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The Finance Bill, 2021

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The Finance Bill, 2021 BILL No. 15 OF 2021 THE FINANCE BILL, 2021 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2021 _______ 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 9A. 5. Amendment of section 10. 6. Amendment of section11. 7. Amendment of section 32. 8. Amendment of section 36. 9. Amendment of section 43B. 10. Amendment of section 43CA. 11. Amendment of section 44AB. 12. Amendment of section 44ADA. 13. Amendment of section 44DB. 14. Amendment of section 45. 15. Amendment of section 47. 16. Amendment of section 48. 17. Amendment of section 49. 18. Amendment of section 50. 19. Amendment of section 54GB. 20. Amendment of section 55. 21. Amendment of section 56. ii CLAUSES 22. Amendment of section 72A. 23. Amendment of section 79. 24. Amendment of section 80EEA. 25. Amendment of section 80-IAC. 26. Amendment of section 80-IBA. 27. Amendment of section 80LA. 28. Insertion of new section 89A. 29. Amendment of section 112A. 30. Amendment of section 115AD. 31. Amendment of section 115JB. 32. Amendment of section 139. 33. Amendment of section 142. 34. Amendment of section 143. 35. Substitution of new section for section 147. 36. Substitution of new section for section 148. 37. Insertion of new section 148A. 38. Substitution of new section for section 149. 39. Substitution of new section for section 151. 40. Amendment of section 151A. 41. Amendment of section 153. 42. Amendment of section 153A. 43. Amendment of section 153C. 44. Amendment of section 194. 45. Amendment of section 194A. 46. Amendment of section 194-IB. 47. Insertion of new section 194P. 48. Insertion of new section 194Q. 49. Amendment of section 196D. 50. Amendment of section 206AA. 51. Insertion of new section 206AB. 52. Insertion of new section 206CCA. 53. Amendment of section 234C. 54. Amendment of section 245A. 55. Insertion of new section 245AA. 56. Amendment of section 245B 57. Amendment of section 245BC. 58. Amendment of section 245BD. 59. Amendment of section 245C. 60. Amendment of section 245D. 61. Amendment of section 245DD. 62. Amendment of section 245F. iii CLAUSES 63. Amendment of section 245G. 64. Amendment of section 245H. 65. Insertion of new section 245M. 66. Insertion of new Chapter XIX-AA. 67. Amendment of section 245N. 68. Amendment of section 245-O. 69. Insertion of new section 245-OB. 70. Amendment of section 245P. 71. Amendment of section 245Q. 72. Amendment of section 245R. 73. Amendment of section 245S. 74. Amendment of section 245T. 75. Amendment of section 245U. 76. Amendment of section 245V. 77. Insertion of new section 245W. 78. Amendment of section 255. 79. Amendment of section 281B. CHAPTER IV INDIRECT TAXES Customs 80. Amendment of section 2. 81. Amendment of section 5. 82. Amendment of section 25. 83. Insertion of new section 28BB. 84. Amendment of section 46. 85. Amendment of section 110. 86. Amendment of section 113. 87. Insertion of new section 114AC. 88. Amendment of section 139. 89. Amendment of section 149. 90. Amendment of section 153. 91. Insertion of new section 154C. Customs Tariff 92. Amendment of section 8B. 93. Amendment of section 9. 94. Amendment of section 9A. 95. Amendment of First Schedule. iv CLAUSES Excise 96. Amendment of Fourth Schedule. 97. Amendment of Chapter 27 of Fourth Schedule. 98. Revised date of effect to amendments made in Fourth Schedule vide notification issued under section 3C of Central Excise Act, 1944. Central Goods and Service Tax 99. Amendment of section 7. 100. Amendment of section 16. 101. Amendment of section 35. 102. Substitution of new section for section 44. 103. Amendment of section 50. 104. Amendment of section 74. 105. Amendment of section 75. 106. Amendment of section 83. 107. Amendment of section 107. 108. Amendment of section 129. 109. Amendment of section 130. 110. Substitution of new section for section 151. 111. Amendment of section 152. 112. Amendment of section 168. 113. Amendment of Schedule II. Integrated Goods and Services Tax 114. Amendment of section 16. CHAPTER V AGRICULTURE INFRASTRUCTURE AND DEVELOPMENT CESS 115. Agriculture Infrastructure and Development Cess on imported goods. 116. Agriculture Infrastructure and Development Cess on excisable goods. CHAPTER VI MISCELLANEOUS PART I AMENDMENT TO THE INDIAN STAMP ACT, 1899 v CLAUSES 117. Insertion of new section 8G. PART II AMENDMENT TO THE CONTINGENCY FUND OF INDIA ACT, 1950 118. Amendment of Act 49 of 1950. PART III AMENDMENTS TO THE LIFE INSURANCE CORPORATION ACT, 1956 119. Commencement of this Part. 120. Amendment of section 2. 121. Substitution of section 4. 122. Substitution of section 5. 123. Substitution of section 19. 124. Substitution of section 20. 125. Amendment of section 22. 126. Insertion of new section 23A. 127. Substitution of section 24. 128. Substitution of section 25. 129. Amendment of section 26. 130. Amendment of section 27. 131. Amendment of section 28. 132. Amendment of section 28A. 133. Insertion of new sections 28B and 28C. 134. Substitution of sections 46 and 47. 135. Amendment of section 48. 136. Amendment of section 49. 137. Insertion of sections 50 and 51. PART IV AMENDMENTS TO THE SECURITIES CONTRACTS (REGULATION) ACT, 1956 138. Commencement of this Part. 139. Amendment of section 2. 140. Insertion of new section 30B. vi PART V AMENDMENT TO THE CENTRAL SALES TAX ACT, 1956 CLAUSES 141. Amendment of Act 74 of 1956. PART VI AMENDMENTS TO THE PROHIBITION OF BENAMI PROPERTY TRANSACTION ACT, 1988 142. Commencement of this Part. 143. Amendment of section 2. 144. Substitution of section 7. 145. Omission of sections 8 to 17. 146. Amendment of section 26. 147. Amendment of section 68. PART VII AMENDMENT TO THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 148. Amendment of Act 15 of 1992. PART VIII AMENDMENT TO THE RECOVERY OF DEBTS DUE TO BANKS AND FINANCIAL INSTITUTIONS ACT, 1993 149. Amendment of Act 51 of 1993. PART IX AMENDMENT TO THE FINANCE ACT, 2001 150. Amendment of Seventh Schedule. PART X AMENDMENT TO THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 151. Amendment of Act 54 of 2002. vii PART XI AMENDMENTS TO THE INDUSTRIAL DEVELOPMENT BANK (TRANSFER OF UNDERTAKING AND REPEAL) ACT, 2003 CLAUSES 152. Commencement of this Part. 153. Amendment of section 3. PART XII AMENDMENTS TO THE FINANCE (NO.2) ACT, 2004 154. Commencement of this Part. 155. Amendment of section 97. 156. Amendment of section 98. 157. Amendment of section 100. 158. Amendment of section 101. PART XIII AMENDMENT TO THE FINANCE ACT, 2016 159. Amendment of Act 28 of 2016. PART XIV AMENDMENT TO THE DIRECT TAX VIVAD SE VISHWAS ACT, 2020 160. Amendment of Act 3 of 2020. THE FIRST SCHEDULE. THE SECOND SCHEDULE. THE THIRD SCHEDULE. THE FOURTH SCHEDULE. THE FIFTH SCHEDULE. THE SIXTH SCHEDULE. THE SEVENTH SCHEDULE. AS INTRODUCED IN LOK SABHA ON 1ST FEBRUARY, 2021 Bill No. 15 of 2021 THE FINANCE BILL, 2021 A BILL to give effect to the financial proposals of the Central Government for the financial year 2021-2022. BE it enacted by Parliament in the Seventy-second Year of the Republic of India as follows:–– CHAPTER I PRELIMINARY Short title and 1. (1) This Act may be called the Finance Act, 2021. commencement. (2) Save as otherwise provided in this Act,–– (a) sections 2 to 79 shall come into force on the 1st day of April, 2021; (b) sections 99 to 114 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint. CHAPTER II RATES OF INCOME-TAX Income-tax. 2. (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2021, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax shall be increased by a surcharge, for the purposes of the Union, calculated in each case in the manner provided therein. (2) In the cases to which Paragraph A of Part I of the First Schedule applies, where the assessee has, in the previous year, 2 any net agricultural income exceeding five thousand rupees, in addition to total income, and the total income exceeds two lakh fifty thousand rupees, then,— (a) the net agricultural income shall be taken into account, in the manner provided in clause (b) [that is to say, as if the net agricultural income were comprised in the total income after the first two lakh fifty thousand rupees of the total income but without being liable to tax], only for the purpose of charging income-tax in respect of the total income; and (b) the income-tax chargeable shall be calculated as follows:— (i) the total income and the net agricultural income shall be aggregated and the amount of income-tax shall be determined in respect of the aggregate income at the rates specified in the said Paragraph A, as if such aggregate income were the total income; (ii) the net agricultural income shall be increased by a sum of two lakh fifty thousand rupees, and the amount of income-tax shall be determined in respect of the net agricultural income as so increased at the rates specified in the said Paragraph A, as if the net agricultural income as so increased were the total income; (iii) the amount of income-tax determined in accordance with sub-clause (i) shall be reduced by the amount of income-tax determined in accordance with sub-clause (ii) and the sum so arrived at shall be the income-tax in respect of the total income: Provided that in the case of every individual, being a resident
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