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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 ..... 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 the purposes of the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 said clause further provides exemption ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ril, 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 hospital or other medical institution subject to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r 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 proposed to insert a proviso to the said Explanation 3 to provide that in co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted, 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 said clause (23C) so as to provide that where the total income of the fund or institution or trus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 new Explanation 2 to the said fifteenth proviso to provide that for the purposes of the said proviso, the foll ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -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 twenty-first proviso to the said clause (23C) so as to provide that where the income or part of income or property of any fund or institu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 by it (irrespective of the previous year in which the liability to pay such sum was incurred by the fund or institution or trust or any university or other educa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roposed 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 (2) is applied or ceases to remain invested or not utilised or credited or paid as specified therein, the same shall be deemed to be the income of such person of the previous yea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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-section (4) of the said section to provide that where registration or provisional registration of a trust or an institution has been granted under clause (a) or clause (b) or clause (c) of sub-section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... art 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 said section to provide that the order under clause (ii) or clause (iii) of sub-section (4), as the case may be, shall be passed before the expiry of a period of six months, calculated from the end of the quarter in which the first notice is i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 to provide that for the purposes of computing income chargeable to tax under sub-section (10), 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 eff ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... OVID-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 donor, a certificate specifying the amount of donation in the manner specified therein. It is proposed to amend the said sub-section so as to provide that the deduction in respect of any sum paid to the research association, university, college or other institution referred to in clause (ii) or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome 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 paid and any interest referred to in the said clauses which has been converted into a loan or borrowing or advance shall not be deemed to have been actually paid. It is proposed to amend the said Explanations 3C, 3CA and 3D of the said section to provide that conversion of interest payable under clauses (d), (da), and (e) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 International Financial Services Centres Authority Act, 2019. 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. The existing provisions of clause (x) of sub-section (2) of the said section of the Income-tax Act, 1961 (the Act) inter al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... et. 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 name called, any explanation offered by the assessee shall be deemed to be not satisfactory unless (a) the person in whose name such credit is recorded in the books of the assessee also offers an explanation about the nature and source of such sum so credited, and (b) such explanation in the opinion of the Assessing Officer has been found to be satisfactory and cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 relating to the previous year which is found to be false and would not have been found to be so, had the search not been initiated or the survey not been conducted or the requisition not been made. The proposed new section further seeks to define the expression undisclosed income for the purposes of the said section. This amendment will take effect from 1st April, 2022 and will, accordingl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve 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 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; or on his attaining the age of sixty years or more or the member of the Hindu undivided family, and the payment or deposit to such scheme has been discontinued. Further, it is proposed to insert a new sub-section (3A) to provide that the provisions of s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on (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 Explanation to the said clause (d) so as to provide that the term ship shall have the same meaning as provided in clause (4F) of section 10 of the 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. Clause 24 seeks to amend section 92CA of the Income-tax Act relating to Reference to Transfer Pricing Officer. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f 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. It is proposed to amend the said clause so as to extend the date of commencement of manufacturing or production of an article or thing from 31st March, 2023 to 31st March, 2024. This amendment will take effect from 1st April, 2022 and will, accordingly, apply in relation to the assessment year 2022-2023 and subsequent assessment years. Clause 27 seeks to amend section 115BBD of the Income-tax Act relating to tax on certain dividends received from foreign ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 expenditure or allowance or set off of any loss shall be allowed to the assessee under any provision of the Act in computing the specified income referred to in clause (i) of sub-section (1). The Explanation to the said sub-section provides that specified income means (a) income accumulated or set apart in excess of fifteen percent of the income where such accumulation is not allowed under any specific provisions of the Act; or (b) deemed income referred to in Explanation 4 to thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rom 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, shall be nine per cent., and in case of an assessee, being a co-operative society, 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 31 seeks to amend section 115TD of the Income-tax Act relating to tax on accreted income. The said section, inter-alia, provides that where in any previous year, a trust or institution registered under section 12AA or section 12AB has converted into any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o 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 section 115TD, then, he or it shall be deemed to be an assessee in default in respect of the amount of tax payable by him or it and all the provisions of the Act for the collection and recovery of income-tax shall apply. 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 . This amendment will take effect from 1st April, 2023 and will, accordingly, apply in relation to the assessment year 2023-2024 and subsequent assessment year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der 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 or the Chief Commissioner, as may be specified by the Board. This amendment will take effect from 1st April, 2022. Clause 38 seeks to amend section 139 of the Income-tax Act relating to return of income. It is proposed to insert sub-section (8A) in the said section to provide that any person, whether or not he has furnished a return under sub-section (1) or sub-section (4) or subsection (5), for an assessment year (herein referred to as the relevant assessment year), may furnish an updated return of his income or the income of any other person in respect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r 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 furnishing of return under this sub-section or any prosecution proceedings under the Chapter XXII have been initiated for the relevant assessment year in respect of such person, prior to the date of furnishing of return under this sub-section or he is such person or belongs to such class of persons, as may be notified by the Board in this regard. It is also proposed to insert a clause in the Explanation to sub-section (9) of the said section to provide that a return furnished under the proposed sub-section (8A) of the said section unless such return is accompanie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unt 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) 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Central Government, issue guidelines, by notification in the Official Gazette, for the purpose of removing the difficulty and every such guideline shall be laid before each House of Parliament. It is also proposed to provide that interest payable under section 234A, where no earlier return has been furnished, shall be computed on the amount of tax on the total income as declared in the return under sub-section (8A) of section 139. Further, interest payable under section 234C, where an earlier return has been furnished, shall be computed after taking into account the total income furnished in the return under sub-section (8A) of secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 total income or loss of such fund or institution or trust or any university or other educational institution or any hospital or other medical institution shall be made by him without giving effect to the order passed by the Principal Commissioner or Commissioner under clause (ii) or (iii) of fifteenth proviso to clause (23C) of section 10 or clause (ii) or clause (iii) of sub-section (4) of section 12AB. These amendments will take effect from 1st April, 2022. Clause 41 seeks to amend section 144 of the Income-tax relating to best judgement assessment. It is proposed to amend clause (a) of sub-section (1) of the said section to provide that the Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g 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 the said notice served by NaFAC, at the request of AU, or the earlier notice under sub-section (2) of section 143 or under sub-section (1) of section 142, the NaFAC shall intimate the same to the AU. The AU shall serve upon the assessee, through NaFAC, a show cause notice under section 144 giving him the opportunity to explain as to why the assessment in his case should not be completed to the best of its judgement. The NaFAC shall send any report received from the VU or TU to the AU. The assessee shall file his response to the show-cause notice under section 144 of the Act, within the time specified in such notice, to the NaFAC which shall forward the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 to within the time given in sub-section (2) of section 144C, the NaFAC shall intimate the AU of the same, which shall pass the assessment order, on the basis of the draft order, within the time allowed under sub-section (4) of section 144C and initiate penalty proceedings, if any, and send the order to the NaFAC. Where the eligible assessee files objections with the Dispute Resolution Panel against the variations proposed in the draft order in his case, the NaFAC shall send such intimation along with a copy of such objections to the AU. Upon receipt of the directions issued by the Dispute Resolution Panel in the case of an eligible assessee, the NaFAC shall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 which may be required in a particular case or a class of cases, under this section and the term technical unit , wherever used in this section, shall mean an assessing officer having powers so assigned by the Board. (v) review units, as it may deem necessary to facilitate the conduct of faceless assessment, to perform the function of review of the income determination proposal assigned to it, which includes checking whether the relevant and material evidence has been brought on record, relevant points of fact and law have been duly incorporated, the issues requiring addition or disallowance have been incorporated and such other functions as may be required for the purposes of re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecording 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 approval of the Board, lay down the standards, procedures and processes in the specified manner for effective functioning of the NaFAC and the units set up, in an automated and mechanized environment. The proposed section also seeks to provide that if at any stage of the proceedings before it, the AU having regard to the nature and complexity of the accounts, volume of the accounts, doubts about the correctness of accounts, multiplicity of transactions in the accounts or specialised nature of business activity of the assessee, and the interests of the revenue, is of the opinion that it is necessary to do so, it may, upon recording its reasons in writing, refer the case to the NaFAC stating that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 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 dispute resolution panel and the eligible assessee or any other person to the extent technologically feasible; (b) optimising utilisation of the resources through economies of scale and functional specialisation; (c) introducing a mechanism with dynamic jurisdiction for issuance of directions by dispute resolution panel. Sub-section (14C) of the said section further provides that for the purposes of giving effect to the aforesaid scheme, the Central Government may by notification in the Official Gazette direct that any of the provisions of the Act shall not apply or shall apply with such exceptions, modifications and adaptations as may be specified. It is proposed to amend the proviso to the said sub-sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 lst April, 2021. Clause 45 seeks to amend section 148A of the Income-tax Act relating to conducting inquiry, providing opportunity before issue of notice under section 148. Clause (b) of the said section provides that an opportunity of being heard shall be provided to the assessee, by serving upon him a notice to show cause as to why a notice under section 148 should not be issued on the basis of information which suggests that income chargeable to tax has escaped assessment in his case for the relevant assessment year and results of enquiry conducted, if any, as per clause (a) of the said section. It is proposed to omit the requirement of approval of specified authority in clause (b). It is further proposed to insert a new clause (d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me 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 said section, where the income chargeable to tax represented in the form of an asset or expenditure in relation to an event or occasion of the value referred to in clause (b) of sub-section (1) of the said section, has escaped the assessment and the investment in such asset or expenditure in relation to such event or occasion has been made or incurred, in more than one previous years relevant to the assessment years within the period referred to in clause (b) of sub-section (1) of the said section, notice under section 148 shall be issued for every such assessment year for assessment, reassessment or recomputation, as the case may be. This amendment will take effect from lst April, 2022. Clause 48 seeks to amend section 153 of the Income-tax Act relating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ullion , 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 requisitioned belongs to; or (c) to whom any books of account or documents seized or requisitioned, pertains or pertain to, or any information contained therein, relates to, or one hundred and eighty days, whichever is less, in computing the period of limitation for the purpose of assessment, reassessment or recomputation. This amendment will take retrospectively effect from 1st April, 2021. It is also proposed to insert a new clause (xiii) in the said Explanation to provide that the period commencing from the date, on which the Assessing Officer makes a reference to the Principal Commissioner or Commissioner under third second proviso to sub-section (3) of section 143 or is deemed to have been made under Explanation 3 of the fifteenth proviso to clause (23C) of section 10, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 demand shall be deemed to be a notice under section 156 and the provisions of this Act shall apply accordingly. It is further proposed to provide that where the order referred to in sub-section (1) is modified by the National Company Law Appellate Tribunal or the Supreme Court, as the case may be, the modified notice of demand as referred to in sub-section (1), issued by the Assessing Officer shall be revised accordingly. These amendments will take effect from lst April, 2022. Clause 51 seeks amend section 158AA of the Income-tax Act relating to procedure when in an appeal by revenue an identical question of law is pending before Supreme Court. It is proposed to insert a proviso in sub-section (1) in the said section to provide that no direction shall be given under this sub-section on or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sioner 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 question of law in the other case as and when such order is received, the Principal Commissioner or Commissioner may direct the Assessing Officer to appeal to the Appellate Tribunal or the jurisdictional High Court, as the case may be, against such order and save as otherwise provided in this section all other provisions of Part B of Chapter XX shall apply accordingly. Sub-section (5) of the proposed section provides that appeal in the relevant case shall be filed within a period of sixty days from the date on which the order of the jurisdictional High Court or the Supreme Court, in the other case, is communicated, in accordance with the procedure specified by the Board in this behalf, to the Principal Commissioner or Commissioner. It is also proposed to define the expression collegium for the purposes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 provides for recovery of tax dues of a private company from its directors, in cases where such tax dues cannot be recovered from the company itself. The marginal heading of the said section reads as liability of directors of private company in liquidation. However, the provisions of the section do not deal with companies in liquidation. Therefore, it is proposed to omit the words in liquidation from the marginal heading of the said section. It is further proposed to include fees within the scope of the expression tax due in the Explanation to the said section. These amendments will take effect from 1st April, 2022. Clause 56 seeks to amend section 194-IA of the Income-tax Act relating to payment on transfer of certain immovable property other than agricultural land. Sub-section (1) of the said section provides for deduction o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 in respect of such benefit or perquisite at the rate of ten per cent. of the value or aggregate of value of such benefit or perquisite. It is further proposed to provide that in a case where the benefit or perquisite, as the case may be, is wholly in kind or partly in cash and partly in kind but such part in cash is not sufficient to meet the liability of deduction of tax in respect of whole of such benefit or perquisite, the person responsible for providing such benefit of perquisite shall, before releasing the benefit or perquisite, ensure that tax has been paid in respect of the benefit or perquisite. It is also proposed to provide that the provision of the said section shall not apply in case of a resident where the value or aggregate of value of the benefit or perquisite provided or likely to be provided to such resident during the financial y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 under sub-section (1) shall not be liable to deduction or collection of tax at source under any other provision of the said Chapter. The proposed sub-section (5) seeks to provide that where any sum referred to in subsection (1) is credited to any account, whether called Suspense Account or by any other name, in the books of account of the person liable to pay such sum, such credit of the sum shall be deemed to be the credit of such sum to the account of the payee and the provisions of this section shall apply accordingly. The proposed sub-section (6) seeks to provide that if any difficulty arises in giving effect to the provisions of this section, the Board may, with the prior approval of the Central Government, issue guidelines for the purpose of removing the difficulty. The proposed sub-section (7) seeks to provide that every guideline issued by the Board under sub-section (6) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 tax is required to be deducted, for which the time limit for furnishing the return of income under sub-section (1) of section 139 has expired and the aggregate of tax deducted at source and tax collected at source in his case is rupees fifty thousand or more in the said previous year. These amendments will take effect from 1st April, 2022. Clause 62 of the Bill seeks to amend section 206C of the Income-tax Act 1961 relating to profits and gains from the business of trading in alcoholic liquor, forest produce, scrap etc. Sub-section (7) of the said section deals with the consequences of persons who fail to collect tax or after collecting, fail to deposit the same to the credit of the Central Government. If any person who is liable to collect tax at source does not collect it or after so collecting fails to pay the same to the credit of the Government, then he shall be liable to pay interest at rates specified th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction (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 income determined under such regular assessment shall not include the additional income-tax payable under section 140B. This amendment will take effect from 1st April, 2022. Clause 66 seeks to insert a new section 239A in the Income-tax Act relating to refund for denying liability to deduct tax in certain cases. The proposed new section provides that where under an agreement or other arrangement, in writing, 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 deducted on such income, he may file an application before the Assessing Officer for refund of such tax deducted and such application shall be filed by such person only after within a period of thirty days from the date of payment of such tax, in such form and manner as may be provided by rules. Furt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome, 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 deducted on such income, he may appeal to the Commissioner (Appeals) for a declaration that no tax was deductible on such income. It is proposed to insert a proviso in the said section to provide that no appeal shall be filed under this section in a case where tax is paid to the credit of the Central Government on or after the 1st day of April, 2022. This amendment will take effect from lst April, 2022. Clause 70 seeks to amend the section 253 of the Income-tax Act relating to Appeals to the Appellate Tribunal. The said section, inter alia, empowers the Central Government to notify a scheme for the purposes of appeal to the Appellate Tribunal so as to impart greater efficiency, transparency and accountability by (a) optimising utilisation of the resources through economies of scale and functional specialisation; (b) introducing a team-based mechanism for appeal to the Appellate Tribunal, with dynamic jurisdiction. Sub-section (9) of the said section further provides ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng 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 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 Transfer Pricing 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 modifying the order under section 92CA or cancelling the order under section 92CA and directing a fresh order under section 92CA, after making or causing to be made any such inquiry as he deems necessary. Such order shall be passed only after giving the assessee an opportunity of being heard. It is further proposed to amend clause (a) of Explanation 1 to the said sub-section also to include an order under section 92CA by the Transfer Pricing Officer for the purposes of the said section. It is also proposed that the clause (c) of the Explanation 1 to the sub-section (1) of the said section shall provide th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 computation of total income of such person, to evade tax liability. It is proposed to amend sub-sections (1) and (2) 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 76 seeks to insert section 271AAE in the Income-tax Act relating to benefits to related persons. The proposed new section provides that without prejudice to any other provisions of Chapter XXI of the Act, if during any proceedings under this Act, it is found that a person, being 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 violated the provisions of the twenty-first proviso to clause (23C) of section 10 or clause (c) of sub-section (1) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oviso 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 proposed to omit the word second in the said section 276B. This amendment will take effect from 1st April, 2022. Clause 81 seeks to amend the section 276CC of the Income-tax Act relating to failure to furnish returns of income. The proviso to the said section, inter alia, provides that a person shall not be proceeded against under the said section, for failure to furnish the return of income in due time, if a return is furnished by such person before the expiry of the assessment year or the tax payable by such person, not being a company, on the total income determined on regular assessment does not exceed rupees ten thousand. It is proposed to amend sub-clause (a) of clause (ii) of the said proviso to provide that a person shall not be proceeded against under the said section for failure to furnish in due time the return of income under sub-section (1) of section 139, if such a person has furnished return under sub-section (8A) of section 139 for the relevant assessment year. This amendment will take effect from 1st April, 2022. Cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r over the top platforms or any other similar platform, sports event management, other performing arts or any other activity as the Central Government may, by notification in the Official Gazette, specify in this behalf. This amendment will take effect from 1st April, 2022. Customs Clause 85 seeks to amend clause (34) of section 2 of the Customs Act so as to provide that proper officer , in relation to any functions to be performed under the said Act, means the officer of the customs who is assigned the functions by the Board or the Principal Commissioner of Customs or Commissioner of Customs under section 5 of the said Act. Clause 86 seeks to substitute section 3 of the Customs Act so as to specify the classes of officers of customs, including the officers of the Directorate of Revenue Intelligence, officers of Customs (Preventive) and audit officers for various purposes, as the Board may specify. Clause 87 seeks to amend section 5 of the Customs Act relating to the powers of the officers of customs. It is proposed to insert a new sub-section (1A) in the said section so as to empower the Board to assign by notification, such functions as he may deem fit, to an officer of customs, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hever is earlier. It further seeks to insert a proviso in the said sub-section so as to provide that in respect of advance rulings in force on the date the Finance Bill, 2022 receives assent of the President, the said period of three years shall be reckoned from the date on which the said Finance Bill receives assent of the President. Clause 93 seeks to insert a new section 110AA in the Customs Act so as to provide that where in pursuance of any proceeding under Chapter XIIA or Chapter XIII, if an officer of customs has reasons to believe that any duty has been short-levied, not levied, short-paid or not paid or any duty has been erroneously refunded or any drawback has been erroneously allowed or any interest has been short-levied, not levied, short-paid or not paid, or erroneously refunded, then such officer of customs shall, after inquiry, investigation, or audit, transfer the relevant documents, along with a report in writing to the proper officer having jurisdiction, in respect of assessment of such duty, or who allowed such refund or drawback, or to an officer to whom proper officer is subordinate. It further seeks to provide that in case of multiple jurisdictions, such trans ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pecified in Fourth Schedule. This amendment will take effect from the date on which the Finance Bill, 2022 receives the assent of the President. Central Goods and Services Tax Clause 99 seeks to amend section 16 of the Central Goods and Services Tax Act, 2017 by inserting a new clause (ba) in sub-section (2) thereof, so as to provide that input tax credit with respect to a supply may be availed only when such credit has not been restricted in the details communicated to the registered person under section 38. It further seeks to amend sub-section (4) so as to provide that a registered person shall not be entitled to take input tax credit in respect of any invoice or debit note after the thirtieth day of November following the end of the financial year to which such invoice or debit note pertains, or furnishing of the relevant annual return, whichever is earlier. Clause 100 seeks to amend clause (b) of sub-section (2) of section 29 of the Central Goods and Services Tax Act so as to provide that the registration of a person paying tax under section 10 is liable to be cancelled if the return for a financial year has not been furnished beyond three months from the due date of furnishin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ailed by the recipient. Clause 104 seeks to amend sub-section (5) of section 39 of the Central Goods and Services Tax Act so as to provide that the non-resident taxable person shall furnish the return for a month within thirteen days after the end of the month or within seven days after the last day of the period of registration specified under sub-section (1) of section 27, whichever is earlier. It further seeks to substitute the first proviso to sub-section (7) so as to provide an option to the persons furnishing return under proviso to sub-section (1) to pay either the selfassessed tax or an amount that may be prescribed. It also seeks to amend sub-section (9) by removing reference of section 37 and section 38 and to amend the proviso to said sub-section (9) so as to provide for thirtieth day of November following the end of the financial year, or the date of furnishing of the relevant annual return, whichever is earlier, as the last date for the rectification of errors in the return furnished under section 39. It also seeks to amend sub-section (10) so as to provide for furnishing of details of outward supplies of a tax period under sub-section (1) of section 37 as a condition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as to provide for levy of interest on input tax credit wrongly availed and utilised, and to provide for prescribing manner of calculation of interest in such cases. Clause 111 seeks to amend proviso to sub-section (6) of section 52 of the Central Goods and Services Tax Act so as to provide for thirtieth day of November following the end of the financial year, or the date of furnishing of the relevant annual return, whichever is earlier, as the last date upto which the rectification of errors shall be allowed in the statement furnished under sub-section (4). Clause 112 seeks to amend proviso to sub-section (1) of section 54 of the Central Goods and Services Tax Act so as to explicitly provide that claim of refund of any balance in the electronic cash ledger shall be made in such form and manner as may be prescribed. It further seeks to amend sub-section (2) so as to align it with sub-section (1) by providing time limit of two years from the last day of the quarter in which the supply was received for claiming refund of tax paid on inward supplies of goods or services or both by the person specified in the said sub-section. It also seeks to amend sub-section (10) so as to extend the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g 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 120 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. 745(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 integrated tax which has already been collected. Union Territory Goods and Services Tax Clause 121 seeks to amend notification number G.S.R. 747(E), dated the 30th 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 122 seeks to provide retrospective exemption from Union territory tax in respect of supply of unintended 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, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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