sub-section (3) and to amend sub-section (4) so as to provide that an applicant for advance ruling may withdraw his application at any time before a ruling is pronounced. Clause 91 seeks to substitute sub-section (7) of section 28-1 of the Customs Act so as to remove reference to 'Members' from the said sub-section. Clause 92 seeks to substitute sub-section (2) of section 28J of the Customs Act so as to provide that advance ruling under sub-section (1) of that section shall remain valid for a period of three years or till there is a change in law or facts on the basis of which the advance ruling has been pronounced, whichever is earlier. It further seeks to insert a proviso in the said sub-section so as to provide that in resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by this Act to that extent. Customs Tariff Clause 97 seeks to amend the First Schedule to the Customs Tariff Act -- (a) in the manner specified in the Second Schedule so as to revise the rates in respect of certain tariff items with effect from the 2nd February, 2022; (b) in the manner specified in the Third Schedule with a view to harmonise certain entries with Harmonised System of Nomenclature to create new tariff lines in respect of certain entries and to revise the rates in respect of certain tariff items, with effect from the 1st May, 2022. Excise Clause 98 seeks to amend the Fourth Schedule to the Central Excise Act to insert two new tariff items 2710 12 43 and 2710 12 44 under sub-heading 2710 12 in Chapter 27 relating to E12 and E15 fuel blends, as new BIS specification IS 17586 has been issued for Ethanol Blended Petrol with percentage of ethanol upto twelve (E12) and fifteen (E15) percent, so as to align the Fourth Schedule to the Central Excise Act with the proposed amendments for the sub-heading 2710 12 in the First Schedule to the Customs Tariff Act, 1975, in the manner specified in Fourth Schedule. This amendment will take effect from the date on which the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under section 42 or section 43, as the said sections are proposed to be omitted, and to provide for thirtieth day of November following the end of the financial year or furnishing of the relevant annual return, whichever is earlier, as the last date for rectification of errors or omission in respect of details of outward supplies furnished under sub-section (1). It also seeks to insert sub-section (4) so as to provide for tax period-wise sequential filing of details of outward supplies under sub-section (1). Clause 103 seeks to substitute a new section for section 38 of the Central Goods and Services Tax Act. Sub section (1) seeks to provide for prescribing such other supplies as well as the manner, time, conditions and restrictions for communication of details of inward supplies and input tax credit to the recipient by means of an auto-generated statement and to do away with two-way communication process in return filing. Sub-section (2) seeks to provide for the details of inward supplies in respect of which input tax credit may be availed and the details of supplies on which input tax credit cannot be availed by the recipient. Clause 104 seeks to amend sub-section (5) of sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lause 108 seeks to amend sub-section (2) of section 48 of the Central Goods and Services Tax Act so as to remove reference to section 38 therefrom as there is no requirement of furnishing details of inward supplies by the registered person under the said section 38. Clause 109 seeks to amend sub-section (4) of section 49 of the Central Goods and Services Tax Act so as to provide for prescribing restrictions for utilizing the amount available in the electronic credit ledger. It further seeks to amend sub-section (10) so as to allow transfer of amount available in electronic cash ledger under the Central Goods and Services Tax Act of a registered person to the electronic cash ledger under the said Act or the Integrated Goods and Services Tax Act of a distinct person. It also seeks to insert sub-section (12) so as to provide for prescribing the maximum proportion of output tax liability which may be discharged through the electronic credit ledger. Clause 110 seeks to substitute a new sub-section for sub-section (3) of section 50 of the Central Goods and Services Tax Act, retrospectively, with effect from the 1st July, 2017, so as to provide for levy of interest on input tax credi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ended waste generated during the production of fish meal (falling under heading 2301), except for fish oil, during the period from the 1st day of July, 2017 upto the 30th day of September, 2019 (both days inclusive). It further seeks to provide that no refund shall be made of the said tax which has already been collected. Clause 117 seeks to give retrospective effect to the notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 746(E), dated the 30th September, 2019 with effect from the 1st day of July, 2017. It further seeks to provide that no refund shall be made of the central tax which has already been collected. Integrated Goods and Services Tax Clause 118 seeks to amend notification number G.S.R. 698(E), dated the 28th June, 2017, so as to notify rate of interest under sub-section (3) of section 50 of the Central Goods and Services Tax Act as 18%, retrospectively, with effect from the 1st day of July, 2017. Clause 119 seeks to provide retrospective exemption from integrated tax in respect of supply of unintended waste generated during the production of fish meal (falling under heading 2301), except for fish oil, during t ..... 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