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The Finance (No.2) Bill, 2019

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The Finance (No.2) Bill, 2019 BILL No. 55 OF 2019 THE FINANCE (NO.2) BILL, 2019 (AS INTRODUCED IN LOK SABHA) THE FINANCE (NO.2) BILL, 2019 _________ ARRANGEMENT OF CLAUSES __________ CHAPTER I PRELIMINARY CLAUSES 1. Short title and commencement. CHAPTER II RATES OF INCOME-TAX 2. Income-tax. CHAPTER III DIRECT TAXES Income-tax 3. Amendment of section 2. 4. Amendment of section 9. 5. Amendment of section 9A. 6. Amendment of section 10. 7. Amendment of section 12AA. 8. Amendment of section 13A. 9. Amendment of section 35AD. 10. Amendment of section 40. 11. Amendment of section 40A. 12. Amendment of section 43. 13. Amendment of section 43B. 14. Amendment of section 43CA. 15. Amendment of section 43D. 16. Amendment of section 44AD. 17. Amendment of section 47. 18. Amendment of section 50C. 19. Amendment of section 50CA. 20. Amendment of section 54GB. 21. Amendment of section 56. 22. Substitution of section 79. 23. Amendment of section 80C. 24. Amendment of section 80CCD. 25. Insertion of new sections 80EEA and 80EEB. 26. Amendment of section 80-IBA. 27. Amendment of section 80JJAA. 28. Amendment of section 80LA. (ii) CLAUSES 29. Amendment of section 92CD. 30. Amendment of section 92CE. 31. Substitution of section 92D. 32. Amendment of section 111A. 33. Amendment of section 115A. 34. Amendment of section 115JB. 35. Amendment of section 115-O. 36. Amendment of section 115QA. 37. Amendment of section 115R. 38. Amendment of section 115UB. 39. Amendment of section 139. 40. Amendment of section 139A. 41. Amendment of section 139AA. 42. Amendment of section 140A. 43. Amendment of section 143. 44. Amendment of section 194DA. 45. Amendment of section 194-IA. 46. Insertion of new sections 194M and 194N. 47. Amendment of section 195. 48. Amendment of section 197. 49. Amendment of section 201. 50. Substitution of section 206A. 51. Amendment of section 228A. 52. Amendment of section 234A. 53. Amendment of section 234B. 54. Amendment of section 234C. 55. Amendment of section 239. 56. Amendment of section 246A. 57. Amendment of section 269SS. 58. Amendment of section 269ST. 59. Insertion of new section 269SU. 60. Amendment of section 269T. 61. Amendment of section 270A. 62. Insertion of new section 271DB. 63. Amendment of section 271FAA. 64. Amendment of section 272B. 65. Amendment of section 276CC. 66. Amendment of section 285BA. 67. Amendment of section 286. 68. Amendment of rule 68B of Second Schedule. (iii) CHAPTER IV INDIRECT TAXES Customs CLAUSES 69. Amendment of section 41. 70. Insertion of New Chapter XIIB. 71. Amendment of section 103. 72. Amendment of section 104. 73. Amendment of section 110. 74. Amendment of section 110A. 75. Insertion of new section 114AB. 76. Amendment of section 117. 77. Amendment of section 125. 78. Amendment of section 135. 79. Amendment of section 149. 80. Amendment of section 157. 81. Amendment of section 158. 82. Amendment of notifications issued under sub-section (1) of section 25 of Customs Act, retrospectively. 83. Amendment of notification issued under sub-section (1) of section 25 of Customs Act and sub-section (12) of section 3 of Customs Tariff Act, retrospectively. 84. Retrospective effect of notification issued under sub-section (1) of section 25 of Customs Act and sub- section (12) of section 3 of Customs Tariff Act. Customs Tariff 85. Amendment of section 9. 86. Amendment of section 9C. 87. Amendment of First Schedule. 88. Validation of modification in classification of certain goods leviable to anit-dumbing duty with retrospective effect. 89. Validation of modification in description of goods with retrospective effect. Central Excise 90. Amendment of Fourth Schedule. Central Goods and Services tax 91. Amendment of section 2. 92. Amendment of section 10. 93. Amendment of section 22. 94. Amendment of section 25. 95. Insertion of new section 31A. (iv) CLAUSES 96. Amendment of section 39. 97. Amendment of section 44. 98. Amendment of section 49. 99. Amendment of section50. 100. Amendment of section 52. 101. Insertion of new section 53A. 102. Amendment of section 54. 103. Amendment of section 95. 104. Insertion of new sections 101A, 101B and 101C. 105. Amendment of section 102. 106. Amendment of section 103. 107. Amendment of section104. 108. Amendment of section105. 109. Amendment of section 106. 110. Amendment of section 168. 111. Amendment of section 171. 112. Amendment of notification number G.S.R. 674(E) issued under sub-section (1) of section 11 of the Central Goods and Services Tax Act, retrospectively. Integrated Goods and Services tax 113. Insertion of new section 17A. 114. Amendment of notification number G.S.R. 667(E) issued under sub-section (1) of section 6 of Integrated Goods and Services Tax Act, retrospectively. Union Territory Goods and Services tax 115. Amendment of notification number G.S.R. 711(E) issued under sub-section (1) of section 8 of Union Territory Goods and Services Tax Act, retrospectively. Service tax 116. Special provision for retrospective exemption from service tax on service by way of grant of liquor licence. 117. Special provision for retrospective exemption from service tax in certain cases relating to services provided by Indian Institutes of Management to students. 118. Special provision for retrospective exemption from service tax in certain cases relating to long term lease of plots for development of infrastructure for financial business. CHAPTER V SABKA VISHWAS LEGACY DISPUTE RESOLUTION SCHEME, 2019 119. Short title and commencement. 120. Definitions. (v) CLAUSES 121. Application of Scheme to indirect tax enactments. 122. Tax Dues. 123. Relief available under Scheme. 124. Declaration under Scheme. 125. Verification of declaration by designated committee. 126. Issue of statement by designated committee. 127. Rectification of errors. 128. Issue of discharge certificate to be conclusive of matter and time period. 129. Restriction of Scheme. 130. Removal of doubts. 131. Power to make rules. 132. Power to issue orders, instructions, etc. 133. Removal of difficulties. 134. Protection to officers. CHAPTER VI MISCELLANEOUS PART I AMENDMENTS TO THE RESERVE BANK OF INDIA A CT, 1934 135. Commencement of this Part. 136. Amendment of section 45-IA. 137. Insertion of new sections 45-ID and 45-IE. 138. Insertion of new section 45MAA. 139. Insertion of new section 45MBA. 140. Insertion of new section 45NAA. 141. Amendment of section 58B. 142. Amendment of section 58G. PART II AMENDMENT TO THE INSURANCE A CT, 1938 143. Amendment of Act 4 of 1938. PART III AMENDMENTS TO THE SECURITIES CONTRACTS (REGULATION) ACT, 1956 144. Commencement of this Part. 145. Amendment of Act 42 of 1956. (vi) PART IV AMENDMENTS TO THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1970 CLAUSES 146. Commencement of this Part. 147. Amendment of Act 5 of 1970. PART V AMENDMENT TO THE GENERAL INSURANCE BUSINESS (NATIONALISATION) ACT, 1972 148. Amendment of Act 57 of 1972. PART VI AMENDMENT TO THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1980 149. Commencement of this Part. 150. Amendment of Act 40 of 1980. PART VII AMENDMENTS TO THE NATIONAL HOUSING BANK ACT, 1987 151. Commencement of this Part. 152. Substitution of heading of Chapter V. 153. Amendment of section 29A. 154. Amendment of section 29B. 155. Amendment of section 29C. 156. Substitution of section 30. 157. Substitution of section 30A. 158. Substitution of section 31. 159. Substitution of section 32. 160. Amendment of section 33. 161. Substitution of section 33A. 162. Amendment of section 33B. 163. Amendment of section 34. 164. Amendment of section 35. 165. Amendment of section 35A. 166. Substitution of section 35B. 167. Amendment of section 44. 168. Amendment of section 46. 169. Amendment of section 49. 170. Amendment of section 51. 171. Substitution of section 52A. (vii) PART VIII AMENDMENTS TO THE PROHIBITION OF BENAMI PROPERTY TRANSACTIONS ACT, 1988 CLAUSES 172. Amendment of section 23. 173. Amendment of section 24. 174. Amendment of section 26. 175. Insertion of new sections 54A and 54B. 176. Amendment of section 55. PART IX AMENDMENTS TO THE SECURTIES AND EXCHANGE BOARD OF INDIA ACT, 1992 177. Commencement of this Part. 178. Amendment of section 14. 179. Amendment of section 15C. 180. Amendment of section 15F. 181. Insertion of new section 15HAA. PART X AMENDMENTS TO THE CENTRAL ROAD AND INFRASTRUCTURE FUND ACT, 2000 182. Amendment of section 10. 183. Amendment of section 11. 184. Amendment of section 12. PART XI AMENDMENT TO THE FINANCE ACT, 2002 185. Amendment of Act 20 of 2002. PART XII AMENDMENT TO THE UNIT TRUST OF INDIA (TRANSFER OF UNDERTAKING AND REPEAL) ACT, 2002 186. Amendment of Act 58 of 2002. PART XIII AMENDMENTS TO THE PREVENTION OF MONEY-LAUNDERING ACT, 2002 187. Amendment of section 2. 188. Amendment of section 12A. 189. Insertion of new section 12AA. 190. Amendment of section 15. 191. Insertion of new section 72A. 192. Amendment of section 73. (viii) PART XIV AMENDMENT TO THE FINANCE (NO.2) ACT, 2004 CLAUSES 193. Amendment of Act 23 of 2004. PART XV AMENDMENT TO THE PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007 194. Amendment of Act 51 of 2007. PART XVI AMENDMENTS TO THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015 195. Amendment of section 2. 196. Amendment of section 10. 197. Amendment of section 17. 198. Amendment of section 84. PART XVII AMENDMENTS TO THE FINANCE ACT, 2016 199. Amendment of section 187. 200. Amendment of section 191. PART XVIII AMENDMENT TO THE FINANCE ACT, 2018 201. Amendment of Act 13 of 2018. 202. Repeal. THE FIRST SCHEDULE. THE SECOND SCHEDULE. THE THIRD SCHEDULE. THE FOURTH SCHEDULE. THE FIFTH SCHEDULE. 1 AS INTRODUCED IN LOK SABHA ON 5TH JULY, 2019 Bill No. 55 of 2019 THE FINANCE (NO. 2) BILL, 2019 A BILL to give effect to the financial proposals of the Central Government for the financial year 2019-2020.
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